The choice of currency denomination, indexation, and maturity structure of public debt is an increasingly important aspect of policy in a world of high debts and and financially integrated markets. This book surveys theories and evidence on public debt composition and debt returns with the goal of emphasizing the main policy issues. The effects of debt management on financial markets, risk-sharing, policy credibility, interest costs, and taxation are evaluated within a unified theoretical framework. The analysis clarifies the trade-off involved in policy decisions and shows how to use theory and evidence to answer practical policy problems. This book is a valuable reference to researchers and satisfies the increasing demand by policymakers for sound economic principles to guide the choice of debt instruments.
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(242mm x 164mm x 22mm)
Oxford University Press
Publisher: Oxford University Press
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Author Biography - Alessandro Missale
Alessandro Missale is Associate Professor in the Faculty of Political Science, University of Florence. Between 1997 and 1998 he held the Houblon-Norman Fellowship at the Bank of England.