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Title:
Analysis of Key Indicators’ Dynamics Characterizing the Government Bond Market
Creator:
Aghabekyan, Edgar ; Bazinyan, Evgenya ; Levonyan, Suren ; Stepanyan, Zhora ; Petrosyan, Emma
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Uncontrolled Keywords:
government bonds ; yield ; government debt ; investors ; bond maturity ; secondary market ; primary market ; refinancing rate ; consumer price
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Abstract:
In the article, the authors attempt to analyze the main indicators of the Armenian government bond market, identify the main trends in their dynamics, and the factors influencing them. The increase in domestic government debt, the extension of debt maturity, and the increase in the weight of non-bank participants among owners create opportunities for qualitative changes in the market. In addition, monetary and debt management policies in recent years have affected the formation of market yields and their term structure. As data trends show, monetary policy, rising debt levels, and the activation of major investors driven by external and domestic growth factors are the main drivers of the market. The easing of monetary policy, the Ministry of Finance's policy of satisfying auctions, and the decrease in the number of primary dealers have become the main factors driving the formation of the yield curve. In this regard, market changes may pose risks and make the direction of future effective development uncertain. In summary, the study emphasizes that, for the sustainable development of the market and increased liquidity, comprehensive reforms are necessary, based on a combination of international experience and local specifics.
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Երևան
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Նյութը վերցված է Հայաստանի պետական տնտեսագիտական համալսարանի կայքից։