Tóm tắt

DM) can help countries reduce their borrowing cost, contain financial risk, and develop their domestic debt market. It can also facilitate maintaining financial stability and help develop their domestic financial system. While this holds for all countries, the needs and constraints of countries in designing good PDM systems vary depending, inter alia, on each country’s degree of development. Thus, while the experience and practices of developed countries is undoubtedly helpful, emerging markets and low income countries need solutions tailored to their needs and constraints: a “cookie cutter” approach will not do. Moreover, debt management strategies need to be fitted in an overall macroeconomic policy framework that preserves stability and is conducive to growth. In particular, the best debt management cannot offset a fiscal policy that results in unsustainable debt or erratic financing needs. Also, a monetary policy that keeps inflation low will facilitate the issuance of debt denominated in domestic currency. Good public debt management can help reduce borrowing cost in many ways. A welldesigned and implemented borrowing program can give confidence to investors and thus reduce the lending spread. A carefully balanced composition of securities can contain risk—which are harder to manage in countries having few alternative sources of finance. Good public debt management can also help develop the domestic financial market. Domestic financial institutions benefit from having available public debt instruments in which to invest and which can provide benchmarks for the pricing of other instruments. Moreover, firms and individuals also benefit for similar reasons. In turn, a well-developed domestic financial market can facilitate economic development, and make the economy more resilient to external shocks, such as capital outflows. In light of these benefits, it is important to define more specifically the objectives, components, and the principles that constitute a sound public debt management strategy, and how such a strategy can be designed and implemented. To illustrate this, this paper discusses key issues in debt management, focusing on recent developments in country practices, and experiences of reform in developing countries.; Introduction -- Public Debt Management Guidelines and Other Sound Practice Considerations; Objectives and Components of Medium Term Debt Management Strategy -- Recent Developments in Debt Structure and Related Institutional Arrangements in Developing Countries -- Evolution of Foreign Currency and Short-Term Debt in Selected Countries -- Selected Foreign Debt Burden Indicators -- Implementing Public Debt Management Guidelines: Recent Experiences -- Key Policy, Institutional, and Operational Issues -- Conclusions -- Annex -- Evolution of Selected External Debt Indicators for Developing Countries -- Costa Rica -- Kenya -- Islamic Bonds and Public Debt Management -- Bibliography