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Recommended readings (Machine generated): 1. James E. Meade (1958), 'Is the National Debt a Burden?', Oxford Economic Papers, 10 (2), June, 163-83 -- 2. Franco Modigliani (1961), 'Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt', Economic Journal, 71 (284), December, 730-55 -- 3. Peter A. Diamond (1965), 'National Debt in a Neoclassical Growth Model', American Economic Review, 55 (5), December, 1126-50 -- 4. Olivier J. Blanchard (1985), 'Debt, Deficits and Finite Horizons,' Journal of Political Economy, 93 (2), April, 223-47 -- 5. Gilles Saint-Paul (1992), 'Fiscal Policy in an Endogenous Growth Model', Quartely Journal of Economics, 107 (4), November, 1243-59 -- 6. Cristina Checherita-Westphal, Andrew Hughes Hallet and Philipp Rother (2014), 'Fiscal Sustainability using Growth-Maximising Debt Targets', Applied Economics, 46 (6), February, 638-47 -- 7. Carmen M. Reinhart, Vincent R. Reinhart and Kenneth S. Rogoff (2012), 'Public Debt Overhangs: Advanced-Economy Episodes Since 1800', Journal of Economic Perspectives, 26 (3), August, 69-86 -- 8. Cristina Checherita-Westphal and Philipp Rother (2012), 'The Impact of High Government Debt on Economic Growth and its Channels: An Empirical Investigation for the Euro Area', European Economic Review, 56 (7), October, 1392-405 -- 9. Anja Baum, Cristina Checherita-Westphal and Philipp Rother (2013), 'Debt and Growth: New Evidence for the Euro Area ', Journal of International Money and Finance, 32, February, 809-21 -- 10. Jaejoon Woo and Manmohan S. Kumar (2015), 'Public Debt and Growth', Economica, 82 (328), October, 705-39 -- 11. Ugo Panizza and Andrea F. Presbitero (2013), 'Public Debt and Economic Growth in Advanced Economies: A Survey', Swiss Journal of Economics and Statistics, 149 (2), January, 175-204 -- 12. Alberto F. Alesina, Mark De Broeck, Alessandro Prati and Guido Tabellini (1992), 'Default Risk on Government Debt in OECD Countries', Economic Policy, 7 (15), October, 428-63 -- 13. Lorenzo Codogno, Carlo Favero and Alessandro Missale (2003), 'Yield Spreads on EMU Government Bonds', Economic Policy, 18 (37), October, 503-32 -- 14. Thomas Laubach (2009), 'New Evidence on the Interest Rate Effects of Budget Deficits and Debt', Journal of the European Economic Association, 7 (4), June, 858-85 -- 15. Maria-Grazia Attinasi, Cristina Checherita-Westphal and Christiane Nickel (2010), 'What Explains the Surge in Euro Area Sovereign Spreads During the Financial Crisis of 2007-09?', Public Finance and Management, 10 (4), 595-645 -- 16. Nigel Chalk and Vito Tanzi (2002), 'Impact of Large Public Debt on Growth in the EU: A Discussion of Potential Channels', in Marco Buti, Jürgen Von Hagen and Carlos Martinez-Mongay (eds), The Behaviour of Fiscal Authorities: Stabilisation, Growth and Institutions, Part II, Chapter 11, London, UK: Palgrave Macmillan, 186-211 -- 17. Riccardo De Bonis and Massimiliano Stacchini (2013), 'Does Government Debt Affect Bank Credit?', International Finance, 16, December, 289-310 -- 18. Óscar Jordà, Moritz Schularick and Alan M. Taylor (2016), 'Sovereigns versus Banks: Credit, Crises, and Consequences', Journal of the European Economic Association, 14 (1), February, 45-79 -- 19. Carmen M. Reinhart and Kenneth S. Rogoff (2009), 'A Digression on the Theoretical Underpinnings of Debt Crisis', in This Time is Different: Eight Centuries of Financial Folly', Part II, Chapter 4, Princeton, NJ, USA: Princeton University Press, 51-67

The paper generally describes the segment of public debt management or especially the structure of public debt. It focuses on different kinds of risks which present potential danger for the public debt explosion. It intends to explain the government goal for borrowing money at lowest rate and sustain the fiscal stability. Also, it explains some practical issues regarding this topic for Republic of Macedonia for the period from 2009-2011. In the process of research were implemented several qualitative methods.

While the economic effects of a rising population have been studied by many researchers, several countries will face a declining population in the near future or are even facing it already. How will this affect economic growth and public debt? Arne Hansen analyzes the economic consequences of a declining population using both a model of the closed economy and a model of the small open economy, in order to account for the specific characteristics of open economies. For each model, he discusses the long-run effects and the transitional dynamics.

"This paper presents a novel approach to detail the propagation of shocks to public debt. The modeling technique involves a structural vector auto-regression (SVAR) estimator with an endogenous debt accumulation equation. It explores how the main drivers of sovereign debt dynamics - the primary balance, the interest rate, growth and inflation - interact with each other. Such analysis is particularly useful for debt sustainability analysis. The authors find that some interactions exacerbate the impact of shocks to the accumulation of debt, while others act to stabilize debt dynamics. Furthermore, the choice of monetary policy regime plays an important role in these debt dynamics - countries with constrained monetary policy are more at risk from changes in market sentiment and must rely much more on fiscal policy to constrain debt."--Abstract

Front Cover -- Title Page -- Copyright Information -- Table of Contents -- Acknowledgments -- Preface -- The Optimal Maturity of Government Debt -- Debt Management Conflicts Between the U.S. Treasury and the Federal Reserve -- A New Structure for U.S. Federal Debt -- Concluding Observations -- Contributors -- Index -- Back Cover.