Birth of a Market

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Author :
Publisher : MIT Press
ISBN 13 : 0262016370
Total Pages : 407 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Birth of a Market by : Kenneth D. Garbade

Download or read book Birth of a Market written by Kenneth D. Garbade and published by MIT Press. This book was released on 2012 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: The evolution of "a marvel of modern finance," the market for U.S. Treasury securities, from 1917 to 1939. The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned $8.2 trillion of new securities, ranging from 4-day bills to 30-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only about $1 billion of interest-bearing Treasury debt outstanding, spread out over just six issues. New offerings were rare, and the debt was narrowly held, most of it owned by national banks. In Birth of a Market, Kenneth Garbade traces the development of the Treasury market from a financial backwater in the years before World War I to a multibillion dollar market on the eve of World War II. Garbade focuses on Treasury debt management policies, describing the origins of several pillars of modern Treasury practice, including "regular and predictable" auction offerings and the integration of debt and cash management. He recounts the actions of Secretaries of the Treasury, from William McAdoo in the Wilson administration to Henry Morgenthau in the Roosevelt administration, and their responses to economic conditions. Garbade's account covers the Treasury market in the two decades before World War I, how the Treasury financed the Great War, how it managed the postwar refinancing and paydowns, and how it financed the chronic deficits of the Great Depression. He concludes with an examination of aspects of modern Treasury debt management that grew out of developments from 1917 to 1939.

Birth of a Market

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Author :
Publisher : MIT Press
ISBN 13 : 0262297795
Total Pages : 407 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis Birth of a Market by : Kenneth D. Garbade

Download or read book Birth of a Market written by Kenneth D. Garbade and published by MIT Press. This book was released on 2012-01-13 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: The evolution of “a marvel of modern finance,” the market for U.S. Treasury securities, from 1917 to 1939. The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned $8.2 trillion of new securities, ranging from 4-day bills to 30-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only about $1 billion of interest-bearing Treasury debt outstanding, spread out over just six issues. New offerings were rare, and the debt was narrowly held, most of it owned by national banks. In Birth of a Market, Kenneth Garbade traces the development of the Treasury market from a financial backwater in the years before World War I to a multibillion dollar market on the eve of World War II. Garbade focuses on Treasury debt management policies, describing the origins of several pillars of modern Treasury practice, including “regular and predictable” auction offerings and the integration of debt and cash management. He recounts the actions of Secretaries of the Treasury, from William McAdoo in the Wilson administration to Henry Morgenthau in the Roosevelt administration, and their responses to economic conditions. Garbade's account covers the Treasury market in the two decades before World War I, how the Treasury financed the Great War, how it managed the postwar refinancing and paydowns, and how it financed the chronic deficits of the Great Depression. He concludes with an examination of aspects of modern Treasury debt management that grew out of developments from 1917 to 1939.

Birth of a Market

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Author :
Publisher :
ISBN 13 : 9780262298674
Total Pages : 407 pages
Book Rating : 4.2/5 (986 download)

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Book Synopsis Birth of a Market by : Kenneth D. Garbade

Download or read book Birth of a Market written by Kenneth D. Garbade and published by . This book was released on 2012 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned #8.2 trillion of new securities, ranging from 4-day bills to 30-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only about #1 billion of interest-bearing Treasury debt outstanding, spread out over just six issues. New offerings were rare, and the debt was narrowly held, most of it owned by national banks. In Birth of a Market, Kenneth Garbade traces the development of the Treasury market from a financial backwater in the years before World War I to a multibillion dollar market on the eve of World War II. Garbade focuses on Treasury debt management policies, describing the origins of several pillars of modern Treasury practice, including "regular and predictable" auction offerings and the integration of debt and cash management. He recounts the actions of Secretaries of the Treasury, from William McAdoo in the Wilson administration to Henry Morgenthau in the Roosevelt administration, and their responses to economic conditions. Garbade's account covers the Treasury market in the two decades before World War I, how the Treasury financed the Great War, how it managed the postwar refinancing and paydowns, and how it financed the chronic deficits of the Great Depression. He concludes with an examination of aspects of modern Treasury debt management that grew out of developments from 1917 to 1939.

