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Public debt, inequality, and power : the making of a modern debt state
\"Who are the dominant owners of US public debt? Is it widely held, or concentrated in the hands of a few? Does ownership of public debt give these bondholders power over our government? What do we make of the fact that foreign-owned debt has ballooned to nearly 50 percent today? Until now, we have not had any satisfactory answers to these questions. Public Debt, Inequality, and Power is the first comprehensive historical analysis of public debt ownership in the United States. It reveals that ownership of federal bonds has been increasingly concentrated in the hands of the 1 percent over the last three decades. Based on extensive and original research, Public Debt, Inequality, and Power will shock and enlighten\"--Provided by publisher.
Book
A Framework for Developing Secondary Markets for Government Securities
This paper consolidates previous work on the development of secondary markets for government securities, and focuses on the sequencing of measures necessary for their development. Six main lessons are identified: (i) a commitment to achieving and maintaining a stable macroeconomic environment, especially prudent fiscal policy, should underpin market development; (ii) a sound and transparent public debt management strategy supports secondary market activity; (iii) a deep and diverse investor base is required; (iv) poor market infrastructure leads to high transaction costs, slow order execution, and excessive operational risk, which all inhibit trading; (v) secondary market growth is facilitated by effective monetary policy implementation; and (vi) reforms should be sequenced to ensure even development of all the structures supporting the secondary market.
eBook
Financialization and government borrowing capacity in emerging markets
\"Hardie investigates the link between the financialization - defined as the ability to trade risk - and the capacity of emerging market governments to borrow from private markets. He considers the government bond markets in Brazil, Lebanon and Turkey and includes interviews with 126 financial market actors\"-- Provided by publisher.
Book
Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies
We analyze determinants of sovereign bond yields in 22 advanced economies over the 1980-2010 period using panel cointegration techniques. The application of cointegration methodology allows distinguishing between long-run (debt-to-GDP ratio, potential growth) and short-run (inflation, short-term interest rates, etc.) determinants of sovereign borrowing costs. We find that in the long-run, government bond yields increase by about 2 basis points in response to a 1 percentage point increase in government debt-to-GDP ratio and by about 45 basis points in response to a 1 percentage point increase in potential growth rate. In the short-run, sovereign bond yields deviate from the level determined by the long-run fundamentals, but about half of the deviation adjusts in one year. When considering the impact of the global financial crisis on sovereign borrowing costs in euro area countries, the estimations suggest that spreads against Germany in some European periphery countries exceeded the level determined by fundamentals in the aftermath of the crisis, while some North European countries have benefited from \"safe haven\" flows.
eBook
Global algorithmic capital markets : high frequency trading, dark pools, and regulatory challenges
Global capital markets have undergone fundamental transformations in recent years and, as a result, have become extraordinarily complex and opaque. Trading space is no longer measured in minutes or seconds but in time units beyond human perception: milliseconds, microseconds, and even nanoseconds. Technological advances have thus scaled up imperceptible and previously irrelevant time differences into operationally manageable and enormously profitable business opportunities for those with the proper high-tech trading tools. These tools include the fastest private communication and trading lines, the most powerful computers and sophisticated algorithms capable of speedily analysing incoming news and trading data and determining optimal trading strategies in microseconds, as well as the possession of gigantic collections of historic and real-time market data. 0Fragmented capital markets are also becoming a rapidly growing reality in Europe and Asia, and are an established feature of U.S. trading. This raises urgent market governance issues that have largely been overlooked. Global Algorithmic Capital Markets seeks to understand how recent market transformations are affecting core public policy objectives such as investor protection and reduction of systemic risk, as well as fairness, efficiency, and transparency. 0The operation and health of capital markets affect all of us and have profound implications for equality and justice in society. This unique set of chapters by leading scholars, industry insiders, and regulators discusses ways to strengthen market governance for the benefit of society at whole.
Book
The unending hunger
Based on ethnographic fieldwork from Santa Barbara, California, this book sheds light on the ways that food insecurity prevails in women's experiences of migration from Mexico and Central America to the United States. As women grapple with the pervasive conditions of poverty that hinder efforts at getting enough to eat, they find few options for alleviating the various forms of suffering that accompany food insecurity. Examining how constraints on eating and feeding translate to the uneven distribution of life chances across borders and how \"food security\" comes to dominate national policy in the United States, this book argues for understanding women's relations to these processes as inherently biopolitical.
eBook
Yield Curve Estimation Based on Government Security Prices in the Croatian Financial Market
This article investigates the estimation of the yield curve based on government security prices using the Nelson-Siegel model in the Croatian financial market. The yield curve was estimated for samples of government securities with and without currency clauses. Since the Croatian financial market is less developed characterized by limited trading activity in government bonds, Treasury bills were also included in the analysis. To examine the difference in the estimation of yield curve parameters between a less developed and a developed market, the U.S. sample was considered. The yield curve was estimated for the full US sample and for artificially created U.S. samples corresponding to the Croatian samples of government bonds with and without currency clauses. Despite the less developed Croatian financial market, it is possible to estimate the yield curve and derive meaningful economic interpretations from the estimates.
Journal Article
Privatizing Pensions
To what extent do international organizations, global policy networks, and transnational policy entrepreneurs influence domestic policy makers? Have we entered a new phase of globalization that, unbeknownst to most citizens, shapes policies that used to be the sole domain of domestic politics?Privatizing Pensionsreveals how international institutions--such as the World Bank, USAID, and other transnational policy actors--have played a seminal role in the development, diffusion, and implementation of new pension reforms that are transforming the postwar social contract in more than thirty countries worldwide, including the United States.
Mitchell Orenstein shows how transnational actors have driven change in a policy area once thought to be beyond reform in many countries, and how they have done so by deploying their unique resources and legitimacy to promote new ideas, recruit disciples worldwide, and provide a broad range of technical assistance to government reformers over the long term. He demonstrates that while domestic decision makers may retain veto power over these reforms--which replace traditional social security with individual pension savings accounts--transnational policy makers play the role of \"proposal actors,\" shaping the information, preferences, and resources of their domestic clients.
Privatizing Pensionsargues that even the most quintessentially domestic areas of policy have been thoroughly globalized, and that these international influences must be better understood.
eBook
ENHANCING PUBLIC POLICY COMMUNICATION: UTILIZING SHARIA STATE SECURITIES (SBSN) AS DEFENSE FINANCIAL RESOURCES
The allocation of Sharia Government Securities (SBSN) as a financial resource for the Ministry of Defense and the Indonesian National Armed Forces (TNI) is a new policy. However, the implementation communication process reveals a significant gap in understanding among institutions regarding SBSN policies. This research investigates this phenomenon using structuration analysis to identify causes and proposes inter-agency policy structuration to enhance control over SBSN financial resources for defense. Employing qualitative methods supported by expert panels, the research focuses on the structuration and communication of public policy among the Ministry of Defense, Ministry of Finance, Bappenas, and the Indonesian Navy to empower SBSN financial resources. Findings highlight a lack of understanding and delayed program awareness, originating from its belated inclusion in the 2021 Macroeconomic Framework and Fiscal Policy Principles document. SBSN financing is seen as crucial for realizing the TNI AL (Navy) program under the Ministry of Defense's authority, with policy negotiations predominantly influenced by Bappenas.
Journal Article
The Microstructure of Government Securities Markets
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.
Journal Article