Coordinating Public Debt Management with Fiscal and Monetary Policies : An Analytical Framework

Togo, Eriko

doi:10.1596/1813-9450-4369

Publication:
Coordinating Public Debt Management with Fiscal and Monetary Policies : An Analytical Framework

dc.contributor.author	Togo, Eriko
dc.date.accessioned	2012-06-07T15:07:48Z
dc.date.available	2012-06-07T15:07:48Z
dc.date.issued	2007-09
dc.description.abstract	This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.	en
dc.identifier	http://documents.worldbank.org/curated/en/2007/09/8389316/coordinating-public-debt-management-fiscal-monetary-policies-analytical-framework
dc.identifier.uri	http://hdl.handle.net/10986/7389
dc.language	English
dc.publisher	World Bank, Washington, DC
dc.relation.ispartofseries	Policy Research Working Paper; No. 4369
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo/
dc.subject	AMOUNT OF DEBT
dc.subject	ASSET LIABILITY MANAGEMENT
dc.subject	ASSET PRICES
dc.subject	BALANCE SHEETS
dc.subject	BANK BALANCE SHEET
dc.subject	BANK POLICY
dc.subject	BANKING SECTOR
dc.subject	BINDING CONSTRAINT
dc.subject	BOND
dc.subject	BOND ISSUANCE
dc.subject	BONDS
dc.subject	BUDGET CONSTRAINT
dc.subject	BUDGET DEFICIT
dc.subject	BUDGET DEFICITS
dc.subject	BUSINESS CYCLE
dc.subject	BUSINESS CYCLES
dc.subject	BUYBACKS
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL INFLOWS
dc.subject	CAPITAL LOSSES
dc.subject	CAPITAL MARKETS
dc.subject	CENTRAL BANK
dc.subject	COMMITMENT DEVICE
dc.subject	COMPOSITION OF DEBT
dc.subject	CONFLICT OF INTEREST
dc.subject	CONTINGENT LIABILITIES
dc.subject	CREDIBILITY
dc.subject	CREDITOR
dc.subject	DEBT BURDEN
dc.subject	DEBT COMPOSITION
dc.subject	DEBT CRISIS
dc.subject	DEBT INSTRUMENT
dc.subject	DEBT INSTRUMENTS
dc.subject	DEBT ISSUANCE
dc.subject	DEBT LEVEL
dc.subject	DEBT LEVELS
dc.subject	DEBT MANAGEMENT AUTHORITIES
dc.subject	DEBT MANAGEMENT DEPARTMENT
dc.subject	DEBT MANAGEMENT POLICIES
dc.subject	DEBT MANAGEMENT POLICY
dc.subject	DEBT MANAGEMENT RESPONSIBILITIES
dc.subject	DEBT MANAGEMENT STRATEGY
dc.subject	DEBT MANAGER
dc.subject	DEBT MANAGERS
dc.subject	DEBT MATURITY
dc.subject	DEBT OBLIGATIONS
dc.subject	DEBT PORTFOLIO
dc.subject	DEBT SERVICE
dc.subject	DEBT SERVICE PAYMENTS
dc.subject	DEBT SERVICING
dc.subject	DEBT SERVICING COST
dc.subject	DEBT SERVICING COSTS
dc.subject	DEBT STRATEGY
dc.subject	DEBT STRUCTURE
dc.subject	DEBT STRUCTURES
dc.subject	DEBT SWAPS
dc.subject	DECENTRALIZATION
dc.subject	DEGREE OF RISK
dc.subject	DEVALUATION
dc.subject	DEVELOPING COUNTRIES
dc.subject	DISCOUNT RATE
dc.subject	DOMESTIC BONDS
dc.subject	DOMESTIC CURRENCY
dc.subject	DOMESTIC DEBT
dc.subject	DOMESTIC DEBT MARKET
dc.subject	DOMESTIC INTEREST RATES
dc.subject	DOMESTIC MARKET
dc.subject	EFFICIENT MARKET
dc.subject	EMERGING ECONOMIES
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET ECONOMIES
dc.subject	EMERGING MARKETS
dc.subject	EVOLUTION OF DEBT
dc.subject	EXCHANGE RATE
dc.subject	EXCHANGE RATE REGIME
dc.subject	EXCHANGE RATES
dc.subject	EXPENDITURE
dc.subject	EXPENDITURES
dc.subject	EXTERNAL DEBT
dc.subject	FEDERAL RESERVE
dc.subject	FEDERAL RESERVE BANK
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL SHOCK
dc.subject	FISCAL AUTHORITIES
dc.subject	FISCAL DEFICIT
dc.subject	FISCAL DEFICITS
dc.subject	FISCAL POLICIES
dc.subject	FISCAL POLICY
dc.subject	FIXED EXCHANGE RATE
dc.subject	FIXED RATE
dc.subject	FLOATING RATE
dc.subject	FLOATING RATE DEBT
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN CURRENCY DEBT
dc.subject	FOREIGN CURRENCY EXPOSURE
dc.subject	FOREIGN DIRECT INVESTMENT
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN EXCHANGE MARKET
dc.subject	GOVERNMENT ASSETS
dc.subject	GOVERNMENT BONDS
dc.subject	GOVERNMENT BUDGET
dc.subject	GOVERNMENT DEBT
dc.subject	GOVERNMENT DEBT MARKETS
dc.subject	GOVERNMENT DEFICITS
dc.subject	GOVERNMENT EXPENDITURE
dc.subject	GOVERNMENT FINANCE
dc.subject	GOVERNMENT FINANCES
dc.subject	GOVERNMENT PAPER
dc.subject	GOVERNMENT POLICY
dc.subject	GOVERNMENT REVENUE
dc.subject	GOVERNMENT REVENUES
dc.subject	GOVERNMENT SPENDING
dc.subject	HEDGES
dc.subject	INCOME
