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Author/Editor:
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Schinasi, Garry J. ; Kramer, Charles Frederick ; Smith, T. Todd
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Publication Date:
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May 01, 2001
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Electronic Access:
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Free Full text
(PDF file size is 1,710KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
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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Series:
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Working Paper No. 01/61
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Subject(s):
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Capital markets | United States | Public debt
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Author's Keyword(s):
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U.S. treasury securities | financial markets | public debt |
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English
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Publication Date:
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May 01, 2001
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA0612001
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Pages:
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51
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Price:
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US$15.00 )
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Price Delivery Note:
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Prepayment required for individual copies. An annual subscription is $375.00 a year. It includes 12 monthly shipments and priority mail delivery. The Stock No. for the subscription is WPEA.
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Please address any questions about this title to
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