Cover IMF Working Papers
Financial Implications of the Shrinking Supply of U.S. Treasury Securities
Author: Mr. Garry J. Schinasi, T. Todd Smith, and Mr. Charles Frederick Kramer
Series:
IMF Working Papers
Volume/Issue:
Volume 2001: Issue 061
Language:
English
Publication Date:
01 May 2001
DOI:
https://doi.org/10.5089/9781451848175.001
ISBN:
9781451848175
ISSN:
1018-5941
Pages:
51
Keywords:
WP; treasury securities; financial market; market participant; U.S. dollar; U.S. treasury securities; financial markets; public debt; government securities; fixed income; global bond; Securities; Government securities; Securities markets; Yield curve; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Download PDF (1.3 MB) Download Epub
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.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund