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Term Structure and Treasury Bill Market Efficiency in Tanzania The Term Structure of Interest Rates and the Efficiency of the Primary Market of Treasu
Angol
151 b
30 nap a termék visszaküldésére
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26 584
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24 271
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There is an increasing trend of the conduct of §monetary policy in developing countries to mirror, §at least on paper, those in developed economies. The §structures in the former economies are not only §different but they are also weak in some areas. One §aspect that came with the liberalization of the §financial markets in Tanzania was changing the §trading of Treasury securities in the primary market §to the auction system which uses discriminatory §prices, rather than a single uniform price, in §allocating securities to bidders. This, however, was §not coupled with development of an organized §secondary market for the Treasury securities. §Consequently, the resulting yield curve and the §efficiency of this market may be expected to be §different from where secondary markets are well §developed. This work provides an initial assessment §of the Treasury bill auction system in Tanzania and §the efficiency of the primary market. It forms §a basis for understanding the term structure of §interest rates in Tanzania and analyzing the yield §curve and the integrity of the auction process.
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Angol
