Managing the UK national debt 1694-2018
We examine UK debt management using a new monthly dataset on the quantity and market price of every individual bond issued by the government since 1694. Our bond-by-bond dataset identifies variations in the market value of debt and so captures investors' one-period holding returns, which is the...
| Main Authors: | , |
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| Format: | Journal article |
| Language: | English |
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American Economic Association
2020
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| _version_ | 1797059996948627456 |
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| author | Ellison, M Scott, A |
| author_facet | Ellison, M Scott, A |
| author_sort | Ellison, M |
| collection | OXFORD |
| description | We examine UK debt management using a new monthly dataset on the quantity and market price of every individual bond issued by the government since 1694. Our bond-by-bond dataset identifies variations in the market value of debt and so captures investors' one-period holding returns, which is the cost of debt management in the government's intertemporal budget constraint. We find a substantial cost advantage in favor of issuing short bonds, even when considering some of the operational risks implied by cash flows and gross redemptions. |
| first_indexed | 2024-03-06T20:11:32Z |
| format | Journal article |
| id | oxford-uuid:2abb5566-4a19-4139-894a-8a1ec97303ac |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T20:11:32Z |
| publishDate | 2020 |
| publisher | American Economic Association |
| record_format | dspace |
| spelling | oxford-uuid:2abb5566-4a19-4139-894a-8a1ec97303ac2022-03-26T12:26:48ZManaging the UK national debt 1694-2018Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:2abb5566-4a19-4139-894a-8a1ec97303acEnglishSymplectic Elements at OxfordAmerican Economic Association2020Ellison, MScott, AWe examine UK debt management using a new monthly dataset on the quantity and market price of every individual bond issued by the government since 1694. Our bond-by-bond dataset identifies variations in the market value of debt and so captures investors' one-period holding returns, which is the cost of debt management in the government's intertemporal budget constraint. We find a substantial cost advantage in favor of issuing short bonds, even when considering some of the operational risks implied by cash flows and gross redemptions. |
| spellingShingle | Ellison, M Scott, A Managing the UK national debt 1694-2018 |
| title | Managing the UK national debt 1694-2018 |
| title_full | Managing the UK national debt 1694-2018 |
| title_fullStr | Managing the UK national debt 1694-2018 |
| title_full_unstemmed | Managing the UK national debt 1694-2018 |
| title_short | Managing the UK national debt 1694-2018 |
| title_sort | managing the uk national debt 1694 2018 |
| work_keys_str_mv | AT ellisonm managingtheuknationaldebt16942018 AT scotta managingtheuknationaldebt16942018 |