phd thesis on debt management

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The main aim of this thesis is to investigate from both a theoretical and empirical point of view how debt management may affect the choice of the monetary and exchange rate regimes and ultimately influence the stability of financial systems. The thesis is organised as follows. In Chapter 1, we develop a simple theoretical model to analyse how the choice of the maturity and denomination of public debt instruments affects the choice of the optimal monetary target. We then compare debt management to alternative institutional mechanism designs and find that delegation of monetary policy to an independent central banker is a better solution to inflationary temptations than the issuance of foreign or indexed debt. Chapter 2 extends the analysis and shows that foreign currency debt may reduce the probability of a collapse of a fixed exchange rate regime. However, conditional on a currency crisis, countries with larger shares of foreign currency debt tend to experience sharper devaluations. Econometric results referring to the countries adhering to the Exchange Rate Mechanism of the European Monetary System from 1979 to 1995 confirm these theoretical findings. In the second part of the thesis we look at the sources of financial vulnerability in a sample of emerging and developing countries from 1970 to 1997. In Chapter 3, we test the role of debt and exchange rate fragility in determining episodes of banking crises, while Chapter 4 extends the analysis of the causal link between currency and banking crises to episodes of twin crises. The results indicate that along with the increasing liberalisation and globalisation of the financial markets, banking and currency crises have become closely intertwined and driven by common fundamentals. Finally, Chapter 5 contains a description of the econometric specifications and simulation-based estimation techniques adopted in the second part of the thesis.

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Dissertations / Theses on the topic 'Debts, Public – Management'

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Mupunga, Nebson. "Assessing the optimal size and composition of public debt in Zimbabwe." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/8977.

Alver, Mustafa Ugur. "Optimization Models For Public Debt Management." Master's thesis, METU, 2009. http://etd.lib.metu.edu.tr/upload/12610462/index.pdf.

Mzekwa-Khiva, Nomonde Lindelani. "Evaluation of debt management policy implementation towards revenue management in government leased properties." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1020633.

Tesselaar, Johannes Christoffel Petrus. "Debt management framework for Western Cape Province municipalities." Thesis, Cape Peninsula University of Technology, 2017. http://hdl.handle.net/20.500.11838/2439.

Green, Richard Todd. "Oracle at Weehawken: Alexander Hamilton and development of the administrative state." Diss., Virginia Polytechnic Institute and State University, 1987. http://hdl.handle.net/10919/76522.

Paalzow, Anders. "Public debt management." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 1992. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-901.

Missale, Alessandro. "Public debt management." Thesis, Massachusetts Institute of Technology, 1994. http://hdl.handle.net/1721.1/11962.

Balibek, Emre. "Multi-objective Approaches To Public Debt Management." Phd thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/12609305/index.pdf.

Goldfajn, Ilan. "On public debt and exchange rates." Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/11082.

Celebi, Nuray. "Public Debt Management In Turkey With Stochastic Optimization Approach." Master's thesis, METU, 2005. http://etd.lib.metu.edu.tr/upload/3/12607050/index.pdf.

MELO, RODRIGO ALVES DE. "MANAGEMENT AND INSUSTAINABILITY OF THE PUBLIC DEBT IN THE BRAZIL." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2006. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=9143@1.

Birkholz, Kai. "Aktives kommunales Debt Management in Deutschland - ein bisher vernachlässigtes Sparpotenzial." Universität Potsdam, 2006. http://opus.kobv.de/ubp/volltexte/2009/3252/.

Adinugrahan, Sapto, and Mochamad Ridwan. "Efficiency of Foreign Debt Portfolio Management in Emerging Economies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-26887.

Rosas, Francisco Flores. "The build-up of Mexico's external public debt, 1976-82 : context, management, and crisis." Thesis, University of Cambridge, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389828.

Meneghetti, Costanza. "Managerial Incentives and the Choice between Public and Private Debt." Digital Archive @ GSU, 2008. http://digitalarchive.gsu.edu/finance_diss/14.

Greer, Robert. "THREE ESSAYS ON LOCAL GOVERNMENT DEBT." UKnowledge, 2013. http://uknowledge.uky.edu/msppa_etds/6.

Burgtorf, Ulrich. "Public-debt-Management und Glaubwürdigkeit der Geldpolitik eine theoretische und empirische Analyse zur staatlichen Schuldenstrukturpolitik /." [S.l. : s.n.], 2004. http://deposit.ddb.de/cgi-bin/dokserv?idn=971853630.

