Price Pressure in the Government Bond Market: Long-term Impact of Short-term Advice

2020 ◽  
Author(s):  
Luis Ceballos ◽  
Damián Romero
Keyword(s):  
Bond Market ◽  
Government Bond ◽  
Short Term ◽  
Price Pressure ◽  
The Government ◽  
Long Term Impact

scholarly journals The Long-Run Determinants of Indian Government Bond Yields

2019 ◽  
Vol 36 (1) ◽  
pp. 168-205 ◽  
Author(s):  
Tanweer Akram ◽  
Anupam Das
Keyword(s):  
Interest Rate ◽  
Government Bond ◽  
Bond Yields ◽  
Short Term ◽  
Indian Government ◽  
Bond Yield ◽  
Long Run ◽  
Key Driver ◽  
The Government

This paper investigates the long-term determinants of the nominal yields of Indian government bonds (IGBs). It examines whether John Maynard Keynes’ supposition that the short-term interest rate is the key driver of the long-term government bond yield holds over the long run, after controlling for key economic factors. It also appraises if the government fiscal variable has an adverse effect on government bond yields over the long run. The models estimated in this paper show that in India the short-term interest rate is the key driver of the long-term government bond yield over the long run. However, the government debt ratio does not have any discernible adverse effect on IGB yields over the long run. These findings will help policy makers to (i) use information on the current trend of the short-term interest rate and other key macro variables to form their long-term outlook about IGB yields, and (ii) understand the policy implications of the government's fiscal stance.

Developing the Government Bond Market in South Korea: History, Challenges, and Implications for Asian Countries

2005 ◽  
Vol 4 (2) ◽  
pp. 91-113 ◽  
Author(s):  
Kenneth Kang ◽  
Geena Kim ◽  
Changyong Rhee
Keyword(s):  
Stock Exchange ◽  
Bond Market ◽  
Bond Markets ◽  
Government Bond ◽  
Asian Countries ◽  
Trading System ◽  
Government Bonds ◽  
The Government

The government-led development of South Korea's government bond market after the Asian financial crisis provides a case study for building local bond markets in Asia. Two steps considered particularly effective at enhancing the liquidity of the market were the reopening system and the mandatory electronic exchange trading system for benchmark issues. This study uses the micro bondtrading data of the Korea Stock Exchange to determine how these efforts enhanced the government bond market. It also analyzes a long-term challenge: with the fiscal deficit projected to return to balance, the supply of outstanding government bonds is likely to decline, reducing the overall supply of benchmark issues.

scholarly journals Price Pressure in the Government Bond Market

2010 ◽  
Vol 100 (2) ◽  
pp. 585-590 ◽  
Author(s):  
Robin Greenwood ◽  
Dimitri Vayanos
Keyword(s):  
Bond Market ◽  
Government Bond ◽  
Price Pressure ◽  
The Government

A Note Concerning the Dynamics of Government Bond Yields

2021 ◽  
pp. 056943452098827
Author(s):  
Tanweer Akram
Keyword(s):  
Interest Rate ◽  
Financial Markets ◽  
Yield Curve ◽  
Empirical Studies ◽  
State Theory ◽  
Government Bond ◽  
Bond Yields ◽  
Short Term ◽  
Government Bonds

Keynes argued that the central bank can influence the long-term interest rate on government bonds and the shape of the yield curve mainly through the short-term interest rate. Several recent empirical studies that examine the dynamics of government bond yields not only substantiate Keynes’s view that the long-term interest rate responds markedly to the short-term interest rate but also have relevance for macroeconomic theory and policy. This article relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Investors’ psychology, herding behavior in financial markets, and uncertainty about the future reinforce the effects of the short-term interest rate and the central bank’s monetary policy actions on the long-term interest rate. JEL classifications: E12; E40; E43; E50; E58; E60; F30; G10; G12; H62; H63

Italy's politics without policy: Balancing Atlanticism and Europeanism in the Middle East

Modern Italy ◽  
2008 ◽  
Vol 13 (2) ◽  
pp. 135-153 ◽  
Author(s):  
Raffaella A. Del Sarto ◽  
Nathalie Tocci
Keyword(s):  
Foreign Policy ◽  
Middle East ◽  
The United States ◽  
The European Union ◽  
Short Term ◽  
The Government ◽  
Specific Interests ◽  
Policy Shifts ◽  
The Eu

