Government debt management: challenges and perspectives
نویسندگان
چکیده
منابع مشابه
Government Debt
This paper surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The paper then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and crowding out in the long run. It next...
متن کاملInteroperability standards and e-Government: perspectives and challenges
Interoperability standards play an important role in system integration and information sharing in e-Government environment. But the development and establishment of these standards do not depend on technological aspects only. System integration and information sharing do not mean just enable data interchange but, mainly, integrate processes and transactions. In this scenery, other variables fr...
متن کاملGovernment Debt and Risk Premia
I document that government debt is related to risk premia in various asset markets: (i) the debt-to-GDP ratio positively predicts excess stock returns with out-of-sample R2 up to 30% at a five-year horizon, outperforming many popular predictors; (ii) the debt-to-GDP ratio is positively correlated with credit risk premia in both corporate bond excess returns and yield spreads; (iii) higher debt-...
متن کاملOptimal Government Debt Maturity
This paper develops a model of optimal government debt maturity in which the government cannot issue state-contingent bonds and cannot commit to fiscal policy. If the government can perfectly commit, it fully insulates the economy against government spending shocks by purchasing short-term assets and issuing long-term debt. These positions are quantitatively very large relative to GDP and do no...
متن کاملThe Optimality of Consols in Government Debt Management∗
We consider optimal government debt maturity in a deterministic economy in which the government can issue any arbitrary maturity structure and in which bond prices are a function of the government’s current primary surplus and the path of future primary surpluses. The government sequentially chooses policy, taking into account how the current primary surplus and the structure of maturity issuan...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Investment Management and Financial Innovations
سال: 2018
ISSN: 1810-4967,1812-9358
DOI: 10.21511/imfi.15(3).2018.12