Publication:
Public Debt Management and Macroeconomic Stability : An Overview

Simple item page
dc.contributor.authorMontiel, Peter J.
dc.date.accessioned2013-12-19T19:02:40Z
dc.date.available2013-12-19T19:02:40Z
dc.date.issued2005-09-01
dc.description.abstractRecent research suggests that management of the public sector debt can have important effects on a country macroeconomic performance. This Public debt management and macroeconomic stability article provides an overview of the factors that the recent literature has identified as important in determining the optimal composition of the public debt. Based on this analysis, it attempts to establish general guidelines for public debt management in emerging economies. To retain market access and promote domestic financial market development, governments should generally finance themselves at market rates using a wide variety of securities. Beyond this general principle, the optimal composition of the public debt involves a tradeoff between enhancing the government anti-inflationary credibility and reducing the vulnerability of its budget to macroeconomic shocks. Consequently, the optimal composition of the debt depends on a country circumstances. Debt should be heavily weighted toward long-term nominal securities for governments that have anti-inflationary credibility and toward long-term indexed debt for those that do not.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/01/17591907/public-debt-management-macroeconomic-stability-overview
dc.identifier.citationWorld Bank Research Observer
dc.identifier.doi10.1596/16400
dc.identifier.otherdoi:10.1093/wbro/lki006
dc.identifier.urihttps://hdl.handle.net/10986/16400
dc.languageEnglish
dc.language.isoen_US
dc.publisherOxford University Press on behalf of the World Bank
dc.relation.ispartofseriesWorld Bank Research Observer
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subjectADVERSE CONSEQUENCES
dc.subjectADVERSE EFFECTS
dc.subjectAMORTIZATION
dc.subjectAMOUNT OF DEBT
dc.subjectASYMMETRIC INFORMATION
dc.subjectBAILOUTS
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEET EFFECTS
dc.subjectBENCHMARK
dc.subjectBORROWING COSTS
dc.subjectCAPITAL MOBILITY
dc.subjectCAPITAL OUTFLOWS
dc.subjectCENTRAL BANK
dc.subjectCLOSED ECONOMY
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMPOSITION OF DEBT
dc.subjectCONTINGENT LIABILITIES
dc.subjectCOUNTRY RISK
dc.subjectCREDIBILITY
dc.subjectCREDIBILITY PROBLEM
dc.subjectCREDIBILITY PROBLEMS
dc.subjectCREDITORS
dc.subjectCURRENCY
dc.subjectCURRENCY BOARD
dc.subjectCURRENCY COMPOSITION
dc.subjectCURRENCY CRISES
dc.subjectCURRENCY CRISIS
dc.subjectCURRENCY DEPRECIATION
dc.subjectCURRENCY MISMATCH
dc.subjectDEBT COMPOSITION
dc.subjectDEBT CONTRACTS
dc.subjectDEBT CRISIS
dc.subjectDEBT INSTRUMENT
dc.subjectDEBT MANAGEMENT POLICIES
dc.subjectDEBT MANAGEMENT PRACTICES
dc.subjectDEBT MANAGEMENT STRATEGY
dc.subjectDEBT MATURITIES
dc.subjectDEBT MATURITY
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBT OVERHANG
dc.subjectDEBT REPAYMENT
dc.subjectDEBT REPUDIATION
dc.subjectDEBT SERVICE
dc.subjectDEBT SERVICE OBLIGATIONS
dc.subjectDEBT SERVICE PAYMENTS
dc.subjectDEBT SERVICE REQUIREMENTS
dc.subjectDEBT SERVICING
dc.subjectDEBT SERVICING COSTS
dc.subjectDEBT SERVICING NEEDS
dc.subjectDEBT STRUCTURE
dc.subjectDEBT-SERVICING COSTS
dc.subjectDEFAULT PROBABILITIES
dc.subjectDEFAULT PROBABILITY
dc.subjectDEFICITS
dc.subjectDEMAND FOR GOVERNMENT SECURITIES
dc.subjectDEMAND FOR MONEY
dc.subjectDEPOSIT
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING ECONOMIES
dc.subjectDOMESTIC AGENTS
dc.subjectDOMESTIC CREDITORS
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC ECONOMY
dc.subjectDOMESTIC FINANCIAL MARKET
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC INFLATION
dc.subjectDOMESTIC INTEREST RATES
dc.subjectDOMESTIC PRICE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING ECONOMY
dc.subjectEMERGING ECONOMY GOVERNMENTS
dc.subjectEQUILIBRIUM
dc.subjectEQUILIBRIUM VALUE
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE MOVEMENTS
dc.subjectEXCHANGE RATES
dc.subjectEXPANSIONARY POLICIES
dc.subjectEXPENDITURE
dc.subjectEXTERNAL BORROWING
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE BANK
dc.subjectFINANCES
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL FRAGILITY
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKET DEVELOPMENT
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIALLY OPEN ECONOMY
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFLEXIBLE INTEREST RATES
dc.subjectFLOATING EXCHANGE RATE