Focusing on Italy's Middle East policies under the second Berlusconi (2001–2006) and the second Prodi (2006–2008) governments, this article assesses the manner and extent to which the observed foreign policy shifts between the two governments can be explained in terms of the rebalancing between a ‘Europeanist’ and a transatlantic orientation. Arguing that Rome's policy towards the Middle East hinges less on Italy's specific interests and objectives in the region and more on whether the preference of the government in power is to foster closer ties to the United States or concentrate on the European Union, the analysis highlights how these swings of the pendulum along the EU–US axis are inextricably linked to a number of underlying structural weaknesses of Rome's foreign policy. In particular, the oscillations can be explained by the prevalence of short-term political (and domestic) considerations and the absence of long-term, substantive political strategies, or, in short, by the phenomenon of ‘politics without policy’ that often characterises Italy's foreign policy.

Methods to Reduce Traffic Speed in High-Pedestrian Rural Areas

2003 ◽  
Vol 1828 (1) ◽  
pp. 31-37 ◽  
Author(s):  
Ali Kamyab ◽  
Steve Andrle ◽  
Dennis Kroeger ◽  
David S. Heyer
Keyword(s):  
Rural Areas ◽  
Speed Limit ◽  
Single Word ◽  
Short Term ◽  
Speed Reduction ◽  
Traffic Calming ◽  
Reduction Strategies ◽  
Long Term Impact ◽  
The Impact

Many Minnesota counties are faced with the problem of high vehicle speeds through towns or resort areas that have significant pedestrian traffic. The impact of speed reduction strategies in high-pedestrian areas in rural counties of Minnesota was investigated. Speed data were collected at two selected study sites under their existing conditions ("no-treatment" or "before" condition) and after the proposed speed reduction strategies were installed. Second "after" data conditions were collected to study the short-term and long-term impact of the implemented strategies. The traffic-calming techniques employed at the Twin Lakes site consisted of removable pedestrian islands and pedestrian crossing signs. A dynamic variable message sign that sent a single-word message ("Slow") to motorists traveling over the speed limit was installed at the Bemidji site. The research study shows that the traffic-calming strategy deployed in Twin Lakes was effective in significantly reducing the mean speed and improving speed limit compliance in both the short term and long term. Despite proven effectiveness, the deployed speed reduction treatment in Bemidji Lake failed to lower the speed at the study site. The single-word message on the sign and the location of the sign, as well as a lack of initial enforcement, were the primary reasons for such failure.

scholarly journals Novel market inefficiencies from early Victorian times

2017 ◽  
Vol 24 (2) ◽  
pp. 143-165 ◽  
Author(s):  
Andrew Odlyzko
Keyword(s):  
Nineteenth Century ◽  
Economic Incentives ◽  
Bond Market ◽  
Government Bond ◽  
British Government ◽  
Victorian Culture ◽  
Market Inefficiencies ◽  
Corporate Capitalism ◽  
The Government ◽  
Pricing Anomaly

A previously unknown pricing anomaly existed for a few years in the late 1840s in the British government bond market, in which the larger and more liquid of two very large bonds was underpriced. None of the published mechanisms explains this phenomenon. It may be related to another pricing anomaly that existed for much of the nineteenth century in which terminable annuities were significantly underpriced relative to so-called ‘perpetual’ annuities that dominated the government bond market. The reasons for these mispricings seem to lie in the early Victorian culture, since the basic economic incentives as well as laws and institutions were essentially the familiar modern ones. This provides new perspectives on the origins and nature of modern corporate capitalism.

scholarly journals Implikasi Penerapan Undang-Undang Nomor 11 Tahun 2016 Tentang Pengampunan Pajak (Tax Amnesty) Dalam Meningkatkan Kepatuhan Wajib Pajak

2017 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Agus Saiful Abib ◽  
Efi Yulistyowati ◽  
Amri Panahatan Sihotang
Keyword(s):  
Secondary Data ◽  
Fiscal Year ◽  
Tax Revenue ◽  
Short Term ◽  
Descriptive Research ◽  
Tax Amnesty ◽  
The Government ◽  
To Come ◽  
National Tax

