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The Microstructure of Government Securities Markets
Author:
Mr. Peter Dattels
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Series:
IMF Working Papers
Volume/Issue:
Volume 1995: Issue 117
Language:
English
Publication Date:
01 Nov 1995
DOI:
https://doi.org/10.5089/9781451853988.001
ISBN:
9781451853988
ISSN:
1018-5941
Pages:
90
Keywords:
WP; dealer market; central bank; debt management; government securities market; auction-agency market; order flow; price discovery; discount house; market participant; OTC dealer market; functioning dealer market; market development; equilibrium price; competing dealer market structure; dealer broker; Government securities; Brokers and dealers; Securities markets; Securities; Treasury bills and bonds
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund