ABSTRACT
Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
Appendix 8.A: Estimation with Discrete Observations . . . . . . . . . . . . . . . . . . 194
T HE MANAGEMENT OF THE PUBLIC DEBT is of paramount importance for any country.Mathematically speaking, this is a stochastic optimal control problem with a number of constraints imposed by national and supranational regulations and by market practices.
