Download or read book Inflation Indexing of Government Securities written by United States. Congress. Joint Economic Committee. Subcommittee on Trade, Productivity, and Economic Growth and published by . This book was released on 1985 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Rationale and Design of Inflation Indexed Bonds written by Mr.Robert T. Price and published by International Monetary Fund. This book was released on 1997-01-01 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of industrialized countries have recently offered inflation-indexed bonds. Some members of another group of countries that had earlier adopted more comprehensive indexation in response to high inflation have taken steps to reduce the scope of indexation in their economies. This paper surveys debt management, monetary policy, and welfare arguments on the use of inflation-indexed bonds, and relates these to the experiences of various issuers. The paper also considers some important design features of indexed bonds.
Download or read book Inflation indexed Treasury Debt as an Aid to Monetary Policy written by United States. Congress. House. Committee on Government Operations. Commerce, Consumer, and Monetary Affairs Subcommittee and published by . This book was released on 1992 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation Indexing of Government Securities written by United States. Congress. Joint Economic Committee. Subcommittee on Trade, Productivity, and Economic Growth and published by . This book was released on 1985 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook of Inflation Indexed Bonds written by John Brynjolfsson and published by John Wiley & Sons. This book was released on 1999-02-15 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Inflation Indexed Bonds provides complete coverage of inflation protection bonds beginning with their first U.S. issuance in 1997. Five, in-depth sections detail: strategic asset allocation; mechanics, valuation, and risk monitoring; global environment; issuers; and investors.
Download or read book Inflation indexed Securities written by Mark Deacon and published by John Wiley & Sons. This book was released on 2004-04-21 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global market for inflation-indexed securities has ballooned in recent years, and this trend is set to continue. This book examines the rationale behind issuance and investment decisions, and details the issues facing anyone who designs indexed securities, illustrating them wherever possible with actual examples from the international capital markets. In particular, an extensive review of indexed debt markets throughout the world is provided - including for the first time, a comprehensive and consistent set of cash flow and price-yield equations for the instruments already in existence in the major bond markets - forming an important reference for those already experienced in the field, as well as practitioners and academics approaching the subject for the first time. The book also provides unique insight into the development of inflation-indexed derivative products, and the analytical tools required to value such instruments.
Download or read book Inflation indexed Securities written by Mark Deacon and published by Prentice Hall PTR. This book was released on 1998 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The entry of the USA into the index-linked bond market has heightened the demand for more complex information about these instruments. This text aims to help the readers understand securities, the motivation of both issuers and of investors, and how their value compares to one another.
Download or read book Information Contents of Inflation Indexed Bond Prices written by Yukinobu Kitamura and published by . This book was released on 2004 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In January 1997, the U.S. Treasury started issuing Treasury Inflation-Protection Securities (TIPS; hereafter TIPS and indexed bonds interchangeably) and, as of September 2002, a total of ten issues were being traded on the market, while one issue had already matured. The purpose of this paper is to attempt an evaluation of indexed bonds based on the record of five and a half years of market trading in TIPS, and to present the results as a reference for the issue of similar securities by the Japanese government in the future. The results of this paper are as follows: (1) Real interest rates are relatively stable and remain near the 4% mark. The 30 year bond is even more stable. (2) The expected inflation rate is more closely linked to realized CPI than to the real yield. However, the expected inflation rate is far more stable and its fluctuations smaller. In particular, the 30 year bond is steady, near the 2% mark. (3) While the economic information derived from the 10 year bond is strongly influenced by short-term economic fluctuations, the economic information derived from the 30 year bond is generally unresponsive to short-term economic fluctuations. (4) Examination of the derived information using econometric methods indicates that useful economic information was obtained from the following indexed bonds in the secondary markets: Series Three and Four 10 year bonds. Information included in the expected inflation rate was useful for the Series Three and Four 10 year bonds. Hence, while a total of eleven indexed bonds have been issued, very few of them have proven to be truly useful. These useful bonds turn out to have fair initial conditions, continuous arbitrages with the nominal bonds, and active trades in the secondary markets.
Download or read book Indexed Bonds and Monetary Policy written by Yukinobu Kitamura and published by . This book was released on 1996 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Treasury Inflation indexed Debt written by Brian Sack and published by . This book was released on 2002 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Download or read book An International Welfare Analysis of Inflation Indexed Government Bonds written by Michael Gapen and published by . This book was released on 2014 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the introduction of an inflation-indexed government bond in a Markowitz framework of individual agent portfolio optimization. Our theoretical metric for the welfare gain is the percent increase in wealth required to make the investor indifferent between holding the benchmark set of risky assets only vs. the expanded set of assets, which includes the inflation-indexed government bond. This metric is estimated using data on real monthly rates of return on domestic and international assets from 1993-2003. Optimal portfolios are calculated for hypothetical investors in four developed countries (Canada, France, Sweden, and the United States) and two developing countries (Brazil and Mexico) before and after introduction of an inflation-indexed government bond. We find that risk averse investors based in Brazil and Mexico benefit more than risk tolerant investors from the introduction of inflation-indexed government bonds due to the high variability of real returns on existing nominal return assets. High inflation and exchange rate risk leads to less favorable investment opportunities when indexed debt is not present. In contrast, we find that gains in the four developed economies are largest when risk tolerance is highest, but these gains are dependent on the ability to engage in short-selling which may not be allowable or feasible if inflation-indexed debt is not sufficiently liquid. Otherwise, the developed country examples indicate that demand for indexed bonds will likely be low when inflation and exchange rate risk is low, and may explain why the main holders of such debt are insurance companies and pension plans.
Download or read book Stocks Bonds Bills and Inflation written by Roger G. Ibbotson and published by . This book was released on 1989 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Conditional Funding Costs of Inflation Indexed and Conventional Government Bonds written by Andreas Reschreiter and published by . This book was released on 2009 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper employs the predictability of monthly excess returns on U.K. conventional and index-linked gilts to study the risk premiums of nominal and real bonds. The excess return predictions of nominal and real bonds are highly correlated and the restrictions of a single-latent-variable model for expected excess returns are accepted. The estimates of the conditional asset-pricing model reveal that indexed gilts of medium and long maturities require approximately half the risk compensation of conventional gilts. The government can significantly reduce its long run borrowing costs through issuing inflation index-linked debt. However, the inflation indexation of bonds with maturities of up to 3 years does not significantly reduce their risk compensation. The paper also shows that membership in the ERM did not significantly alter the ratio of risk compensation of conventional and indexed gilts.
Download or read book Developing Government Bond Markets A Handbook written by and published by World Bank Publications. This book was released on 2001-09-21 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Download or read book Federal Register written by and published by . This book was released on 1997-12-05 with total page 1024 pages. Available in PDF, EPUB and Kindle. Book excerpt:
