Die fiskalische Komponente einer Politik des Debt Management
JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Die fiskalische Komponente einer Politik des Debt Management
Hansmeyer, Karl-Heinrich | Mackscheidt, Klaus
Credit and Capital Markets – Kredit und Kapital, Vol. 3 (1970), Iss. 3 : pp. 241–259
1 Citations (CrossRef)
Additional Information
Article Details
Author Details
Karl-Heinrich Hansmeyer, Köln
Klaus Mackscheidt, Köln
Cited By
-
Finanzpolitik
Die Einnahmenpolitik
2007
https://doi.org/10.1007/978-3-540-72214-4_5 [Citations: 0]
Abstract
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.