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Government Debt Management at Low Interest Rates


Robert N. McCauley


Bank for International Settlements (BIS)

Kazuo Ueda


University of Tokyo - Faculty of Economics
June 8, 2009

BIS Quarterly Review, June 2009

Abstract:     
Debt management can be used at low interest rates to lower bond yields, to provide bank assets and thereby help maintain broad money growth, or to save on interest payments. The US example in the 1930s and the recent Japanese case suggest that this tool was not fully exploited in either case.

Number of Pages in PDF File: 17

JEL Classification: E5, E51, E52, E58, E6, E61, E63, E65, H63

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Date posted: November 28, 2009  

Suggested Citation

McCauley, Robert N. and Ueda, Kazuo, Government Debt Management at Low Interest Rates (June 8, 2009). BIS Quarterly Review, June 2009. Available at SSRN: http://ssrn.com/abstract=1513210

Contact Information

Robert N. McCauley (Contact Author)
Bank for International Settlements (BIS) ( email )
CH-4002 Basel
Switzerland
Kazuo Ueda
University of Tokyo - Faculty of Economics ( email )
7-3-1 Hongo, Bunkyo-ku
Tokyo 113-0033
Japan
Feedback to SSRN (Beta)


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