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Volume 54, Issue 3 -4

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A Brief History of the Czech Bond Market

Dvořáková, Anna

Year: 2004   Volume: 54   Issue: 3 -4   Pages: 155-170

Abstract: The article outlines the historical roots of bonds and bond-market institutions in the Czech Republic. The survey begins in early 20th century, during the Habsburg monarchy, carries through the First Republic of Czechoslovakia and the preceding post-Second World War socialist era, and culminates in contemporary times (i.e., the introduction of a free-market economy and the founding of the Czech Republic in the early 1990s to the present). Perhaps surprisingly, similar bond instruments, market infrastructures, and even similar yields are observed one hundred years ago. On the other hand, a range of differences exist, among them, for example, the existence of perpetuities, lottery bonds, and bonds issued by individuals during the Habsburg monarchy.

JEL classification: N2, N24, O16

Keywords: bonds; financial markets; history; Czech Republic

RePEc: n/a

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