000			01257pab a2200205 454500
008			180718b2005 xxu||||| |||| 00| 0 eng d
100			_aCoe, Patrick J.
245			_aThe cost effectiveness of the UK's sovereign debt portfolio
260			_c2005
300			_ap.467-95.
362			_aAug
520			_aThis paper provides a recursive empirical analysis of the scope for cost minimization in public debt management when the debt manager faces a given short-term interest rate dictated by monetary policy as well as risk and market impact constraints. It simulates the `real-time' interest costs of alternative portfolios for UK government debt between April 1985 and March 2000. These portfolios are constructed using forecasts of return spreads based on a recursive modelling procedure. While we find statistically significant evidence of predictability, the interest cost savings are quite small when portfolio shares are constrained to lie within historical bounds. - Reproduced.
650			_aPublic debt - Great Britain
650			_aCost effectiveness - Great Britain
650			_aCost effectiveness
700			_aVahey, Shaun P.
700			_aPesaran, M. Hashem
773			_aOxford Bulletin of Economics and Statistics
909			_a67014
999			_c67014 _d67014