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Conversely, indexed debt can be optimal in circumstances where more purely monetary shocks hit the economy. In general, the optimal policy will require a mix. Another important issue is the currency composition of public debt, which depends on the correlations between foreign and domestic output and monetary shocks.

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Once again, the optimal policy will generally have a mix of foreign and domestic debt. There is also the question of the optimal maturity of public debt, which is an important and tricky implementation challenge which depends on market realities such as liquidity and rollover risk. A quick note is warranted on the issue of conflicts of interest, between the objectives of RBI in its inflation-fighting and public debt management roles, that has come up repeatedly in this debate.

In practice, this is not likely to be a major issue, since there are severe reputational costs associated with changing monetary policy depending on the outstanding stock of debt.

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The empirical evidence shows that there is little evidence of inflation increases even during growth crises, perhaps for this reason. While optimal debt management is extremely complex, we can say some things with certainty. Clearly, optimal debt management is linked inextricably with the conduct of fiscal policy. It is a task requiring significant and cutting-edge asset management expertise. In an open economy such as our own, the debt manager will also need institutional knowledge of both foreign and domestic money markets.

On balance, this does seem like more a fiscal than a monetary responsibility although both competencies are required , meaning that the natural home for the PDMA is ministry of finance. This is likely why most Organisation for Economic Co-operation and Development countries locate their debt management agencies in their Treasury ministries. But whatever solution emerges, the main focus should be to develop the competency to manage this complex asset management function in the best possible manner.

Debt management in a challenging environment: Lessons from Côte d’Ivoire

That is a bigger challenge than any turf wars on where the function is located. You are now subscribed to our newsletters. Does economic theory offer any guidance about the optimal management of government debt? Indeed, optimal public debt management is even more complex than outlined above.

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