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An institutional setup of the czech market for treasury securities

Author

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  • Zdeněk Dvorný

Abstract

This theoretical paper maps the transition experience of the financial sector using evidence from the Czech money market. Especially, the respect is paid to the structure of interest rates during the period from 1993 to 2001. The main components of the money market that mostly determine the term structure are the interbank deposit market and the market for short-term securities. The study abstains from interbank market survey and provides a detailed description of the default-free short-term securities market and its impact on past interest rate movements.

Suggested Citation

  • Zdeněk Dvorný, 2003. "An institutional setup of the czech market for treasury securities," Prague Economic Papers, Prague University of Economics and Business, vol. 2003(2), pages 145-153.
    • Handle: RePEc:prg:jnlpep:v:2003:y:2003:i:2:id:211
    DOI: 10.18267/j.pep.211
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    References listed on IDEAS

    as
    1. Feltenstein, Andrew, 1994. "The Role of Interest Rates during the Transition to a Market Economy," Economic Change and Restructuring, Springer, vol. 27(1), pages 1-19.
    2. Simon, David P., 1991. "Segmentation in the Treasury Bill Market: Evidence from Cash Management Bills," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 26(1), pages 97-108, March.
    3. Eric Rosengren, 1986. "Is there a need for regulation in the government securities market?," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 29-40.
    4. Shen, Pu & Starr, Ross M., 1998. "Liquidity of the treasury bill market and the term structure of interest rates," Journal of Economics and Business, Elsevier, vol. 50(5), pages 401-417, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Czech National Bank; treasury bills; treasury bonds; fixed income securities; taxation;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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