Greco-Roman Lessons for Public Debt Management and Debt Market Development |
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12-month Treasury bills assets auctions average bank deposits Bank of Greece Bank of Italy basis points BTPs CCTs central bank Central Government Debt certificates commercial banks coupon debt markets debt office euro zone European European Union excessive reliance fixed-rate bonds fixed-rate long-term foreign currency foreign investors government bonds GRD billion Greek drachma household sector increase indexation inflation innovation institutional investors insurance companies interest cost interest rates invest investor base issuance issuing strategy Italian Italy and Greece level of public linked liquid benchmark issues long-term fixed-rate long-term instruments marketable debt Ministry of Finance mutual funds non-bank investors OECD offered pension funds percent in 1995 percent of GDP percent of total period policy credibility primary dealers public debt management refinancing risk reliance on short-term repo retail investors Scarpelli sector borrowing requirement September 2004 sources of finance spreads Table targeted total debt trading types of investors variable-rate World Bank