Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market /
Local currency government bonds (OFZ bonds) are an important fixed-income instrument in Russia's financial markets. In this paper, based on granular data, we explore the development of the OFZ bond market with a focus on foreign investors. As this fixed-income market has experienced a liberaliz...
Clasificación: | Libro Electrónico |
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Autores principales: | , |
Formato: | Electrónico eBook |
Idioma: | Inglés |
Publicado: |
Washington, D.C. :
International Monetary Fund,
2017.
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Colección: | IMF working paper ;
WP/17/28. |
Temas: | |
Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Cover; Contents; I. Introduction; II. The OFZ Bond Market Prior to the Liberalization; A. Supply, Demand, and Pricing; B. Foreign Exposure to the OFZ Risk through Proxies; III. The Process of Liberalization; IV. Markets Adapting to the Liberalization; V. Shocks and Market Developments; A. Taper Tantrum-May 2013; B. The Third Round of Sanctions-Summer 2014; C. Rating Downgrade-Early 2015; VI. Conclusion.