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Debt Management and Government Securities Markets in the 21st Century

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ISBN: 9264198075
Издательство: Organization for Economic Cooperation & Devel
Год издания: 2004
Book DescriptionThis book reviews recent trends in the structure of OECD government securities markets and public debt management operations, and highlights the generic structural policy issues in emerging debt markets. Over the years, OECD debt managers have developed best practices for raising, managing, and retiring debt at the lowest possible price and acceptable risk, largely in the presence of persistent large deficits. New techniques have been developed to cope with the adverse consequences ofrunning surpluses (pricing anomalies and lower liquidity in traditional benchmark markets). This report analyzes the impact of advanced electronic systems on primary and secondary markets. In the future, sophisticated electronic auction systems will enable institutional investors to bid directly in auctions, thereby bypassing primary dealers. Electronic trading systems will inevitably reshape secondary fixed-income markets. Underlying these challenges is the growing number of OECD...