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

• Tác giả: Eriko Togo
• Ngôn ngữ: eng
• Ký hiệu phân loại: 332.46 Monetary policy
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 296642
• Chủ đề: 1. AMOUNT OF DEBT; 2. ASSET LIABILITY MANAGEMENT; 3. ASSET PRICES; 4. BALANCE SHEETS; 5. BANK BALANCE SHEET

Tóm tắt

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.