Institutional Arrangements for Public Debt Management

This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister...

Full description

Bibliographic Details
Main Authors:	Currie, Elizabeth, Dethier, Jean-Jacques, Togo, Eriko
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	PUBLIC DEBTS INDUSTRIALIZED SOCIETIES PUBLIC FINANCE GOVERNANCE CAPACITY MONITORING CRITERIA TRANSITION ECONOMIES MARKET ECONOMY PUBLIC POLICY EVALUATION TRADING ARRANGEMENTS INSTITUTIONAL CAPACITY FINANCIAL MANAGEMENT DEBT MANAGEMENT ACCOUNTABILITY ALM AUTONOMY BALANCE SHEET BANK OF ENGLAND BONDS BORROWING BUDGET DEFICITS CAPITAL MARKETS CASH MANAGEMENT CENTRAL BANKS CIVIL SERVICE CORPORATE GOVERNANCE COUPON RATE CURRENCY RISK DANMARKS NATIONALBANK DEBT CRISES DEBT INSTRUMENTS DEBT ISSUANCE DEBT LEVEL DEBT MARKETS DEBT REFINANCING DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBT SERVICING COSTS DEBTS DOMESTIC BORROWING DOMESTIC DEBT ECONOMIC CONDITIONS EMERGING MARKET ECONOMIES EMPLOYMENT EUROPEAN CENTRAL BANK EXTERNAL DEBT FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SERVICES FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FISCAL RESPONSIBILITY FOREIGN BORROWING FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES GOVERNMENT DEBT GOVERNMENT FINANCE GOVERNMENT SECURITIES INFLATION INSURANCE INTEREST RATES LEGISLATION MANDATES MATURITIES NATIONAL DEBT PRICE STABILITY PRIVATE SECTOR PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURES PUBLIC POLICY PUBLIC SECTOR REFINANCE REORGANIZATION RISK MANAGEMENT SAVINGS SOVEREIGN DEBT TRANSPARENCY TREASURY DEBT MANAGEMENT ACCOUNTABILITY
Online Access:	http://documents.worldbank.org/curated/en/2003/04/2329619/institutional-arrangements-public-debt-management http://hdl.handle.net/10986/18226

