Year: 1970
Author: Hansmeyer, Karl-Heinrich, Mackscheidt, Klaus
Credit and Capital Markets – Kredit und Kapital, Vol. 3 (1970), Iss. 3 : pp. 241–259
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.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/ccm.3.3.241
Credit and Capital Markets – Kredit und Kapital, Vol. 3 (1970), Iss. 3 : pp. 241–259
Published online: 1970-03
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 19
Author Details
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Finanzpolitik
Die Einnahmenpolitik
2007
https://doi.org/10.1007/978-3-540-72214-4_5 [Citations: 0]