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Public Debt Policy: Credibility and Institutions

Author

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  • Petr Pavelek

Abstract

The paper considers modern frameworks of public debt management from a credibility perspective. It focuses on the institutional and operational arrangements of effective debt management. In particular, the author seeks to shed light upon the contemporary problems of Czech debt manager compared with OECD and EU debt managers. The author calls for a broader public debate of public debt management in the Czech Republic, citing the country?s increasing level of public debt and accession to the EU and EMU. The author suggests establishing a public debt-management office within the organizational structure of the Czech Ministry of Finance. It would functionally operate independent of both the ministry and the central bank. This is a crucial condition toward strengthening the credibility of Czech debt management and economic policy, the author concludes.

Suggested Citation

  • Petr Pavelek, 2003. "Public Debt Policy: Credibility and Institutions," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 53(5-6), pages 190-219, May.
    • Handle: RePEc:fau:fauart:v:53:y:2003:i:5-6:p:190-219
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    More about this item

    Keywords

    accountability; central bank; credibility problem; debt agency; finance ministry; institutional framework; public debt management; transparency;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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