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Government bond market: Potential for establishing a system of primary dealers in Russia based on relevant world experience

  • Financial Problems
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Studies on Russian Economic Development Aims and scope

Abstract

The paper considers a potential improvement in the stability of the Russian government bond market by establishing a system of primary dealers. The existing world models of primary dealership are identified and their relations with national market peculiarities are determined based on the analysis of statistics and regulatory documents of 22 countries. The revealed regularities allow the authors to propose a private dealership model adapted to the specifics of the domestic economy.

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References

  1. AFME. European Bond Price Discovery & Market Data Guide (2011).

  2. AFME. European Primary Dealers Handbook (2014).

  3. M. Arnone and G. Iden, “Primary dealers in government securities: policy issues and selected countries experience,” IMF Work. Pap., No. 45 (2003).

  4. Bloomestein, “New challenges in the use of government debt issuance procedures, techniques and policies in OECD markets,” OECD, No. 1 (2009).

  5. “Buyback and exchange operations: Policies, procedures and practices among OECD public debt managers, working papers on sovereign borrowing and public debt management,” OECD, No. 5 (2012).

  6. Non-Competitive Subscription Practices in Primary Dealer Systems. The Gemloc Peer Group Survey Analysis (World Bank, 2009).

  7. Securities Lending. The Gemloc Peer Group Survey Analysis (World Bank, 2011).

  8. Alekhin, “The new market for public debt,” Rynok Tsennykh Bumag, No. 25 (2006).

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Authors and Affiliations

  1. Institute of Economic Forecasting, Russian Academy of Sciences, Moscow, Russia

    A. V. Deshko, I. B. Ipatova & O. G. Solntsev

Authors
  1. A. V. Deshko
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  2. I. B. Ipatova
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  3. O. G. Solntsev
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Correspondence to O. G. Solntsev.

Additional information

Original Russian Text © A.V. Deshko, I.B. Ipatova, O.G. Solntsev, 2016.

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Deshko, A.V., Ipatova, I.B. & Solntsev, O.G. Government bond market: Potential for establishing a system of primary dealers in Russia based on relevant world experience. Stud. Russ. Econ. Dev. 27, 237–253 (2016). https://doi.org/10.1134/S1075700716030059

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  • DOI: https://doi.org/10.1134/S1075700716030059

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