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Fiscal Insurance and Debt Management in OECD Economies

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Author Info
Elisa Faraglia
Albert Marcet
Andrew Scott

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Abstract

Assuming the role of debt management is to provide hedging against fiscal shocks we consider: ("i") what indicators can be used to assess the performance of debt management? ("ii") how well historical debt management policies have performed ("iii") how performance is affected by variations in debt issuance, using OECD data between 1970 and 2000. We propose performance indicators for debt management, which we evaluate using Monte Carlo analysis. Those based on the relative persistence of debt perform best. There is only limited evidence that debt management has helped insulate policy against unexpected fiscal shocks. The degree of fiscal insurance achieved is not well connected to cross-country variations in debt issuance patterns. Copyright © 2008 The Author(s).

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0297.2007.02125.x
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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 118 (2008)
Issue (Month): 527 (03)
Pages: 363-386
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Handle: RePEc:ecj:econjl:v:118:y:2008:i:527:p:363-386

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  1. Albert Marcet & Andrew Scott, 2007. "Debt and Deficit Fluctuations and the Structure of Bond Markets," UFAE and IAE Working Papers 728.08, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
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  2. Albert Marcet & Elisa Faraglia & Andrew Scott, 2008. "In Search of a Theory of Debt Management," UFAE and IAE Working Papers 743.08, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
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This page was last updated on 2008-9-27.

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