dc.subject	INCOME TAXES
dc.subject	INFLATION
dc.subject	INFLATION RATE
dc.subject	INFLATION RATES
dc.subject	INFLATION TARGET
dc.subject	INFLATIONARY EXPECTATIONS
dc.subject	INITIAL DEBT
dc.subject	INSTITUTIONAL ARRANGEMENTS FOR DEBT MANAGEMENT
dc.subject	INSTRUMENT
dc.subject	INSURANCE
dc.subject	INSURANCE PREMIUM
dc.subject	INTEREST COST
dc.subject	INTEREST COSTS
dc.subject	INTEREST PAYMENTS
dc.subject	INTEREST RATE
dc.subject	INTEREST RATE POLICIES
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL CAPITAL
dc.subject	INVESTING
dc.subject	LESS DEVELOPED ECONOMIES
dc.subject	LEVEL OF DEBT
dc.subject	LIABILITY
dc.subject	LIABILITY MANAGEMENT
dc.subject	LIQUIDITY
dc.subject	LIQUIDITY CRISIS
dc.subject	LOCAL CURRENCY
dc.subject	LONG-TERM DEBT
dc.subject	LONG-TERM INTEREST
dc.subject	LONG-TERM INTEREST RATES
dc.subject	MACROECONOMIC CRISES
dc.subject	MACROECONOMIC POLICIES
dc.subject	MACROECONOMIC POLICY
dc.subject	MACROECONOMIC RISKS
dc.subject	MACROECONOMIC STABILIZATION
dc.subject	MARGINAL UTILITY OF CONSUMPTION
dc.subject	MARKET FOR GOVERNMENT SECURITIES
dc.subject	MATURITIES
dc.subject	MONETARY AUTHORITIES
dc.subject	MONETARY AUTHORITY
dc.subject	MONETARY FUND
dc.subject	MONETARY POLICIES
dc.subject	MONETARY POLICY
dc.subject	MONEY SUPPLY
dc.subject	NATIONAL DEBT
dc.subject	NATIONAL DEBT OFFICE
dc.subject	NATIONAL SAVINGS
dc.subject	NATIONAL TREASURY
dc.subject	NEGATIVE SHOCK
dc.subject	NEGATIVE SHOCKS
dc.subject	OPEN MARKET
dc.subject	OUTPUT
dc.subject	PAYMENT OBLIGATIONS
dc.subject	POLICY CREDIBILITY
dc.subject	POLICY RESPONSE
dc.subject	PORTFOLIO
dc.subject	PRICE STABILITY
dc.subject	PRIMARY MARKET
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC DEBT MANAGEMENT
dc.subject	PUBLIC FINANCE
dc.subject	PUBLIC FINANCES
dc.subject	RATES OF RETURN
dc.subject	REAL INTEREST
dc.subject	REAL INTEREST RATES
dc.subject	RESERVE
dc.subject	RESERVE REQUIREMENTS
dc.subject	RESERVES
dc.subject	RETURN ON ASSET
dc.subject	RETURNS
dc.subject	RISK AVERSE INVESTOR
dc.subject	RISK AVERSION
dc.subject	RISK MANAGEMENT
dc.subject	RISK PREMIUM
dc.subject	RISK PREMIUMS
dc.subject	RISKY ASSET
dc.subject	SECONDARY MARKET
dc.subject	SECURITIES
dc.subject	SEIGNIORAGE
dc.subject	SHORT MATURITY
dc.subject	SHORT TERM DEBT
dc.subject	SHORT-TERM BORROWING
dc.subject	SHORT-TERM DEBT
dc.subject	SHORT-TERM INTEREST RATES
dc.subject	SOLVENCY
dc.subject	SOVEREIGN DEBT
dc.subject	STABILIZATION POLICY
dc.subject	STATE CONTINGENT DEBT
dc.subject	STOCK OF DEBT
dc.subject	SWAPS
dc.subject	TAX
dc.subject	TAX POLICY
dc.subject	TAX RATE
dc.subject	TAX RATES
dc.subject	TREASURY
dc.subject	UNDERDEVELOPED DEBT MARKET
dc.subject	VIRTUOUS CYCLE
dc.subject	VOLATILITY
dc.title	Coordinating Public Debt Management with Fiscal and Monetary Policies : An Analytical Framework	en
dspace.entity.type	Publication
okr.doctype	Publications & Research :: Policy Research Working Paper
okr.doctype	Publications & Research
okr.docurl	http://documents.worldbank.org/curated/en/2007/09/8389316/coordinating-public-debt-management-fiscal-monetary-policies-analytical-framework
okr.globalpractice	Macroeconomics and Fiscal Management
okr.globalpractice	Finance and Markets
okr.globalpractice	Governance
okr.globalpractice	Trade and Competitiveness
okr.identifier.doi	10.1596/1813-9450-4369
okr.identifier.externaldocumentum	000158349_20070928133057
okr.identifier.internaldocumentum	8389316
okr.identifier.report	WPS4369
okr.language.supported	en
okr.pdfurl	http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2007/09/28/000158349_20070928133057/Rendered/PDF/WPS4369.pdf	en
okr.topic	Economic Theory and Research
okr.topic	International Economics and Trade :: External Debt
okr.topic	Private Sector Development :: Emerging Markets
okr.topic	Finance and Financial Sector Development :: Debt Markets
okr.topic	Public Sector Economics and Finance
okr.topic	International Economics and Trade
okr.topic	Macroeconomics and Economic Growth
okr.topic	Public Sector Development
okr.unit	Development Research Group (DECRG)
okr.volume	1 of 1
relation.isSeriesOfPublication	26e071dc-b0bf-409c-b982-df2970295c87