Thanh khoản trên thị trường trái phiếu chính phủ và giao dịch mua bán lại trái phiếu chính phủ

(Kỳ 1: Tổng quan về thước đo thanh khoản và giao dịch mua bán lại trên thị trường trái phiếu chính phủ)

Abstract

Liquidity on the government bond market refers to the possibility to immediately execute a transaction of any scale with fair value and low costs. Quantitative measures of liquidity brings about the reasonable evaluation over liquidity on the market with least subjectivity. However, such measures can not totally remove all internal and external impacts namely the policies over the market development, the fiscal policy and the monetary policy respectively. Common measures of liquidity include but are not limited to (i) turnover ratio; (ii) market depth; (iii) immediacy; (iv) tightness. In this article, discussion on market liquidity – definition, explaination and measures will be made. And on the basis of such discussion, common measures of liquidity can be applied to test the hypothesis: government bond repurchase contracts will enhance the overall liquidity of the government bond market. The test shall be conducted with trade datasets of Vietnam government bond market for a period of 2009 to 2021. Outcomes from this test with comments will be presented in the next article.