OECD Economics Department Working Papers

Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.

The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.

English, French

New Issues in Public Debt Management

Government Surpluses in Several OECD Countries, the Common Currency in Europe and Rapidly Rising Debt in Japan

This paper reviews some of the difficult challenges facing debt managers in the years to come. In countries experiencing a rapidly diminishing gross debt, particularly the United States, this raises the issue of whether private-sector securities can serve as a substitute for the traditionally important government debt market. In the euro area, following the creation of the common currency, the issue is how to avoid that independent debt management strategies hamper the creation of a more efficient euro-area financial market. Turning to Japan, the level of debt is projected to rise rapidly and there is a need to improve the liquidity of the Japanese government bond market. To this end, a number of measures could be introduced to make debt management more efficient, yielding significant cost saving ...


Keywords: public debt, public debt management, financial markets, financial institutions and services
JEL: H6: Public Economics / National Budget, Deficit, and Debt; G2: Financial Economics / Financial Institutions and Services; G1: Financial Economics / General Financial Markets
This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error