- Title Pages
- Dedication
- Preface
- Acknowledgments
-
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 - References
- Index
Treasury Debt Management since 1939
Treasury Debt Management since 1939
- Chapter:
- (p.336) (p.337) 24 Treasury Debt Management since 1939
- Source:
- Birth of a Market
- Author(s):
Kenneth D. Garbade
- Publisher:
- The MIT Press
This chapter examines several aspects of how Treasury officials exercised their authority with respect to debt management policy after 1939. It begins with a brief survey of how the Treasury financed World War II. It then explains how a wartime interest rate stabilization program solved a problem faced by Secretary McAdoo twenty-five years earlier, and describes the difficult process of terminating that program following the end of hostilities. It concludes with a discussion of how the Treasury arrived at the strategy of regular and predictable auction offerings that has been in place since the mid-1970s—a strategy that grew out of the innovations of Secretary Mellon and Secretary Mills in the 1920s and early 1930s.
Keywords: Treasury debt, debt management, World War II, wartime financing, auctions
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- Title Pages
- Dedication
- Preface
- Acknowledgments
-
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 - References
- Index
