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The search for liquidity in the Brazilian domestic government bond market

Author

Listed:
  • André Amante
  • Márcio Araujo
  • Serge Jeanneau

Abstract

The policy initiatives taken by the Brazilian authorities since the beginning of the decade have helped markedly improve the structure of government debt and the overall liquidity of fixed income and related derivatives markets. Despite this progress, there is room for improvement in the liquidity of the cash market for government bonds.

Suggested Citation

  • André Amante & Márcio Araujo & Serge Jeanneau, 2007. "The search for liquidity in the Brazilian domestic government bond market," BIS Quarterly Review, Bank for International Settlements, June.
    • Handle: RePEc:bis:bisqtr:0706h
    as

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    References listed on IDEAS

    as
    1. Serge Jeanneau & Camilo E Tovar, 2006. "Domestic bond markets in Latin America: achievements and challenges," BIS Quarterly Review, Bank for International Settlements, June.
    2. Claudio E. V. Borio, 2004. "Market distress and vanishing liquidity: anatomy and policy options," BIS Working Papers 158, Bank for International Settlements.
    3. Camilo E Tovar, 2005. "International government debt denominated in local currency: recent developments in Latin America," BIS Quarterly Review, Bank for International Settlements, December.
    4. Stefan Tangermann, 2005. "Organisation for Economic Co-operation and Development Area Agricultural Policies and the Interests of Developing Countries," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(5), pages 1128-1144.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Serge Jeanneau & Camilo E Tovar, 2008. "Domestic securities markets and monetary policy in Latin America: overview and implications," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 140-163, Bank for International Settlements.
    2. Janilson Antonio da Silva Suzart & Ariovaldo dos Santos, 2016. "The Predictive Value of Government Accounting Information and the Secondary Brazilian Bond Market," International Business Research, Canadian Center of Science and Education, vol. 9(4), pages 31-44, April.
    3. Endo, Tadashi, 2020. "The primary dealer system in lower-income economies," Emerging Markets Review, Elsevier, vol. 45(C).
    4. Bank for International Settlements & Federal Reserve Bank of Atlanta, 2008. "New financing trends in Latin America: a bumpy road towards stability," BIS Papers, Bank for International Settlements, number 36.
    5. Serge Jeanneau & Camilo E Tovar, 2008. "Latin America’s local currency bond markets: an overview," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 46-64, Bank for International Settlements.
    6. Endo, Tadashi, 2022. "Endogenous market development for government securities in lower-income economies," Emerging Markets Review, Elsevier, vol. 50(C).
    7. Bank for International Settlements, 2007. "Financial stability and local currency bond markets," CGFS Papers, Bank for International Settlements, number 28, december.
    8. Serge Jeanneau & Camilo E Tovar, 2008. "Financial stability implications of local currency bond markets: an overview of the risks," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 65-87, Bank for International Settlements.
    9. Mili, Medhi & Sahut, Jean-Michel & Teulon, Frédéric, 2018. "Modeling recovery rates of corporate defaulted bonds in developed and developing countries," Emerging Markets Review, Elsevier, vol. 36(C), pages 28-44.
    10. Daniel, L., 2008. "Foreign investors’ participation in emerging market economies’ domestic bond markets," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 12, pages 61-77, Summer.

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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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