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

Togo, Eriko

World Bank, Washington, DC

关键词: AMOUNT OF DEBT;    ASSET LIABILITY MANAGEMENT;    ASSET PRICES;    BALANCE SHEETS;    BANK BALANCE SHEET;   

DOI  :  10.1596/1813-9450-4369
RP-ID  :  WPS4369

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper proposes a sovereign assetand liability management framework for analyzing theinter-relationships between debt management, fiscal andmonetary policies.It illustrates the consequences ofuncoordinated policy mix and extends Sargent and Wallace(1981 and 1993) by including debt management. Examples ofpolicy games played by fiscal, monetary, and debt managementauthorities reinforce the importance of policy separationand coordination to prevent domination by one authority overanother which could lead to inconsistent policy mix.