I would like to remark, at this juncture, that by resorting frequently to Treasury Bills, Treasury Certificates
, and Ways and Means Advances as we did during the war, we knew that we were, pure and simple, pursuing the slippery path of inflation.
The regression results above, shows that a positive relationship exists between money supply and Treasury Bills (TB), Treasury Certificates
(TC), Certificates of Deposit (CD), and Bankers' Acceptances (BA) as explanatory variables.
The dominant elements are such low-risk instruments as bonds and treasury certificates
However, trading in gilt-edged instruments such as treasury bills (TBs), treasury certificates
(TCs), stocks and bonds gained prominence as well, while commercial papers (CPs), bank acceptances (BAs), and other corporate money market instruments remained relatively obscure (Ezema, 1993).
Other analysts said development banks also have focused on the wrong priorities, channeling a large share of the funds to financial investments like short-term Treasury certificates
(Certificados de Tesoreria, CETES) rather than to the type of productive activities that would contribute to creating jobs and helping the economy grow.
The Court found that in so far as this deduction is made in cases where the taxable person is not the recipient of the transaction, the Netherlands had failed to satisfy the provisions of Article 17(2) of the Sixth VAT Directive of May 17, 1977 (amended), which provides for deduction only in cases where the goods and services are rendered to the taxable person.Italy.On October 25, 2001, the Court of Justice ruled that in 1993 Italy failed to reimburse taxable persons in the form of tax credits but decided to issue treasury certificates
, staggered over time, to taxable persons as repayment of their VAT credits (case C-78/00).
With all this at hand, who will want to invest in 28-day Cetes (Treasury certificates
) at interest rates below 10%?
But 28-day Treasury Certificates
(Cetes) offered a yield of 15.9%.
Four years later, during the tax reform of 1987, Congress set up a Social Security trust fund that invested only in a special kind of Treasury certificates
. Congress tried to pass a bill prohibiting the administration from borrowing from the Social Security trust fund, but failed.
Just before the declaration of war, Secretary of the Treasury McAdoo charged the System, which in 1915 had been made a receiver and distributor of government funds, with a new fiscal-agency function: that of issuing and redeeming shortterm Treasury certificates
to prepare for the floating of the $2 billion Liberty Loan of 1917.
According to the economy ministry, the Milan-based central bank is set to sell EUR500m worth of seven-year treasury certificates
(CCTs), EUR3bn worth of three-year treasury bonds (BTPs), and EUR2.5bn in 10-year BTPs on June 27, 2008.[Editorial queries for this story should be sent to email@example.com]
Banxico policies to contain inflation have thus far proven effective, and overall inflation forecasts are down, while the interest rate on 28-day Treasury certificates
(Cetes) has fallen to its lowest level since 1994, at 8.91% by press time.