Abstract

This article presents an analysis of the changes in profitability of the primary market for state securities in this country for the period 1998 - 2003, and the consequences for investors and the fisc. The study covers a six-year-period following the introduction of the currency board and the achievement of financial stability. There has been made an attempt to identify certain tendencies in the dynamics of the financial market segment under discussion. The observed fluctuations in profitability are used as a characteristic of price risk viewed by year and type of instrument. Using regressive analysis of the correlation between certain variables, the reasons behind the diminished profitability of the primary market are sought out.