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Financial Implications of the Shrinking Supply of U.S. Treasury Securities

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Author Info

  • Garry J. Schinasi
  • T. Todd Smith
  • Charles Frederick Kramer

Abstract

Recent improvements in fiscal positions in advanced countries have sharply curtailed the issuance of government securities and created the possibility that government securities could disappear in some countries. The possibility that this might occur in the United States has attracted the most attention, in large part because of the international role of the U.S. dollar and the widespread perception that U.S. treasury securities have the lowest total financial risk (the combination of credit, market, and liquidity risks) among U.S. dollar assets. This paper analyzes the unique features of government securities and links them to the important roles that government securities, in particular U.S. treasury securities, have come to play in national and international financial markets. The paper then identifies and examines financial market-oriented public policy questions raised by the shrinking supply of U.S. treasuries.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/61.

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Length: 51
Date of creation: 01 May 2001
Date of revision:
Handle: RePEc:imf:imfwpa:01/61

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Keywords: Public debt; treasury securities; government securities; hedging; bonds; securities markets; bond; debt securities; financial markets; corporate bonds; financial market; financial instruments; international financial markets; financial institutions; bond markets; government bonds; interest rate risk; financial stability; bond market; financial system; financial systems; private credit risk; bond prices; hedge; securities market; discount rates; international finance; financial intermediation; capital markets; derivative markets; bond yields; term bonds; treasury bonds; international bond markets; international capital markets; derivative; corporate bond market; bond futures; discount rate; derivatives markets; corporate bond; global bond markets; futures contract; global bond; debt stock; international capital; government bond markets; new york stock exchange; stock of debt; term bond; derivatives instruments; long-term bonds; liquid asset; international bonds; liquid markets; savings bonds; discounting; financial assets; stock exchange; treasury futures; government bond; moral hazard; options markets; demand for bonds; securities traders; securities trade; domestic financial institutions; private financing; securities firms; marketable debt securities; corporate securities; short-term funds; credit market; short-term bond; derivative contracts; securities dealers; cash flows; benchmark bond; high-yield bond; credit rating agencies; currency of denomination; security markets; global bond indexes; options contracts; nominal interest rate; tax-exempt bonds; securities prices; original issue discount; credit rating; short-term bonds; bond dealers; bond indexes; callable bonds; hedges; discount securities; futures market; financial services; fixed income securities; mortgage securities; clearinghouse; international financial statistics;

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Cited by:
  1. Suhejla Hoti & Esfandiar Maasoumi & Michael McAleer & Daniel Slottje, 2009. "Measuring the Volatility in U.S. Treasury Benchmarks and Debt Instruments," Econometric Reviews, Taylor & Francis Journals, Taylor & Francis Journals, vol. 28(6), pages 522-554.
  2. Marvin Barth & Eli Remolona & Philip Wooldridge, 2002. "Changes in market functioning and central bank policy: an overview of the issues," BIS Papers chapters, Bank for International Settlements, in: Bank for International Settlements (ed.), Market functioning and central bank policy, volume 12, pages 1-24 Bank for International Settlements.
  3. the Study group on fixed income markets, 2001. "The changing shape of fixed income markets," BIS Working Papers 104, Bank for International Settlements.
  4. Frank A. G. Den Butter & Pieter Jansen, 2004. "An empirical analysis of the German long-term interest rate," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(10), pages 731-741.
  5. Marvin J. Barth & Philip D. Wooldridge & Eli M Remolona, 2002. "Changes in market functioning and central bank policy: an overview of the issues," BIS Working Papers 120, Bank for International Settlements.
  6. Obert Nyawata, 2012. "Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity," IMF Working Papers 12/40, International Monetary Fund.
  7. Study group on fixed income markets, 2001. "The changing shape of fixed income markets," BIS Papers chapters, Bank for International Settlements, in: Bank for International Settlements (ed.), The changing shape of fixed income markets: a collection of studies by central bank economists, volume 5, pages 1-43 Bank for International Settlements.
  8. Iryna V. Ivaschenko & Jorge A. Chan-Lau, 2001. "Corporate Bond Risk and Real Activity," IMF Working Papers 01/158, International Monetary Fund.

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