BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

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Autor
Babczuk Arkadiusz (Akademia Ekonomiczna we Wrocławiu)
Tytuł
Zarządzanie długiem publicznym w USA - wybrane problemy
Public Debt Management in the U.S. - Selected Problems
Źródło
Prace Naukowe Akademii Ekonomicznej we Wrocławiu, 2006, nr 1129, s. 256-265, bibliogr. 46 poz.
Tytuł własny numeru
Współczesne problemy polityki ekonomicznej
Słowa kluczowe
Zarządzanie długiem, Dług publiczny
Debt management, Public debt
Uwagi
summ.
Kraj/Region
Stany Zjednoczone Ameryki
United States of America (USA)
Abstrakt
Celem niniejszego opracowania jest prezentacja najistotniejszych zmian w zakresie procedur emisyjnych amerykańskich skarbowych papierów wartościowych, obserwowanych w ostatnich piętnastu latach. Dotyczyły one zasad przeprowadzania przetargów na rynkowe skarbowe instrumenty dłużne. Analiza doświadczeń amerykańskich w tych obszarach może stanowić jedną z przesłanek podejmowania decyzji w zakresie przekształceń instrumentarium zarządzania długiem publicznym w Polsce. (fragment tekstu)

The subject of the following article is to present the most significant changes in the field of issuing procedures for American Treasury Securities over the period of the past 15 years. The changes concerned the rules of auctions of marketable treasury securities. As a result of the analysis of contemporary studies as well as experiments carried out by American public debt managers, the auction procedures has changed from multiple-price sealed bid auction into uniform-price sealed bid auction. The above mentioned changes are aimed at the reduction of U.S. public debt costs. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka SGH im. Profesora Andrzeja Grodka
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Bibliografia
Pokaż
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  3. Ausubel L., Cramton P., Auctioning Securities, University of Maryland, Mimeograph, March 1998.
  4. Babczuk A., Procedury emisyjne na rynkach skarbowych papierów wartościowych w krajach Unii Europejskiej - wnioski dla Polski, [w:] Rynek finansowy. Polskie doświadczenia po pierwszym roku funkcjonowania w ramach Unii Europejskiej, red. J. Węcławski, UMCS, Lublin 2005.
  5. Back K., Zender J., Auctions of Divisible Goods. On the Rationale for the Treasury Experiment, "Reviews of Financial Studies" 1993 vol. 6, Issue 4, s. 733-764.
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  7. Bartolini L., Cottarelli C., Treasury Bill Auctions: Issues and Uses, IMF Working Paper no. 135, 1994.
  8. Bikhchandani S., Huang C., Auctions with Resale Markets: A Model of Treasury Bills Auctions, "Review of Financial Studies" 1989 no. 2, s. 311-340.
  9. Bikhchandani S., Huang C., The Economics of Treasury Securities Markets, "Journal of Economic Perspectives" 1993 vol. 7, no. 3, s. 117-134.
  10. Bolton S., Treasury Bill Auction Procedures: An Empirical Investigation, "Journal of Finance" 1973, s. 577-585.
  11. Bulow J., Klemperer P., Prices and the Winner 's Curse, Nuffield College, Oxford University Discussion Paper 1999.
  12. Cammack E., Evidence of Bidding Strategies and the Information in Treasury Bill Auctions, "Journal of Political Economy" 1991 vol. 99, s. 100-130.
  13. Chari V., Weber R., How the U,S. Treasury Should Auction Its Debt, "Federal Reserve Bank of Minneapolis Quarterly Review" 1992 vol. 16, no. 4.
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  15. Das S., Sundaram R., Auction Theory: A Summary with Applications to Treasury Markets, NBER Working Paper 5873, 1997.
  16. Dupont D., Sack B., The Treasury Securities Market: Overview and Recent Developments, "Federal Reserve Bulletin" December 1999.
  17. Engelmann D., Grimm V., Bidding Behavior in Multi-Unit Auctions - An Experimental Investigation and Some Theoretical Insights, "Working Paper" 2004-12, University of Alicante 2004.
  18. Friedman M., Comment on Collusion in the Auction Market for Treasury Bills, "Journal of Political Economy" 1964 vol. 72, s. 513-514.
  19. Friedman M., Testimony in Employment, Growth and Price Levels: Hearings before the Joint Economic Committee, 86th Congress 1959.
