Confederation debt management since 1970

Basil Guggenheim, Mario Meichle and Thomas Nellen

No 2018-07, Working Papers from Swiss National Bank

Abstract: This paper presents new data vintages on marketable debt emissions and total outstanding debt. The data are used to analyze the Swiss Confederation’s issuing behavior and debt management. Issuing behavior became more regular and demand-oriented during the early 1990s. The Treasury actively manages roll-over risk by increasing bond maturity with increasing marketable debt to GDP levels. Furthermore, the Treasury engages in active but asymmetric, one-sided interest rate positioning. In other words, the Treasury uses only 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.

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)
Pages: 39 pages
Date: 2018
New Economics Papers: this item is included in nep-his and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Journal Article: Confederation debt management since 1970 (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:snb:snbwpa:2018-07

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