Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/292647 
Year of Publication: 
1970
Citation: 
[Journal:] Kredit und Kapital [ISSN:] 0023-4591 [Volume:] 3 [Issue:] 3 [Year:] 1970 [Pages:] 241-259
Publisher: 
Duncker & Humblot, Berlin
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.
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Creative Commons License: 
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Document Type: 
Article

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