IDEAS home Printed from https://ideas.repec.org/a/aea/aejmic/v11y2019i1p157-84.html

Competition in Treasury Auctions

Author

Listed:
  • Helmut Elsinger
  • Philipp Schmidt-Dengler
  • Christine Zulehner

Abstract

We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance. We find robust evidence that bidders' surplus dropped sharply after EU accession, but less than reduced form estimates would suggest. The difference can be explained by reduced form estimates not taking into account the increase in valuations upon EU accession.

Suggested Citation

  • Helmut Elsinger & Philipp Schmidt-Dengler & Christine Zulehner, 2019. "Competition in Treasury Auctions," American Economic Journal: Microeconomics, American Economic Association, vol. 11(1), pages 157-184, February.
    • Handle: RePEc:aea:aejmic:v:11:y:2019:i:1:p:157-84
    Note: DOI: 10.1257/mic.20170039
    as

    Download full text from publisher

    File URL: https://www.aeaweb.org/doi/10.1257/mic.20170039
    Download Restriction: no
    File URL: https://www.aeaweb.org/articles/attachments?retrieve=ETP3DZnE31JZRycMPrmKb2SgyUOOlF00
    Download Restriction: no
    File URL: https://www.aeaweb.org/articles/attachments?retrieve=C48QDpzAAteYW2RKGYB5jazP7P2e0w3_
    Download Restriction: Access to full text is restricted to AEA members and institutional subscribers.
    ---><---

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Robert Clark & Decio Coviello & Jean-Fran�ois Gauthier & Art Shneyerov, 2018. "Bid Rigging and Entry Deterrence in Public Procurement: Evidence from an Investigation into Collusion and Corruption in Quebec," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 34(3), pages 301-363.
    2. Samuel Häfner, 2023. "Risk aversion in share auctions: Estimating import rents from TRQs in Switzerland," Quantitative Economics, Econometric Society, vol. 14(2), pages 419-470, May.

    More about this item

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

    Lists

    This item is featured on the following reading lists, Wikipedia, or ReplicationWiki pages:
    1. Competition in Treasury Auctions (AEJ:MI 2019) in ReplicationWiki

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aea:aejmic:v:11:y:2019:i:1:p:157-84. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael P. Albert (email available below). General contact details of provider: https://edirc.repec.org/data/aeaaaea.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.