- 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
Federal Reserve Support of the Treasury Market during World War I
Federal Reserve Support of the Treasury Market during World War I
- Chapter:
- (p.130) (p.131) 9 Federal Reserve Support of the Treasury Market during World War I
- Source:
- Birth of a Market
- Author(s):
Kenneth D. Garbade
- Publisher:
- The MIT Press
This chapter discusses Federal Reserve support of the Treasury market during World War I, which was founded on two statutory credit facilities: the original power of the Reserve Banks to discount, or purchase, loans made by member banks to their customers; and the subsequently added power of the Reserve Banks to lend to member banks. Reserve Bank discounts were limited to short-term loans “arising out of actual commercial transactions” and short-term loans to purchase or carry Treasury securities.
Keywords: Federal Reserve Banks, Treasury market, credit facilities, short-term loans, credit policy
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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
