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Public Debt Policy: Credibility and Institutions

Author

Listed:
  • Petr Pavelek

Abstract

The paper considers modern frameworks of public debt management from a credibility perspective. It focuses on the institutional and operational arrangements of effective debt management. In particular, the author seeks to shed light upon the contemporary problems of Czech debt manager compared with OECD and EU debt managers. The author calls for a broader public debate of public debt management in the Czech Republic, citing the country?s increasing level of public debt and accession to the EU and EMU. The author suggests establishing a public debt-management office within the organizational structure of the Czech Ministry of Finance. It would functionally operate independent of both the ministry and the central bank. This is a crucial condition toward strengthening the credibility of Czech debt management and economic policy, the author concludes.

Suggested Citation

  • Petr Pavelek, 2003. "Public Debt Policy: Credibility and Institutions," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 53(5-6), pages 190-219, May.
  • Handle: RePEc:fau:fauart:v:53:y:2003:i:5-6:p:190-219
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    File URL: http://journal.fsv.cuni.cz/storage/935_01_190-219.pdf
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    References listed on IDEAS

    as
    1. Vladislav Flek & Mojmír Hájek & Jaromír Hurník & Ladislav Prokop & Lenka Racková, 2001. "Výkonnost a struktura nabídkové strany
      [Supply-side performance and structure]
      ," Politická ekonomie, University of Economics, Prague, vol. 2001(6).
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    3. Égert, Balázs, 2002. "Investigating the Balassa-Samuelson hypothesis in transition : Do we understand what we see?," BOFIT Discussion Papers 6/2002, Bank of Finland, Institute for Economies in Transition.
    4. Coricelli, Fabrizio & Jazbec, Bostjan, 2004. "Real exchange rate dynamics in transition economies," Structural Change and Economic Dynamics, Elsevier, vol. 15(1), pages 83-100, March.
    5. Enrique Alberola-Ila & Tymo Tyrväinen, 1998. "Is there Scope for Inflation Differentials in EMU? An Empirical Evaluation of the Balassa-Samuelson Model in EMU Countries," Working Papers 9823, Banco de España;Working Papers Homepage.
    6. Tyrväinen, Timo, 1998. "What do we know about productivity gaps and convergence in EMU economies?," Research Discussion Papers 31/1998, Bank of Finland.
    7. Matthew Canzoneri & Robert Cumby & Behzad Diba & Gwen Eudey, 1998. "Trends in European Productivity: Implications for Real Exchange Rates, Real Interest Rates and Inflation Differentials," Working Papers 27, Oesterreichische Nationalbank (Austrian Central Bank).
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    9. Tomás Holub & Martin Cihak, 2001. "Convergence of Relative Prices and Inflation in Central and Eastern Europe," IMF Working Papers 01/124, International Monetary Fund.
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    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    accountability; central bank; credibility problem; debt agency; finance ministry; institutional framework; public debt management; transparency;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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