TY  - BOOK
AU  - Lu,Yinqiu
AU  - Yakovlev,Dmitry
TI  - Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market
T2  - IMF Working Papers,
SN  - 9781475584202
AV  - HG4651 
U1  - 332.6323 23
PY  - 2017///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Bond market
KW  - Investments, Foreign
KW  - Russia (Federation)
KW  - Marché obligataire
KW  - Investissements étrangers
KW  - Russie
KW  - BUSINESS & ECONOMICS
KW  - Finance
KW  - bisacsh
KW  - fast
KW  - Electronic books
N1  - Cover; Contents; I. Introduction; II. The OFZ Bond Market Prior to the Liberalization; A. Supply, Demand, and Pricing; B. Foreign Exposure to the OFZ Risk through Proxies; III. The Process of Liberalization; IV. Markets Adapting to the Liberalization; V. Shocks and Market Developments; A. Taper Tantrum-May 2013; B. The Third Round of Sanctions-Summer 2014; C. Rating Downgrade-Early 2015; VI. Conclusion
N2  - Local currency government bonds (OFZ bonds) are an important fixed-income instrument in Russia's financial markets. In this paper, based on granular data, we explore the development of the OFZ bond market with a focus on foreign investors. As this fixed-income market has experienced a liberalization of the domestic trading and settlement infrastructure, and weathered several episodes of market stresses since the 2008-09 global financial crisis, the role of foreign investors can be observed along with these events. What we have found is that foreign investors had influenced the market before they became an important player and since then they have contributed to the development of the market while not necessarily destabilizing it in episodes of shocks
UR  - https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1487681
ER  -