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Birth of a Market
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Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Kenneth D. Garbade


The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned $8.2 trillion of new securities, ranging from four-day bills to thirty-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only about $1 billion of interest-bearing Treasury debt outstanding, spread out over just six issues. New offerings were rare, and the debt was narrowly held, most of it owned by national banks. This book traces the development of the Treasury market from a financial backwater in the years before World War I to a mul ... More

Keywords: U.S. Treasury securities, 4-day bills, 30-year bonds, Treasury debt, national banks, Treasury market, auction offerings, cash management, William McAdoo, Wilson administration

Bibliographic Information

Print publication date: 2012 Print ISBN-13: 9780262016377
Published to MIT Press Scholarship Online: August 2013 DOI:10.7551/mitpress/9780262016377.001.0001


Affiliations are at time of print publication.

Kenneth D. Garbade, author

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