The U.S. Government Securities Market

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Author :
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The U.S. Government Securities Market by : William A. Hawk

Download or read book The U.S. Government Securities Market written by William A. Hawk and published by . This book was released on 1976 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Structural Model of the U.S. Government Securities Market

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Author :
Publisher : Routledge
ISBN 13 : 1351140469
Total Pages : 230 pages
Book Rating : 4.3/5 (511 download)

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Book Synopsis A Structural Model of the U.S. Government Securities Market by : V. Vance Roley

Download or read book A Structural Model of the U.S. Government Securities Market written by V. Vance Roley and published by Routledge. This book was released on 2018-03-05 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1979. This study focuses primarily on the development of a structural model for the U. S. Government securities market, ie. the specification and estimation of the demands for disaggregated maturity classes of U.S. Government securities by the individual investor groups participating in the market. A particularly important issue addressed involves the extent of the substitution relationship among different maturity classes of U.S. Government securities.

U.S. Treasury Securities

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Author :
Publisher :
ISBN 13 :
Total Pages : 164 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis U.S. Treasury Securities by : United States. General Accounting Office

Download or read book U.S. Treasury Securities written by United States. General Accounting Office and published by . This book was released on 1986 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:

After the Accord

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Author :
Publisher : Cambridge University Press
ISBN 13 : 1108839894
Total Pages : 603 pages
Book Rating : 4.1/5 (88 download)

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Book Synopsis After the Accord by : Kenneth D. Garbade

Download or read book After the Accord written by Kenneth D. Garbade and published by Cambridge University Press. This book was released on 2021-02-04 with total page 603 pages. Available in PDF, EPUB and Kindle. Book excerpt: A contribution to the history of the institutional evolution of the market that finances the US government in war and peace.

Inside the US Treasury Market

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Author :
Publisher : Praeger
ISBN 13 :
Total Pages : 356 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Inside the US Treasury Market by : Peter Wann

Download or read book Inside the US Treasury Market written by Peter Wann and published by Praeger. This book was released on 1989-07-31 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and practical guide to the United States Treasury bond market, this timely book offers a detailed introduction to the workings of the largest government debt market in the world and the investment opportunities it provides. Wann begins by outlining the history and development of the market, explaining how it operates and examining the parts played by dealers, investors, and the U.S. government authorities. The U.S. Treasury market is compared with the UK gilts market and its economic and political background is analyzed. He goes on to provide an introduction to investment theory and analytical methods, including yield and return calculations, and looks at futures and options contracts on treasury bonds. The book concludes with a consideration of more advanced investment theory and investment strategies. The appendices include bond-equivalent yield calculations, formal mathematical proofs, statistical data on U.S. government finances since 1789, and a comprehensive glossary. Written by the Senior Economist in the London office of a major U.S. investment house, Inside the U.S. Treasury Market is an authoritative and important book. It will be particularly useful for fund managers, investment analysts, brokers, bankers, and corporate treasurers.

The Professional's Guide to the U.S. Government Securities Markets

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Author :
Publisher : Prentice Hall
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis The Professional's Guide to the U.S. Government Securities Markets by : George M. Bollenbacher

Download or read book The Professional's Guide to the U.S. Government Securities Markets written by George M. Bollenbacher and published by Prentice Hall. This book was released on 1988 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:

U.S. Government Securities

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Author :
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis U.S. Government Securities by : United States. General Accounting Office

Download or read book U.S. Government Securities written by United States. General Accounting Office and published by . This book was released on 1987 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Future of China's Bond Market

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Author :
Publisher : International Monetary Fund
ISBN 13 : 151358278X
Total Pages : 52 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis The Future of China's Bond Market by : Mr. Alfred Schipke

Download or read book The Future of China's Bond Market written by Mr. Alfred Schipke and published by International Monetary Fund. This book was released on 2019-03-13 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.

The Bond Book, Third Edition: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More

Download The Bond Book, Third Edition: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More PDF Online Free

Author :
Publisher : McGraw Hill Professional
ISBN 13 : 0071713093
Total Pages : 448 pages
Book Rating : 4.0/5 (717 download)

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Book Synopsis The Bond Book, Third Edition: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More by : Annette Thau

