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随着我国债券市场逐渐发展成熟,关注国际债券市场的变化趋势对引导和促进我国债券市场的健康发展有重要的借鉴价值。本文尝试从流动性与做市商的内在联系出发,发现债券市场的周期性与结构性变化,以及带来这些变化的原因和未来可能造成的影响。流动性是指投资者买卖某项资产时,可以在较短的时间内达成交易且对资产价格造成较小影响。自2008年金融危机以来,市场环境和监管政策正在对债券流动性产生着深远的影响。全球低利率环
With the gradual maturity of China’s bond market, attention to the changing trend of the international bond market has important reference value for guiding and promoting the healthy development of China’s bond market. This article tries to find out the periodic and structural changes of the bond market from the inherent relations between liquidity and market makers, the reasons for these changes and the possible future impact. Liquidity refers to the ability of an investor to buy or sell an asset within a relatively short period of time and with a lesser impact on the asset price. Since the financial crisis in 2008, the market environment and regulatory policies are having a profound impact on bond liquidity. Global low interest rate ring