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A Brief History of the Czech Bond Market


  • Anna Dvoøáková


The article outlines the historical roots of bonds and bond-market institutions in the Czech Republic. The survey begins in early 20th century, during the Habsburg monarchy, carries through the First Republic of Czechoslovakia and the preceding post-Second World War socialist era, and culminates in contemporary times (i.e., the introduction of a free-market economy and the founding of the Czech Republic in the early 1990s to the present). Perhaps surprisingly, similar bond instruments, market infrastructures, and even similar yields are observed one hundred years ago. On the other hand, a range of differences exist, among them, for example, the existence of perpetuities, lottery bonds, and bonds issued by individuals during the Habsburg monarchy.

Suggested Citation

  • Anna Dvoøáková, 2004. "A Brief History of the Czech Bond Market," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 54(3-4), pages 155-170, March.
  • Handle: RePEc:fau:fauart:v:54:y:2004:i:3-4:p:155-170

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    bonds; financial markets; history; Czech Republic;

    JEL classification:

    • N2 - Economic History - - Financial Markets and Institutions
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance


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