【導(dǎo)讀】LearningObjectives?world.havebeenaffected.deregulation.Toaid“disadvantaged”economicsectors.formofinnovation.trustpowers.operatinginthe.system.

　　

【正文】 rights reserved. McGraw Hill / Irwin 18 45 Source: Bureau of the Public Debt 19 The Composition of the Public Debt ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 46 Investors in . Government Securities 19 Data Source: Treasury Bulletin, Department of the Treasury (.) Investor Group Dec 2020 Jun 2020 Federal Reserve amp。 Government accounts … 2, 3, Privately held: Depository institutions ……………………… . savings bonds …………………………… Pension funds Private ……………………………………… State and local governments ……………… Insurance panies ………………………… Mutual funds ………………………………… State and local governments ………………… Foreign and international …………………… 1, 1, Other investors ……………………………… Total privately held …………………………… 2, 2, Total public debt ………………………… 5, 5, (In billions of dollars) ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 47 Methods of Offering Treasury Securities ? Treasury debt managers are called on continually to make decisions about raising new money and refunding maturing securities. ? They must decide what kinds of securities to issue, which maturities will appeal to investors, and the form in which an offering of securities should be made. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 48 Methods of Offering Treasury Securities ? The auction method is the principal means of selling Treasury notes, bonds, and bills today. ? Examples of auction methods used include the yield auction, uniform price auction, and “reverse auction.” ? Today, the marketable public debt is issued in bookentry form only . ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 49 Methods of Offering Treasury Securities ? New Treasury bills, notes, and bonds can be bought directly from the Treasury Department or from the Treasury’s agents – the Federal Reserve banks. ? Many investors also place orders for new Treasury issues through a security broker or dealer, bank, or nonbank financial institution. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 50 The Goals of Federal Debt Management ? Housekeeping goals pertain to the cost and position of the public debt, such as minimizing interest costs and reducing the frequency of refundings. ? Stabilization goals relate to the impact of the debt on the economy and the financial markets. ? The goal of economic stabilization often conflicts with other debt management goals. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 51 The Impact of Federal Debt Management ? Most experts agree that in the short run, the financial markets bee more agitated and interest rates tend to rise when the Treasury is borrowing. ? There is also some evidence that lengthening debt maturities increases longterm interest rates relative to short rates. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 52 The Impact of Federal Debt Management ? However, most authorities are convinced that the debt management activities of the Treasury do not have a major impact on economic conditions. ? The effects of debt management operations appear to be secondary pared to the impact of moary and fiscal policy on the economy and the financial markets. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 53 Money and Capital Markets in Cyberspace ? Find out more about the Treasury by visiting: ? ? ? ? g/ ? ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 54 Chapter Review ? Introduction ? The Fiscal Policy Activities of the . Treasury ? Sources of Federal Government Funds ? Federal Government Expenditures ? Recent Tax and Expenditure Legislation ? Effects of Government Borrowing on the Financial System and the Economy ? Effects of the Retirement of Government Debt ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 18 55 Chapter Review ? Management of the Federal Debt ? The Size and Growth of the Public Debt ? The Composition of the Public Debt ? Marketable Public Debt ? Nonmarketable Public Debt ? Investors in . Government Securities ? Methods of Offering Treasury Securities ? The Goals of Federal Debt Management ? The Impact of Federal Debt Management on the Financial Markets and the Economy