Sound Practice in Government Debt Management
Intro -- Table of Contents -- Foreword -- Acknowledgments -- About the Author -- 1. An Overview of Government Debt Management -- Recent Moves Toward Improved Debt Management -- What Is Government Debt Management? -- How Does Government Debt Management Differ from Other Dimensions of Macroeconomic Management? -- Why Is Government Debt Management Important? -- Objectives of Government Debt Management -- Designing a Debt Management Strategy -- Choices Relating to Transaction Decisions -- Issues in Management of Public Debt: an Outline -- 2. Managing the Interface Between Debt Management Policy and Other Macroeconomic Policies -- Debt Management Policies, Economic Policy Settings, and Banking Crises -- Operational Interdependence Among Debt Management Policy, Fiscal Policy, and Monetary Policy -- Potential Tensions Between Government Debt Management and Macroeconomic Policies -- Government Cash Management -- Institutional Arrangements for Alleviating Tensions Between Debt Management Policy and Macroeconomic Policies -- Coordinating Monetary Policy and Debt Management Policy During Liberalization of Financial Markets -- 3. Governance Issues in Managing Government Debt -- The Importance of Sound Governance Arrangements -- The Legal Framework -- Establishing Accountability for Government Debt Management -- How Much Transparency Is Desirable? -- The Institutional Setting for Government Debt Management -- Contribution of the DMO to a Broader Perspective on Management of a Government Balance Sheet -- The Organization of the DMO -- Reinforcing the Organizational Structure Through Sound Appointments and a Strong Code of Ethics -- 4. Managing Government Debt in an Asset-and-Liability Management Framework -- Government Tolerance for Risk -- Cost of Debt -- Insights from the Economic Literature on the Optimal Structure of Government Debt.