India's expansionary fiscal policy during the recent crisis resulted in higher government borrowing through 2008-09 and 2009-10. This borrowing requirement came in about 83% above the budget estimate in 2008-09, and 65% above the previous year in 2009-10. The debt-to-GDP ratio rose from 69%...

The Hong Kong SAR has consistently pursued a prudent fiscal policy. Substantial fiscal reserves have insulated government funding from the volatility of financial market conditions, and have buffered the economy against shocks, particularly in the absence of a discretionary monetary policy....

A report prepared for EMEAP by Marlene Amstad, Steven Kong, Frank Packer and Eli Remolona at the request of Mr Grant Spencer, Deputy Governor of the Reserve Bank of New Zealand and Chair of the EMEAP Working Group on Financial Markets.The eight local currency bond markets in which the Asian Bond...

To reinforce the long-term sustainability of public finances, the South African National Treasury has proposed a set of fiscal guidelines informed by three principles, namely: a counter-cyclical fiscal stance, long-term debt sustainability and inter-generational equity. Owing to the sound...

This paper describes the growth of the Singapore Government Securities (SGS) market. It elaborates on the balanced budget policy of the Singapore government, explains how SGS are issued unrelated to fiscal needs and describes how a liquid SGS market is used to establish a robust government yield...

This paper covers fiscal policy tools that promote sustainability and their influence on monetary policy in Russia, the Bank of Russia's role in public debt management and main features of the domestic currency public debt market. At present Russia's budgetary circumstances are quite favourable,...

The sharp worsening of fiscal positions in the aftermath of the global economic crisis has brought the issues of fiscal sustainability to the fore of economic policy debate. This has focused the attention of policymakers on the broader implications of unsustainable fiscal positions, including...

This paper focuses on the interactions between public debt policy and foreign exchange reserve management. We found that, although foreign currency debt issuance can contribute significantly to the growth of foreign exchange reserves, it can cause serious difficulties in the assessment of...

This paper describes major policy actions that have recently contributed to the development of the Mexican domestic-currency debt market, and concomitant benefits. Among the most important are a significant reduction in exchange-rate exposure and a decline in refinancing risk for the government...

This paper touches on the interaction between monetary policy, fiscal policy and public debt management. The first part looks at public debt sustainability and monetary policy. When measuring the fiscal stance, data such as current fiscal income and expenditure, the scale of public debt, and the...