Confederation debt management since 1970

Basil Guggenheim, Mario Meichle () and Thomas Nellen
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Mario Meichle: PostFinance AG, Risk Control

Swiss Journal of Economics and Statistics, 2019, vol. 155, issue 1, 1-23

Abstract: Abstract This paper analyzes the Confederation’s debt management. The Confederation actively manages roll over and interest rate risk by increasing bond maturity with increasing marketable debt-to-GDP levels. It further engages in active but asymmetric, one-sided interest rate positioning; i.e., it uses mostly bonds to affect debt maturity and does so only when the interest rate environment is favorable to lock-in interest rates by issuing longer-term bonds. Debt management is mainly driven by marketable debt rather than total debt. Issuing behavior became more regular and demand-oriented during the early 1990s when marketable and total debt increased in tandem.

Keywords: Government debt; Government debt management; Government debt maturity (search for similar items in EconPapers)
JEL-codes: E63 H63 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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Working Paper: Confederation debt management since 1970 (2018)
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DOI: 10.1186/s41937-019-0042-6

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