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Coordinating public debt management with fiscal and monetary policies : an analytical framework

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  • Togo, Eriko
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    Abstract

    This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.

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    File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2007/09/28/000158349_20070928133057/Rendered/PDF/WPS4369.pdf
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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4369.

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    Date of creation: 01 Sep 2007
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    Handle: RePEc:wbk:wbrwps:4369

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    Related research

    Keywords: Debt Markets; External Debt; Emerging Markets; Public Sector Economics&Finance; Economic Theory&Research;

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    1. Henning Bohn, . "The Sustainability of Budget Deficits with Lump-Sum and with Income-Based Taxation," Rodney L. White Center for Financial Research Working Papers 17-90, Wharton School Rodney L. White Center for Financial Research.
    2. Bohn, Henning, 1995. "The Sustainability of Budget Deficits in a Stochastic Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 257-71, February.
    3. Alessandro Missale & Olivier Jean Blanchard, 1991. "The Debt Burden and Debt Maturity," NBER Working Papers 3944, National Bureau of Economic Research, Inc.
    4. Joshua Aizenman & Kenneth M. Kletzer & Brian Pinto, 2002. "Sargent-Wallace Meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Don't Avert Macroeconomic Crises," NBER Working Papers 9190, National Bureau of Economic Research, Inc.
    5. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Vegh, 2004. "When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Working Papers 10780, National Bureau of Economic Research, Inc.
    6. Alan S. Blinder, 1983. "Issues in the Coordination of Monetary and Fiscal Policy," NBER Working Papers 0982, National Bureau of Economic Research, Inc.
    7. Dooley, Michael P., 2000. "Debt management and crisis in developing countries," Journal of Development Economics, Elsevier, vol. 63(1), pages 45-58, October.
    8. Graeme Wheeler, 2004. "Sound Practice in Government Debt Management," World Bank Publications, The World Bank, number 15017, January.
    9. Missale, Alessandro, 1997. " Managing the Public Debt: The Optimal Taxation Approach," Journal of Economic Surveys, Wiley Blackwell, vol. 11(3), pages 235-65, September.
    10. Ernesto Talvi & Carlos A. Vegh, 2000. "Tax Base Variability and Procyclical Fiscal Policy," NBER Working Papers 7499, National Bureau of Economic Research, Inc.
    11. Robert J. Barro, 1999. "Notes on Optimal Debt Management," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 281-289, November.
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Faut-il nécessairement minimiser la charge d'intérêt de la dette?
      by contact@captaineconomics.fr (Le Captain') in Captain Economics on 2012-07-13 12:04:09
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    Cited by:
    1. Melecky, Martin, 2009. "The Effect of Institutions, Geography, Development Assistance and Debt Crises on Public-Debt Management," MPRA Paper 16332, University Library of Munich, Germany.

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