by: Graeme Wheeler
Government debt management has a long tradition, dating back more
than two centuries in some European countries. Since the late 1980?s,
however, many OECD governments have invested heavily in improving the
quality of their debt management practices. In recent years, the topic
has received additional attention for its potential role in reducing
the vulnerability of emerging economies to financial and economic
Risk is a relative concept and is measured relative to a set of
objectives. The authors argue that a government asset and liability
management framework offers valuable conceptual insights for managing
the risks associated with government debt portfolios and for
considering their interface with a wide range of public policy issues.
They also argue that prudent risk management requires clear objectives
for debt managers, sound institutional and legal framework, appropriate
quality assurance procedures and checks and balances, and efficient
management information systems.
Sound Practice in Government Debt Management draws from the
experiences of a group of countries that are leaders in the area of
government debt management and on the knowledge that the authors have
accumulated in advising many governments on their debt management
policies and operations. It offers valuable insights to assist
government policy-makers in understanding what is involved in
implementing sound practice in government debt management.
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