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Global Government Securities Markets: Economics and Politics of Recent Market Microstructure Reforms

In: The Debt Burden and its Consequences for Monetary Policy

Author

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  • Randall S. Kroszner

    (University Of Chicago)

Abstract

As government securities markets have grown during the last two decades, they have come to play an increasingly important role in both domestic monetary and fiscal policy and in the global capital markets. In many developed and developing nations, government securities have become the largest and most liquid segment of the debt market, and international participation in these markets has been increasing rapidly. The figures in Table 4.1 show the extent of the recent growth of government debt in both nominal dollars and relative to GDP. For the major industrial nations, for example, the ratio of government debt to GDP has risen from roughly 43 per cent in 1980 to approximately 68 per cent by the mid-1990s (IMF, 1994; p. 20).

Suggested Citation

  • Randall S. Kroszner, 1998. "Global Government Securities Markets: Economics and Politics of Recent Market Microstructure Reforms," International Economic Association Series, in: Guillermo Calvo & Mervyn King (ed.), The Debt Burden and its Consequences for Monetary Policy, chapter 4, pages 86-113, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26077-5_4
    DOI: 10.1007/978-1-349-26077-5_4
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    Cited by:

    1. Ranaldo, Angelo & Rossi, Enzo, 2016. "Uniform-price Auctions for Swiss Government Bonds: Origin and Evolution," Working Papers on Finance 1609, University of St. Gallen, School of Finance.
    2. Patricia Correa, 2000. "Public Debt , Publit Debt Markets And Monetary Policy In Colombia," Borradores de Economia 3406, Banco de la Republica.
    3. Patricia Correa, 2000. "Public Debt, Public Debt Markets and Monetary Policy in Colombia," Borradores de Economia 147, Banco de la Republica de Colombia.

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