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Lecture Public economics (5th edition) - Chapter 16: Public debt and debt management

Learning objectives of this chapter include: Define public debt; describe salient characteristics of the size, composition, and nature of public debt in South Africa; explain and compare different theories of public debt and evaluate them critically; argue the relative merits of debt and tax financing of government expenditure; define public debt management; identify and describe the different types of public debt cost; identify the goals of public debt management and discuss their pursuance, with special reference to South Africa. | OXJORD UNIVERSITY PRESS SOUTHERN AFRICA Public Economics Chapter 16 Public debt and debt management Oxford University Press Southern Africa Pty Ltd 2011 Learning outcomes Define public debt Describe salient characteristics of the size composition and nature of public debt in South Africa Explain and compare different theories of public debt and evaluate them critically Argue the relative merits of debt and tax financing of government expenditure Define public debt management Identify and describe the different types of public debt cost Identify the goals of public debt management and discuss their pursuance with special reference to South Africa. Oxford University Press Southern Africa Pty Ltd 2011 OXFORD UNIVERSITY PRESS SOUTHERN AFRICA The concept of public debt Public debt may be defined as the sum of all the outstanding financial liabilities of the public sector in respect of which there is a primary legal responsibility to repay the original amount borrowed sometimes called the principal of debt and to pay interest sometimes called debt servicing . Treasury bill Government bonds Zero-coupon bonds. OXFORD UNIVERSITY PRESS SOUTHERN AFRICA Oxford University Press Southern Africa Pty Ltd .