МОГУЋНОСТИ ДАЉЕГ РАЗВОЈА НАСТАЈУЋИХ ТРЖИШТА ОБВЕЗНИЦА
POSSIBILITIES OF FURTHER EMERGING BOND MARKET DEVELOPMENT

Summary/Abstract: Since developed bond market is very important, it is indisputable that large force need to be directed to it’s further development in developing countries. In order to bond market be developed numerous barriers of development have to be disposed of. Namely, there are barriers on side of supply of capital, barriers on side of demand for capital as well as barriers in infrastructure development. Sequencing of bond market development depends on size of the economy, degree of competition in the financial sector, degree of the financial system complexity and investors’ structure development in some country and their interest in fixed income securities investment. In underdeveloped market priority should be development and strenghtening of market for short-term financial instruments. After solid basis for well operating of short-term financial instruments market is established, then follow the taking activities in order to improve financing by issuing of long-term financial instruments. In the latter phase of bond market development process active secondary market should ensure the basis for further bond standardization in the market.

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