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Lecture Financial institutions, instruments and markets (6/e): Chapter 12 - Christopher Viney

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Chapter 12 - Government debt, monetary policy and the payments system. The goals of this chapter are: Outline reasons why governments borrow; describe features of the main commonwealth government debt instruments, issuance process, participants and related calculations; describe the purpose and structure of state government central borrowing authorities;...

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Chapter 12 Government Debt, Monetary Policy and the Payments System Websites: www.rba.gov.au www.aofm.gov.au Copyright 2009 McGraw-Hill Australia Pty Ltd 12-1 Learning Objectives • Outline reasons why governments borrow • Describe features of the main Commonwealth government debt instruments, issuance process, participants and related calculations • Describe the purpose and structure of state government central borrowing authorities • Outline monetary policy techniques used by the RBA to influence interest rates, including open market operations and the impacts on system liquidity • Describe the purpose and operation of the payments system Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 12-2 Chapter Organisation 12.1 Commonwealth Government Borrowing 12.2 Commonwealth Government Securities 12.3 State Government Securities 12.4 Monetary Policy 12.5 The Payments System 12.6 Summary Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 12-3 12.1Commonwealth Government Borrowing • Governments need to fund capital and recurrent expenditures – This is achieved by issuing debt securities in the money and capital markets • Fiscal policy relates to the annual incomes and expenditures of a government • Monetary policy affects the level of short-term interest rates by adjusting the level of financial system liquidity Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 12-4 12.1Commonwealth Government Borrowing (cont.) • Borrowing requirement – Full financial year Borrow to finance budget deficits Roll over existing bonds that mature Retire debt at/prior to maturity if budget in surplus Instruments issued are Treasury bonds and they are bought mainly by commercial banks, other financial institutions and portfolio managers for: • liquidity management • portfolio investments • risk management • payments system requirements • prudential requirements Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 12-5 ... - tailieumienphi.vn 1084987

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