Summers calls on Fed and US Treasury to 'fully' coordinate debt management
Paper finds Treasury purchases of long-term bonds offset third of QE benefits
The Federal Reserve and US Treasury should start managing US government debt collaboratively and release a joint annual strategy statement to avoid working at cross purposes, a paper published today by Larry Summers, the former US Treasury Secretary, among others, argues.
The controversial idea is borne out of the paper's observation that about a third of the benefits to the US economy from the Federal Reserve's asset purchases following the financial crisis were offset by the Treasury's
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Debt Management
Pakistan repays bonds worth $1bn as it seeks fresh IMF loan
Debt-stricken country looks to secure about $6 billion in loans
BCRA ex-governor Caputo will be Argentina’s economy minister
Central bank halts sales of devaluation hedge bonds
IMF members will meet SDR interest payments, says paper
Fund publication notes interest rates on SDR rose sharply in last two years
Tunisian president wants central bank to directly finance budget
Central bank governor has rejected calls for monetary financing as observers warn of growing crisis
Zambia agrees foreign debt deal
Government agrees to repay faster if IMF assesses its ability to do so has risen
Argentina defers over $15 billion interest in debt swap
Struggling country eases fiscal pressures while inflation continues rising
IMF approves $3 billion for Ghana
Governor welcomes conditions, including cutting inflation and ending monetary financing
Book notes: States and the masters of capital, by Quentin Bruneau
Chronicling the practices and players involved in privately financed sovereign debt
Most read
- ECB staff speak out against changes to internal survey
- French president calls for expanded ECB mandate
- Central bank of the year: Central Bank of Brazil