Die fiskalische Komponente einer Politik des Debt Management
The Fiscal Component of a Policy of Debt Management A modern debt policy should serve the attainment of several objectives, the aim of minimizing interest being confronted with a bundle of objectives embracing, among other things, liquidity-policy, wealth policy and growth policy objectives. To elucidate the difficulties involved ın their realization, a policy is described which satisfies the objective of minimizing interest and substantially extends and refines the older fiscal approach. That approach interpreted the objective from the short-term standpoint, i. e. substitution of government securities to attain the currently lowest interest costs. Long-term analysis, on the other hand, must include market processes and market forecasts. It is shown that a phased strategy of adaption to and division of the market must be the consequence of such a policy. Only knowledge of the strategies serving to attain the objective of interest minimization reveals the conflicts of objectives which occur when conflicting, non-fiscal objectives are pursued to an increasing extent.
Year of publication: |
1970
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Authors: | Hansmeyer, Karl-Heinrich ; Mackscheidt, Klaus |
Published in: |
Kredit und Kapital. - ISSN 0023-4591. - Vol. 3.1970, 3, p. 241-259
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Publisher: |
Berlin : Duncker & Humblot |
Saved in:
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