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The role of public debt managers in contingent liability management

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  • Lerzan Ülgentürk

Abstract

Contingent liabilities are major sources of fiscal risks due to the uncertain financial commitments they involve. Their effective management, therefore, is essential for increasing stability and predictability in public finance. This paper explores the role of public debt managers in contingent liability management based on the results of a background OECD survey and the information provided by seven task force countries. The results indicate that there are certain roles and responsibilities assumed by the public debt managers in this field, while the degree of involvement differs widely across countries. We also observed that the debt management offices’ (DMOs) involvement is more prominent in the management of government credit guarantees, while contingent liabilities arising from Public Private Partnerships (PPPs) and government sponsored insurance programmes appear to be outside the domain of public debt managers in most cases. Drawing on leading country practices and lessons from the past, this paper advises public debt managers on possible motives and areas of involvement.

Suggested Citation

  • Lerzan Ülgentürk, 2017. "The role of public debt managers in contingent liability management," OECD Working Papers on Sovereign Borrowing and Public Debt Management 8, OECD Publishing.
    • Handle: RePEc:oec:dafaaf:8-en
    DOI: 10.1787/93469058-en
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    Cited by:

    1. Cangoz, Mehmet Coskun & Boitreaud, Sebastien & Dychala, Christopher Benjamin, 2018. "How Do Countries Use an Asset and Liability Management Approach? A Survey on Sovereign Balance Sheet Management," MPRA Paper 100309, University Library of Munich, Germany.

    More about this item

    Keywords

    contingent liabilities; fiscal risk; government credit guarantees; government insurance programmes; public debt management; public private partnerships;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

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