The size and maturity structure of the government debt market have important implications for monetary policy, especially in EMEs. This paper documents the remarkable growth of the market over the past decade in terms of size, issuance and maturity structure of combined government and central...

This contribution, which is part of BIS Paper 66, gives an Indian perspective on the issue of sovereign debt management and the central bank.Full publication: "http://ssrn.com/abstract=2166373" Are Central Bank Balance Sheets in Asia Too Large?

This paper examines the role that the central bank can play in supporting and developing debt markets and how central bank policy could complement, or interfere with, government fiscal operations and debt management. It briefly reviews developments in African bond markets and then focuses on...

This paper investigates whether the funding behaviour of euro area debt management offices (DMOs) changed with the start of the ECB's Public Sector Purchase Programme (PSPP). Our results show that (i) lower yield levels and (ii) PSPP purchases supported higher maturities at issuance. The former...

This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates. First, the shift from an "accounting based" view of debt sustainability, evaluated using government borrowing rates, to a "model based" view which uses...

Federal Reserve purchases of bonds in recent years have meant that a smaller proportion of long-dated government debt has had to be held by other investors (private sector and foreign official institutions). But the US Treasury has been lengthening the maturity of its issuance at the same time....

This paper addresses the possible role of bond prices as operating or intermediate targets for monetary policy. The paper begins with a brief review of the mechanisms through which a central bank could, in theory, influence long-term interest rates, and continues with a brief narrative overview...