Wybór formuły przetargowej na skarbowe papiery wartościowe

Arkadiusz Babczuk and Andrzej Dudek

Gospodarka Narodowa-The Polish Journal of Economics, 2007, vol. 2007, issue 10

Abstract: The article discusses methods used in auctioning Treasury securities in Poland. Treasury auctions are widely used by authorities responsible for the management of public debt. The authors of the paper set out to identify auction mechanisms that maximize the expected income of the seller. The paper shows the effects of the single- and multiple-price auction systems in Poland. The authors use a research method developed by G.R. Kim, S. Oh and K. Ryu. Babczuk and Dudek conclude that the single-price auction system is safer for the issuer because revenue from single-price auctions is in most cases higher than that generated from multiple-price auction systems. At the same time, due to imperfect research methods, especially in estimating the issuer’s revenue from a single-price auction system, further in-depth studies are needed into methods for carrying out auctions for T-securities in Poland, the authors conclude.

Keywords: Financial; Economics (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:ags:polgne:356522

DOI: 10.22004/ag.econ.356522

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