New Approaches to a Fiscally-Oriented Debt Management Strategy: Objectives, Instruments, and Risks

Hannes Rehm

FinanzArchiv: Public Finance Analysis, 2006, vol. 61, issue 4, 587-608

Abstract: In 2004, government debt in Germany reached a record level. In view of this, debt servicing represents a considerable part of the government budget. Hence, debt management is of increasing significance. The paper describes the objectives and risks of a fiscally oriented debt management strategy. It then presents the instruments that can be used to mitigate risks. The analysis is augmented with a description of the institutional, organizational, and legal regulations that debt managers in Germany must adhere to.

Keywords: government debt; debt management; risk strategy; swaps (search for similar items in EconPapers)
JEL-codes: H61 H63 (search for similar items in EconPapers)
Date: 2006
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