Monetary Policy Fiscal Policy And Public Debt Management

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Coordinating Public Debt Management With Fiscal And Monetary Policies An Analytical Framework

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Author : Eriko Togo
language : en
Publisher: World Bank Publications
Release Date : 2012

Coordinating Public Debt Management With Fiscal And Monetary Policies An Analytical Framework written by Eriko Togo and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.

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.

Coordination Of Monetary And Fiscal Policies

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1998-03-01

Coordination Of Monetary And Fiscal Policies written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-03-01 with Business & Economics categories.

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Monetary Policy Fiscal Policy And Public Debt Management

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Author : Bank for International Settlements
language : en
Publisher:
Release Date : 2013

Monetary Policy Fiscal Policy And Public Debt Management written by Bank for International Settlements and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

This paper touches on the interaction between monetary policy, fiscal policy and public debt management. The first part looks at public debt sustainability and monetary policy. When measuring the fiscal stance, data such as current fiscal income and expenditure, the scale of public debt, and the coverage of budget revenue and expenditure should be properly monitored. In addition, factors that could influence the mid-term fiscal stance should be taken into consideration. Central bank assets may not be used to offset public debt, and pension funds are not in practice used to offset gross government debt in most economies. To some extent, oil and commodity stability funds held by resource-abundant economies may be used to offset gross government debt. Monetary policy is influenced by the financing of the fiscal deficit by way of bond issuance. The second part is about the development of money markets, the maturity and yield curves of domestic government bonds, and the deepening of domestic financial markets and financial stability in China. The concluding part concerns the central bank and public debt management. There is no need for the central bank in economies with a well developed treasury bond market to issue debt of its own. In emerging economies, a regular rollover issuance of central bank debt may help to form a consecutive short-term risk-free yield curve, serving as a benchmark for pricing in money and bond markets. Central banks involved in public debt management need to coordinate closely with the debt management agency on the policy objectives for various macro control instruments associated with fiscal policy, monetary policy and public debt management.Full publication: http://ssrn.com/abstract=2205164 Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies.

Optimal Fiscal And Monetary Policy Debt Crisis And Management

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Author : Mr.Cristiano Cantore
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-30

Optimal Fiscal And Monetary Policy Debt Crisis And Management written by Mr.Cristiano Cantore and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-30 with Business & Economics categories.

The initial government debt-to-GDP ratio and the government’s commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation is very slow. A faster pace is optimal when the economy starts from a high level of public debt implying high sovereign risk premia, unless these are suppressed via a bailout by official creditors. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple monetary-fiscal rules with passive fiscal policy, designed for an environment with “normal shocks”, perform reasonably well in mimicking the Ramsey-optimal response to one-off government debt shocks. When the government can issue also long-term bonds–under commitment–the optimal debt consolidation pace is slower than in the case of short-term bonds only, and entails an increase in the ratio between long and short-term bonds.

Monetary Policy And The Management Of The Public Debt

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Author : United States. Congress. Joint Economic Committee
language : en
Publisher:
Release Date : 1952

Monetary Policy And The Management Of The Public Debt written by United States. Congress. Joint Economic Committee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1952 with Credit categories.

Public Debt Management

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Author : Rudiger Dornbusch
language : en
Publisher: Cambridge University Press
Release Date : 1990-11-30

Public Debt Management written by Rudiger Dornbusch and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-11-30 with Business & Economics categories.

As Europe proceeds towards economic and monetary union, fiscal convergence and the prospect of a common money are at the centre of discussion. This volume from the Centre for Economic Policy Research brings together theoretical, applied and historical research on the management of public debt and its implications for financial stability.

Coordinating Public Debt And Monetary Management

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1997-04-15

Coordinating Public Debt And Monetary Management written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-04-15 with Business & Economics categories.

Edited by V. Sundararajan, Peter Dattels, and Hans Blommestein, this volume outlines strategies for managing public debt, developing government securities markets, and coordinating those activities with monetary management through legal, administrative, and operational arrangements. Both transition and market economies are surveyed. The analysis draws partly on the literature on the microstructure of markets and auction systems and on selected country experiences.

Fiscal Policy Public Debt And Monetary Policy In Emerging Market Economies

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Author : Bank for International Settlements. Monetary and Economic Department
language : en
Publisher:
Release Date : 2012

Fiscal Policy Public Debt And Monetary Policy In Emerging Market Economies written by Bank for International Settlements. Monetary and Economic Department and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Debts, Public categories.

Coordinating Public Debt And Monetary Management During Financial Reforms

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Author : Mr.Sérgio Pereira. Leite
language : en
Publisher: International Monetary Fund
Release Date : 1992-10-01

Coordinating Public Debt And Monetary Management During Financial Reforms written by Mr.Sérgio Pereira. Leite and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-10-01 with Business & Economics categories.

The paper analyzes the interplay between public debt and monetary management during financial reforms, and provides suggestions on collaboration between the central bank and the treasury to achieve common objectives. It discusses monetary policy and public debt at the onset and through different phases of a financial reform and emphasizes that many objectives of public debt and monetary management are mutually supportive. It recommends the setting up of units to deal with public debt issues both at the treasury and the central bank, as well as a committee to coordinate public debt and monetary management.

Managing Public Debt And Its Financial Stability Implications

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Author : Mr.Udaibir S. Das
language : en
Publisher: International Monetary Fund
Release Date : 2010-12-01

Managing Public Debt And Its Financial Stability Implications written by Mr.Udaibir S. Das and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.

This paper explores the relationship between the level and management of public debt and financial stability, and explains the channels through which the two are interlinked. It suggests that the broader implications of a debt management strategy and its implementation should be carefully analyzed by debt managers and policy makers in terms of their impact on the government's balance sheet, macroeconomic developments, and the financial system.