<p>Tahun 2016, pemerintah mengeluarkan kembali kebijakan <em>Tax</em> <em>Amnesty </em>yang dituangkan dalam Undang-Undang Nomor 11 Tahun 2016 tentang Pengampunan Pajak. Pengampunan Pajak (<em>Tax</em> <em>Amnesty)</em> ini diharapkan dapat meningkatkan penerimaan pajak dalam jangka pendek melalui pembayaran uang tebusan, meningkatkan penerimaan pajak dalam jangka panjang melalui perluasan basis data pemajakan, meningkatkan kepatuhan Wajib Pajak, transisi ke sistem perpajakan baru yang lebih kuat dan adil, dan mendorong rekonsiliasi perpajakan nasional. Sehubungan dengan hal tersebut, untuk mengetahui apakah program <em>Tax</em> <em>Amnesty</em> Indonesia Tahun 2016 berhasil atau tidak, khususnya dalam meningkatkan kepatuhan wajib pajak, maka perlu dilakukan penelitian tentang : “Implikasi Penerapan Undang-Undang Nomor 11 Tahun 2016 tentang Pengampunan Pajak (<em>Tax</em> <em>Amnesty</em>) dalam Meningkatkan Kepatuhan Wajib Pajak”. Adapun permasalahan yang akan dibahas adalah bagaimana implikasi penerapan Undang-Undang Nomor 11 Tahun 2016 tentang Pengampunan Pajak<em> (Tax</em> <em>Amnesty)</em> dalam meningkatkan kepatuhan Wajib Pajak ? Berdasarkan implikasi tersebut, maka bagaimana sebaiknya pengaturan perpajakan yang akan datang ? Berdasarkan permasalahan tersebut jenis penelitian ini adalah yuridis normatif yang akan dikaji dengan pendekatan perundang-undangan, spesifikasi penelitiannya diskriptif analitis, data yang dipergunakan data sekunder, yang dianalisis secara kualitatif. Hasil penelitian menunjukkan bahwa implikasi penerapan Undang-Undang Nomor 11 Tahun 2016 tentang Pengampunan Pajak<em> (Tax</em> <em>Amnesty)</em> dapat meningkatkan kepatuhan Wajib Pajak, dan berdasarkan implikasi tersebut SE Dirjen Pajak No. SE - 06/PJ/2017 seharusnya tidak hanya untuk tahun pajak 2017 saja, tetapi juga untuk tahun-tahun yang akan datang. Di samping itu perlu ada peraturan yang mengatur tentang pengawasan terhadap pelaksanaan hak Wajib Pajak.</p><pre>In 2016, the government re-issue the Tax Amnesty policy as outlined in Law Number 11 Year 2016 on Tax Amnesty. The Tax Amnesty is expected to increase tax revenue in the short term through ransom payments, increase tax revenues over the long term through the expansion of taxation databases, increase taxpayer compliance, transition to a stronger and more just tax system, and encourage national tax reconciliation. In relation to this matter, to find out whether the program of Tax Amnesty Indonesia Year 2016 succeed or not, especially in increasing taxpayer compliance, it is necessary to do research on: "Implications Implementation of Law Number 11 Year 2016 on Tax Amnesty in Improving Taxpayer Compliance ". The problem to be discussed is how the implications of the implementation of Law Number 11 Year 2016 on Tax Amendment (Tax Amnesty) in improving taxpayer compliance? Based on these implications, then how should the taxation arrangements to come? Based on the problem, this type of research is normative juridical which will be studied with the approach of legislation, the analytical descriptive research specification, the data used secondary data, which analyzed qualitatively. The result of the research shows that the implication of the implementation of Law Number 11 Year 2016 on Tax Amnesty can improve Taxpayer compliance, and based on the implication of SE Dirjen Pajak No. SE - 06 / PJ / 2017 should not only be for the fiscal year 2017 alone, but also for the years to come. In addition, there should be a regulation that regulates the supervision of the implementation of taxpayers' rights.</pre>

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