Bond Markets, Treasury and Debt Management

The Italian case

  • V. Conti
  • R. Hamaui
  • H. M. Scobie

Table of contents

  1. Front Matter
    Pages i-x
  2. V. Conti, R. Hamaui
    Pages 1-12
  3. P. Canziani, F. Giavazzi, P. Manasse, G. Tabellini
    Pages 85-110
  4. E. Barone, F. Folonari
    Pages 127-163
  5. U. Cherubini, C. Govino, R. Hamaui
    Pages 165-192
  6. Back Matter
    Pages 243-246

About this book

Introduction

Until not too many years ago, the Italian government bond market, though the third largest in the world in terms of size, was characterised by numerous inefficiencies and problems regarding both policy in managing the public debt and the operation of the market. These aspects tended to isolate the Italian market from the international fmancial community and to keep large, international investors away from our market. As the situation with Italy's public finances grew worse and with financial markets being deregulated and expanding internationally, several direct measures were taken in recent years to encourage an even greater recourse to the Italian government securities market and to improve it's efficiency. Innovations in techniques for issuing government bonds, the creation of an automated trading system for Italian state securities, and the launch of a futures market in Italy, too, have all been useful measures in getting the Italian market closer to international standards. The measures adopted by economic policy authorities have often been inspired by the works developed by various study groups instituted by the treasury Ministry as well as by research coming from the academic world. Likewise, many measures aimed at improving the government bond market have been realised thanks to the important contribution of the trade associations and the main financial intermediaries operating in Italy, whose studies, suggestions and proposals have been based on operating expertise built up over decades.

Keywords

Debt Management debt sustainability fiscal rules government securities institutions

Editors and affiliations

  • V. Conti
  • R. Hamaui
  • H. M. Scobie
    • 1
  1. 1.European Economics & Financial CentreLondonUK

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-011-1208-6
  • Copyright Information Chapman & Hall 1994
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-4529-2
  • Online ISBN 978-94-011-1208-6
  • About this book
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