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Institutional arrangements for public debt management

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Author Info

  • Currie, Elizabeth
  • Dethier, Jean-Jacques
  • Togo, Eriko

Abstract

This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries. The OECD experience clearly indicates that-regardless of whether the debt management office is located inside or outside the Ministry of Finance-four issues are of vital importance: 1) Giving priority to strategic public policy objectives rather than tactical trading objectives. 2) Strengthening the institutional capacity to deal with financial portfolio management and with the public policy aspects of debt management. 3) Modernizing debt management. 4) Creating mechanisms to ensure successful delegation and accountability to the Ministry of Finance and Parliament.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3021.

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Date of creation: 30 Apr 2003
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Handle: RePEc:wbk:wbrwps:3021

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Related research

Keywords: Public Sector Economics&Finance; Public&Municipal Finance; Strategic Debt Management; Payment Systems&Infrastructure; Urban Economics; Public Sector Economics&Finance; Strategic Debt Management; Urban Economics; Public&Municipal Finance; Banks&Banking Reform;

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  1. Bohn, Henning, 1990. "Tax Smoothing with Financial Instruments," American Economic Review, American Economic Association, vol. 80(5), pages 1217-30, December.
  2. Marcel Cassard & D. F. I. Folkerts-Landau, 1997. "Risk Management of Sovereign Assets and Liabilities," IMF Working Papers 97/166, International Monetary Fund.
  3. Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858, July.
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Cited by:
  1. Nina Budina & Hana Polackova Brixi & Timothy Irwin, 2007. "Public-Private Partnerships in the New EU Member States," World Bank Publications, The World Bank, number 6743.
  2. Kamal, Mona, 2010. "الإطار النظرى للتنسيق بين السياستين المالية والنقدية
    [The Theoretical Framework for the Coordination of Fiscal and Monetary Polices]    ," MPRA Paper 26856, University Library of Munich, Germany.
  3. Tilemahos Efthimiadis & Panagiotis Tsintzos, 2012. "The Internal-External Debt Ratio and Economic Growth," Economics Bulletin, AccessEcon, vol. 32(1), pages 941-951.

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