Developing a Liquid Market for Inflation-Indexed Government Securities: Lessons from Earlier Experiences
研究了发达国家发行通胀指数政府债券的好处，强调流动性市场对实现这些好处至关重要，并总结了早期经验教训。
After a slow start in the 1980s, inflation-indexed government securities have gradually become more common in developed countries. A number of potential benefits arise with a government conducting part of its borrowing through inflation-indexed securities. Chief among them are better risk sharing for the economy, reduced government borrowing costs, less incentive for a deeply indebted government to inflate away its debt, and a new source of information about investors ’ inflation expectations. Many developed countries in coming decades will face the need to borrow more to finance the retirement of baby boomers. In the near future, a useful tool for these governments may be inflation-indexed securities. The experience of the countries that have already experimented with inflation-indexed government securities suggests that, to achieve the full benefits of these securities, liquid markets are essential. But, for inflationindexed securities, liquid markets do not come easily.