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For four years, the United States has had a budget surplus that has resulted in decreasing debt levels. Debt held by the public fell approximately $453 billion from the end of fiscal year 1997 to the end of fiscal year 2001. Although it appears now that the economy and the challenges of combating terrorism will prompt deficits for the short term, we may again return to surpluses. A number of other nations experienced a cycle of budget deficit and surplus before the United States. GAO examined the experiences of some of these nations looking for insights and lessons learned for the United States. Particular attention was paid to the various techniques used, including the use of "debt buybacks." Five nations were selected--Australia, New Zealand, Norway, Sweden, and the United Kingdom-whose recent approaches and experiences with debt management in times of surplus might have relevance to or provide useful information for the United States. To obtain information on the experiences of these other nations in managing sovereign debt, we interviewed government officials, capital market participants, academics, and others to discuss fiscal and debt management goals, the relationship between budget changes and debt policies and actions, and the nature of the capital markets in these nations.
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This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
Transparent and prudent local financial management has come to be recognized as critical to the integrity of local public sector and to gaining and retaining trust of local residents. Such integrity and trust is sometimes lacking in some local governments in developing countries, especially in the Africa region. This volume attempts to provide practical guidance to local governments interested in establishing sound financial management systems. Leading international experts have contributed to all relevant aspects of local public financial management - cash management, internal controls, accounts, audits, and debt management.
The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.
This guide presents the analytical underpinnings and a user manual for the Excel-based Public Debt Dynamics Tool (DDT).
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.