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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...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Lu, Yinqiu (Autor), Yakovlev, Dmitry (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington, D.C. : International Monetary Fund, 2017.
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.