Managing the public debt [countercyclical debt management theory]
In: The annals of the American Academy of Political and Social Science, Band 326, S. 101-108
ISSN: 0002-7162
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In: The annals of the American Academy of Political and Social Science, Band 326, S. 101-108
ISSN: 0002-7162
In: African affairs: the journal of the Royal African Society, Band 48, Heft 191, S. 141-149
ISSN: 1468-2621
In: Journal of political economy, Band 52, S. 356-361
ISSN: 0022-3808
In: Challenge: the magazine of economic affairs, Band 7, Heft 10, S. 58-61
ISSN: 1558-1489
In: Proceedings of the Academy of Political Science, Band 25, Heft 1, S. 33
In: Journal of political economy, Band 52, Heft 4, S. 356-361
ISSN: 1537-534X
In: Bureau of Public Administration, University of Alabama, Publications 51
In: The annals of the American Academy of Political and Social Science, Band 326, Heft 1, S. 101-108
ISSN: 1552-3349
Debt management includes decisions about the composition and terms, but not about the amount, of the public debt. The heart of the countercyclical debt management theory is that short-term obligations provide liquidity and in duce spending while long-term obligations do the reverse. The effects of such management are indirect, uncertain, and weak and may be redundant if monetary policy is adequate. Debt management is less flexible than monetary policy, and its effects may persist after a change of policy is required and thus become an obstacle to the effectiveness of monetary policy. In a reces sion, short-term financing tends to raise short-term interest rates and may delay a resumption of spending by offering at tractive returns on funds. In recent years the average maturity of the debt has been declining, thus increasing the possibilities of inflation. The only two recent occasions on which the debt was lengthened moderately were in periods of recession; appar ently the lengthening did not delay recovery. The potentiali ties of countercyclical debt management have been overempha sized in recent years, especially if an effective monetary policy is assumed. At least one competent student of the problem advocates substituting cost for economic stabilization as the proper criterion for debt management.
Description based on: 1942; title from caption. ; Mode of access: Internet. ; Split into: Governmental revenue in . ; Summary of governmental debt in . ; and: Governmental debt in .
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In: The annals of the American Academy of Political and Social Science, Band 214, Heft 1, S. 175-183
ISSN: 1552-3349