{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/87428"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/87428","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Empirical Essays on Auctions of Brazilian Treasury Securities","abstract":"Chapter 3 is motivated by the unusual institutional feature that in Brazil auctions of government securities are carried out by two different entities, the Central Bank (CB) and the National Treasury Secretariat (NTS). This chapter examines demand and profitability in the two sets of auctions and find that bidders pay a premium on securities in periods of interest rate volatility. 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