Optimal allocation of government debt for the Czech Republic: Managing vulnerability of debt service charges to macroeconomic shocks

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F12%3A86095992" target="_blank" >RIV/61989100:27510/12:86095992 - isvavai.cz</a>
Result on the web
<a href="http://mme2012.opf.slu.cz/proceedings/proceedings.php" target="_blank" >http://mme2012.opf.slu.cz/proceedings/proceedings.php</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Optimal allocation of government debt for the Czech Republic: Managing vulnerability of debt service charges to macroeconomic shocks
Original language description
Although debt sustainability issues are often analyzed in respect of the level of government debt, unexpected increases in debt services charges can substantially change the dynamics and accumulation of government debt. These unexpected increases could be a result of exposures to exchange rate, interest rate and refinancing risks that the government has assumed when allocating its debt across a spectrum of available financial (debt) instruments. Therefore public debt managers aim to minimize the vulnerability of public debt to macroeconomic shocks by carefully allocating debt through new issuance and buybacks across currencies, interest rates, maturities and markets, among others. In this paper, we build on the methodology proposed by Giavazzi and Missale (2004) to estimate the optimal debt allocation for the Czech Republic taking into account the structure of the Czech economy and the macroeconomic shocks that it is faced with. We develop policy recommendation to improve on the existi
Czech name
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Czech description
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Project
<a href="/en/project/GAP402%2F10%2F1046" target="_blank" >GAP402/10/1046: Fiscal Policy and the Czech Economy: Macroeconometric Studies</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year
2012
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of 30th International Conference Mathematical Methods in Economics : 11-13 September 2012, Karviná, Czech Republic
ISBN
978-80-7248-779-0
ISSN
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e-ISSN
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Number of pages
6
Pages from-to
569-574
Publisher name
Slezská univerzita v Opavě
Place of publication
Opava
Event location
Karviná
Event date
Sep 11, 2012
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
000316715900098

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