Advances in Risk Management of Government Debt by Organisation for Economic Co-Operation a PDF

By Organisation for Economic Co-Operation a

ISBN-10: 9264104410

ISBN-13: 9789264104419

ISBN-10: 9264104437

ISBN-13: 9789264104433

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Henning Bohn (1996) “Comments on the UK Debt Structure” Working Paper, University of California at Santa Barbara. 9. g. by David Jamieson Bolder (2003) “A Stochastic Simulation Framework for the Government of Canada’s Debt Strategy”, Bank of Canada Working Paper and Swedish National Debt Office (2000) “Proposed Guidelines for Government Debt Management”. 10. g. Alessandro Missale (1999) “Public Debt Management”, Oxford University Press. 11. g. ”, Working Paper, Department of Finance. 12. Given the fact that the primary budget normally co-varies with economic activity via both taxes and government expenditures.

These considerations explain why stress tests are useful. As noted above, macroeconomic models have the advantage that they model the relationship between interest rates, economic growth and budget balance in a consistent way. This relationship is at the heart of ALM management used for government debt. On the other hand, structural macroeconomic models may impose too rigid and stylised relations between macroeconomic and financial variables. For instance, often a demand-driven macro model is used and it is important to note that this demand feature has an important impact on the output results.

Senior management of the appropriate Ministry receives risk reports on a monthly basis in most cases, as does the risk management committee. Treasury operations receive risk reports on a daily basis in many cases, though reports may also be weekly or monthly. Internal reviews of risk management policies and procedures take place generally on an annual basis in countries where a policy in this regard has been established. Those responsible for the review process vary across countries, but often take the form of senior management of the appropriate Ministry or debt management operation.

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Advances in Risk Management of Government Debt by Organisation for Economic Co-Operation a


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