id	okr-10986-18226
recordtype	oai_dc
spelling	okr-10986-182262021-04-23T14:03:42Z Institutional Arrangements for Public Debt Management Currie, Elizabeth Dethier, Jean-Jacques Togo, Eriko PUBLIC DEBTS INDUSTRIALIZED SOCIETIES PUBLIC FINANCE GOVERNANCE CAPACITY MONITORING CRITERIA TRANSITION ECONOMIES MARKET ECONOMY PUBLIC POLICY EVALUATION TRADING ARRANGEMENTS INSTITUTIONAL CAPACITY FINANCIAL MANAGEMENT DEBT MANAGEMENT ACCOUNTABILITY ALM AUTONOMY BALANCE SHEET BANK OF ENGLAND BONDS BORROWING BUDGET DEFICITS CAPITAL MARKETS CASH MANAGEMENT CENTRAL BANKS CIVIL SERVICE CORPORATE GOVERNANCE COUPON RATE CURRENCY RISK DANMARKS NATIONALBANK DEBT CRISES DEBT INSTRUMENTS DEBT ISSUANCE DEBT LEVEL DEBT MARKETS DEBT REFINANCING DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBT SERVICING COSTS DEBTS DOMESTIC BORROWING DOMESTIC DEBT ECONOMIC CONDITIONS EMERGING MARKET ECONOMIES EMPLOYMENT EUROPEAN CENTRAL BANK EXTERNAL DEBT FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SERVICES FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FISCAL RESPONSIBILITY FOREIGN BORROWING FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES GOVERNMENT DEBT GOVERNMENT FINANCE GOVERNMENT SECURITIES INFLATION INSURANCE INTEREST RATES LEGISLATION MANDATES MATURITIES NATIONAL DEBT PRICE STABILITY PRIVATE SECTOR PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURES PUBLIC POLICY PUBLIC SECTOR REFINANCE REORGANIZATION RISK MANAGEMENT SAVINGS SOVEREIGN DEBT TRANSITION ECONOMIES TRANSPARENCY TREASURY DEBT MANAGEMENT ACCOUNTABILITY This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries. The OECD experience clearly indicates that-regardless of whether the debt management office is located inside or outside the Ministry of Finance-four issues are of vital importance: 1) Giving priority to strategic public policy objectives rather than tactical trading objectives. 2) Strengthening the institutional capacity to deal with financial portfolio management and with the public policy aspects of debt management. 3) Modernizing debt management. 4) Creating mechanisms to ensure successful delegation and accountability to the Ministry of Finance and Parliament. 2014-05-09T19:40:38Z 2014-05-09T19:40:38Z 2003-04 http://documents.worldbank.org/curated/en/2003/04/2329619/institutional-arrangements-public-debt-management http://hdl.handle.net/10986/18226 English en_US Policy Research Working Paper;No. 3021 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	PUBLIC DEBTS INDUSTRIALIZED SOCIETIES PUBLIC FINANCE GOVERNANCE CAPACITY MONITORING CRITERIA TRANSITION ECONOMIES MARKET ECONOMY PUBLIC POLICY EVALUATION TRADING ARRANGEMENTS INSTITUTIONAL CAPACITY FINANCIAL MANAGEMENT DEBT MANAGEMENT ACCOUNTABILITY ALM AUTONOMY BALANCE SHEET BANK OF ENGLAND BONDS BORROWING BUDGET DEFICITS CAPITAL MARKETS CASH MANAGEMENT CENTRAL BANKS CIVIL SERVICE CORPORATE GOVERNANCE COUPON RATE CURRENCY RISK DANMARKS NATIONALBANK DEBT CRISES DEBT INSTRUMENTS DEBT ISSUANCE DEBT LEVEL DEBT MARKETS DEBT REFINANCING DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBT SERVICING COSTS DEBTS DOMESTIC BORROWING DOMESTIC DEBT ECONOMIC CONDITIONS EMERGING MARKET ECONOMIES EMPLOYMENT EUROPEAN CENTRAL BANK EXTERNAL DEBT FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SERVICES FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FISCAL RESPONSIBILITY FOREIGN BORROWING FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES GOVERNMENT DEBT GOVERNMENT FINANCE GOVERNMENT SECURITIES INFLATION INSURANCE INTEREST RATES LEGISLATION MANDATES MATURITIES NATIONAL DEBT PRICE STABILITY PRIVATE SECTOR PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURES PUBLIC POLICY PUBLIC SECTOR REFINANCE REORGANIZATION RISK MANAGEMENT SAVINGS SOVEREIGN DEBT TRANSITION ECONOMIES TRANSPARENCY TREASURY DEBT MANAGEMENT ACCOUNTABILITY
spellingShingle	PUBLIC DEBTS INDUSTRIALIZED SOCIETIES PUBLIC FINANCE GOVERNANCE CAPACITY MONITORING CRITERIA TRANSITION ECONOMIES MARKET ECONOMY PUBLIC POLICY EVALUATION TRADING ARRANGEMENTS INSTITUTIONAL CAPACITY FINANCIAL MANAGEMENT DEBT MANAGEMENT ACCOUNTABILITY ALM AUTONOMY BALANCE SHEET BANK OF ENGLAND BONDS BORROWING BUDGET DEFICITS CAPITAL MARKETS CASH MANAGEMENT CENTRAL BANKS CIVIL SERVICE CORPORATE GOVERNANCE COUPON RATE CURRENCY RISK DANMARKS NATIONALBANK DEBT CRISES DEBT INSTRUMENTS DEBT ISSUANCE DEBT LEVEL DEBT MARKETS DEBT REFINANCING DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBT SERVICING COSTS DEBTS DOMESTIC BORROWING DOMESTIC DEBT ECONOMIC CONDITIONS EMERGING MARKET ECONOMIES EMPLOYMENT EUROPEAN CENTRAL BANK EXTERNAL DEBT FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL RISK FINANCIAL SERVICES FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FISCAL RESPONSIBILITY FOREIGN BORROWING FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES GOVERNMENT DEBT GOVERNMENT FINANCE GOVERNMENT SECURITIES INFLATION INSURANCE INTEREST RATES LEGISLATION MANDATES MATURITIES NATIONAL DEBT PRICE STABILITY PRIVATE SECTOR PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURES PUBLIC POLICY PUBLIC SECTOR REFINANCE REORGANIZATION RISK MANAGEMENT SAVINGS SOVEREIGN DEBT TRANSITION ECONOMIES TRANSPARENCY TREASURY DEBT MANAGEMENT ACCOUNTABILITY Currie, Elizabeth Dethier, Jean-Jacques Togo, Eriko Institutional Arrangements for Public Debt Management
relation	Policy Research Working Paper;No. 3021
description	This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries. The OECD experience clearly indicates that-regardless of whether the debt management office is located inside or outside the Ministry of Finance-four issues are of vital importance: 1) Giving priority to strategic public policy objectives rather than tactical trading objectives. 2) Strengthening the institutional capacity to deal with financial portfolio management and with the public policy aspects of debt management. 3) Modernizing debt management. 4) Creating mechanisms to ensure successful delegation and accountability to the Ministry of Finance and Parliament.
format	Publications & Research :: Policy Research Working Paper
author	Currie, Elizabeth Dethier, Jean-Jacques Togo, Eriko
author_facet	Currie, Elizabeth Dethier, Jean-Jacques Togo, Eriko
author_sort	Currie, Elizabeth
title	Institutional Arrangements for Public Debt Management
title_short	Institutional Arrangements for Public Debt Management
title_full	Institutional Arrangements for Public Debt Management
title_fullStr	Institutional Arrangements for Public Debt Management
title_full_unstemmed	Institutional Arrangements for Public Debt Management
title_sort	institutional arrangements for public debt management
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2003/04/2329619/institutional-arrangements-public-debt-management http://hdl.handle.net/10986/18226
_version_	1764439467085529088

Institutional Arrangements for Public Debt Management

Similar Items