Debt Management Objectives for a Small Open Economy
研究小型开放经济体以成本最小化为公共债务管理目标的效果，使用加拿大1967-87年数据模拟，发现成本最小化策略能节省利息支出，但节省幅度受再融资约束影响。
In this paper the authors examine the consequences of using cost minimization as the goal of public debt management in a small open economy (SOE). Authorities are assumed to minimize interest costs subject to constraints on their ability to refinance at different maturities, and the information conditioning expectations of future interest rates. A numerical simulation model and a highly disaggregated Canadian data set for the period 1967-87, are used in the analysis. The results presented indicate that, conditional on the SOE assumption, savings do result from following a cost-minimizing strategy. Savings decline as authorities are increasingly constrained in their refinancing choices. However, even the gains in moderately-constrained cases suggest that cost minimization is worthy of serious consideration by authorities. Copyright 1992 by Ohio State University Press.