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Designing effective auctions for treasury securities

Leonardo Bartolini and Carlo Cottarelli

Current Issues in Economics and Finance, 1997, issue jul

Abstract: Most discussions of treasury auction design focus on the choice between two methods for issuing securities--uniform-price or discriminatory auctions. Although auction theory and much recent research appear to favor the uniform-price method, most countries conduct their treasury auctions using the discriminatory format. What are the main issues underlying the debate over effective auction design?

Keywords: Auctions; Government securities; Treasury bills (search for similar items in EconPapers)
Date: 1997
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