Kelakuan Kadar Kupon dan Struktur Yield Bon Kerajaan Malaysia yang Berkelompok: Implikasinya ke atas Dagangan Pasaran Kedua

Muhamad Muda

Abstract


ABSTRAK

Kelembapan perdagangan Bon Kerajaan Malaysia (BKM) mendapat perhatian banyak pihak kerana ia sekali gus mengurangkan peluang pelaburan di pasaran wang dan melemahkan hasrat kerajaan untuk mempercekapkan pergerakan modal. Antara faktor-faktor yang dikatakan menjadi punca kelembapan ini ialah kadar yield yang rendah dan keperluan undang-undang bersabit dengan kadar nisbah kecairan bank. Kertas ini meneliti alasan ini berdasarkan satu andaian iaitu jika kadar yield pada sesuatu masa tidak memuaskan makan pembeli BKM akan bergiat mengubahsuai portfolionya ke tahap yang memuaskan. Ini dengan secara langsung akan membuat dagangan BKM menjadi aktif. Oleh kerana ini jelas tidak berlaku makan berkemungkinan ada punca-punca lain yang ingin diselidiki oleh kertas ini.

ABSTRACT

The sparing trading activity on the Malaysian Government Board is not only restricting the investment opportunities in the money market, but also weaking the governmnet efforts to step up the market efficiency in mobilising capital resources. AMong the factors that said to effectuate the situation are the low yield on the bond and bank liquidity requirement imposed by the authority. This paper investigates these factors based on the hypothesis that if the yields are unattractive, tyhe bank would revise their portfolios to include adequately high yielding securities, thus naturally would spur trading. Apparently, this did not happen, which lead us to search for reasonable explanations.


Full Text:

PDF

Refbacks

  • There are currently no refbacks.


DISCLAIMER

The editors and publisher of Jurnal Pengurusan have made every possible effort to verify the accuracy of all information contained in this publication. Any opinions, discussions, views and recommendations expressed in the article are solely those of the authors and are not of Jurnal Pengurusan, its editors or its publisher. Jurnal Pengurusan, its editors and its publisher will not be liable for any direct, indirect, consequential, special, exemplary, or other damages arising therefrom.