Revenue Efficiency Evaluation of IGB Auctions Held by the Ministry of Finance of Ukraine
Journal Title: Бізнес Інформ - Year 2016, Vol 9, Issue
Abstract
The article studies revenue efficiency of the internal government bond auctions held by the Ministry of Finance of Ukraine. In the article, a definition and an «ideal» index of revenue efficiency of the government securities auction are developed. Evaluation of this index requires knowledge of confidential information, which belongs to the bidders. Therefore, for the empirical research, a set of alternative indices that can be evaluated based on public data only is suggested. This set of indices includes premium for volume, competitive discount, maximal premium for volume, minimal competitive discount, relative weighted-average yield and relative threshold yield. Using these indices, the author evaluated the level and dynamics of revenue efficiency of the short-term IGB auctions held by the Ministry of Finance from January 2010 to July 2015. The evaluation revealed that at least beginning from 2013 efficiency of the analyzed auctions was rapidly decreasing. Moreover, it turned out that revenue efficiency of the short-term IGB auctions was largely determined by characteristics of the auctioned securities, state of financial markets, and level of competition among primary dealers.
Authors and Affiliations
Oleksandr Kikot
Keywords
Related Articles
- EP ID EP123445
- DOI -
- Views 86
- Downloads 0
Factors that Determine Competitive Strategies of Trading Companies of Consumer Co-Operation
The article studies internal and external factors of functioning of trading companies of consumer co-operation. It offers author's vision of the essence and specific features of influence of these factors upon further de...
Methodical Approaches to Forecasting the Indicators of Marketing Activities of Coal-Mining Enterprises
The article is concerned with developing a forecast for core indicators of the marketing activity of coal-mining enterprises using several methods: the average growth rate, trend extrapolation, autoregression, extrapolat...
Empiric Assessment of Secondary Effects of Influence of the UAH Exchange Rate Upon Indicators of the Labour Market of Ukraine
The article specifies main channels of influence of changes of the national currency exchange rate upon indicators of activity of companies. The primary effects are: prices of imported goods, costs of imported factors of...
Individual Income Taxation in the World and Russian Practice: Modern Tendencies and Prospects
The article speaks about tendencies in individual income taxation in the leading countries of the world at the modern stage of development, marks out the contribution of the individual income tax into formation of the in...
Decrease in Liquidity of the Banking System as a Key Problem for Implementing Monetary and Credit Policy
The purpose of this paper is to review and analyze the main indicators of monetary and credit policy in the dynamics, and the study of changes that have occurred in the country \'s banking system over the past period...