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Sound Practice in Government Debt Management

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  • Graeme Wheeler

Abstract

Government debt management has a long tradition. More than three centuries ago, the Bank of England was managing government debt, and the origins of Sweden's National Debt Office go back to 1789.1 In recent years, there has been a move toward building the professionalism of government debt management, beginning with the establishment of the New Zealand Debt Management Office in 1988 and Ireland's National Treasury Management Agency in 1990. It is no accident that the countries that were the first to substantially upgrade their government debt management in the late 1980s and early 1990s were those with histories of fiscal problems, high ratios of public sector debt to gross domestic product (GDP), and a large proportion of foreign currency debt in their government debt portfolios.2 These same features are characteristic of many developing countries today. Concern over rising government indebtedness has been a factor behind debt management reforms in Brazil, China, Colombia, India, the Republic of Korea, Mexico, South Africa, and Thailand, and it helps explain why several other governments, including those of Jordan, Lebanon, and Peru, are considering extensive reforms in government debt management.

Suggested Citation

  • Graeme Wheeler, 2004. "Sound Practice in Government Debt Management," World Bank Publications, The World Bank, number 15017.
  • Handle: RePEc:wbk:wbpubs:15017
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    Citations

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    Cited by:

    1. World Bank Group, 2015. "Debt Management Performance Assessment Methodology," World Bank Other Operational Studies 21962, The World Bank.
    2. Melecky, Martin, 2012. "Formulation of public debt management strategies: An empirical study of possible drivers," Economic Systems, Elsevier, vol. 36(2), pages 218-234.
    3. Togo, Eriko, 2007. "Coordinating public debt management with fiscal and monetary policies : an analytical framework," Policy Research Working Paper Series 4369, The World Bank.
    4. Philip Turner, 2011. "Fiscal Dominance and the Long-Term Interest Rate," FMG Special Papers sp199, Financial Markets Group.
    5. Petr Pavelek & Miroslav Titze, 2014. "Financial Derivatives Notation According to Maastricht Criteria after the ESA 2010 Implementation," Český finanční a účetní časopis, University of Economics, Prague, vol. 2014(3).
    6. 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.
    7. Magdalena Polan & Parmeshwar Ramlogan & Carlos I. Medeiros, 2007. "A Primer on Sovereign Debt Buybacks and Swaps," IMF Working Papers 07/58, International Monetary Fund.

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