Bond Markets, Treasury and Debt Management

1. Front Matter

   Pages i-x

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2. Introduction

   • V. Conti, R. Hamaui

   Pages 1-12

3. Understanding the high interest rates on Italian government securities

   • A. Giovannini, G. Piga

   Pages 13-29

4. The determinants of yield differentials in favour of the lira: a quantitative analysis

   • F. Drudi, G. Majnoni

   Pages 31-52

5. Portfolio choices and real interest rates: the role of savers’ age structure

   • G. B. Pittaluga, G. Vaciago

   Pages 53-84

6. Fiscal rules for debt sustainability: history and institutions

   • P. Canziani, F. Giavazzi, P. Manasse, G. Tabellini

   Pages 85-110

7. The auction mechanism for the settlement of medium- and long-term securities of the Italian Treasury

   • L. Buttiglione, F. Drudi

   Pages 111-126

8. The valuation of Italian floating-rate Treasuries

   • E. Barone, F. Folonari

   Pages 127-163

9. Informational efficiency and liquidity on the T-bond market

   • U. Cherubini, C. Govino, R. Hamaui

   Pages 165-192

10. The integration of European futures markets on long-term government securities

    • M. Esposito, C. Giraldi

    Pages 193-216

11. Institutional investors and financial markets: evidence from an international comparison

    • G. De Felice, G. Miranda

    Pages 217-241

12. Back Matter

    Pages 243-246

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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.

• Debt Management
• debt sustainability
• fiscal rules
• government securities
• institutions

• European Economics & Financial Centre, London, UK

  H. M. Scobie

Policies and ethics