Advanced Search
MyIDEAS: Login to save this paper or follow this series

Imagineering the U.S. Public Debt: How Changing Perceptions of the Debt altered the Mechanics of Treasury Debt Management in the 1860s and 1960s

Contents:

Author Info

  • Noll, Franklin

Abstract

This paper argues that changes in how the Treasury managed the public debt stemmed from changes in perceptions of Government debt. To make this argument, the paper looks at two big shifts in how the public debt was handled. One change was the Government’s printing of its own securities through the Bureau of Engraving and Printing founded in the 1860s. This development reflected a democratization of the public debt in which it was the Government’s task to make sure “the people” profited from Government debt—not bankers or bank note companies. So, Government securities were publicly printed and publicly sold. The second big shift was the implementation of electronic book-entry procedures in the 1960s. The adoption of book-entry by the Treasury corresponded to a new view of debt. Deficits and, therefore, the public debt came to be seen as central to economic success. The public debt was no longer a transient evil to be managed out of existence by the Treasury but a permanent benevolence to be nurtured for the public good to a large degree by the central bank. In this environment, the transaction speed born of computers and electronics was of paramount importance.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://mpra.ub.uni-muenchen.de/19359/
File Function: original version
Download Restriction: no

Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19359.

as in new window
Length:
Date of creation: 30 Nov 2007
Date of revision:
Handle: RePEc:pra:mprapa:19359

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

Related research

Keywords: Public Debt; Treasury securities; book-entry; security printing; Bureau of Engraving and Printing;

Find related papers by JEL classification:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:19359. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.