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

Abstract

Liquidity on the government bond market and the trading of repurchase contracts have a meaningful reciprocal relationship, bringing about the mutual growth. Such conclusion plays a very important role in formulating the policies on public debt market in general and the repurchase market in particular in the time to come. Upon adopting liquidity measures presented the first part, this part will brief out the outcomes from the liquidity test. Overally they confirm the relevance in the above mentioned statement. Despite the fact, datasets are not of good statistical quality, the test results proves the hypothesis that liquidity and the trading of repurchase contracts are in gear. Liquid terms of government bonds are also much preferred in all repurchase contracts. Frequency and size of the trades (i.e outright trades of concern and repurchase trades) are in line over the study’s period. Bid-ask spread is rather tight, mirroring the market fluctuations and the interest rate policies. As a result, possible recommendations can come up on the coordination in policy formulation for developing the outright market and government bond repurchase market. Such coordination should ranges from product development, trading partners, trading mechanism, surveillance system…. in order to get the fruitful results.