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Birth of a MarketThe U.S. Treasury Securities Market from the Great War to the Great Depression$
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Kenneth D. Garbade

Print publication date: 2012

Print ISBN-13: 9780262016377

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262016377.001.0001

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(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.

Keywords:   US Treasury market, Treasury indebtedness, Secretaries of the Treasury, institutional development

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