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.

This book examines the objectives of public debt management and the re-emerging issue of separating monetary policy formulation from fiscal and debt management. The recent Great Recession has resulted in a rethink of the objectives and working of macroeconomics, and in many countries, including India, has led to the scope of fiscal operations being expanded and debt-to-GDP ratios increasing significantly. Consequently, debt management has encountered considerable difficulties, and the need for coordination between monetary and debt management has assumed greater significance. The book discusses the important issue of the independence of central banks and the need for coordination between debt managers, monetary authorities and finance ministries if debt operations are separated from monetary management.