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

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;. | Chapter 12 Government Debt, Monetary Policy and the Payments System Websites: www.rba.gov.au www.aofm.gov.au 12- 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 12- 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 12- 12.1 Commonwealth 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 12- 12.1 Commonwealth 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 12- 12.1 Commonwealth Government Borrowing (cont.) Borrowing requirement (cont.) Full financial year (cont.) Budget surpluses and debt reduction policies have limited the supply of government securities Long-dated bonds are now issued every two years, ensuring sufficient securities to support 10-year bond futures contracts Government intends . | Chapter 12 Government Debt, Monetary Policy and the Payments System Websites: www.rba.gov.au www.aofm.gov.au 12- 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 12- 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 12- 12.1 Commonwealth 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 .