Votava, Libor. "Management veřejného dluhu." Doctoral thesis, Vysoká škola ekonomická v Praze, 2003. http://www.nusl.cz/ntk/nusl-11592.

Mohd, Daud Siti Nurazira. "Issues in international economics : an empirical study on the sustainability, external debt and reserves management." Thesis, University of Southampton, 2009. https://eprints.soton.ac.uk/72293/.

Tiftik, Mehmet Emre. "Assessing Domestic Debt Sustainability Of Turkey With A Risk Management Approach." Master's thesis, METU, 2006. http://etd.lib.metu.edu.tr/upload/3/12607632/index.pdf.

Sieg, Ralf [Verfasser]. "Strategische Erfolgsfaktoren für ein kosten-risiko-optimales Public Debt Management - Organisatorische und inhaltliche Parameter im internationalen Vergleich / Ralf Sieg." Kassel : Universitätsbibliothek Kassel, 2013. http://d-nb.info/1038686504/34.

Abdel-Jawad, Malek. "Applications of optimization to sovereign debt issuance." Thesis, Brunel University, 2013. http://bura.brunel.ac.uk/handle/2438/7625.

Gross, Philip [Verfasser], Christine [Gutachter] Trampusch, and André [Gutachter] Kaiser. "The Political Economy of Public Debt Management. Institutional Setting and Political Influence / Philip Gross ; Gutachter: Christine Trampusch, André Kaiser." Köln : Universitäts- und Stadtbibliothek Köln, 2018. http://d-nb.info/1164587579/34.

Kupka, Ondřej. "Vývoj a řízení státního dluhu v České republice." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-360698.

Kmita, Martynas. "Valstybės skola ir jos poveikis socialinėms išlaidoms." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2011. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2011~D_20110615_140817-06512.

Wilkinson, Carter J. "Do Public Pensions Affect City Borrowing Costs? The Impact of Local Government Pension Contributions on Municipal Debt Yield Spreads." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/973.

Gungen, Ali Riza. "Debt Management And Financialisation As Facets Of State Restructuring: The Case Of Turkey In The Post-1980 Period." Phd thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12614204/index.pdf.

Lapin, Mažena. "Valstybės skola ir jos valdymo efektyvumas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2012. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2012~D_20120802_142634-13888.

Andrejeva, Alina. "Lietuvos Respublikos skola, jos raida ir valdymo problemos." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2009~D_20100224_135423-29215.

Greberg, Felix. "Debt Portfolio Optimization at the Swedish National Debt Office: : A Monte Carlo Simulation Model." Thesis, KTH, Matematisk statistik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-275679.

Maixnerová, Markéta. "Role obcí v zadluženosti veřejného sektoru." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264074.

Kípeť, Ondřej. "Řízení státního dluhu v České republice - alternativy, komparace." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75794.

Bateman, William. "Parliamentary control of public money." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/286229.

Oliveira, Marcello Sartore de. "Controle da Dívida Ativa: um estudo sob a ótica da Gestão Municipal e do Poder Judiciário." Universidade do Estado do Rio de Janeiro, 2013. http://www.bdtd.uerj.br/tde_busca/arquivo.php?codArquivo=4836.

O'Brien, Patricia Ann, and patricia o'brien@rmit edu au. "COncepts and costs for the maintenance of productive capacity: a study of the measurement and reporting of soil quality." RMIT University. Accounting and Law, 1999. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20040930.170346.

Braun, Johanna. "Managing the Euro Crisis : EU Decision-Making in the sovereign Debt Crisis October 2009 – March 2012." Thesis, Linköpings universitet, Statsvetenskap, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-84759.

Buranapraphanont, Verasit. "Les aspects juridiques de la gestion de la dette publique en Thaïlande." Thesis, Aix-Marseille, 2015. http://www.theses.fr/2015AIXM1015/document.

Buryánek, Pavel. "Fiskalizace nákladů finančních krizí." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-16874.

Kouassi, Jean Sébastien. "Criteres de soutenabilité de la dette publique et niveau de developpement." Thesis, Université Côte d'Azur (ComUE), 2017. http://www.theses.fr/2017AZUR0001.

Pinto, Mauro José Fridman Ferreira. "Projeto de melhoria no financiamento dos gastos de medicamentos no Sistema Nacional de Saúde." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17731.

Soeiro, Rui Manuel Marques de Sousa. "Os fundos de investimento como instrumento de gestão financeira e urbanística para as autarquias." Master's thesis, Instituto Superior de Economia e Gestão, 2009. http://hdl.handle.net/10400.5/1169.

