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1. Introduction
2. Two key issues regarding government debt (1)
3. Two key issues regarding government debt (2)
4. U.K government debt as percent of GDP
5. Average OECD debt composition 1993-2003
6. Money market instruments 1993-2003
7. Evolution of US marketable debt composition
8. The empirical evidence (1)
9. The empirical evidence (2)
10. Problems with measurement
11. Different approaches to debt management
12. Cost minimization (1)
13. Cost minimization (2)
14. Cost minimization (3)
15. Cost minimization (4)
16. Risk minimization
17. Simulation analysis (1)
18. Simulation analysis (2)
19. Composition of issuance strategies
20. Issuance strategies - diagrams
21. Simulation approach
22. Tax smoothing approach to debt management
23. Tax distortionary cost rises faster than tax rates
24. Tax smoothing
25. Importance of bond market structure
26. Intertemporal budget constraint
27. Importance of complete markets (1)
28. Importance of complete markets (2)
29. Are bond markets complete?
30. Testing for market incompleteness (1)
31. Testing for market incompleteness (2)
32. Persistence results for US
33. Does it matter if markets are incomplete?
34. Complete market approach to debt management(1)
35. Complete market approach to debt management(2)
36. Complete market approach to debt management(3)
37. Complete market approach - recommendations (1)
38. Complete market approach - recommendations (2)
39. Achieving fiscal insurance (1)
40. Achieving fiscal insurance (2)
41. Achieving fiscal insurance (3)
42. Making incompleteness matter (1)
43. Making incompleteness matter (2)
44. Making incompleteness matter (3)
45. Making incompleteness matter (4)
46. Towards an economic theory of debt management
47. Conclusions (1)
48. Conclusions (2)
49. Conclusions (3)
50. Conclusions (4)
51. Conclusions (5)
52. Conjectures
53. Reading list

Topics Covered

• The behavior of government debt and its structure
• Alternative approaches to debt management
• Cost minimization
• Risk minimization
• The importance of integrating debt management with fiscal policy
• How bond market structure influences fiscal policy and debt management
• How much insurance do bonds offer?
• What is the optimal bond structure
• The importance of transaction costs

Links

Series:

• Government Debt Management

Categories:

• Finance, Accounting & Economics

Talk Citation

Publication History

• Published on May 12, 2009