Price-Making and Last-Resort Market-Making in Gilts

William Allen

No 39, National Institute of Economic and Social Research (NIESR) Policy Papers from National Institute of Economic and Social Research

Abstract: This paper aims to clarify aspects of official last-resort market making in government securities markets, namely that it is always an act of monetary policy and debt management, as well as of financial stability policy, and that its sole objective is to find a price at which two-way trading can re-start in a dysfunctional market.

Date: 2024-06
New Economics Papers: this item is included in nep-cba
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