debt management advisory services（债务管理咨询服务）.pdf

WPS4369 Policy ReseaRch WoRking Pa PeR 4369 Coordinating Public Debt Management with Fiscal and Monetary Policies: An Analytical Framework Eriko Togo The World Bank Banking and Debt Management Department Debt Management Advisory Services September 2007 Policy ReseaRch WoRking PaPeR 4369 Abstract This paper proposes a sovereign asset and liability management. Examples of policy games played by fiscal, management framework for analyzing the inter- monetary, and debt management authorities reinforce relationships between debt management, fiscal and the importance of policy separation and coordination to monetary policies. It illustrates the consequences prevent domination by one authority over another which of uncoordinated policy mix and extends Sargent could lead to inconsistent policy mix. and Wallace (1981 and 1993) by including debt This paper—a product of the Banking and Debt Management Department—is part of a larger effort in the Department to investigate and disseminate sound practices in public debt management. Policy Research Working Papers are also posted on the Web at . The author may be contacted at etogo@. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors.