search query: @author Missale, A. / total: 4
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| Author: | Missale, A. |
| Title: | Managing the Public Debt: The Optimal Taxation Approach |
| Journal: | Journal of Economic Surveys
1997 : SEP, Vol. 11:3, p. 235-265 |
| Index terms: | PUBLIC FINANCE DEBT MANAGEMENT TAXATION |
| Language: | eng |
| Abstract: | The article examines research on public debt management, focusing on debt structure by denomination, indexation features, and maturity. The optimal taxation approach is reviewed and its policy implications are related to the trade-off between minimization of the expected cost of debt servicing and minimization of budgetary risk. Strong arguments are provided for debt instruments which yield low returns when output and hence revenues are lower and public spending higher than expected. |
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