To shorten or to lengthen? Public debt management in the low interest rate environment:
With still large government debt and interest payments in many OECD countries, actively adjusting debt maturity can help to minimise debt servicing costs. Temporarily lengthening the maturity of new debt issuance may lower debt servicing costs in the longer term and reduce rollover risks if interest...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2018
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.1483 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | With still large government debt and interest payments in many OECD countries, actively adjusting debt maturity can help to minimise debt servicing costs. Temporarily lengthening the maturity of new debt issuance may lower debt servicing costs in the longer term and reduce rollover risks if interest rates increase gradually over a prolonged period and to a high level. However, if market interest rates increase fast and stay high, shortening debt maturity would be financially more beneficial though at the cost of higher rollover risks. Illustrative scenarios considered in this paper show that adjusting debt maturity may take several years before producing fiscal savings. They are likely to be moderate at best for most G7 countries, ranging from less than 0.1% to ⅓ per cent of GDP per year on average, with the exception of Italy where they could be significantly higher. In countries where debt maturity management has small fiscal effects, lengthening the debt maturity may still be pursued to reduce rollover risks. |
| Beschreibung: | 1 Online-Ressource (20 p.) |
| DOI: | 10.1787/192ef3ad-en |
Internformat
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-06127352X | ||
| 003 | DE-627-1 | ||
| 005 | 20231204121355.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s2018 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/192ef3ad-en |2 doi | |
| 035 | |a (DE-627-1)06127352X | ||
| 035 | |a (DE-599)KEP06127352X | ||
| 035 | |a (FR-PaOEC)192ef3ad-en | ||
| 035 | |a (EBP)06127352X | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a H63 |2 jelc | ||
| 100 | 1 | |a Maravalle, Alessandro |e VerfasserIn |4 aut | |
| 245 | 1 | 0 | |a To shorten or to lengthen? Public debt management in the low interest rate environment |c Alessandro, Maravalle and Łukasz, Rawdanowicz |
| 264 | 1 | |a Paris |b OECD Publishing |c 2018 | |
| 300 | |a 1 Online-Ressource (20 p.) | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers |v no.1483 | |
| 520 | |a With still large government debt and interest payments in many OECD countries, actively adjusting debt maturity can help to minimise debt servicing costs. Temporarily lengthening the maturity of new debt issuance may lower debt servicing costs in the longer term and reduce rollover risks if interest rates increase gradually over a prolonged period and to a high level. However, if market interest rates increase fast and stay high, shortening debt maturity would be financially more beneficial though at the cost of higher rollover risks. Illustrative scenarios considered in this paper show that adjusting debt maturity may take several years before producing fiscal savings. They are likely to be moderate at best for most G7 countries, ranging from less than 0.1% to ⅓ per cent of GDP per year on average, with the exception of Italy where they could be significantly higher. In countries where debt maturity management has small fiscal effects, lengthening the debt maturity may still be pursued to reduce rollover risks. | ||
| 650 | 4 | |a Economics | |
| 700 | 1 | |a Rawdanowicz, Łukasz |e MitwirkendeR |4 ctb | |
| 856 | 4 | 0 | |l FWS01 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/192ef3ad-en |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 912 | |a ZDB-13-SOC | ||
| 951 | |a BO | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-863 | ||
Datensatz im Suchindex
| DE-BY-FWS_katkey | ZDB-13-SOC-06127352X |
|---|---|
| _version_ | 1816797339470266368 |
| adam_text | |
| any_adam_object | |
| author | Maravalle, Alessandro |
| author2 | Rawdanowicz, Łukasz |
| author2_role | ctb |
| author2_variant | ł r łr |
| author_facet | Maravalle, Alessandro Rawdanowicz, Łukasz |
| author_role | aut |
| author_sort | Maravalle, Alessandro |
| author_variant | a m am |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC |
| ctrlnum | (DE-627-1)06127352X (DE-599)KEP06127352X (FR-PaOEC)192ef3ad-en (EBP)06127352X |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/192ef3ad-en |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02193cam a22003612 4500</leader><controlfield tag="001">ZDB-13-SOC-06127352X</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20231204121355.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s2018 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/192ef3ad-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)06127352X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP06127352X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)192ef3ad-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(EBP)06127352X</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">H63</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Maravalle, Alessandro</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">To shorten or to lengthen? Public debt management in the low interest rate environment</subfield><subfield code="c">Alessandro, Maravalle and Łukasz, Rawdanowicz</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2018</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (20 p.)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield><subfield code="v">no.1483</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">With still large government debt and interest payments in many OECD countries, actively adjusting debt maturity can help to minimise debt servicing costs. Temporarily lengthening the maturity of new debt issuance may lower debt servicing costs in the longer term and reduce rollover risks if interest rates increase gradually over a prolonged period and to a high level. However, if market interest rates increase fast and stay high, shortening debt maturity would be financially more beneficial though at the cost of higher rollover risks. Illustrative scenarios considered in this paper show that adjusting debt maturity may take several years before producing fiscal savings. They are likely to be moderate at best for most G7 countries, ranging from less than 0.1% to ⅓ per cent of GDP per year on average, with the exception of Italy where they could be significantly higher. In countries where debt maturity management has small fiscal effects, lengthening the debt maturity may still be pursued to reduce rollover risks.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Rawdanowicz, Łukasz</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/192ef3ad-en</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">BO</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-06127352X |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:56:00Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-863 DE-BY-FWS |
| owner_facet | DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (20 p.) |
| psigel | ZDB-13-SOC |
| publishDate | 2018 |
| publishDateSearch | 2018 |
| publishDateSort | 2018 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Maravalle, Alessandro VerfasserIn aut To shorten or to lengthen? Public debt management in the low interest rate environment Alessandro, Maravalle and Łukasz, Rawdanowicz Paris OECD Publishing 2018 1 Online-Ressource (20 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1483 With still large government debt and interest payments in many OECD countries, actively adjusting debt maturity can help to minimise debt servicing costs. Temporarily lengthening the maturity of new debt issuance may lower debt servicing costs in the longer term and reduce rollover risks if interest rates increase gradually over a prolonged period and to a high level. However, if market interest rates increase fast and stay high, shortening debt maturity would be financially more beneficial though at the cost of higher rollover risks. Illustrative scenarios considered in this paper show that adjusting debt maturity may take several years before producing fiscal savings. They are likely to be moderate at best for most G7 countries, ranging from less than 0.1% to ⅓ per cent of GDP per year on average, with the exception of Italy where they could be significantly higher. In countries where debt maturity management has small fiscal effects, lengthening the debt maturity may still be pursued to reduce rollover risks. Economics Rawdanowicz, Łukasz MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/192ef3ad-en Volltext |
| spellingShingle | Maravalle, Alessandro To shorten or to lengthen? Public debt management in the low interest rate environment Economics |
| title | To shorten or to lengthen? Public debt management in the low interest rate environment |
| title_auth | To shorten or to lengthen? Public debt management in the low interest rate environment |
| title_exact_search | To shorten or to lengthen? Public debt management in the low interest rate environment |
| title_full | To shorten or to lengthen? Public debt management in the low interest rate environment Alessandro, Maravalle and Łukasz, Rawdanowicz |
| title_fullStr | To shorten or to lengthen? Public debt management in the low interest rate environment Alessandro, Maravalle and Łukasz, Rawdanowicz |
| title_full_unstemmed | To shorten or to lengthen? Public debt management in the low interest rate environment Alessandro, Maravalle and Łukasz, Rawdanowicz |
| title_short | To shorten or to lengthen? Public debt management in the low interest rate environment |
| title_sort | to shorten or to lengthen public debt management in the low interest rate environment |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/192ef3ad-en |
| work_keys_str_mv | AT maravallealessandro toshortenortolengthenpublicdebtmanagementinthelowinterestrateenvironment AT rawdanowiczłukasz toshortenortolengthenpublicdebtmanagementinthelowinterestrateenvironment |