dc.subjectFLOATING EXCHANGE RATES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY DEBT
dc.subjectFOREIGN CURRENCY EXPOSURE
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT DEFAULT
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT FINANCING
dc.subjectGOVERNMENT REVENUE
dc.subjectGOVERNMENT SPENDING
dc.subjectHOLDERS OF GOVERNMENT DEBT
dc.subjectHOLDING
dc.subjectIMPLICIT TAX
dc.subjectIMPLICIT TAXES
dc.subjectINCOME
dc.subjectINCOME LEVELS
dc.subjectINDEXATION
dc.subjectINDEXED BONDS
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINFLATION TARGET
dc.subjectINFLATION TARGETING
dc.subjectINFLATION TAX
dc.subjectINFORMATIONAL ASYMMETRY
dc.subjectINSTITUTIONAL CONSTRAINTS
dc.subjectINSTRUMENT
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE RISK
dc.subjectINTEREST RATE SHOCKS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectISSUANCE
dc.subjectLEGAL SYSTEM
dc.subjectLEVEL OF DEBT
dc.subjectLEVY
dc.subjectLIABILITY
dc.subjectLIQUID ASSETS
dc.subjectLIQUID RESERVES
dc.subjectLIQUIDITY
dc.subjectLOAN
dc.subjectLONG-TERM DEBT
dc.subjectLONG-TERM LOANS
dc.subjectMACROECONOMIC FLUCTUATIONS
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectMACROECONOMIC PERFORMANCE
dc.subjectMACROECONOMIC SHOCKS
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMICS
dc.subjectMARGINAL COST
dc.subjectMARKET ACCESS
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET INTEREST
dc.subjectMARKET INTEREST RATES
dc.subjectMARKET RETURNS
dc.subjectMATURITY
dc.subjectMATURITY STRUCTURE
dc.subjectMONETARY POLICY
dc.subjectMORAL HAZARD
dc.subjectNATURAL DISASTERS
dc.subjectNOMINAL INTEREST RATE
dc.subjectNOMINAL INTEREST RATES
dc.subjectOPEN ECONOMY
dc.subjectOPEN MARKETS
dc.subjectOUTPUT
dc.subjectOUTSTANDING DEBT
dc.subjectPOLITICAL ECONOMY
dc.subjectPORTFOLIO
dc.subjectPRIMARY MARKET
dc.subjectPRIMARY MARKETS
dc.subjectPRINCIPAL PAYMENTS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEBT MANAGEMENT
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC SECTOR BORROWING
dc.subjectPUBLIC SECTOR DEBT
dc.subjectPUBLIC SPENDING
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREAL INTEREST RATES
dc.subjectREGIME CHANGE
dc.subjectRELIANCE ON SHORT-TERM DEBT
dc.subjectREPUTATION
dc.subjectRESERVE
dc.subjectRETURN
dc.subjectRISK EXPOSURE
dc.subjectRISK EXPOSURES
dc.subjectSECURITIES
dc.subjectSHORT MATURITIES
dc.subjectSHORT MATURITY
dc.subjectSHORT-TERM DEBT
dc.subjectSHORT-TERM FINANCE
dc.subjectSHORT-TERM LIABILITIES
dc.subjectSOCIAL COST
dc.subjectSOCIAL COSTS
dc.subjectSOLVENCY
dc.subjectSTATE-CONTINGENT CONTRACTS
dc.subjectSTOCK OF DEBT
dc.subjectSTOCKS
dc.subjectTAX
dc.subjectTAX COLLECTION
dc.subjectTAX RATE
dc.subjectTAX RATES
dc.subjectTAX REVENUES
dc.subjectTAX SYSTEM
dc.subjectTAXATION
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTREASURY
dc.titlePublic Debt Management and Macroeconomic Stability : An Overviewen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.date.disclosure2013-04-17
okr.date.doiregistration2025-05-06T10:53:28.288825Z
okr.doctypePublications & Research::Journal Article
okr.doctypePublications & Research::Journal Article
okr.docurlhttp://documents.worldbank.org/curated/en/2013/01/17591907/public-debt-management-macroeconomic-stability-overview
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid758621468331157026
okr.identifier.doi10.1093/wbro/lki006
okr.identifier.externaldocumentum000445729_20130417150943
okr.identifier.internaldocumentum17591907
okr.identifier.report76754
okr.journal.nbpages259-281
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/04/17/000445729_20130417150943/Rendered/PDF/767540JRN0WBRO00Box374387B00PUBLIC0.pdfen
okr.peerreviewAcademic Peer Review
okr.topicInternational Economics and Trade::External Debt
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth
okr.unitDECRG: Macroeconomics & Growth (DECMG)
okr.volume20(2)
relation.isJournalIssueOfPublication4b537f93-f9d5-4d07-a54e-9d4b87b0c1fd
relation.isJournalIssueOfPublication.latestForDiscovery4b537f93-f9d5-4d07-a54e-9d4b87b0c1fd
relation.isJournalOfPublication9e5fbe82-492f-4142-8378-17d50245d9de
relation.isJournalVolumeOfPublication96f1febc-1dcd-48bc-850c-3804a39b99b1
Files
Original bundle
Now showing 1 - 2 of 2
No Thumbnail Available
Name:
767540JRN0WBRO00Box374387B00PUBLIC0.txt
Size:
74.25 KB
Format:
Plain Text
Download
Thumbnail Image
Name:
767540JRN0WBRO00Box374387B00PUBLIC0.pdf
Size:
586.88 KB
Format:
Adobe Portable Document Format
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description:
Download
Collections
Journal Articles