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In this paper we examine the predictive power of the Heterogeneous Autoregressive (HAR)model for the return volatility of major European government bond markets. Results fromHAR-type volatility forecasting models show that past short and medium-term volatilityare significant predictors of the term structure of intraday volatility of European bondswith maturities ranging from 1-year up to 30-years. When we decompose bond marketvolatility into its continuous and discontinuous (jump) component, we find that the jumpcomponent is a significant predictor. Moreover, we show that feedback from past short-term volatility to the forecast of future volatility is stronger in days that precede monetarypolicy announcements.

The short-term interest rate is the main driver of the Commonwealth of Australia government bonds' nominal yields. This paper empirically models the dynamics of government bonds' nominal yields using the autoregressive distributed lag (ARDL) approach. Keynes held that the central bank exerts decisive influence on government bond yields because the central bank's policy rate and other monetary policy actions determine the short-term interest rate, which in turn affects long-term government bonds' nominal yields. The models estimated here show that Keynes's conjecture applies in the case of Australian government bonds' nominal yields. Furthermore, the effect of the budget balance ratio on government bond yields is small but statistically significant. However, there is no statistically discernable effect of the debt ratio on government bond yields.

The aim of this theoretical paper is to discuss the researches implemented in government bond and other financial markets, and to identify the most important global factors, influencing government bond market comovements. Even though, there exist various groups of factors, influencing government bond markets, this research is concentrated in the existence of global factors. If the influence of these factors is significant, investors cannot hedge from this influence by diversifying. The research in this paper is implemented by using the analysis, synthesis and systemization of the researches and other scientific literature. This research uses a novel approach by excluding and the most common global factors, influencing government bond market comovements and discussing the measures to assess the influence of these factors on the comovements. The research resulted in identification of 5 global factors, most commonly disclosed by other researchers as influencing government bond market comovements: global risk aversion, global market portfolio, money market uncertainty, commodity market uncertainty and economic policy uncertainty, with the most important factor being global risk aversion. The existence of these factors reduces the benefits from international diversification: if the markets are strongly influence by the same global factors, the deterioration of these factors will influence the investment portfolio in the same way. JEL Codes: F36, G11, G15. DOI: https://doi.org/10.15544/ssaf.2016.01

The Asian financial crisis has underscored the need for both public and private sectors to diversify sources of funds to finance development projects. The domestic capital market is a fertile source that has not been successfully utilized for development financing, especially prior to the crisis. In particular, domestic bond markets are one of the instruments that could help put potential resources to more productive use, and are even a viable alternative source of financing for development projects.

The Asian financial crisis has underscored the need for both public and private sectors to diversify sources of funds to finance development projects. The domestic capital market is a fertile source that has not been successfully utilized for development financing, especially prior to the crisis. In particular, domestic bond markets are one of the instruments that could help put potential resources to more productive use, and are even a viable alternative source of financing for development projects.

In 1939 the Washington Court in Decker v. Fowler virtually eliminated the effect of the beneficiary provision in government savings bonds by holding that beneficiaries named in the bonds have no right to the proceeds on the death of the purchaser unless there has been a valid inter vivos gift of the bond between the purchaser and the beneficiary. The majority of the court apparently failed to recognize that there was a donee beneficiary contract entered into between the purchaser and the government. In two subsequent Washington cases, where the court has found a contract relation in somewhat analogous situations, Decker v. Fowler has been specifically distinguished as not involving a contract problem. Thus the court has adhered to its position in the Decker case with the inevitable result of confusion as to the rights of beneficiaries of government savings bonds.

Cover title. ; Bibliography: p. 37-39 ; Mode of access: Internet.

This paper introduces Mongolian Government external and domestic bond issuance since 1990's and its impact on Government debt and possible risks, based on the statistics. The National Statistics Office (NSO), Ministry of Finance (MOF), Bank of Mongolia (BOM) and Mongolian Stock Exchange (MSE) were the data providers for the research. The study revealed that the country is under great risk of external debt burden, which would cause economic recession.

Using a comprehensive dataset of orders and trades in the Indian government bond market, this study presents new evidence on the effect of funding liquidity on market liquidity. We measure both price and quantity dimension of funding conditions. As expected, tightening along one dimension significantly reduces bond market liquidity when the other dimension is already tight. However, individually, price and quantity tightening often improve market liquidity considerably. This finding is robust to controlling for numerous potential confounding channels. Funding conditions can apparently have substantial effects on asset market liquidity, but not in a manner readily explained by extant theories.

This paper analyzes the link between political factors and sovereign bond holdings of US investors in 60 countries over the 2003-2013 period. We find that, in general, US investors hold more bonds in countries with few political constraints on the government. Moreover, US investors respond to increased uncertainty around major elections by reducing government bond holdings. These effects are particularly significant in democratic regimes and countries with sound institutions, which enable effective implementation of fiscal consolidation measures or economic reforms. In countries characterized by high current default risk or a sovereign default history, US investors show a tendency towards favoring higher political constraints as this makes sovereign default more difficult for the government. Political instability, characterized by the fluctuation in political veto players, reduces US investment in government bonds. This effect is more pronounced in countries with low sovereign solvency.

This paper analyzes the link between political factors and sovereign bond holdings of US investors in 60 countries over the 2003-2013 period. We find that, in general, US investors hold more bonds in countries with few political constraints on the government. Moreover, US investors respond to increased uncertainty around major elections by reducing government bond holdings. These effects are particularly significant in democratic regimes and countries with sound institutions, which enable effective implementation of fiscal consolidation measures or economic reforms.

This article examines the influence of New Public Management ideas on recent changes in the Portuguese central government. Its purpose is to analyse the tendency to make public organizations more autonomous and to decentralize following the example of other countries inspired by the practice of the private sector and New Public Management stressing managerial flexibility. The message it conveys is that changes were primarily guided by values of the public domain, juridicial concerns and the primacy of politics, building a public governance that emphasizes the role of politicians and opens the administrative system to the sociopolitical environment. ...

We study how the Indian government bond market functions, how it has changed over time, and what factors help explain some of its features. Looking at the primary market, we describe how underwriting obligations are allocated to primary dealers via auction and identify several significant determinants of the underwriting commission cutoff rate, including the launch of the Negotiated Dealing System-Order Matching System (NDS-OM) electronic trading platform. Turning to the secondary market, we explore the importance of benchmark bonds, the launch of NDS-OM, the growth in trading activity, and the migration of activity from the over-the-counter (OTC) market to NDS-OM. We find that benchmark bonds, larger issues, and recently issued bonds tend to trade more actively, but that the launch of NDS-OM is associated with a reduced likelihood of a bond trading but greater trading volume conditional on trading. Benchmark bonds, larger issues, and recently issued bonds are associated with a greater share of NDS-OM trading volume (as opposed to OTC trading volume), suggesting that the NDS-OM platform is especially attractive for trading bonds with benchmark attributes.