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Abstract

In the case of liberalised capital and financial external flows, a developed money market enables its participants efficient liquidity management, creates competition among financial intermediaries and assures the central bank an effective transmission mechanism for managing monetary policy. Furtheremore, it enables cheaper short-term borrowing for the state treasury as it stimulates the liquidity of the primary market for sovereign securities. The most important aspects of the primary market for treasury bills are stable legal system and developed institutional system. We believe that this can significantly contribute to development of a primary and a secondary market for soverign securities and that the concept chosen could help develop the broader money market in every national economy as well.

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