TY  - UNPD
A1  - Breuer, Wolfgang
T1  - The relevance of primary dealers for public bond issues
T2  - Institut für Kapitalmarktforschung (Frankfurt am Main): CFS working paper series ; No. 1999,11
N2  - We analyze the role of different kinds of primary and secondary market interventions for the government's goal to maximize its revenues from public bond issuances. Some of these interventions can be thought of as characteristics of a "primary dealer system". After all, we see that a primary dealer system with a restricted number of participants may be useful in case of only restricted competition among sufficiently heterogeneous market makers. We further show that minimum secondary market turnover requirements for primary dealers with respect to bond sales seem to be in general more adequate than the definition of maximum bid-ask-spreads or minimum turnover requirements with respect to bond purchases. Moreover, official price management operations are not able to completely substitute for a system of primary dealers. Finally it should be noted that there is in general no reason for monetary compensations to primary dealers since they already possess some privileges with respect to public bond auction.
T3  - CFS working paper series - 1999, 11 
KW  - public bonds
KW  - primary dealers
KW  - official market interventions
KW  - bond auctions
KW  - market makers
KW  - Deutschland
KW  - Bundesanleihe
KW  - Konsol
KW  - Staatsanleihe
KW  - Zwangsanleihe
KW  - Börsenzulassung
KW  - Going Public
KW  - Wertpapieremission
KW  - Effektenbank
KW  - Emissionsgeschäft
KW  - Börsenmakler
KW  - Börsenhändler
KW  - Debt Management
KW  - Mikrostrukturtheorie <Kapitalmarkttheorie>
Y1  - 1999
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4534
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-9609
IS  - February 1999
EP  - 62
PB  - Inst. für Kapitalmarktforschung
CY  - Frankfurt am Main
ER  -