Government Debt Management at Low Interest Rates
Robert N. McCauley
Bank for International Settlements (BIS)
University of Tokyo - Faculty of Economics
June 8, 2009
BIS Quarterly Review, June 2009
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, H63Accepted Paper Series
Date posted: November 28, 2009
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