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Debt and Cash Management

In: The International Handbook of Public Financial Management

Author

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  • Mike Williams

Abstract

This chapter addresses the management of government’s debt and of its cash. Debt management is important because, since government income comes largely from taxation, the liability in effect falls on the country’s own citizens. Debt managers have to ensure not only that the government can borrow when it needs to but that its debt is managed in such a way that the country is not unduly exposed to risk, particularly from economic shocks. More fully, sovereign debt management has been defined as “the process of establishing and executing a strategy for managing the government’s debt in order to raise the required amount of funding, achieve its risk and cost objectives, and to meet any other sovereign debt management goals the government may have set, such as developing and maintaining an efficient market for government securities” (IMF and World Bank 2001). Cost usually means debt-servicing costs, and risk is the volatility of those costs, in particular for their potential to increase in the event of economic shocks; there is often a trade-off between them.

Suggested Citation

  • Mike Williams, 2013. "Debt and Cash Management," Palgrave Macmillan Books, in: Richard Allen & Richard Hemming & Barry H. Potter (ed.), The International Handbook of Public Financial Management, chapter 31, pages 661-684, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31530-4_32
    DOI: 10.1057/9781137315304_32
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    Cited by:

    1. Mr. Richard I Allen & Yasemin Hurcan & Peter Murphy & Mr. Maximilien Queyranne & Mr. Sami Yläoutinen, 2015. "The Evolving Functions and Organization of Finance Ministries," IMF Working Papers 2015/232, International Monetary Fund.

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