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: | , |
|---|---|
| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, D.C.
2013
|
| 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 |
| id |
okr-10986-14156 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-141562021-04-23T14:03:21Z Two Case Studies on Electronic Distribution of Government Securities: The U.S. Treasury Direct System and The Philippine Expanded Small Investors Program Glaesnner, Thomas G. Kantur, Zeynep ACCOUNT MAINTENANCE ACCOUNTING AGENTS AUDITS BANKRUPTCY BONDS BORROWING BROKERS CENTRAL BANKS CHECKING CLEARING HOUSE COMMERCIAL BANKS COST SAVINGS DEBT DEBT MANAGEMENT DEPOSITS DEVELOPMENT BANKS EMERGING MARKETS FEDERAL RESERVE BANKS FINANCIAL CONGLOMERATES FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SERVICES GOVERNMENT DEBT GOVERNMENT SECURITIES INCOME INFLATION INFORMATION DISCLOSURE INFORMED DECISIONS LAWS LEGAL FRAMEWORK LEGISLATION MARKETABLE SECURITIES MUTUAL FUNDS PAYMENT SYSTEMS PRIMARY MARKETS PROGRAMS PROVISIONS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC SAVINGS REDEMPTION RISK MANAGEMENT RISK MITIGATION SAVINGS BEHAVIOR SAVINGS BONDS SAVINGS PLANS SECURITIES DISTRIBUTION SECURITIES MARKETS SOCIAL SECURITY SUBSIDIARY SUSTAINABILITY TAX TAXATION TELECOMMUNICATIONS TREASURY WARRANTS ELECTRONIC GOVERNMENT SERVICES GOVERNMENT SECURITIES MARKETABLE DEBT SECURITIES MARKETABLE SECURITIES LEGAL INFRASTRUCTURE ENABLING ENVIRONMENT COST SAVINGS SECURITIES ISSUES 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. 2013-06-24T18:56:47Z 2013-06-24T18:56:47Z 2004-08 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 English en_US Policy Research Working Paper;No.3372 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research East Asia and Pacific |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNT MAINTENANCE ACCOUNTING AGENTS AUDITS BANKRUPTCY BONDS BORROWING BROKERS CENTRAL BANKS CHECKING CLEARING HOUSE COMMERCIAL BANKS COST SAVINGS DEBT DEBT MANAGEMENT DEPOSITS DEVELOPMENT BANKS EMERGING MARKETS FEDERAL RESERVE BANKS FINANCIAL CONGLOMERATES FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SERVICES GOVERNMENT DEBT GOVERNMENT SECURITIES INCOME INFLATION INFORMATION DISCLOSURE INFORMED DECISIONS LAWS LEGAL FRAMEWORK LEGISLATION MARKETABLE SECURITIES MUTUAL FUNDS PAYMENT SYSTEMS PRIMARY MARKETS PROGRAMS PROVISIONS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC SAVINGS REDEMPTION RISK MANAGEMENT RISK MITIGATION SAVINGS BEHAVIOR SAVINGS BONDS SAVINGS PLANS SECURITIES DISTRIBUTION SECURITIES MARKETS SOCIAL SECURITY SUBSIDIARY SUSTAINABILITY TAX TAXATION TELECOMMUNICATIONS TREASURY WARRANTS ELECTRONIC GOVERNMENT SERVICES GOVERNMENT SECURITIES MARKETABLE DEBT SECURITIES MARKETABLE SECURITIES LEGAL INFRASTRUCTURE ENABLING ENVIRONMENT COST SAVINGS SECURITIES ISSUES |
| spellingShingle |
ACCOUNT MAINTENANCE ACCOUNTING AGENTS AUDITS BANKRUPTCY BONDS BORROWING BROKERS CENTRAL BANKS CHECKING CLEARING HOUSE COMMERCIAL BANKS COST SAVINGS DEBT DEBT MANAGEMENT DEPOSITS DEVELOPMENT BANKS EMERGING MARKETS FEDERAL RESERVE BANKS FINANCIAL CONGLOMERATES FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SERVICES GOVERNMENT DEBT GOVERNMENT SECURITIES INCOME INFLATION INFORMATION DISCLOSURE INFORMED DECISIONS LAWS LEGAL FRAMEWORK LEGISLATION MARKETABLE SECURITIES MUTUAL FUNDS PAYMENT SYSTEMS PRIMARY MARKETS PROGRAMS PROVISIONS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC SAVINGS REDEMPTION RISK MANAGEMENT RISK MITIGATION SAVINGS BEHAVIOR SAVINGS BONDS SAVINGS PLANS SECURITIES DISTRIBUTION SECURITIES MARKETS SOCIAL SECURITY SUBSIDIARY SUSTAINABILITY TAX TAXATION TELECOMMUNICATIONS TREASURY WARRANTS ELECTRONIC GOVERNMENT SERVICES GOVERNMENT SECURITIES MARKETABLE DEBT SECURITIES MARKETABLE SECURITIES LEGAL INFRASTRUCTURE ENABLING ENVIRONMENT COST SAVINGS SECURITIES ISSUES Glaesnner, Thomas G. Kantur, Zeynep Two Case Studies on Electronic Distribution of Government Securities: The U.S. Treasury Direct System and The Philippine Expanded Small Investors Program |
| geographic_facet |
East Asia and Pacific |
| relation |
Policy Research Working Paper;No.3372 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Glaesnner, Thomas G. Kantur, Zeynep |
| author_facet |
Glaesnner, Thomas G. Kantur, Zeynep |
| author_sort |
Glaesnner, Thomas G. |
| title |
Two Case Studies on Electronic Distribution of Government Securities: The U.S. Treasury Direct System and The Philippine Expanded Small Investors Program |
| title_short |
Two Case Studies on Electronic Distribution of Government Securities: The U.S. Treasury Direct System and The Philippine Expanded Small Investors Program |
| title_full |
Two Case Studies on Electronic Distribution of Government Securities: The U.S. Treasury Direct System and The Philippine Expanded Small Investors Program |
| title_fullStr |
Two Case Studies on Electronic Distribution of Government Securities: The U.S. Treasury Direct System and The Philippine Expanded Small Investors Program |
| title_full_unstemmed |
Two Case Studies on Electronic Distribution of Government Securities: The U.S. Treasury Direct System and The Philippine Expanded Small Investors Program |
| title_sort |
two case studies on electronic distribution of government securities: the u.s. treasury direct system and the philippine expanded small investors program |
| publisher |
World Bank, Washington, D.C. |
| publishDate |
2013 |
| url |
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 |
| _version_ |
1764430502940377088 |