Publication

This report covers the legal and institutional structures of the Serbian bond market. It compares these to the evolution of the young bond markets in the Czech Republic, Hungary, Poland, and Slovakia. The core of the study is a technical section on the estimation of the bond yield curve in Serbia using the Nelson-Siegel Model, followed by an illustration of how parameter estimates can be utilized to forecast the term structure. The author concludes with recommendations for a successful transition of the Serbian bond market.