Advances in Risk Management of Government Debt is a landmark study about risk management practices of OECD debt managers. Risk management has become an increasingly important tool for achieving strategic debt targets, and is now an integral part of a wider strategic debt management framework based on benchmarks in most jurisdictions. However, this study shows that the extent and sophistication of risk management vary widely across countries. 

This study brings together a number of recent reports on best practices for managing market risk, credit risk, operational risk and contingent liability risk. It was prepared by a group of authors from the OECD Working Party on Public Debt Management, and includes case-studies of risk management practices in selected OECD debt markets.

PART I – Introductory Overview and Analytical Framework
Chapter 1. Introduction to Advances in Risk Management of Government Debt by Hans Blommestein
-Annex. Optimal Debt and Strategic Benchmark: The Risk Management Approach to Debt Sustainability
Chapter 2. Overview of Risk Management Practices in OECD Countries by Hans Blommestein
Chapter 3. Analytical Framework for Debt and Risk Management by Lars Risjberg and Anders Holmlund
-Annex. Structure of Debt Simulation Model
PART II-- Recent Developments in Managing Market Risk Operational Risk, and Contingent Liability Risk
Chapter 4. Recent Developments in the Management of Market Risk by Ove Sten Jensen and Lars Risbjerg
Chapter 5. Management of Operational Risk by Sovereign Debt Management Agencies by Peter McCray
-Annex. Sovereign Debt Management Operational Risk Survey: Summary of Responses
-Annex. Survey on Operational Risk 2002
Chapter 6. Explicit Contingent Liabilities in Debt Management
PART III-- Risk Management Practices in Selected OECD Debt Markets
Chapter 7. Risk Management of Government Debt in Austria by Paul A. Kocher and Gerald Nebenfuhr
Chapter 8. Risk Management of Government Debt in Belgium by Jean Deboutte and Bruno Debergh
Chapter 9. Managing Risks in Canada's Debt and Foreign Reserves by Pierre Gilbert, Zar Chi Tin and Mark Zelmer
-Annex. Investment and Credit Guidelines for for the Exchange Fund Account
Chapter 10. Risk Management of Government Debt in Denmark by Lars Risbjerg
-Annex. The Scenario and CaR Model
-Annex. Principles for Credit Risk Management
Chapter 11. risk Management of Government Debt in Finland by John Rogers
Chapter 12. Risk Management of Government Debt in France by Bertrand de Mazieres and Benoit Coeure.
Chapter 13. Risk Management of Government Debt in Portugal by Rita Granger
-Annex. Benchmarking for Public Debt Management
Chapter 14. Risk Management of Public Debt in Sweden by Per-Olof Jonsson
Chapter 15. Risk Management of Government Debt in the United Kingdom by Toby Davies
-Annex. DMO Functional Structure
Chapter 16. Risk Management of Public Debt in the Czech Republic by Petr Pavelek
-Annex. Government Debt Management Regulations
Chapter 17. Risk Management of Government Debt in Poland by Arkadiusz Kaminski and Marek Szczerbak