Passos, Flávio Casaes. "Rio de Janeiro – 2016: o ano em que a conta não fechou." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/20508.

Bae, Sang-Seok Feiock Richard C. "Public economics, institutions, and financial management of debt financing in local governments." Diss., 2006. http://etd.lib.fsu.edu/theses/available/etd-03282006-161342.

Lourenço, Catarina De Miranda De Matos. "Portuguese Public Debt Management During The European Sovereign Debt Crisis - a case study." Master's thesis, 2020. http://hdl.handle.net/10362/105567.

"Public Debt Management In Turkey With Stochastic Optimization Approach." Master's thesis, METU, 2005. http://etd.lib.metu.edu.tr/upload/3/12607050/index.pdf.

Shahnawaz, Sheikh. "Dual labor markets, public debt management, and exchange rate movements /." 2002. http://www.gbv.de/dms/zbw/557987954.pdf.

Podgorny, Maria João. "Restoring Portugal's access to sovereign debt markets: a case on public debt management, 2011-2014." Master's thesis, 2015. http://hdl.handle.net/10362/17474.

Costa, José Miguel Formigal Cardoso da. "Optimal fiscal policy and public debt management in a small open economy." Doctoral thesis, 2009. http://hdl.handle.net/10362/119775.

Born, Jürgen [Verfasser]. "Monitoring public debt management in the European Monetary Union : an external benchmark approach / vorgelegt von Jürgen Born." 2007. http://d-nb.info/987330594/34.

Burgtorf, Ulrich [Verfasser]. "Public-debt-Management und Glaubwürdigkeit der Geldpolitik : eine theoretische und empirische Analyse zur staatlichen Schuldenstrukturpolitik / vorgelegt von Ulrich Burgtorf." 2004. http://d-nb.info/971853630/34.

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Debt capital markets and financial reporting

My thesis focuses on the role of disclosure for debt capital markets. In Chapter 1, I explore the commercial paper (CP) market, the largest source of public short-term borrowings for US non-financial firms, to examine whether firms use short-term debt to manage reported leverage ratios. I document that firms structure CP to mature immediately prior to a fiscal quarter-end. These maturities result in a 7% (2 pp) decline in leverage ratios at quarterends, relative to average within-quarter levels. I believe this is an important topic, as it brings new insights to CP issuing firms, credit rating agencies and the US Securities and Exchange Commission. Chapter 2, a joint work with Aytekin Ertan, Emmanuel De George and Florin Vasvari, investigates the extent to which fair value adjustments (FVAs) arising from business combinations provide information about available collateral. We show that FVAs, especially those reported on the target?s tangible assets, are associated with substantial new debt issuance at more favorable lending terms by the combined firm after the acquisition. In Chapter 3, I examine the disclosures of large equity short positions in the European Union, and provide evidence that bond market reactions to negative earnings surprises are attenuated after a short sales position is disclosed, especially when the discloser is a reputable short seller.

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This dissertation investigates the overarching research question of the relationship between politics and PDM. Given that public budgets ultimately collateralize the associated risks involved in actively managing public debt and using innovative financial instruments, the relationship between politics and modern PDM is of major relevance for legitimacy in democratic capitalism. As debt instrument selection is a crucial and strategic aspect of PDM to optimize debt portfolios, chapter 2 examines the question which economic and political factors have an impact on the use and extent of short-term debt instruments on the municipal level. Finding that the municipalities’ budgetary situation represents the key determining factor of their share of short-term debt, the results demonstrate the need for different approaches to grasp the phenomenon of PDM and ultimately raises the questions of whether or not politicians have influence on PDM at all. Consequently, chapter 3 investigates the institutional setting of DMOs on the national level by analyzing the relationship between DMOs and their respective parent ministry. The analysis focusses on the variation of autonomy across countries resulting out of this delegation process. The finding that DMOs have substantial autonomy in decision-making competencies, while especially DMOs separated from the core administration are subject of relatively low reporting obligations, naturally raises doubts concerning political control. Chapter 4 consequently addresses the question whether PDM is subject of parliamentary control. The results show that parliaments have relatively low control of PDM, which indicates a trade-off between expertise and control. Moreover, this chapter underlines the necessity to differentiate between budget and debt policy and subsequently between debt level and debt structure.

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Publication: Study on Public Debt Management Systems and Results of a Survey on Solutions Used by Debt Management Offices

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