01702cas a2200241 a 4500 AALejournalIMF007510 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451853070 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. Structural Reforms in Government Bond Markets. Washington, D.C. : International Monetary Fund, 1998. 1 online resource (31 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The paper documents institutional reforms that have taken place in the government debt markets of many industrial countries since the early 1980s, and investigates the impact of three key changes: (i) the move from relationship financing to market funding; (ii) the introduction of options; and (iii) the introduction of futures. Variance ratio tests on bond data for 14 industrial countries indicate that the move to market funding increased the volatility of bond yields and improved the informational efficiency of the secondary markets. The introduction of options and futures increased the informational efficiency of the underlying market, but did not have a stabilizing effect. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1998/108 Full text available on IMF http://elibrary.imf.org/view/journals/001/1998/108/001.1998.issue-108-en.xml IMF e-Library