Sound Practice in Government Debt Management

Government debt management has a long tradition. More than three centuries ago, the Bank of England was managing government debt, and the origins of Sweden's National Debt Office go back to 1789.1 In recent years, there has been a move toward building the professionalism of government debt management, beginning with the establishment of the New Zealand Debt Management Office in 1988 and Ireland's National Treasury Management Agency in 1990. It is no accident that the countries that were the first to substantially upgrade their government debt management in the late 1980s and early 1990s were those with histories of fiscal problems, high ratios of public sector debt to gross domestic product (GDP), and a large proportion of foreign currency debt in their government debt portfolios.2 These same features are characteristic of many developing countries today. Concern over rising government indebtedness has been a factor behind debt management reforms in Brazil, China, Colombia, India, the Republic of Korea, Mexico, South Africa, and Thailand, and it helps explain why several other governments, including those of Jordan, Lebanon, and Peru, are considering extensive reforms in government debt management.

Bibliographic Details

Main Author:	Wheeler, Graeme
Language:	English en_US
Published:	Washington, DC: World Bank 2004
Subjects:	DEBT MANAGEMENT, MACROECONOMIC MANAGEMENT, BANKING CRISES, FISCAL POLICY, CASH MANAGEMENT, FINANCIAL MARKETS, GOVERNANCE CAPACITY, LEGAL FRAMEWORK, MANAGEMENT CAPACITY, RISK MANAGEMENT POLICIES, POLICY FRAMEWORK, LIABILITIES, BOND MARKETS, CAPACITY BUILDING, ACCOUNTABILITY, GOVERNMENT SECURITIES, DEVELOPING COUNTRIES, HUMAN RESOURCE MANAGEMENT, POVERTY, FOREIGN CURRENCY, BORROWING ACCOUNTABILITY, ASSET AND LIABILITY MANAGEMENT, ASSET MANAGEMENT, BALANCE SHEET, BANK NOTES, BANK OF ENGLAND, BANKING SECTOR, BANKING SYSTEM, BANKING SYSTEMS, BOND MARKET, BONDS, BORROWING, BORROWING ARRANGEMENTS, BUDGET DEFICITS, CAPITAL FLOWS, CAPITAL MARKETS, CREDIT RATING, CREDIT RATING AGENCIES, CREDIT RATINGS, CREDIT RISK, DEBT FLOWS, DEBT INSTRUMENTS, DEBT MARKETS, DEBT OBLIGATIONS, DEBT OUTSTANDING, DEBT RENEGOTIATIONS, DEBT SERVICE, DEBT SERVICING, DEBTS, DEPOSITS, DEREGULATION, DOMESTIC DEBT, ECONOMIC GROWTH, EXCHANGE RATES, EXPENDITURES, FINANCIAL CRISES, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL MANAGEMENT, FINANCIAL RISK, FINANCIAL STABILITY, FINANCIAL TRANSACTIONS, FISCAL DECENTRALIZATION, FISCAL DISCIPLINE, FOREIGN EXCHANGE, GOVERNMENT BONDS, GOVERNMENT DEBT, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, INCOME DISTRIBUTION, INFLATION, INTEREST RATES, INTERNAL CONTROLS, LEGISLATION, LIABILITY MANAGEMENT, LIBERALIZATION OF FINANCIAL MARKETS, LICENSES, LIQUID ASSETS, LIQUIDITY MANAGEMENT, LOAN GUARANTEES, MACROECONOMIC STABILITY, MANAGEMENT INFORMATION SYSTEMS, MANAGEMENT OPERATIONS, MARKET RISK, MORAL HAZARD, NATIONAL DEBT, OPERATIONAL RISK, OUTSTANDING DEBT, OVERDRAFTS, PRIVATE SECTOR, PRIVATIZATION, PRODUCTIVITY, PROMISSORY NOTES, PROVISIONS, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, PUBLIC GOODS, PUBLIC POLICY, PUBLIC SECTOR, PUBLIC SECTOR ACCOUNTING, PUBLIC SECTOR MANAGEMENT, RECAPITALIZATION, REPAYMENT, RESOURCE ALLOCATION, RISK MANAGEMENT, RISK TAKING, SAVINGS, SECURITIES MARKETS, STRUCTURE OF GOVERNMENT, SUBSIDIARY, TAX, TAX RATES, TAX REVENUE, TAX REVENUES, TAXATION, TRANSACTION COSTS, TRANSPARENCY, TREASURY, TREASURY BILLS, UNDERWRITING, YIELD CURVE,
Online Access:	http://documents.worldbank.org/curated/en/2004/01/3583110/sound-practice-government-debt-management https://hdl.handle.net/10986/15017
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