Risks Related to Public Debt Management
AbstractWithin the achieved survey, the authors started from the reality according to which risks management must be prudently achieved, such way not to lead to severe consequences at the sovereign liability’s level. The major risks encountered in sovereign liability’s management are herein analyzed. The authors analyze the approach known under the name of assets and liabilities management (ALM) also presenting an advanced system for risk’s valuation (CAR- cost at risk). The result of the survey highlights the fact that the public debt management may create a series of traps, if we refer to the fact that after the years 1990 it has been considered as a separate public policy, with separate objectives with regard to the cost and risk generated by the public debt. This implies the analysis of the financial characteristics of the treasury flows of assets and selection, up to the possible level of the characteristic liabilities in order to contribute to the decrease of the budgetary impact over the liability service costs.
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Bibliographic InfoArticle provided by Ovidius University of Constantza, Faculty of Economic Sciences in its journal Ovidius University Annals, Economic Sciences Series.
Volume (Year): X (2010)
Issue (Month): 1 (May)
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Web page: http://www.univ-ovidius.ro/facultatea-de-stiinte-economice
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Risk; Public Debt Management; Assets and liability management;
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
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