Emergence of "Regular" and "Predictable" as a Treasury Debt Management Strategy PDF Download
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Author: Kenneth D. Garbade
Publisher:
ISBN: 9781422315293
Category :
Languages : en
Pages : 19
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Book Description
During the 1970s, U.S. Treasury (UST) officials revised the framework within which they selected the maturities of new notes & bonds. Previously, they chose maturities on an offering-by-offering basis. By 1982, the UST had ceased these ¿tactical¿ sales & was selling notes & bonds on a ¿regular & predictable¿ schedule. This article describes that key change in the TST¿s debt mgmt. strategy. In 1975, UST officials financed an unusually rapid expansion of the fed. deficit with a flurry of tactical offerings. Because the timing & maturities of the offerings followed no predictable pattern, the sales sometimes took investors by surprise, disrupting the market. These events led UST officials to embrace a program of regular & predictable issuance. Tables.
Author: Kenneth D. Garbade
Publisher:
ISBN: 9781422315293
Category :
Languages : en
Pages : 19
Get Book
Book Description
During the 1970s, U.S. Treasury (UST) officials revised the framework within which they selected the maturities of new notes & bonds. Previously, they chose maturities on an offering-by-offering basis. By 1982, the UST had ceased these ¿tactical¿ sales & was selling notes & bonds on a ¿regular & predictable¿ schedule. This article describes that key change in the TST¿s debt mgmt. strategy. In 1975, UST officials financed an unusually rapid expansion of the fed. deficit with a flurry of tactical offerings. Because the timing & maturities of the offerings followed no predictable pattern, the sales sometimes took investors by surprise, disrupting the market. These events led UST officials to embrace a program of regular & predictable issuance. Tables.
Author: Kenneth D. Garbade
Publisher: MIT Press
ISBN: 0262016370
Category : Business & Economics
Languages : en
Pages : 407
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Book Description
The evolution of "a marvel of modern finance," the market for U.S. Treasury securities, from 1917 to 1939. The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned $8.2 trillion of new securities, ranging from 4-day bills to 30-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only about $1 billion of interest-bearing Treasury debt outstanding, spread out over just six issues. New offerings were rare, and the debt was narrowly held, most of it owned by national banks. In Birth of a Market, Kenneth Garbade traces the development of the Treasury market from a financial backwater in the years before World War I to a multibillion dollar market on the eve of World War II. Garbade focuses on Treasury debt management policies, describing the origins of several pillars of modern Treasury practice, including "regular and predictable" auction offerings and the integration of debt and cash management. He recounts the actions of Secretaries of the Treasury, from William McAdoo in the Wilson administration to Henry Morgenthau in the Roosevelt administration, and their responses to economic conditions. Garbade's account covers the Treasury market in the two decades before World War I, how the Treasury financed the Great War, how it managed the postwar refinancing and paydowns, and how it financed the chronic deficits of the Great Depression. He concludes with an examination of aspects of modern Treasury debt management that grew out of developments from 1917 to 1939.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149832892X
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
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Author: Thordur Jonasson
Publisher: International Monetary Fund
ISBN: 1484350545
Category : Business & Economics
Languages : en
Pages : 133
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Book Description
This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
Author: Kenneth D. Garbade
Publisher: Cambridge University Press
ISBN: 1108839894
Category : Business & Economics
Languages : en
Pages : 603
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Book Description
A contribution to the history of the institutional evolution of the market that finances the US government in war and peace.
Author: International Monetary Fund,
Publisher: International Monetary Fund
ISBN: 1498330665
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.
Author: Kenneth D. Garbade
Publisher: MIT Press
ISBN: 0262297795
Category : Business & Economics
Languages : en
Pages : 407
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Book Description
The evolution of “a marvel of modern finance,” the market for U.S. Treasury securities, from 1917 to 1939. The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned $8.2 trillion of new securities, ranging from 4-day bills to 30-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only about $1 billion of interest-bearing Treasury debt outstanding, spread out over just six issues. New offerings were rare, and the debt was narrowly held, most of it owned by national banks. In Birth of a Market, Kenneth Garbade traces the development of the Treasury market from a financial backwater in the years before World War I to a multibillion dollar market on the eve of World War II. Garbade focuses on Treasury debt management policies, describing the origins of several pillars of modern Treasury practice, including “regular and predictable” auction offerings and the integration of debt and cash management. He recounts the actions of Secretaries of the Treasury, from William McAdoo in the Wilson administration to Henry Morgenthau in the Roosevelt administration, and their responses to economic conditions. Garbade's account covers the Treasury market in the two decades before World War I, how the Treasury financed the Great War, how it managed the postwar refinancing and paydowns, and how it financed the chronic deficits of the Great Depression. He concludes with an examination of aspects of modern Treasury debt management that grew out of developments from 1917 to 1939.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513573926
Category : Business & Economics
Languages : en
Pages : 157
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Book Description
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
Author: David Wessel
Publisher: Brookings Institution Press
ISBN: 0815727062
Category : Business & Economics
Languages : en
Pages : 178
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Book Description
The underexamined art and science of managing the federal government's huge debt. Everyone talks about the size of the U.S. national debt, now at $13 trillion and climbing, but few talk about how the U.S. Treasury does the borrowing—even though it is one of the world's largest borrowers. Everyone from bond traders to the home-buying public is affected by the Treasury's decisions about whether to borrow short or long term and what types of bonds to sell to investors. What is the best way for the Treasury to finance the government's huge debt? Harvard's Robin Greenwood, Sam Hanson, Joshua Rudolph, and Larry Summers argue that the Treasury could save taxpayers money and help the economy by borrowing more short term and less long term. They also argue that the Treasury and the Federal Reserve made a huge mistake in recent years by rowing in opposite directions: while the Fed was buying long-term bonds to push investors into other assets, the Treasury was doing the opposite—selling investors more long-term bonds. This book includes responses from a variety of public and private sector experts on how the Treasury does its borrowing, some of whom have criticized the way the Treasury has been managing its borrowing.
Author:
Publisher: World Bank Publications
ISBN: 9780821349557
Category : Business & Economics
Languages : en
Pages : 452
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Book Description
This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.
