THE STRATEGIC ORIENTATION OF THE PUBLIC DEBT MANAGEMENT AT THE TIME OF UNCERTAINTY
Keywords:
Public debt, management, government, sovereignAbstract
During the last decade of the twentieth century, public debt management strategies dealt with a limited number of challenges such as the volatility of exchange rates and interest rates. Yet, the liberalization of financial markets, opportunities and challenges arising from the globalization of public debt markets and international financial crises, highlighted the weaknesses in the debt management strategies if there is no organized approach to risks. The strategic goals were badly identified with a complete lack of understanding or debt -related data. In addition, there was a clear confusion in the relevant institutional arrangements of dealing with debt and implement the strategy. The current research uses the descriptive analytical approach to review the concept of debt management strategies and its formulation and implementation requirements based on the understanding of the nature of the relationship between the macroeconomic economy and the strategy of sovereign debt
References
Abramzon, S. (2014). Strategies for managing sovereign debt–A robust decision making approach: The Pardee RAND Graduate School.
Balibek, E., & Memis, H. A. (2012). Turkish treasury simulation model for debt strategy analysis. World Bank Policy Research Working Paper(6091).
Bank, W., & IMF. (2009). Developing a Medium-Term Debt Management Strategy (MTDS): Guidance Note for Country Authorities. In: World Bank Washington, DC.
Barro, R. J. (1979). On the determination of the public debt. Journal of political Economy, 87(5, Part 1), 940-971.
Blinder, A. S. (1982). Issues in the coordination of monetary and fiscal policy (0898-2937). Retrieved from
Blommestein, H. J. (2009). New challenges in the use of governement debt issuance procedures, techniques and policies in OECD markets. OECD Journal: Financial Market Trends, 2009(1), 197-208.
Bolder, D. (2008). The Canadian debt-strategy model. Bank of Canada Review, 2008(Summer), 5-18.
Bolder, D. J. (2003). A stochastic simulation framework for the government of Canada's debt strategy.
Cangoz, M. C., Sulla, O., Wang, C. L., & Dychala, C. B. (2019). A Joint Foreign Currency Risk Management Approach for Sovereign Assets and Liabilities. World Bank Policy Research Working Paper(8728).
Cassard, M., & Folkerts-Landau, D. (1997). Risk management of sovereign assets and liabilities. Available at SSRN 883049.
Chiburdanidze, L., & Chiburdanidze, L. (2018). Actual Aspects of State Foreign Debt Management Strategy of Georgia in Modern Stage. Journal of Finance, Accounting and Management, 9(2), 67-79.
Conesa, J. C., & Kehoe, T. J. (2017). Gambling for redemption and self-fulfilling debt crises. Economic Theory, 64(4), 707-740.
Estevao, M., & Savastano, M. (2009). Developing a Medium-Term Debt Management Strategy (MTDS): Guidance Note for Country Authorities. In: World Bank Washington, DC.
Hahm, J.-H., & Kim, J. (2003). Cost-at-risk and benchmark government debt portfolio in korea. International Economic Journal, 17(2), 79-103.
Holler, J. (2013). Funding strategies of sovereign debt management: a risk focus. Monetary Policy & the Economy, 10(2), 51-74.
Hoogduin*, L., Öztürk**, B., & Wierts**, P. (2011). Public debt managers’ behaviour interactions with macro policies. Revue économique, 62(6), 1105-1122.
IMF World Bank. (2019). Developing A Medium-Term Debt Management Strategy Framework (MTDS) – Updated Guidance Note for Country Authorities, February 2019, . In: Washington Dc.
Jeanne, M. O. (2003). Why do emerging economies borrow in foreign currency? : International Monetary Fund.
Kiguel, M. A. (1999). A note on Argentina's debt management strategy. Journal of Applied Economics, 2(2), 291-298.
Melecky, M. (2007). Choosing the currency structure for sovereign debt: a review of current approaches. World Bank Policy Research Working Paper(4246).
Mupunga, N., & Le Roux, P. (2016). Simulation analysis of alternative strategies for public debt issuance in Zimbabwe: Is there a trade-off? African Review of Economics and Finance, 8(2), 23-49.
Pepaj, M. (2015). Debt Management Strategies.
Renne, J.-P. (2007). What are the consequences of active management of average debt maturity in terms of cost and risk?
Saleh, A. S. (2015). Debt Management as an Economic Growth Strategy in Sub-Saharan Africa: A Study of Selected Countries. University of Huddersfield,
Silva, A. C., Cabral, R. S., & Baghdassarian, W. (2006). Scope and Fundamental Challenges to Public Debt Risk Management–The Brazilian DMO Perspective. mimeograph, April.
Storkey, I. (2001). Sovereign Debt Management: A Risk Management Focus. The finance and treasury professional, 7-10.
Togo, E. (2012). Coordinating public debt management with fiscal and monetary policies: an analytical framework (Vol. 4369): World Bank Publications.
Wessel, D. (2015). The $13 Trillion Question: How America Manages Its Debt: Brookings Institution Press.
Williams, M. (2009). Recent Developments in Government Debt Management: An Overview. In P. A (Ed.), Government Debt Management Fundamentals, Practical Issues and Recent Development, The Marketing and Management Collection. London: Henry Stewart Talks Ltd.
World Bank, I. (2001). Developing Government Bond Markets: A Handbook: The World Bank.
Zenios, S. A., Consiglio, A., Athanasopoulou, M., Moshammer, E., Gavilan, A., & Erce, A. (2019). Risk management for sovereign debt financing with sustainability conditions. Globalization and Monetary Policy Institute Working Paper(367).
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
