MCDM'09 - paper no. 9
OPTIMIZATION OF PUBLIC DEBT MANAGEMENT IN THE CASE OF STOCHASTIC BUDGETARY CONSTRAINTS
Leszek Klukowski
Abstract:
The paper presents a stochastic approach to strategic optimization of public debt management in Poland, aimed at minimization of two criterions: servicing costs of the debt and costs resulting from stochastic budgetary constraints. The main results comprise: formulation of the problem, determination of necessary components (parameters, forecasts, etc.) and the method of problem solution. The results show the complexity of the problem and gains from its implementation (budgetary savings). The paper is based on research conducted in Polish Ministry of Finance [6].
Keywords:
Optimization of debt management, multiple criteria deficit and surplus, stochastic budgetary constraints
Reference index:
Leszek Klukowski, (2010), OPTIMIZATION OF PUBLIC DEBT MANAGEMENT IN THE CASE OF STOCHASTIC BUDGETARY CONSTRAINTS, Multiple Criteria Decision Making (5), pp. 135-148
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