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Secondary market liquidity in domestic debt markets: Key policy conclusions

Author

Listed:
  • Hans J. Blommestein
  • Alison Harwood
  • Philipp Anderson
  • Ceyla Pazarbasioglu

Abstract

The Tenth OECD/World Bank/IMF Annual Global Bond Market Forum highlighted that liquidity is a complex concept with different dimensions – micro liquidity vs. macro liquidity, market liquidity vs. funding liquidity, endogenous vs. exogenous liquidity, and so on. Relative liquidity (including ‘liquidity freezes or squeezes’) can best be explained by focusing on the market’s institutional structure, in particular the architecture of electronic trading platforms, the importance of OTC trading, the nature and width of the investor base, disclosure requirements, valuation methods, the role of primary dealers including market-making requirements or conventions, tax factors, and the role of issuers of government bonds and other fixed-income instruments in primary and secondary markets.

Suggested Citation

  • Hans J. Blommestein & Alison Harwood & Philipp Anderson & Ceyla Pazarbasioglu, 2009. "Secondary market liquidity in domestic debt markets: Key policy conclusions," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2008(2), pages 1-6.
    • Handle: RePEc:oec:dafkad:5kz7vgbf38r2
    DOI: 10.1787/fmt-v2008-art18-en
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