Download or read book The Bond Book, Third Edition: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More written by Annette Thau and published by McGraw Hill Professional. This book was released on 2010-04-20 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Everything on Treasuries, munis,bond funds, and more! The bond buyer’s answer book—updated for the new economy “As in the first two editions, this third edition of The Bond Book continues to be the idealreference for the individual investor. It has all the necessary details, well explained andillustrated without excessive mathematics. In addition to providing this essential content, itis extremely well written.” —James B. Cloonan, Chairman, American Association of Individual Investors “Annette Thau makes the bond market interesting, approachable, and clear. As much asinvestors will continue to depend on fixed-income securities during their retirement years,they’ll need an insightful guide that ensures they’re appropriately educated and served.The Bond Book does just that.” —Jeff Tjornejoh, Research Director, U.S. and Canada, Lipper, Thomson Reuters “Not only a practical and easy-to-understand guide for the novice, but also a comprehensivereference for professionals. Annette Thau provides the steps to climb to the top of the bondinvestment ladder. The Bond Book should be a permanent fixture in any investment library!” —Thomas J. Herzfeld, President, Thomas Herzfeld Advisors, Inc. “If the financial crisis of recent years has taught us anything, it’s buyer beware. Fact is, bondscan be just as risky as stocks. That’s why Annette Thau’s new edition of The Bond Book isessential reading for investors who want to know exactly what’s in their portfolios. It alsoserves as an excellent guide for those of us who are getting older and need to diversify intofixed income.” —Jean Gruss, Southwest Florida Editor, Gulf Coast Business Review, andformer Managing Editor, Kiplinger’s Retirement Report About the Book The financial crisis of 2008 causedmajor disruptions to every sector ofthe bond market and left even the savviestinvestors confused about the safety oftheir investments. To serve these investors andanyone looking to explore opportunities infixed-income investing, former bond analystAnnette Thau builds on the features and authoritythat made the first two editions bestsellersin the thoroughly revised, updated, andexpanded third edition of The Bond Book. This is a one-stop resource for both seasonedbond investors looking for the latest informationon the fixed-income market and equitiesinvestors planning to diversify their holdings.Writing in plain English, Thau presentscutting-edge strategies for making the bestbond-investing decisions, while explaininghow to assess risks and opportunities. She alsoincludes up-to-date listings of online resourceswith bond prices and other information.Look to this all-in-one guide for information onsuch critical topics as: Buying individual bonds or bond funds The ins and outs of open-end funds,closed-end funds, and exchangetradedfunds (ETFs) The new landscape for municipal bonds:the changed rating scales, the neardemise of bond insurance, andBuild America Bonds (BABs) The safest bond funds Junk bonds (and emerging market bonds) Buying Treasuries without payinga commission From how bonds work to how to buy and sellthem to what to expect from them, The BondBook, third edition, is a must-read for individualinvestors and financial advisers who wantto enhance the fixed-income allocation of theirportfolios.

The Microstructure of Government Securities Markets

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Author :
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Microstructure of Government Securities Markets by : Mr.Peter Dattels

Download or read book The Microstructure of Government Securities Markets written by Mr.Peter Dattels and published by International Monetary Fund. This book was released on 1995-11 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.

Treasury-Federal Reserve Study of the Government Securities Market

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Author :
Publisher :
ISBN 13 :
Total Pages : 172 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Treasury-Federal Reserve Study of the Government Securities Market by : United States. Department of the Treasury

Download or read book Treasury-Federal Reserve Study of the Government Securities Market written by United States. Department of the Treasury and published by . This book was released on 1960 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Survey of the Federal Reserve System's Supervision of the Treasury Securities Market

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Author :
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Survey of the Federal Reserve System's Supervision of the Treasury Securities Market by :

Download or read book Survey of the Federal Reserve System's Supervision of the Treasury Securities Market written by and published by . This book was released on 1985 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Disturbances in the U.S. Securities Market

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Author :
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Disturbances in the U.S. Securities Market by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities

Download or read book Disturbances in the U.S. Securities Market written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1982 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

American Bonds

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Author :
Publisher : Princeton University Press
ISBN 13 : 0691227071
Total Pages : 309 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis American Bonds by : Sarah L. Quinn

Download or read book American Bonds written by Sarah L. Quinn and published by Princeton University Press. This book was released on 2021-08-10 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the American government has long used financial credit programs to create economic opportunities Federal housing finance policy and mortgage-backed securities have gained widespread attention in recent years because of the 2008 financial crisis, but issues of government credit have been part of American life since the nation’s founding. From the 1780s, when a watershed national land credit policy was established, to the postwar foundations of our current housing finance system, American Bonds examines the evolution of securitization and federal credit programs. Sarah Quinn shows that since the Westward expansion, the U.S. government has used financial markets to manage America’s complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market intervention or direct wealth redistribution. Highly technical systems, securitization, and credit programs have been fundamental to how Americans determined what they could and should owe one another. Over time, government officials embraced credit as a political tool that allowed them to navigate an increasingly complex and fractured political system, affirming the government’s role as a consequential and creative market participant. Neither intermittent nor marginal, credit programs supported the growth of powerful industries, from railroads and farms to housing and finance; have been used for disaster relief, foreign policy, and military efforts; and were promoters of amortized mortgages, lending abroad, venture capital investment, and mortgage securitization. Illuminating America’s market-heavy social policies, American Bonds illustrates how political institutions became involved in the nation’s lending practices.