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New Approaches to a Fiscally-Oriented Debt Management Strategy: Objectives, Instruments, and Risks

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  • Hannes Rehm

Abstract

In 2004, government debt in Germany reached a record level. In view of this, debt servicing represents a considerable part of the government budget. Hence, debt management is of increasing significance. The paper describes the objectives and risks of a fiscally oriented debt management strategy. It then presents the instruments that can be used to mitigate risks. The analysis is augmented with a description of the institutional, organizational, and legal regulations that debt managers in Germany must adhere to.

Suggested Citation

  • Hannes Rehm, 2006. "New Approaches to a Fiscally-Oriented Debt Management Strategy: Objectives, Instruments, and Risks," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 61(4), pages 587-608, February.
  • Handle: RePEc:mhr:finarc:urn:sici:0015-2218(200602)61:4_587:natafo_2.0.tx_2-k
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    References listed on IDEAS

    as
    1. Bonin, Holger & Raffelhüschen, Bernd, 1999. "Public finances in the European Union: Is convergence sustainable?," Discussion Papers 77, Albert-Ludwigs-Universität Freiburg, Institut für Finanzwissenschaft.
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    More about this item

    Keywords

    government debt; debt management; risk strategy; swaps;

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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