Government Debt Management at Low Interest Rates

17 Pages Posted: 29 Jul 2012

See all articles by Robert N. McCauley

Robert N. McCauley

Bank for International Settlements (BIS)

Kazuo Ueda

University of Tokyo - Faculty of Economics

Date Written: June 8, 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.

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

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: https://ssrn.com/abstract=1513210

Robert N. McCauley (Contact Author)

Bank for International Settlements (BIS) ( email )

CH-4002 Basel, Basel-Stadt
Switzerland

Kazuo Ueda

University of Tokyo - Faculty of Economics ( email )

7-3-1 Hongo, Bunkyo-ku
Tokyo 113-0033
Japan

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