haku: @author Scott, A. / yhteensä: 28
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| Tekijä: | Faraglia, E. Marcet, A. Scott, A. |
| Otsikko: | Fiscal insurance and debt management in OECD economies |
| Lehti: | Economic Journal
2008 : MAR, VOL. 118:527, p. 363-386 |
| Asiasana: | banks debt management monetary theory monte carlo technique OECD |
| Kieli: | eng |
| Tiivistelmä: | Exploiting OECD data in 1970-2000, this paper analyzes debt management based on the assumption that the objective of debt management is to provide hedging against fiscal shocks. The authors examine what indicators can be used to evaluate the performance of debt management, the performance of debt management policies historically, and how variations in debt issuance have influenced on the performance of debt management. The proposed indicators are assessed by Monte Carlo analysis, which suggest that indicators based on the relative persistence of debt are the most adequate. Only limited evidence supporting debt management's significance in helping to insulate against fiscal shocks is found. In addition, the relationship between the degree of fiscal insurance and cross-country variations in debt issuance patterns is found to be weak. |
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