The Market Value of Government of Canada Debt: A Comment on the Importance of Correct Valuation of Non-marketable Debt

Geoffrey Poitras

Canadian Journal of Economics, 1989, vol. 22, issue 2, 395-405

Abstract: Previous attempts to provide market value estimates for both U.S. and Canadian government debt have included nonmarketable debt items--specifically, savings bonds--as part of total "marketable" debt. Inclusion of nonmarketable debt items as part of marketable debt presents a significant valuation problem. This article demonstrates that previous studies on the market value of Canadian government debt used valuation methodologies that significantly underestimated the value of nonmarketable debt. A more accurate valuation methodology is provided.

Date: 1989
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