The Costs of Being Private in the Public Debt Market

2012 ◽  
Author(s):  
Jessica Y. Wang
Keyword(s):  
Public Debt ◽  
The Public ◽  
Debt Market

scholarly journals Uncertainty in the public debt market and stochastic long-run growth

2011 ◽  
Vol 28 (1-2) ◽  
pp. 67-73 ◽  
Author(s):  
Panagiotis Tsintzos ◽  
Theologos Dergiades
Keyword(s):  
Public Debt ◽  
The Public ◽  
Long Run ◽  
Debt Market

scholarly journals PUBLIC DEBT MARKET AND BUDGET DEFICIT FINANCING TOOLS

2020 ◽  
Vol 1 (19(47)) ◽  
pp. 80-85
Author(s):  
Mykhailo Hantsiak
Keyword(s):  
Financial Market ◽  
Public Debt ◽  
Budget Deficit ◽  
Credit Market ◽  
Government Debt ◽  
Securities Market ◽  
Financial Resources ◽  
The Public ◽  
Debt Market ◽  
The Government

The purpose of the study is to substantiate the need to determine the essence and place of the public debt market in the financial market. Achievement is ensured by the implementation of tasks: systematization of views of domestic and foreign scientists on the essence of the place of public debt in the classification system of financial market segments; study of the structure of the financial market in terms of segments that ensure the implementation of debt financing of public debts; development of a theoretical approach to the structure of the public debt market. The article considers and systematizes the views of scientists concerning the place of the state morgue market in the financial market. The article substantiates the need to supplement the classification features for financial market segmentation in terms of complementing the target of market participants and identifying segments: the market for attracting financial resources to cover the state budget deficit (public debt market); the market for attracting financial resources to increase private capital. The concept of the public debt market is defined and its structure is proposed in general and detailed form. In general, the structure of the public debt market covers the debt securities market and the external credit market. The government debt securities market is a segment of the securities market, which in turn can also be classified. The same can be said about the external segment of the credit market. However, if the government debt securities market is fully owned by the public debt market, then the external segment of the credit market is only partially owned. The detailed structure of the public debt market is also presented. Conclusions are drawn and the directions of further scientific research in this direction are indicated.

Foreign Institutional Ownership and the Choice between Public and Private Debt

2019 ◽  
Vol 18 (2) ◽  
pp. 31-64 ◽  
Author(s):  
Jinshuai Hu ◽  
Albert Kwame Mensah ◽  
Albert Tsang
Keyword(s):  
Public Debt ◽  
Institutional Ownership ◽  
Vital Role ◽  
Cross Sectional ◽  
Private Debt ◽  
Public And Private ◽  
The Public ◽  
New Public ◽  
Accruals Quality ◽  
Debt Market

ABSTRACT The objective of this study is to examine the role of foreign institutional investors (FIIs) in firms' choice of debt. Using a large sample of firms from 40 countries, we find that FIIs are positively associated with the propensity of firms to access the public debt market and the subsequent issuance of new public debt. In contrast, we find no relationship between domestic institutional ownership and public debt. Our results are robust to various specifications, including a 2SLS regression model, a change model, a Heckman two-stage model and propensity score matching model, and a quasi-natural experiment using the exogenous relaxation of foreign equity restrictiveness. Cross-sectional tests further show that findings are stronger for firms with poorer accruals quality, with higher levels of information asymmetry, and firms domiciled in countries with weaker creditor protection. Collectively, our findings suggest that FIIs play a vital role in facilitating firms' public debt financing.

scholarly journals Budget and Tax Policy and the Public Debt Market in the First Half of 2020

Federalism ◽  
2020 ◽  
pp. 169-187
Author(s):  
I. S. Bukina
Keyword(s):  
Public Debt ◽  
Quantitative Easing ◽  
Monetary Policies ◽  
Government Bonds ◽  
The Public ◽  
Debt Burden ◽  
Russian Economy ◽  
Debt Market ◽  
Coronavirus Infection ◽  
Restrictive Measures

The pandemic of a new coronavirus infection for the Russian economy was a double shock: against the background of the spread of COVID-19, oil prices fell sharply. This was a serious shock for the economy and budget revenues. However, it was the budget expenditures that played a major role in supporting output. In addition, monetary policy was expansionary. Thus, in the first half of 2020, a combination of stimulating fiscal and expansionary monetary policies was observed. This combination increased the demand for government bonds. During the periods of the next decrease in the key rate of the Central Bank, an increase in the yield of OFZ was observed. Despite the fact that the level of Russia’s debt burden is low, there are specific risks that limit the possibilities for increasing debt. These include possible sanctions, a weakening of the ruble, falling incomes of the households and a high probability of an increase in bankruptcies of those organizations that will not be able to survive the consequences of the introduction of restrictive measures. Given these risks, it is necessary to consider mechanisms to support the economy using debt instruments and quantitative easing policies.

scholarly journals Evolution and Prospects of the Federal Loan Bonds Market Development

2018 ◽  
Vol 28 (4) ◽  
pp. 640-649 ◽  
Author(s):  
Irina Alekseeva ◽  
Irina Petrova
Keyword(s):  
Russian Federation ◽  
Public Debt ◽  
Securities Market ◽  
Public Expenditures ◽  
The Public ◽  
Macroeconomic Indicators ◽  
Trend Data ◽  
Debt Market ◽  
The Russian Federation ◽  
The Government

The government securities market is the most crucial element of the financial market in any country that plays an important role in funding of public expenditures and development of the national economy. At present, government securities make up more than 70 % of the internal public debt of the Russian Federation and more than 90 % of the public debt in bonds are federal bonds. Changes in the market of federal loan bonds that took place in 2011-2017 are described in the paper. Trend data characterizing the market and where it belongs to in the structure of the internal public debt of the Russian Federation are analyzed. The paper shows how macroeconomic indicators, debt policy of the country, demand for federal loan bonds, including that by foreign investors, influence development of the public debt market and creation of new types of market instruments. The authors also examine prospects of the federal loan bonds market and the expected trends in its development.

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