ՀՀ պետական պարտատոմսերի շուկայի զարգացման հիմնախնդիրները. Ախտորոշում եվ հիմնական ուղենիշներ/Issues of RA Government Bond Market Development: Diagnostics and the Key Benchmarks

Abstract

The RA Government targets increasing the share of domestic debt in the structure of public debt, which implies further deepening of the government bond market. To reveal its possibilities and outline the ways of improving debt management policy towards this aim, in this paper RA government bond market development has been diagnosed. Particularly, quantitative thresholds designed by the IMF were applied, the factors affecting the development of primary and secondary markets were estimated with econometric models, and prerequisites of participation of foreign investors in the local market were discussed. The research concludes that the primary market has reached a significant level of development, whereas the secondary market is weakly developed, which can be attributed to the low level of development of the non-bank financial sector and low participation by foreign investors. As a result of the research, the author offers to attach much importance to initiatives towards involving foreign investors into the debt market, which may result in higher liquidity of the secondary market and ensure a positive cycle of market development.