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New Issues in Public Debt Management: Government Surpluses in Several OECD Countries, the Common Currency in Europe and Rapidly Rising Debt in Japan

Author

Listed:
  • Paul Mylonas
  • Sebastian Schich
  • Thorsteinn Thorgeirsson
  • Gert Wehinger

Abstract

This paper reviews some of the difficult challenges facing debt managers in the years to come. In countries experiencing a rapidly diminishing gross debt, particularly the United States, this raises the issue of whether private-sector securities can serve as a substitute for the traditionally important government debt market. In the euro area, following the creation of the common currency, the issue is how to avoid that independent debt management strategies hamper the creation of a more efficient euro-area financial market. Turning to Japan, the level of debt is projected to rise rapidly and there is a need to improve the liquidity of the Japanese government bond market. To this end, a number of measures could be introduced to make debt management more efficient, yielding significant cost saving ... Ce document passe en revue les difficiles défis que les gestionnaires de la dette publique devront relever dans les années à venir. Dans les pays où la dette brute diminue à un rythme rapide, en particulier les États- Unis, cela soulève la question de savoir si les titres du secteur privé pourront se substituer à l’important marché traditionnel des obligations d’État. Dans la zone euro, après la mise en place de la monnaie unique, le problème est celui d’éviter des stratégies indépendantes de gestion de la dette qui pourraient freiner la création d’un marché financier plus efficient au niveau de la zone. En ce qui concerne le Japon, on prévoit une augmentation rapide du niveau de la dette publique et il sera donc nécessaire d’améliorer la liquidité du marché des obligations d’État. Pour ce faire, il serait judicieux d’introduire un certain nombre de mesures pour rendre plus efficace la gestion de la dette, réduisant ainsi les coûts de façon substantielle ...

Suggested Citation

  • Paul Mylonas & Sebastian Schich & Thorsteinn Thorgeirsson & Gert Wehinger, 2000. "New Issues in Public Debt Management: Government Surpluses in Several OECD Countries, the Common Currency in Europe and Rapidly Rising Debt in Japan," OECD Economics Department Working Papers 239, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:239-en
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    File URL: http://dx.doi.org/10.1787/071758446643
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    Cited by:

    1. Jane Sneddon Little, 2002. "Sweden's approach to monetary policy," New England Economic Review, Federal Reserve Bank of Boston, issue Q 2, pages 51-55.
    2. Jane Sneddon Little, 2002. "Australia's approach to monetary policy," New England Economic Review, Federal Reserve Bank of Boston, issue Q 2, pages 13-17.
    3. P. R. Lane, 2001. "The National Pensions Reserve Fund: Pitfalls and Opportunities," Trinity Economics Papers 20017, Trinity College Dublin, Department of Economics.
    4. Feldstein, Martin, 2001. "Economic Problems of Ireland in Europe - incorporating 2 other Papers The Cost and Distribution of Tax Expenditure on Occupational Pensions in Ireland by G Hughes and The National Pensions Reserve Fun," Research Series, Economic and Social Research Institute (ESRI), number GLS31.
    5. Orazio Mastroeni, 2001. "Pfandbrief-style products in Europe," BIS Papers chapters,in: Bank for International Settlements (ed.), The changing shape of fixed income markets: a collection of studies by central bank economists, volume 5, pages 44-66 Bank for International Settlements.

    More about this item

    Keywords

    dette publique; financial institutions and services; financial markets; gestion de la dette publique; institutions et services financiers; marchés financiers; public debt; public debt management;

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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