This paper sets out an analytical framework for optimal asset allocation of sovereign wealth, based on the theory of contingent claims analysis applied to the sovereigns economic balance sheet. A country solves an asset-liability management problem involving its sources of income and its...

This paper sets out a new analytical framework for optimal asset allocation of sovereign wealth, based on the theory of contingent claim ana lysis (CCA) applied to the sovereign’s economic balance sheet. A country solves an asset-l iability management (ALM) problem between its sources of...

This paper addresses management of sovereign wealth from the perspective of the theory of contingent claims. Starting with the sovereign's balance sheet, we frame sovereign fund management as an asset-liability management (ALM) problem, covering all public entities and taking explicit account of...

The aim of this paper is to study the relationship between the shadow economy and corruption as determinants of public debt in the Spanish Autonomous Communities. In addition, we construct a Corruption Perception Index for those regions. Our data constitute panel data for the period 2000–2012....

After the micro politics, the complexity of the “public management”, polity and policies, is the same of the “private management” or the management of the others sectors of the social production reality. The science of management it is not defined by products, functions, sectors and so...

This report analyses the possible implications for public debt management practices arising from regulatory changes for over the counter derivatives (OTCD) that are being developed worldwide to strengthen the resiliency of the financial system. Many OECD sovereigns use OTCD in their debt...

Domestic bond markets in Latin America have expanded significantly over the past few years. This development should help reduce the region's historical dependence on external financing. Although much progress has been made, vulnerabilities associated with refinancing risk remain and secondary...

The process of public sector restructuring, known in the economic literature as the New Public Management (NPM), came to a deadlock as the global financial and economic crisis broke out in 2008. The expansion of cheap credit, market dereglementation and asset securitization, speculative bubbles,...

The process of public sector restructuring, known in the economic literature as the New Public Management (NPM), came to a deadlock as the global financial and economic crisis broke out in 2008. The expansion of cheap credit, market dereglementation and asset securitization, speculative bubbles,...

The purpose of this paper is to develop an experimental model which links inter-institutional flow of funds to real macroeconomy and then to estimate quantitatively the effects of changing scale of postal savings or government financial institutions on GDP. The empirical analysis indicates that...