GOVERNMENT DEBT MANAGEMENT IN THE CZECH REPUBLIC: SENSITIVITY ANALYSIS OF THE OPTIMAL ALLOCATION

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

GOVERNMENT DEBT MANAGEMENT IN THE CZECH REPUBLIC: SENSITIVITY ANALYSIS OF THE OPTIMAL ALLOCATION

Popis výsledku v původním jazyce

Sound debt management practices help prevent occurrence of debt crisis, reduce vulnerability to macroeconomic and financial shocks, and support economic growth. Unexpected increases in debt-service charges can substantially change the dynamics and accumulation of government debt. The unexpected increases can occur due to significant risk exposures to exchange rate, interest rate and refinancing risks that the government has assumed when allocating its debt. Vulnerability of public debt to macroeconomicshocks can be reduced by responsible allocation of debt. This article emphasizes some of the best practices of the public debt management and empirically finds the optimal debt allocation for the Czech Republic using Giavazzi and Missale (2004, p. 7) approach. To calibrate the latter, conditional expectations, based on a vector autoregression (VAR) model for the Czech macroeconomy, are used. Using sensitivity analysis, the paper then studies robustness of the empirically determined, opti

Název v anglickém jazyce

GOVERNMENT DEBT MANAGEMENT IN THE CZECH REPUBLIC: SENSITIVITY ANALYSIS OF THE OPTIMAL ALLOCATION

Popis výsledku anglicky

Sound debt management practices help prevent occurrence of debt crisis, reduce vulnerability to macroeconomic and financial shocks, and support economic growth. Unexpected increases in debt-service charges can substantially change the dynamics and accumulation of government debt. The unexpected increases can occur due to significant risk exposures to exchange rate, interest rate and refinancing risks that the government has assumed when allocating its debt. Vulnerability of public debt to macroeconomicshocks can be reduced by responsible allocation of debt. This article emphasizes some of the best practices of the public debt management and empirically finds the optimal debt allocation for the Czech Republic using Giavazzi and Missale (2004, p. 7) approach. To calibrate the latter, conditional expectations, based on a vector autoregression (VAR) model for the Czech macroeconomy, are used. Using sensitivity analysis, the paper then studies robustness of the empirically determined, opti

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

Výsledek vznikl pri realizaci vícero projektů. Více informací v záložce Projekty.

Návaznosti

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

Rok uplatnění

2013

Kód důvěrnosti údajů

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

Název statě ve sborníku

Current Trends in Public Sector Research : proceedings of the 17th international conference : Šlapanice, 17-18 January 2013

ISBN

978-80-210-6159-0

ISSN

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e-ISSN

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Počet stran výsledku

9

Strana od-do

255-263

Název nakladatele

Masaryk University

Místo vydání

Brno

Místo konání akce

Šlapanice, Brno-venkov

Datum konání akce

17. 1. 2013

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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