IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

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

Listed author(s):
  • Paul Mylonas
  • Sebastian Schich
  • Thorsteinn Thorgeirsson
  • Gert Wehinger

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 ...

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 239.

in new window

Date of creation: 28 Apr 2000
Handle: RePEc:oec:ecoaaa:239-en
Contact details of provider: Postal:
2 rue Andre Pascal, 75775 Paris Cedex 16

Phone: 33-(0)-1-45 24 82 00
Fax: 33-(0)-1-45 24 85 00
Web page:

More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:oec:ecoaaa:239-en. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.