Determinants of Secondary Market Development of Government Bonds-Case Studies of Kenya and Zambia, 2000-2015_Lilian Sinyangwe

The main objective of the study was to determine the factors that contribute to and/or hinder the development of the government bonds liquidity in the MEFMI region using Kenya and Zambia as case studies. The study applied the panel data econometric analysis and tested whether the Eichengreen and Luengnaruemitchai (2004) findings are replicated in Zambia. The study revealed that macroeconomic factors, available instruments, and structural factors do matter in the government bonds market development.

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