liquidity in government bond markets

... government bond market include different types of government bonds, local government bonds, government-secured bonds Government bonds are traded by put through trading method with two tools including ... con-tributed to the increased liquidity in the secondary market In bond terms: The terms of bonds increased, lead-ing to the average term of listed bond portfolio increas-ing from 2.37 years ... transaction value - Investors: Two groups of investors in Vietnam's government bond market include domestic and foreign investors After the regional financial crisis in 2009, foreign investors massively

Ngày tải lên: 04/02/2020, 02:59

... process information pertaining to asset trading in global financial markets than financial institutionswith more limited financial networks (local financial institutions) The information advantage ... Trang 1Financial Networks and Trading in Bond MarketsSchool of Management, University of Texas at Dallas This paper examines the role of financial networks in influencing asset prices and trading ... delayed price changes in the same bond in a D-minute interval following each transaction initiated by the financial institution For a given bond k, we estimate the following time-series regression

Ngày tải lên: 18/10/2022, 20:48

... currency exposures 30 Interest rate exposures 38 Stress tests 42 E Liquidity in government bond markets 44 Liquidity and financial stability 44 Has liquidity improved in the government bond market? 45 ... external issuance Declining interest rates in major currencies prompted international investors to seek higher yields in emerging debt markets In turn, the search for yield eased financing conditions ... institutions; (b) developing inflation-indexed or floating-rate bonds; (c) increasing the issuance of short-term bonds; (d) borrowing in foreign currencies; and (e) creating more money In many cases, the

Ngày tải lên: 22/03/2014, 20:20

... continuing into 1959 [U.S Senate 1961] These meetings covered prices in all eight industries in. .. be defined in terms of, say, number of meetings per year, or even analyzed on a meeting-by-meeting ... General Electric incurred after-tax income reductions in 1963 and 1964 totaling $87 million [Bane 1973, p 251], Westinghouse charged $55 million against 1964 income reinvested in business [Bane ... the 1960's In 1963, GE announced major changes in its turbine-generator pricing policies, issuing a revised price book and eliminating price escalation on orders for delivery within 36 months

Ngày tải lên: 23/03/2014, 23:20

... Importance of Bond Markets Bond markets gained prominence... Integrating bond markets can provide investors with a broader range of investment instruments and firms with a broader investor ... in the region’s corporate bond markets One vehicle for deepening and diversifying bond markets, in the eyes of many policy... well-functioning domestic bond markets can help countries ... Asian bond markets, to bring them into line with those in... substantially among the five South Asian countries studied India’s is the most advanced, and Nepal’s the least But even in India

Ngày tải lên: 30/03/2014, 03:20

... point in the quality space where the discontinuities occur In the case of end-point optima, the resulting quality level offered in the market would increase accompanied by an increase in marginal ... individuals Every year, auto racing teams spend increasing amounts of money seeking very small incremental improvements in performance This is a very interesting yet understudied area of dynamic ... chips, In such markets, firms usually practice skim pricing (e.g Beskano and Wilson 1990) By setting initial prices high and reducing them later, the firm maximize profits via price discrimination

Ngày tải lên: 30/03/2014, 09:20

... financing costs that a levered investor incurs from holding TIPS instead of a similar maturity nominal bonds If the marginal investor in TIPS is such a levered investor, we would expect breakeven in ation ... 8% in 1985 to over 17% in 2008 At the same time 20 year UK breakeven in ation has fallen in the period 1985-2009, reaching a low of 2.1% in 1998 The increase in inflation-linked bonds outstanding ... UK bonds than for US bonds In the estimation of the in ation risk premium we are relying on the simplifying assumption that UK in ation-indexed bonds are as liquid as nominal UK bonds If instead...

Ngày tải lên: 16/02/2014, 02:20

... nominal government bond and short a 10-year inflation-indexed bond, over a one-year moving window c Correlation of daily inflation-indexed and nominal bond returns within a one-year moving window ... spread between nominal and in ation-indexed gilts Figure also plots the correlations of daily in ation-indexed and nominal government bond returns within a one-year moving window Early in 11641-02a_Campbell_rev.qxd ... Brookings Papers on Economic Activity, Spring 2009 The U.K government first issued in ation-indexed bonds in the early 1980s, and the U.S government followed suit by introducing Treasury in ation-protected...

Ngày tải lên: 06/03/2014, 08:20

... Environment for Bond Trading and Related Institutions Bond Markets in Serbia Regulation and Bond Trading in Practice 4.1 Bond Trading: BSE and OTC An important step in developing a sound financial market ... bonds Bond markets in Central Europe: Lessons and Experiences 37 Bond Markets in Serbia 38 Bond markets in Central Europe: Lessons and Experiences Bond Markets in Serbia Serbian Yield Curve In ... ARS2015 ARS2016 Table 4-2: OTC Trading as a Percentage of the Total Trading (i.e OTC+BSE) Bond Markets in Serbia Regulation and Bond Trading in Practice Bond Markets in Serbia Note that a record of...

Ngày tải lên: 15/03/2014, 09:20

... December 2005 Table 87 Secondary markets Liquidity in corporate bond markets Before considering the problems of liquidity in the Asian markets, it is worth keeping in mind that even a large market ... corporate bond markets The secondary markets for local currency corporate bonds in Asia have also lagged behind their government bond counterparts While in the last few years government bond markets ... authorities in removing obstacles to the provision of liquidity as well as setting up microstructures In Asia, efforts to foster liquidity in corporate bonds have included having them listed on existing...

Ngày tải lên: 22/03/2014, 18:20

... variation in high-frequency liquidity benchmarks vii Introduction While there is an increasing interest in the role of liquidity in equity markets, the basic question of how to measure liquidity remains ... activity in the emerging markets In other words, trading frequency becomes particularly important in emerging markets but the existing liquidity proxies rarely consider it On the other hand, trading ... activeness vary across individual markets There are a lot more trading in markets such as China and South Korea than in markets such as Indonesia and Philippines Hence, some liquidity proxies designed...

Ngày tải lên: 10/09/2015, 15:54

... Finally, local currency bond markets allow for a non-inflationary funding of fiscal deficits (Turner (2002) and WB (2001)) Bond markets in Latin America In assessing the development of bond markets ... of domestic bonds, the sustained increase in the share of domestic bonds in the total volume of trading by international financial intermediaries reported by the Emerging Markets Trading Association ... (2007) 15 As a reference, bid-ask spreads in government bond markets in Asia range from to basis points in India, Korea and Singapore, and to basis points in Indonesia See Jiang and McCauley (2004)...

Ngày tải lên: 15/02/2014, 13:20

... period in which both nominal and in ation-indexed bond yields were driven down by a large decline in long-term real interest rates In 2008, however, nominal Treasury bond yields continued to decline, ... UK government issued in ation-indexed bonds in the early 1980’ and the s, US government followed suit by issuing Treasury in ation-protected securities (TIPS) in 1997 In ation-indexed government ... Thus increasing uncertainty about long-run growth drives down in ation-indexed bond premia through this channel as well Overall, the Epstein-Zin paradigm suggests that in ation-indexed bonds...

Ngày tải lên: 16/02/2014, 02:20

... policies in emerging markets In Table we separately analyze the government and private bonds markets The results suggest that the determinants of the size of government and private bond markets ... Asia Have Bigger Bond Markets? NBER Working Paper 10576 Goldstein, M., and P Turner, 2004 Controlling Currency Mismatches in Emerging Markets Washington, D.C.: Institute for International Economics ... 98 Emerging Markets Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela Uruguay Emerging Asia China India Indonesia Korea Malaysia Pakistan Philippines Thailand Taiwan Financial...

Ngày tải lên: 06/03/2014, 04:21

... essential to maintain a stable and growing participation of foreign investors in government securities markets Foreign investors include funds dedicated to investment in emerging markets, such ... indirect intervention by government has been more effective in developing markets Indirect measures include reducing transaction costs by improving information or, in some instances, defraying the ... capital markets, including the government bond market In addition to the industry’s demand for long-term debt securities, institutional investors will, upon reaching a certain critical mass, increase...

Ngày tải lên: 06/03/2014, 08:20

... they guarantee the principal and interest for a fee. This would increase ratings and decrease  borrowing costs.     A Green Investment Bank could be heavily involved in this insurance requiring certain minimum  ... Brokers are the glue that brings together “issuers and investors” in the primary financial markets and “buyers and sellers” in the secondary markets.  Rather than an investor having to find another  investor to buy or sell bonds to, they go to a broker who purchases bonds immediately from them  ... targeted with larger issuance size. Nevertheless, it is important to note here that complex bond structures will not appeal to the mainstream investor.    4.2 Source of Funding    Finding investors to buy green bonds is key and the key to finding these investors is to seek out ...

Ngày tải lên: 06/03/2014, 08:20

... choice models in which advertising was allowed to influence consumer choice behavior in a flexible way (including both main effects and advertising/price interactions in the conditional indirect utility ... nearly two-thirds of the increase in demand resulting from an increase in advertising intensity is the indirect feedback effect whereby advertising increases sales, which in turn generate additional ... simply by including brand specific intercepts, as in Eq We would make similar arguments regarding the other forcing variables in Eq We observe considerable over-time variation in advertising intensity...

Ngày tải lên: 07/03/2014, 08:20

... manufactured in China.33 • Empowered women Until recently 90 percent of all luxury spending in China was dictated by men Today, women in China are starting to gain economic independence and are reaching ... brands will be hoping that a similar change in attitudes occurs, over time, on the mainland • Shopping for pleasure “Mall culture” has arrived in China and shopping is increasingly being adopted as ... companies share a growing interest in tapping into China’s luxury market Statistics show not only that the number of wealthy people is growing fast in China, but that their willingness to spend on...

Ngày tải lên: 07/03/2014, 08:20

... that the all -in cost of issuing in a highyielding currency and swapping into a low-yielding one is frequently lower than that of issuing directly in the low-yielding currency to begin with, and ... quarterly nominal investment growth in that country and GDP-weighted average quarterly nominal investment growth for the countries studied in the first line for each currency (in the second line, residuals ... relatively strong … … high-yielding … and linked to increased home country issuance Factors influencing international bond currency shares Log exchange rate US dollar1 Interest rate differential...

Ngày tải lên: 22/03/2014, 18:20

... Training and Development Training and Personnel Relationships Methods of Training: The Design Issue Career Development and the Employee On Planning Training: The Strategy Issue On Assessing Training: ... management in government does.’’ That certainly seemed apparent back in 1990—the economy was yet again in recession, state and local governments were ´` playing cutback management deja vu, scrambling ... transmitted in any form or by any means, electronic or mechanical, including photocopying, microfilming, and recording, or by any information storage and retrieval system, without permission in writing...

Ngày tải lên: 22/03/2014, 19:20