US TREASURY SECURITIES MARKET: RECENT EVOLUTIONS, SHORT AND MEDIUM TERM PROSPECTS

Iulia Monica Oehler Sincai
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Iulia Monica Oehler Sincai: Institute of World Economy, Romanian Academy
Authors registered in the RePEc Author Service: Iulia Monica Oehler-Şincai

Studii Financiare (Financial Studies), 2010, vol. 14, issue 1, 150-165

Abstract: The present paper brings to the forefront the recent evolutions on the US treasury securities market, under the impact of the global financial and economic crisis and its short and medium term perspectives. The study is based on the US Treasury statistics and the empiric evidence of the previous literature, and is structured in four sections. The first one underlines the evolution of the structure of the factors that generated such developments. The second section underscores, on the one side, the main foreign investors in marketable securities and their behaviour, and on the other side, points to the fact that the official data should be interpreted cautiously, as they do not necessarily reflect an objective reality. The third section analyses the slope of the treasury yield curve in time and its determinants, while the fourth outlines the short and medium term perspectives of the US treasury securities market, taking into account the influence of the global recovery and the deepening of the American fiscal deficit on the investors’ behaviour and, consequently, on the treasury yields.

Keywords: US treasury securities; marketable securities; foreign investors; treasury yield curve (search for similar items in EconPapers)
JEL-codes: E44 G11 G12 H60 O51 (search for similar items in EconPapers)
Date: 2010
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