Challenges in Public Debt Management
Public spending is a necessary expense that the government has to undertake in a bid to provide goods and services to ensure market efficiency. According to Anderson, Silva, and Velandia-Rubiano (2010), public debt comes in because of relying on debt financing rather than through taxation. Debts on the other hand have consequences if not well planned and managed such a way that they are settled in time to avoid severe debts in the long run. Blommestein and Horman (2007) affirm that the government designs a debt management plan to ensure an efficient and convenient way of settling its debts as and when they arise. Wolswijk and Haan (2005) assert that there are challenges that hamper the designed debt management plan in such a way that it becomes unreliable to aid in reducing outstanding debts.
Das, Papapioannou, Pedras, Ahmed, and Surti (2010) agree that these challenges differ from one country to the other depending on certain factors such as the scope of the government activities, level of development, and the economic potency of the country among others. Dooley (2000) opines that whereas other countries are vulnerable to challenges involving lack of access to concessional borrowing, poor cash management policies, high exposure to economic and financial shocks, and poor debt restructuring, others on the other hand face challenges emanating from lack of access to efficient capital markets.
Guinigundo1 (2010) reiterates that despite the complexities created by the aforementioned challenges, the government can still overcome them by designing reliable strategies for the debt management and efficiently finance to pay their dues. Leong (1999) affirms that better policy formation by the policy-makers for efficient public debt management is one of the many strategies that a government can use to repay their debts. In addition, Pascal (2011) emphasizes that it is prudent for the debt managers to always advice the government regarding the debt levels and the financing requisites to enhance transparency and quality debt management. This research paper seeks to identify the various challenges encountered in public debt management carefully analyzing and discussing the possible strategies to help in effective management of a public debt especially among the developing nations.
Anderson, P. R., Silva, A. C., & Velandia-Rubiano, A. (2010). Public debt management in
emerging market economies . Policy Research Working Paper , 1-30.
Blommestein, H., & Horman, G. (2007). Government debt management and bond markets in
Africa. OECD , 1-27.
Das, U. S., Papapioannou, M., Pedras, G., Ahmed, F., & Surti, a. J. (2010). Managing public
debt and its financial stability implications. IMF Working Paper , 1-26.
Dooley, M. P. (2000). Debt management and crisis in developing countries. Journal of
Development Economics , 45-58.
Guinigundo1, D. C. (2010). Fiscal policy, public debt management and government bond
markets: the case for the Philippines. BIS Papers , 269-283.
Leong, D. (1999). Debt management-Theory and Practice. Treasury Occasional Paper , 1-41.
Pascal, M. (2011). Public debt management: Fundamental component of public policy . CES
Working Papers , 571-578.
Wolswijk, G., & Haan, J. D. (2005). Government debt management in the Euro era. Occassional
Paper Series , 1-22.
Bank, W. (2007). Managing Public Debt: From Diagnostics to Reform Implementation. Washington, DC: World Bank Publications.
Fund, I. M. (2003). Guidelines for Public Debt Management: Accompanying Document and Selected Case Studies. Washington, DC: International Monetary Fund.http://books.google.co.ke/books?id=2phsxL8Ao2QC&dq=public+debt+management&source=gbs_navlinks_s
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