- Title Pages
- 1 Introduction
- 2 The Payments System before World War I
- 3 Treasury Debt Management before World War I
- 4 Treasury Finance during World War I
- 5 Designing the Liberty Loans
- 6 Marketing the Liberty Loans
- 7 Treasury Cash Management: Certificates of Indebtedness
- 8 Treasury Cash Management: War Loan Deposit Accounts
- 9 Federal Reserve Support of the Treasury Market during World War I
- 10 Coda on Treasury Debt Management during World War I
- 11 Treasury Finance during the 1920s
- 12 Paying down the War Debt
- 13 Revival of the Over-the-Counter Market
- 14 Evolution of the Primary Market and the Introduction of Treasury Bills
- 15 Coda on Treasury Debt Management during the 1920s
- 16 Treasury Finance during the Great Depression
- 17 Nonmarketable Treasury Debt
- 18 Treasury Debt Management during the Great Contraction
- 19 Treasury Debt Management during the New Deal
- 20 The Primary Market during the Great Depression
- 21 Statutory Control of Treasury Indebtedness
- 22 The Brief Revival and Subsequent Extinction of National Bank Notes
- 23 Coda on Treasury Debt Management during the Great Depression
- 24 Treasury Debt Management since 1939
- (p.1) 1 Introduction
- Birth of a Market
Kenneth D. Garbade
- The MIT Press
This introductory chapter first sets out the book’s purpose, which is to trace development of the Treasury market from a financial backwater before World War I into something reasonably familiar to a current observer on the eve of World War II. It describes how successive Secretaries of the Treasury responded to the needs of their time and how their responses contributed to the development of the modern market. The discussions then turn to Treasury indebtedness from World War I to the eve of World War II, and four institutional developments from 1917 to 1939 that had a lasting impact on the Treasury market. This is followed by a brief description of the book’s organization.
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