The UK and the Eurozone: Sovereign Debt Management and Monetary Policy

2013 ◽  
Vol 33 (3) ◽  
pp. 327-333
Author(s):  
G. R. Steele
Keyword(s):  
Monetary Policy ◽  
Sovereign Debt ◽  
Debt Management ◽  
The Uk

Optimal Capital Buffers of Sovereign Debt Management Offices

2018 ◽  
Author(s):  
Alexander Eisl ◽  
Christian Ochs ◽  
Stefan Pichler
Keyword(s):  
Sovereign Debt ◽  
Debt Management ◽  
Optimal Capital

scholarly journals Monetary Policy in the Post Keynesian Theoretical Framework

2017 ◽  
Vol 37 (1) ◽  
pp. 45-64
Author(s):  
FÁBIO HENRIQUE BITTES TERRA ◽  
PHILIP ARESTIS
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Inflation Targeting ◽  
Debt Management ◽  
Policy Framework ◽  
Original Writings ◽  
Policy Model ◽  
Original Contribution ◽  
The Interest Rate ◽  
Monetary Policy Framework

ABSTRACT The purpose of this contribution is to develop a Post Keynesian monetary policy model, presenting its goals, tools, and channels. The original contribution this paper develops, following (Keynes’s 1936, 1945) proposals, is the use of debt management as an instrument of monetary policy, along with the interest rate and regulation. Moreover, this paper draws its monetary policy model by broadly and strongly relying on Keynes’s original writings. A monetary policy model erected upon this basis relates itself directly to the Post Keynesian efforts to offer a monetary policy framework substantially different from the Inflation Targeting Regime of the New Macroeconomic Consensus.

Where states and markets meet: the financialisation of sovereign debt management

2016 ◽  
Vol 22 (3) ◽  
pp. 273-293 ◽  
Author(s):  
Florian Fastenrath ◽  
Michael Schwan ◽  
Christine Trampusch
Keyword(s):  
Sovereign Debt ◽  
Debt Management

Quantitative Easing and the Independence of the Bank of England

2017 ◽  
Vol 241 ◽  
pp. R65-R69 ◽  
Author(s):  
William A. Allen
Keyword(s):  
Monetary Policy ◽  
Balance Sheet ◽  
Debt Management ◽  
Quantitative Easing ◽  
Bank Of England

This paper argues that the Bank of England's independence in monetary policy has been compromised as a result of quantitative easing (QE) and makes practical suggestions for restoring it as far as possible, by transferring the gilts that the Bank has bought to the Debt Management Office of the Treasury and thereby shrinking the Bank's balance sheet. The paper discusses the problems that will arise when QE is unwound and suggests that they would be less intractable if the unwinding were managed by the Debt Management Office.

scholarly journals ECB policy responses between 2007 and 2014: A chronological analysis and an assessment of their effects

2016 ◽  
Vol 63 (4) ◽  
pp. 455-473 ◽  
Author(s):  
Carlos Rodríguez ◽  
Carlos Carrasco
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Interest Rates ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Lender Of Last Resort ◽  
Policy Responses ◽  
The One ◽  
The Global Financial Crisis

The paper analyses the monetary policy responses of the European Central Bank (ECB) to the global financial crisis and the European sovereign debt crisis. Our goals are on the one hand to explain chronologically the main measures in conventional and unconventional policies adopted by the ECB and on the other hand to analyse their effects on key interest rates, monetary aggregates and the money multiplier. The assessment is that the ECB?s monetary policy responses to the crisis have been ?too little, too late?, constrained by the institutional framework, which prevents the ECB from acting as a true central bank with the role of lender of last resort.

Sovereign Debt Management During Debt Distress Periods

2018 ◽  
Keyword(s):  
Sovereign Debt ◽  
Market Access ◽  
Debt Crisis ◽  
Debt Management ◽  
International Capital ◽  
Debt Restructuring ◽  
Economic Program ◽  
Lending Decisions

Sound public debt-management policies during sovereign debt distress periods are key to efficiently resolving a debt crisis and regaining market access. In addition to understanding the causes, processes, and outcomes of sovereign debt restructurings, this article analyzes the role of the debt manager along with determinants and strategies to maintain/regain market access. The sovereign’s debt sustainability analysis and determination of loss of market access are two crucial elements in the IMF’s lending decisions to countries in debt distress. Various indicators used in assessing whether the sovereign can tap international capital on a sustained basis are discussed. When a sovereign debt restructuring needs to be undertaken, it is necessary to determine the financial terms of the debt operation. Some key principles in designing sovereign debt restructuring scenarios and ways in securing full-financing of the economic program and regaining market access are presented. We conclude by offering a few best practices on preventing and managing sovereign debt restructurings.

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