Rozwój wtórnego rynku bonów skarbowych w latach 1991-1998

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The article presents the development of secondary market for treasure bonds in Poland from the moment of theur first issuance in 1991 till mid-1998. At first the development did not face up to the potential possibilities resulting from large issuance of these instruments on a primary market. The main reason of that situation was the material from of these bonds. Their dematerialization, which was performed on 1 July 1995, the gradual development of liquidity management skills of economic units and the police of Polish National Bank, aimed at increasing the liquidity of a secondary market were the factors that caused to 150-ple increase in monthly turnover on this market the perion from July 1995 till June 1998. (original abstract)
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