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Volume 53, Issue 5 -6


Public Debt Policy: Credibility and Institutions

Pavelek, Petr

Year: 2003   Volume: 53   Issue: 5 -6   Pages: 190-219

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.

JEL classification: E58, E61, E62, H63

Keywords: accountability; central bank; credibility problem; debt agency; finance ministry; institutional framework; public debt management; transparency


RePEc: n/a

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