{"id":"https://openalex.org/W7166323298","doi":"https://doi.org/10.13133/2611-6634/1920","title":"A Critical Review of Stochastic Control Approaches in Government Debt Management","display_name":"A Critical Review of Stochastic Control Approaches in Government Debt Management","publication_year":2026,"publication_date":"2026-04-13","ids":{"openalex":"https://openalex.org/W7166323298","doi":"https://doi.org/10.13133/2611-6634/1920"},"language":"en","primary_location":{"id":"pmh:oai:rosa.uniroma1.it:article/1920","doi":null,"is_oa":true,"landing_page_url":"https://rosa.uniroma1.it/rosa02/annali_memotef/article/view/1920","pdf_url":"https://rosa.uniroma1.it/rosa02/annali_memotef/article/download/1920/1744","source":{"id":"https://openalex.org/S7407067316","display_name":"Annali del Dipartimento di metodi e modelli per l'economia, il territorio e la finanza","issn_l":"2385-0825","issn":["2385-0825","2611-6634"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-class-a","anvur-scientific"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2385-0825","raw_type":"info:eu-repo/semantics/article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["datacite"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://rosa.uniroma1.it/rosa02/annali_memotef/article/download/1920/1744","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5139364262","display_name":"Luca Semerari","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Semerari, Luca","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5012918053","display_name":"Claudia Ceci","orcid":"https://orcid.org/0000-0003-2796-6588","observed_orcids":["https://orcid.org/0000-0003-2796-6588"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Ceci, Claudia","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.9771000146865845,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.9771000146865845,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.013500000350177288,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11770","display_name":"Fiscal Policy and Economic Growth","score":0.0020000000949949026,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/sovereign-debt-management","display_name":"sovereign debt management","score":0.8579999804496765},{"id":"https://openalex.org/keywords/stochastic-control","display_name":"stochastic control","score":0.8679999709129333},{"id":"https://openalex.org/keywords/optimal-fiscal-policy","display_name":"optimal fiscal policy","score":0.9649999737739563},{"id":"https://openalex.org/keywords/hamilton-jacobi-bellman-equation","display_name":"Hamilton-Jacobi-Bellman equation","score":0.9430000185966492},{"id":"https://openalex.org/keywords/filtering-techniques","display_name":"filtering techniques","score":0.6740000247955322},{"id":"https://openalex.org/keywords/incomplete-information","display_name":"incomplete information","score":0.9509999752044678},{"id":"https://openalex.org/keywords/dynamic-programming","display_name":"dynamic programming","score":0.703000009059906},{"id":"https://openalex.org/keywords/endogenous-growth","display_name":"endogenous growth","score":0.7350000143051147},{"id":"https://openalex.org/keywords/fiscal-constraints","display_name":"fiscal constraints","score":0.4880000054836273},{"id":"https://openalex.org/keywords/economic-uncertainty","display_name":"economic uncertainty","score":0.6890000104904175}],"concepts":[{"id":"https://openalex.org/C125112378","wikidata":"https://www.wikidata.org/wiki/Q176640","display_name":"Randomness","level":2,"score":0.6610000133514404},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5388000011444092},{"id":"https://openalex.org/C127491075","wikidata":"https://www.wikidata.org/wiki/Q7617825","display_name":"Stochastic modelling","level":2,"score":0.4893999993801117},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.44130000472068787},{"id":"https://openalex.org/C2775924081","wikidata":"https://www.wikidata.org/wiki/Q55608371","display_name":"Control (management)","level":2,"score":0.43290001153945923},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.4268999993801117},{"id":"https://openalex.org/C170131372","wikidata":"https://www.wikidata.org/wiki/Q7617811","display_name":"Stochastic control","level":3,"score":0.42329999804496765},{"id":"https://openalex.org/C2778489760","wikidata":"https://www.wikidata.org/wiki/Q12695","display_name":"Government debt","level":3,"score":0.4156000018119812},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.4117000102996826},{"id":"https://openalex.org/C55986821","wikidata":"https://www.wikidata.org/wiki/Q1188791","display_name":"Macroeconomic model","level":2,"score":0.3935999870300293},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.38670000433921814},{"id":"https://openalex.org/C524878704","wikidata":"https://www.wikidata.org/wiki/Q187021","display_name":"Fiscal policy","level":2,"score":0.373199999332428},{"id":"https://openalex.org/C489367","wikidata":"https://www.wikidata.org/wiki/Q1962064","display_name":"Dynamic stochastic general equilibrium","level":3,"score":0.3578999936580658},{"id":"https://openalex.org/C26517878","wikidata":"https://www.wikidata.org/wiki/Q228039","display_name":"Key (lock)","level":2,"score":0.3578999936580658},{"id":"https://openalex.org/C31531917","wikidata":"https://www.wikidata.org/wiki/Q915157","display_name":"Robust control","level":3,"score":0.3271999955177307},{"id":"https://openalex.org/C119693030","wikidata":"https://www.wikidata.org/wiki/Q2180497","display_name":"Economic model","level":2,"score":0.3197999894618988},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.3149999976158142},{"id":"https://openalex.org/C91575142","wikidata":"https://www.wikidata.org/wiki/Q1971426","display_name":"Optimal