search query: @indexterm SECRETARIES / total: 27
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| Author: | Bomfim, A. N. |
| Title: | Optimal Portfolio Allocation in a World Without Treasury Securities |
| Journal: | Journal of Asset Management
2003 : JUN, VOL. 4:1, p. 10-21 |
| Index terms: | RISK RISK ANALYSIS PUBLIC EXPENDITURE SECRETARIES |
| Language: | eng |
| Abstract: | This paper examines the extent to which investors' portfolio allocation decisions are likely to be affected by the relative reduction in the stock of federal government debt. The analysis suggests only small effects for most investors, especially, as is effectively the case for many institutional investors, when a no-short-sales constraint is in place. Under such circumstances, highly conservative investors and very aggressive investors stand to be the least affected by the removal of Treasuries from the pool of investable assets. The analysis abstracts from indirect beneficial effects on investors from a Treasury debt pay- off, such as the potential for greater productivity growth (and faster wealth accumulation) as more resources are freed up for investment in the private sector. |
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