  20. Friedman M., How to Sell Government Securities, "Wall Street Journal" August 28, 1991, s. A8.
  21. Friedman M., Program from Monetary Stability, Fordham University Press, New York 1960.
  22. Gargade K., The Institutionalization of Treasury Note and Bond Auctions, 1970-1975, "FRBNY Economic Policy Review" May 2004, s. 29-45.
  23. Goswami G., Noe T., Rebelio M., Collusion in Uniform-Price Auctions: Experimental Evidence and Implications for Treasury Auctions, Federal Reserve Bank of Atlanta Working Paper 1995-5.
  24. Harstad R., Alternative Common Values Procedures: Revenue Comparisons with Free Entry, "Journal of Political Economy" 1990 vol. 98, s. 421-429.
  25. Heller D., Lengwiler Y., The Auctions of Swiss Government Bonds: Should the Treasury Price Discriminate or Note? Board of Governors of the Federal Reserve System, "Finance and Economics Discussion Series" no. 1998-11.
  26. Joint Report on the Government Securities Market, Department of the Treasury. Securities Exchange Commission. Board of Governors of the Federal Reserve System, January 22, Washington 1992.
  27. Kagel J., Levin D., Behavior in Multi-Unit Demand Auctions: Experiments with Uniform Price and Dynamic Auctions, "Econometrica" 2001 vol. 69, Issue 2, s. 413-454.
  28. Klemperer P., Auction Theory: A Guide to the Literature, "Journal of Economic Surveys" July 1999 vol. 13, Issue 3, s. 227-286.
  29. Levin D., Smith J., Equilibrium in Auctions with Entry, "American Economic Review" 1994 vol. 84, s. 584-599.
  30. Malvey P., Archibal C., Flynn S., Uniform-Price Auctions: Evaluation of the Treasury Experience, US Treasury Department, Washington D.C. 1995.
  31. Malvey P., Archibal C., Uniform-Price Auctions: Update of the Treasury Experience, US Treasury Department, Washington D.C. 1998.
  32. Matthews S., Comparing Auctions for Risk-Averse Buyers: A Buyer's Point of View, "Econometrica" 1987 vol. 55, s. 633-646.
  33. McAfee P., McMillan J., Auctions and Bidding, "Journal of Economic Literature" 1987 no. 25, s. 699-738.
  34. Mester L., Going, Going, Gone: Setting Price with Auctions, "Federal Reserve Bank of Philadelphia Business Review" March/April 1988, s. 3-13.
  35. Milgrom P., Auctions and Bidders: A Primer, "Journal of Economic Perspectives" 1989 vol. 3, s. 3-32.
  36. Milgrom P., Weber R., A Theory of Auctions and Competitive Bidding, "Econometrica" 1982 vol. 50, s. 1089-1122.
  37. Nandi S., Treasury Auctions: What Do the Recent Models and Results Tell Us? "Federal Reserve Bank of Atlanta Economic Review" 4th Quarter 1997, s. 4-15.
  38. Nyborg K., Sundaresan S., Discriminatory versus Uniform Treasury Auctions:: Evidence from When-Issued Transactions, "Journal of Financial Economics" 1996 vol. 42, s. 63-104.
  39. Nautz D., Wolfstetter E., Bid Shading and Risk Aversion in Multi-Unit Auction with Many Bidders, "Economic Letters" 1997 no. 56, s. 195-200.
  40. Nautz D., Optimal Bidding in Multi-Unit Auctions with Many Bidders, "Economic Letters" 1995 no. 48, s. 301-306.
  41. Simon D., Markups, Quantity Risk, and Bidding Strategies at Treasury Coupon Auctions, "Journal of Financial Economics" 1994 vol. 35, s. 43-62.
  42. Smith C., Economics and Ethics: The Case of Salomon Brothers, "Journal of Banking and Finance" 1992 no. 5, s. 23-28.
  43. Smith J., Non-aggressive Bidding Behavior and the Winner's Curse', "Economic Inquiry" 1981 vol. 19, s. 380-388.
  44. Spindt P., Stolz R., Are U.S. Treasury Bills Underpriced in the Primary Market, "Journal of Banking and Finance" 1992 vol. 16, no. 5, s. 891-908.
  45. Wang J., Zender J., Auctioning Divisible Goods, "Economic Theory" vol. 19, no. 4, June 2002, s. 673-705.
  46. Vickrey W., Counterspeculation, Auctions, and Competitive Sealed Tenders, "Journal of Finance" March 1961 vol. 16, s. 8-37.
Cytowane przez
Pokaż
ISSN
0324-8445
Język
pol
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