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.
