Two case studies on electronic distribution of government securities
Subtitle: the U.S. treasurydirect system and the Philippine expanded small investors program
By: Thomas Glaessner, and Zeynep Kantur.
Contributors: Kantur, Zeynep.; World Bank.
Series: Policy research working paper ;; 3372; Policy research working papers (Online) ;; 3372.
Publisher: World Bank
Published: 2004
Place of publication: [Washington, D.C
Language: eng
Format: Electronic resource
Subjects: Treasury Direct (Computer system); Treasury bills -- Purchasing -- United States -- Data processing.; Government securities -- United States -- Data processing.; Government securities -- Philippines -- Data processing
Description: "The case study on the U.S.  TreasuryDirect examines the evolution of the electronic distribution systems for marketable and nonmarketable government securities, the main objectives, and the basic legal infrastructure and the preconditions enabling the system.  The U.S.  experience highlights that the enabling environment and infrastructure (for example, in terms of information databases such as Pay.Gov) make a large difference in terms of both the security and convenience that customers can expect in the use of the system.  The system also achieved important cost savings for the Bureau of the Public Debt.  The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet.  The recently revised version of the program called the Expanded Small Investors Program aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities.  Glaessner and Kantur analyze whether the programs main goals can be achieved while mitigating the risks.  Their analysis suggests that there are good reasons to believe that the new program will succeed.  Still, regular and responsive assessments and adjustments will be required as the program moves forward.  This paper a product of the Financial Sector Operations and Policy Department is part of a larger effort in the department to provide public goods coming out of the debt management and debt market development program and capital markets practice"--World Bank web site.
Notes: Includes bibliographical references.
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