Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market
IMF Working Papers, February 10, 2017
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Bibliographic details
- Authors: Miss Yinqiu Lu, Dmitry Yakovlev
- Published: February 10, 2017
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781475577587.001
Overview and scope
- Authors: Yinqiu Lu, Dmitry Yakovlev
- Publication date: February 10, 2017
- Publication series: Working Paper No. 2017/028
- Issue: 028
- Volume: 2017
- Pages: 37
- DOI: https://doi.org/10.5089/9781475577587.001
- Stock No: WPIEA2017028
- ISBN: 9781475577587
- ISSN: 1018-5941
- Format: IMF Working Papers (research in progress; views are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management)
Key context and analytical focus
- The paper analyzes the development of Russia’s local currency government bond (OFZ) market using granular data.
- Focus is placed on the role and behavior of foreign investors in the OFZ market.
- Contextual features studied:
- Liberalization of the domestic trading and settlement infrastructure.
- Episodes of market stresses since the 2008–09 global financial crisis.
Main findings
- Foreign investors influenced the OFZ market before they became an important player.
- Since becoming an important player, foreign investors have contributed to the development of the OFZ market.
- Foreign investor participation did not necessarily destabilize the OFZ market during episodes of shocks.
Subject classification and keywords
- Subject: Bonds, Correspondent banking, Financial institutions, Financial markets, Financial services, Securities markets, Sovereign bonds, Yield curve
- Keywords: Bonds, Correspondent banking, debut OFZ linker, financial market development, foreign investor, Global, investor base, local currency government bonds, OFZ bond, OFZ bond risk, OFZ market operator, OFZ yield, Russia, secondary market, Securities markets, Sovereign bonds, WP, Yield curve
Source: IMF Working Paper "Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market", Yinqiu Lu and Dmitry Yakovlev, February 10, 2017.
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- Exploring the Role of Foreign Investors in Russia’s Local Currency Government Bond