liquidity in government bond markets

... long-term bond financing bond banks can reap the benefit of credit- Asian bond markets rating arbitrage and the economies of Gyutaeg Oh and Jaeha Park, “Fostering Asian Bond Markets Using Securitization ... Developing bond markets in alternatives to regional bond markets for the regional level as well as the domestic cross-border bond financing The global level reduces over-reliance on bank financial ... investors in East Asia? - How could these markets be Developing regional bond markets in East organized? Would they emerge in Asia enhances global financial stability the course of economic integration...

Ngày tải lên: 27/01/2014, 11:20

... holding company, may help in this 3.2 Banks as issuers of bonds Banks use bond markets to supplement deposits as a source of funds Indeed, in many cases (eg Brazil, China, Germany, India, Indonesia, ... virtue of making banks more subject to market discipline Banks specialising in longer-term lending will tend to issue long-term bonds to lock in funding 3.3 Banks as securitisers Where bond markets ... liquid instrument (although in many emerging economies they may not be very liquid in practice) However, some of the funds put into domestic bonds may have previously been invested in foreign bonds...

Ngày tải lên: 15/02/2014, 13:20

... 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

... European Summer Symposium in Financial Markets, the American Finance Association meetings, the Northern Finance Association meetings, the European Finance Association meetings, seminar participants at ... submitting limit orders or demand liquidity by submitting market orders Market liquidity is determined by the traders’ order submission strategies Understanding the determinants of liquidity in a ... ABSTRACT Liquidity Supply and Demand in Limit Order Markets* We model a trader’s decision to supply liquidity by submitting limit orders or demand liquidity by submitting market orders in a limit...

Ngày tải lên: 31/10/2014, 12:53

... 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

... of obtaining information, has been included in the first equation BDA- Cv - CI = P This, of course, the cost of obtaining additional information, since the voter will have at least some information ... competing state governments loosely joined in federation As James Madison Described in The Federalist papers, In a single republic, all the power surrendered by the people is submitted to the administration ... some business people pursue other goals—personal income, power, respect in the business— their behavior can generally be well explained in terms of the single objective, profit There is no single...

Ngày tải lên: 17/12/2013, 15:17

... 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

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

... of the remaining grammatical principles in just the excised piece of structure and then send it off for semantic interpretation Since this domain of constraint checking is bounded in size, this ... of the licensing relations which might obtain in a simple clause Parsing with these licensing relations simply consists of determining, for each lexieal item as it is read in a single left to ... proposed parsing model For details of the algorithm, see [Frank, 1990] This mechanism operates in linear time and deterministically, while maintaining coarse grained (i.e clausal) incrementality...

Ngày tải lên: 17/03/2014, 20:20

... 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