control","level":2,"score":0.31049999594688416},{"id":"https://openalex.org/C539667460","wikidata":"https://www.wikidata.org/wiki/Q2414942","display_name":"Management science","level":1,"score":0.2994999885559082},{"id":"https://openalex.org/C8272713","wikidata":"https://www.wikidata.org/wiki/Q176737","display_name":"Stochastic process","level":2,"score":0.2953999936580658},{"id":"https://openalex.org/C117219021","wikidata":"https://www.wikidata.org/wiki/Q7617821","display_name":"Stochastic investment model","level":4,"score":0.2635999917984009},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.26249998807907104},{"id":"https://openalex.org/C42475967","wikidata":"https://www.wikidata.org/wiki/Q194292","display_name":"Operations research","level":1,"score":0.2612000107765198},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.2606000006198883},{"id":"https://openalex.org/C112930515","wikidata":"https://www.wikidata.org/wiki/Q4389547","display_name":"Risk analysis (engineering)","level":1,"score":0.25850000977516174},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.25429999828338623}],"mesh":[],"locations_count":3,"locations":[{"id":"pmh:oai:rosa.uniroma1.it:article/1920","doi":null,"is_oa":true,"landing_page_url":"https://rosa.uniroma1.it/rosa02/annali_memotef/article/view/1920","pdf_url":"https://rosa.uniroma1.it/rosa02/annali_memotef/article/download/1920/1744","source":{"id":"https://openalex.org/S7407067316","display_name":"Annali del Dipartimento di metodi e modelli per l'economia, il territorio e la finanza","issn_l":"2385-0825","issn":["2385-0825","2611-6634"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-class-a","anvur-scientific"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2385-0825","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:iris.uniroma1.it:11573/1770166","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/11573/1770166","pdf_url":null,"source":{"id":"https://openalex.org/S4377196107","display_name":"IRIS Research product catalog (Sapienza University of Rome)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/article"},{"id":"doi:10.13133/2611-6634/1920","doi":"https://doi.org/10.13133/2611-6634/1920","is_oa":true,"landing_page_url":"https://doi.org/10.13133/2611-6634/1920","pdf_url":null,"source":{"id":"https://openalex.org/S7407051002","display_name":"Universit\u00e0 degli studi di Roma La Sapienza","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"}],"best_oa_location":{"id":"pmh:oai:rosa.uniroma1.it:article/1920","doi":null,"is_oa":true,"landing_page_url":"https://rosa.uniroma1.it/rosa02/annali_memotef/article/view/1920","pdf_url":"https://rosa.uniroma1.it/rosa02/annali_memotef/article/download/1920/1744","source":{"id":"https://openalex.org/S7407067316","display_name":"Annali del Dipartimento di metodi e modelli per l'economia, il territorio e la finanza","issn_l":"2385-0825","issn":["2385-0825","2611-6634"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-class-a","anvur-scientific"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2385-0825","raw_type":"info:eu-repo/semantics/article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7166323298.pdf","grobid_xml":"https://content.openalex.org/works/W7166323298.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7116105767","https://openalex.org/W3184825572","https://openalex.org/W2893854052","https://openalex.org/W2611203159","https://openalex.org/W3156490369","https://openalex.org/W3122568883","https://openalex.org/W7160625432","https://openalex.org/W2217046481","https://openalex.org/W2887893637","https://openalex.org/W2484526438"],"abstract_inverted_index":{"This":[0],"paper":[1],"provides":[2],"a":[3,36],"comprehensive":[4],"and":[5,27,47,79,99,124,143,164],"critical":[6],"review":[7,83],"of":[8,23,43,56,77,91],"the":[9,21,41,44,89,117],"literature":[10],"on":[11,60,154],"stochastic":[12,30,70],"control":[13,31],"methods":[14],"applied":[15,104],"to":[16,68],"sovereign":[17],"debt":[18],"management.":[19],"In":[20],"face":[22],"increasing":[24],"economic":[25],"uncertainty":[26],"fiscal":[28,50,161],"constraints,":[29],"theory":[32],"has":[33],"emerged":[34],"as":[35],"powerful":[37],"framework":[38],"for":[39,74,116,150],"modeling":[40],"dynamics":[42,115],"debt-to-GDP":[45,118],"ratio":[46],"designing":[48],"optimal":[49],"policies.":[51],"We":[52,109],"present":[53],"an":[54],"overview":[55],"existing":[57],"models":[58,111,155],"based":[59],"their":[61],"methodological":[62],"foundations,":[63],"spanning":[64],"from":[65],"deterministic":[66],"benchmarks":[67],"advanced":[69,165],"formulations":[71],"that":[72,156],"account":[73],"multiple":[75],"sources":[76],"randomness":[78],"partial":[80,106],"information.":[81],"The":[82],"highlights":[84],"key":[85],"theoretical":[86],"contributions,":[87],"including":[88,139],"use":[90],"dynamic":[92],"programming,":[93],"Hamilton\u2013Jacobi\u2013Bellman":[94],"(HJB)":[95],"equations,":[96],"HJB-variational":[97],"equations":[98],"filtering":[100],"techniques":[101],"which":[102],"are":[103],"in":[105],"information":[107,122],"frameworks.":[108],"compare":[110],"across":[112],"different":[113],"controlled":[114],"ratio,":[119],"objective":[120],"functionals,":[121],"structures,":[123],"policy":[125,162],"implications.":[126],"Moreover,":[127],"we":[128,146],"highlight":[129],"some":[130],"areas":[131],"where":[132],"further":[133],"refinement":[134],"could":[135],"enhance":[136],"current":[137],"approaches,":[138],"assumptions,":[140],"empirical":[141],"calibration,":[142],"interpretability.":[144],"Finally,":[145],"suggest":[147],"promising":[148],"avenues":[149],"future":[151],"research,":[152],"focusing":[153],"combine":[157],"endogenous":[158],"growth,":[159],"robust":[160],"design,":[163],"mathematical":[166],"techniques.":[167]},"counts_by_year":[],"updated_date":"2026-10-05T09:50:58.205359","created_date":"2026-06-28T00:00:00"}