The Microstructure of Government Securities Markets

November 1, 1995

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Brokers and dealers, Financial institutions, Financial markets, Government securities, Over-the-counter markets, Securities, Securities markets, Treasury bills and bonds

Keywords: auction-agency market, Brokers and dealers, central bank, competing dealer market structure, dealer broker, dealer market, debt management, discount house, equilibrium price, functioning dealer market, Government securities, government securities market, market development, market participant, order flow, OTC dealer market, price discovery, Securities, Securities markets, Treasury bills and bonds, WP

Pages:
90
Volume:
1995
DOI:
https://doi.org/10.5089/9781451853988.001
Issue:
117
Series:
Working Paper No. 1995/117
Stock No:
WPIEA1171995
ISBN:
9781451853988
ISSN:
1018-5941

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