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The liquidity buffer practices of public debt managers in OECD countries

Author

Listed:
  • Pedro Cruz

    (Portuguese Treasury and Debt Management Agency)

  • Fatos Koc

    (OECD)

Abstract

This paper summarises and discusses results from a survey of the liquidity buffer practices of debt managers in OECD countries. It includes detailed information on their purpose, cost, level and investment. Where possible and relevant, comparisons are made with the results of an earlier survey conducted in 2011. Country case studies for Denmark, Portugal and Turkey provide a deeper insight into liquidity buffer practices.While the level, investment, transparency and other governance features vary, the survey results show that keeping a liquidity buffer is a common practice among debt management offices in OECD countries. Sovereign debt managers view a liquidity buffer as an effective tool to address re-financing risk and liquidity risk that may arise for reasons such as, unexpected increases in borrowing needs, short-term mismatches in fiscal cash flows or the temporary loss of market access.

Suggested Citation

  • Pedro Cruz & Fatos Koc, 2018. "The liquidity buffer practices of public debt managers in OECD countries," OECD Working Papers on Sovereign Borrowing and Public Debt Management 9, OECD Publishing.
    • Handle: RePEc:oec:dafaaf:9-en
    DOI: 10.1787/3b468966-en
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    Cited by:

    1. Wolswijk, Guido, 2020. "Drivers of European public debt management," Working Paper Series 2437, European Central Bank.
    2. Aitor Erce & Xu Jiang & Diana Zigraiova, 2020. "Quantifying Risks to Sovereign Market Access: Methods and Challenges," Globalization Institute Working Papers 377, Federal Reserve Bank of Dallas.

    More about this item

    Keywords

    cash management; liquidity risk; Public debt management; refinancing risk;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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