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Die fiskalische Komponente einer Politik des Debt Management

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Hansmeyer, K., Mackscheidt, K. Die fiskalische Komponente einer Politik des Debt Management. Credit and Capital Markets – Kredit und Kapital, 3(3), 241-259. https://doi.org/10.3790/ccm.3.3.241
Hansmeyer, Karl-Heinrich and Mackscheidt, Klaus "Die fiskalische Komponente einer Politik des Debt Management" Credit and Capital Markets – Kredit und Kapital 3.3, 1970, 241-259. https://doi.org/10.3790/ccm.3.3.241
Hansmeyer, Karl-Heinrich/Mackscheidt, Klaus (1970): Die fiskalische Komponente einer Politik des Debt Management, in: Credit and Capital Markets – Kredit und Kapital, vol. 3, iss. 3, 241-259, [online] https://doi.org/10.3790/ccm.3.3.241

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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)

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Article Details

Author Details

Karl-Heinrich Hansmeyer, Köln

Klaus Mackscheidt, Köln

Cited By

  1. 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.