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Table of Contents
Preface; Contents; Editor and Contributors; Abbreviations; List of Figures; List of Tables; List of Charts; List of Graphs; 1 Introduction; 1.1 Separate Debt Management Office in India; 1.1.1 Debt Management in India; 2 Public Debt Management: Reflections on Strategy and Structure; 2.1 Introduction; 2.2 Role of Reserve Bank and the Government in Public Debt Management: Legal and Institutional Framework; 2.3 Debt Management Strategy; 2.3.1 Policy Objectives; 2.3.2 Cost Minimisation; 2.3.3 Risk Mitigation; 2.3.4 Rollover/Refinancing Risk; 2.3.5 Exchange Rate Risks; 2.3.6 Interest Rate Risk.
2.4 Developing the G-Sec Markets2.5 Institutional Arrangements for Sovereign Debt Management; 2.5.1 Post-crisis Lessons; 2.6 Concluding Thoughts; 3 Debt Management of the Government; 3.1 Introduction; 3.2 Objectives and Strategy of Debt Management; 3.2.1 Strategy; 3.3 Debt Profile; 3.3.1 Central Government Liabilities; 3.3.1.1 Public Debt; Internal Debt; External Debt; 3.3.1.2 Public Account Liabilities; 3.3.2 General Government Debt; 3.3.3 Status; 3.3.4 Public Debt-Central Government; 3.3.5 External Debt; 3.3.6 Maturity Profile of Debt; 3.3.7 Profile of New Issuances; 3.3.8 Investor Profile.
3.3.9 Average Interest Cost3.4 Active Debt Management; 3.4.1 Impact on Fiscal; 3.5 Debt Position of State Governments; 3.5.1 Composition of State Government Debt; 3.6 Sustainability of Debt and Combined Liabilities; 3.6.1 Sustainability Indicators of Debt; 3.7 Summary and Conclusion; References; 4 Cash and Debt Management in States; 4.1 Introduction; 4.2 Legal Framework; 4.3 Trends in State Debt; 4.4 Sources of State Debt; 4.4.1 Loans from the Centre; 4.4.2 External Loans; 4.4.3 Loans from National Small Savings Fund; 4.4.4 Loans from FIs; 4.4.5 Public Account; 4.4.6 Market Loans.
4.4.7 Investments for Cash Management4.5 Issues Pertaining to State Debt; 4.5.1 Debt Ceiling; 4.5.2 Inflexible Sources of Borrowing; 4.5.3 Deficit-Borrowing Mismatch; 4.5.4 Rates on State Securities; 4.6 Have States Fared Better or Worse; 4.7 Conclusion; 5 India's Experience with Cash Management; 5.1 Introduction; 5.2 Historical Facts and Developments; 5.3 Recent Developments; 5.4 Assessment of the Indian Cash Management System; 5.5 Conclusion; References; 6 A Separate Debt Management Office; 6.1 Introduction; 6.2 Some Basics of Debt Management.
6.3 Separate Debt Management Office- A Traditional View6.3.1 Central Bank Independence; 6.3.2 Need for Coordination; 6.4 Separate Debt Management Office-Post-Crisis Debate; 6.5 Debt Management in India; 6.6 Important Role of the RBI; 6.7 Coordination Between RBI, Government and Markets; 6.8 Fiscal Responsibility Legislations; 6.9 Need for a Separation of Debt and Monetary Management; 6.10 A Discussion on the Views Against Separation; 6.11 Conclusion; References; 7 Financial Regulation and Independent Debt Management Office; 7.1 Introduction.
2.4 Developing the G-Sec Markets2.5 Institutional Arrangements for Sovereign Debt Management; 2.5.1 Post-crisis Lessons; 2.6 Concluding Thoughts; 3 Debt Management of the Government; 3.1 Introduction; 3.2 Objectives and Strategy of Debt Management; 3.2.1 Strategy; 3.3 Debt Profile; 3.3.1 Central Government Liabilities; 3.3.1.1 Public Debt; Internal Debt; External Debt; 3.3.1.2 Public Account Liabilities; 3.3.2 General Government Debt; 3.3.3 Status; 3.3.4 Public Debt-Central Government; 3.3.5 External Debt; 3.3.6 Maturity Profile of Debt; 3.3.7 Profile of New Issuances; 3.3.8 Investor Profile.
3.3.9 Average Interest Cost3.4 Active Debt Management; 3.4.1 Impact on Fiscal; 3.5 Debt Position of State Governments; 3.5.1 Composition of State Government Debt; 3.6 Sustainability of Debt and Combined Liabilities; 3.6.1 Sustainability Indicators of Debt; 3.7 Summary and Conclusion; References; 4 Cash and Debt Management in States; 4.1 Introduction; 4.2 Legal Framework; 4.3 Trends in State Debt; 4.4 Sources of State Debt; 4.4.1 Loans from the Centre; 4.4.2 External Loans; 4.4.3 Loans from National Small Savings Fund; 4.4.4 Loans from FIs; 4.4.5 Public Account; 4.4.6 Market Loans.
4.4.7 Investments for Cash Management4.5 Issues Pertaining to State Debt; 4.5.1 Debt Ceiling; 4.5.2 Inflexible Sources of Borrowing; 4.5.3 Deficit-Borrowing Mismatch; 4.5.4 Rates on State Securities; 4.6 Have States Fared Better or Worse; 4.7 Conclusion; 5 India's Experience with Cash Management; 5.1 Introduction; 5.2 Historical Facts and Developments; 5.3 Recent Developments; 5.4 Assessment of the Indian Cash Management System; 5.5 Conclusion; References; 6 A Separate Debt Management Office; 6.1 Introduction; 6.2 Some Basics of Debt Management.
6.3 Separate Debt Management Office- A Traditional View6.3.1 Central Bank Independence; 6.3.2 Need for Coordination; 6.4 Separate Debt Management Office-Post-Crisis Debate; 6.5 Debt Management in India; 6.6 Important Role of the RBI; 6.7 Coordination Between RBI, Government and Markets; 6.8 Fiscal Responsibility Legislations; 6.9 Need for a Separation of Debt and Monetary Management; 6.10 A Discussion on the Views Against Separation; 6.11 Conclusion; References; 7 Financial Regulation and Independent Debt Management Office; 7.1 Introduction.