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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 October 2021

Crisis and Public Debt Management

Crisis and Public Debt Management

(p.241) Chapter 10 Crisis and Public Debt Management
Financial and Fiscal Policies

Y.V. Reddy

Narayan Valluri

Partha Ray

Oxford University Press

The global financial crisis has brought about a dramatic change in the magnitudes of public debt, profiles of creditors and debtors, and maturity structures. The management of fiscal policy and large public debt in advanced economies in the context of the crisis has influenced monetary management in several ways. Some of the lessons to be drawn from the impact of the crisis include the role of financial sector in public debt, the changing role of multilateral institutions, the criticality of residence of holders of debt securities as well as currency of denomination, and the somewhat porous boundary of fiscal obligations. The recent improvements in global financial architecture do not significantly improve the global environment for management of public debt. The outlook for global public debt is different from the past, requiring close coordination between fiscal and monetary policies as well as regulation of financial sector.

Keywords:   public debt, public debt management, global financial architecture, G-20, IMF, World Bank

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