Coordinating public debt management with fiscal and monetary policies: an analytical framework

Eriko Togo

No 4369, Policy Research Working Paper Series from The World Bank

Abstract: 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.

Keywords: Debt Markets; External Debt; Emerging Markets; Public Sector Economics&Finance; Economic Theory&Research (search for similar items in EconPapers)
Date: 2007-09-01
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Citations: View citations in EconPapers (18)

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