Two Case Studies on Electronic Distribution of Government Securities: The U.S. Treasury Direct System and The Philippine Expanded Small Investors Program
The case study on the U.S. Treasury Direct 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...
Main Authors: | , |
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Format: | Policy Research Working Paper |
Language: | English en_US |
Published: |
World Bank, Washington, D.C.
2013
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Subjects: | |
Online Access: | http://documents.worldbank.org/curated/en/2004/08/5066041/two-case-studies-electronic-distribution-government-securities-treasury-direct-system-philippine-expanded-small-investors-program http://hdl.handle.net/10986/14156 |
Summary: | The case study on the U.S. Treasury
Direct 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. The authors
analyze whether the program's 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. |
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