2006•BIS Papers chaptersRequires access
Comments on McCauley’s paper “Consolidating the public debt markets of Asia”
Jungoon Oh
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Abstract
The benefits of unifying government bond markets and central bank debt markets are as follows: an increase in liquidity in the secondary bond market through the development of the repo market and thereby the development of the government bond market; and advantages for monetary operations through greater influence on short-term rates with the help of a reduction in the burden of redemptions of maturing debt and interest payments.