Competition in Treasury Auctions

Helmut Elsinger, Philipp Schmidt-Dengler and Christine Zulehner

American Economic Journal: Microeconomics, 2019, vol. 11, issue 1, 157-84

Abstract: We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance. We find robust evidence that bidders' surplus dropped sharply after EU accession, but less than reduced form estimates would suggest. The difference can be explained by reduced form estimates not taking into account the increase in valuations upon EU accession.

JEL-codes: D44 E63 G21 H63 (search for similar items in EconPapers)
Date: 2019
Note: DOI: 10.1257/mic.20170039
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.aeaweb.org/doi/10.1257/mic.20170039 (application/pdf)
https://www.aeaweb.org/articles/attachments?retrie ... RycMPrmKb2SgyUOOlF00 (application/zip)
https://www.aeaweb.org/articles/attachments?retrie ... W2RKGYB5jazP7P2e0w3_ (application/zip)
Access to full text is restricted to AEA members and institutional subscribers.

Related works:
Working Paper: Competition in Treasury Auctions (2016)
Working Paper: Competition in Treasury Auctions (2016)
Working Paper: Competition in treasury auctions (2016)
Working Paper: Competition in Treasury Auctions (2015)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aea:aejmic:v:11:y:2019:i:1:p:157-84

Ordering information: This journal article can be ordered from
https://www.aeaweb.org/journals/subscriptions

Access Statistics for this article

American Economic Journal: Microeconomics is currently edited by Johannes Hörner

More articles in American Economic Journal: Microeconomics from American Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Michael P. Albert ().