Institutional Arrangements for Public Debt Management

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collection.link.5
https://openknowledge.worldbank.org/handle/10986/9
collection.name.5
Policy Research Working Papers
dc.contributor.author
Currie, Elizabeth
dc.contributor.author
Dethier, Jean-Jacques
dc.contributor.author
Togo, Eriko
dc.date.accessioned
2014-05-09T19:40:38Z
dc.date.available
2014-05-09T19:40:38Z
dc.date.issued
2003-04
dc.date.lastModified
2021-04-23T14:03:42Z
dc.description.abstract
This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries. The OECD experience clearly indicates that-regardless of whether the debt management office is located inside or outside the Ministry of Finance-four issues are of vital importance: 1) Giving priority to strategic public policy objectives rather than tactical trading objectives. 2) Strengthening the institutional capacity to deal with financial portfolio management and with the public policy aspects of debt management. 3) Modernizing debt management. 4) Creating mechanisms to ensure successful delegation and accountability to the Ministry of Finance and Parliament.
en
dc.identifier
http://documents.worldbank.org/curated/en/2003/04/2329619/institutional-arrangements-public-debt-management
dc.identifier.uri
http://hdl.handle.net/10986/18226
dc.language
English
dc.language.iso
en_US
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Policy Research Working Paper;No. 3021
dc.rights
CC BY 3.0 IGO
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
PUBLIC DEBTS
dc.subject
INDUSTRIALIZED SOCIETIES
dc.subject
PUBLIC FINANCE
dc.subject
GOVERNANCE CAPACITY
dc.subject
MONITORING CRITERIA
dc.subject
TRANSITION ECONOMIES
dc.subject
MARKET ECONOMY
dc.subject
PUBLIC POLICY EVALUATION
dc.subject
TRADING ARRANGEMENTS
dc.subject
INSTITUTIONAL CAPACITY
dc.subject
FINANCIAL MANAGEMENT
dc.subject
DEBT MANAGEMENT ACCOUNTABILITY
dc.subject
ALM
dc.subject
AUTONOMY
dc.subject
BALANCE SHEET
dc.subject
BANK OF ENGLAND
dc.subject
BONDS
dc.subject
BORROWING
dc.subject
BUDGET DEFICITS
dc.subject
CAPITAL MARKETS
dc.subject
CASH MANAGEMENT
dc.subject
CENTRAL BANKS
dc.subject
CIVIL SERVICE
dc.subject
CORPORATE GOVERNANCE
dc.subject
COUPON RATE
dc.subject
CURRENCY RISK
dc.subject
DANMARKS NATIONALBANK
dc.subject
DEBT CRISES
dc.subject
DEBT INSTRUMENTS
dc.subject
DEBT ISSUANCE
dc.subject
DEBT LEVEL
dc.subject
DEBT MARKETS
dc.subject
DEBT REFINANCING
dc.subject
DEBT SERVICE
dc.subject
DEBT SERVICE PAYMENTS
dc.subject
DEBT SERVICING
dc.subject
DEBT SERVICING COSTS
dc.subject
DEBTS
dc.subject
DOMESTIC BORROWING
dc.subject
DOMESTIC DEBT
dc.subject
ECONOMIC CONDITIONS
dc.subject
EMERGING MARKET ECONOMIES
dc.subject
EMPLOYMENT
dc.subject
EUROPEAN CENTRAL BANK
dc.subject
EXTERNAL DEBT
dc.subject
FINANCIAL MANAGEMENT
dc.subject
FINANCIAL MARKETS
dc.subject
FINANCIAL RISK
dc.subject
FINANCIAL SERVICES
dc.subject
FISCAL DEFICITS
dc.subject
FISCAL POLICIES
dc.subject
FISCAL POLICY
dc.subject
FISCAL RESPONSIBILITY
dc.subject
FOREIGN BORROWING
dc.subject
FOREIGN DEBT
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN EXCHANGE RESERVES
dc.subject
GOVERNMENT DEBT
dc.subject
GOVERNMENT FINANCE
dc.subject
GOVERNMENT SECURITIES
dc.subject
INFLATION
dc.subject
INSURANCE
dc.subject
INTEREST RATES
dc.subject
LEGISLATION
dc.subject
MANDATES
dc.subject
MATURITIES
dc.subject
NATIONAL DEBT
dc.subject
PRICE STABILITY
dc.subject
PRIVATE SECTOR
dc.subject
PUBLIC DEBT
dc.subject
PUBLIC DEBT MANAGEMENT
dc.subject
PUBLIC EXPENDITURES
dc.subject
PUBLIC POLICY
dc.subject
PUBLIC SECTOR
dc.subject
REFINANCE
dc.subject
REORGANIZATION
dc.subject
RISK MANAGEMENT
dc.subject
SAVINGS
dc.subject
SOVEREIGN DEBT
dc.subject
TRANSITION ECONOMIES
dc.subject
TRANSPARENCY
dc.subject
TREASURY
dc.subject
DEBT MANAGEMENT
dc.subject
ACCOUNTABILITY
dc.title
Institutional Arrangements for Public Debt Management
en
okr.doctype
Publications & Research :: Policy Research Working Paper
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/2003/04/2329619/institutional-arrangements-public-debt-management
okr.globalpractice
Social, Urban, Rural and Resilience
okr.globalpractice
Finance and Markets
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/1813-9450-3021
okr.identifier.externaldocumentum
000094946_03051404103232
okr.identifier.internaldocumentum
2329619
okr.identifier.report
WPS3021
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2003/05/23/000094946_03051404103232/Rendered/PDF/multi0page.pdf
en
okr.sector
Public Administration, Law, and Justice :: General public administration sector
okr.sector
Finance
okr.topic
Urban Development :: Urban Economics
okr.topic
Banks and Banking Reform
okr.topic
Public and Municipal Finance
okr.topic
Finance and Financial Sector Development :: Strategic Debt Management
okr.topic
Payment Systems and Infrastructure
okr.topic
Public Sector Economics and Finance
okr.unit
Off of Sr VP Dev Econ/Chief Econ (DECVP)
okr.volume
1

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