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The Management of Public Bond Spreads Before and After Euroland

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  • Hubner, G.

Abstract

The perspective taken in this paper is strictly narrowed to the strategic choice of the composition of public debt, as opposed to the determination of the total amount borrowed. Thus, it takes as given the level of taxes and government expenditures at the moment of the choice of debt composition, and introdices their impact on their current and future costs. Such an approach allows to stick to the financial modeling of yield spreads and the identification of its determinants. The first section proposes a model for optimal choice of market and maturity for countries that do not belong to a monetary union like EMu. The next section analyses the impact of EMU on the problem, including the potential role of a coordination agency.

Suggested Citation

  • Hubner, G., 1999. "The Management of Public Bond Spreads Before and After Euroland," Liege - Groupe d'Etude des Mathematiques du Management et de l'Economie 9903, UNIVERSITE DE LIEGE, Faculte d'economie, de gestion et de sciences sociales, Groupe d'Etude des Mathematiques du Management et de l'Economie.
  • Handle: RePEc:fth:gemame:9903
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    More about this item

    Keywords

    DEBT ; BORROWING ; PUBLIC EXPENDITURES;

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General

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