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

Kód výsledku v 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>

Výsledek na webu

<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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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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

Název v anglickém jazyce

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

Popis výsledku anglicky

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

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

<a href="/cs/project/GAP402%2F10%2F1046" target="_blank" >GAP402/10/1046: Fiskální politika a česká ekonomika: Makroekonomické studie</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2012

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

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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Počet stran výsledku

6

Strana od-do

569-574

Název nakladatele

Slezská univerzita v Opavě

Místo vydání

Opava

Místo konání akce

Karviná

Datum konání akce

11. 9. 2012

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

000316715900098