Page 56 - IILMGSM Journal_Management Perspective
P. 56
money market variables show integration among (2005-2008) as it is co integrated with all other
themselves from the very first sub period. Most of the segments except Foreign exchange market. This can
money market and credit market variables were be attributed to the aggressive attempt made to
integrated in the second sub period. In the third sub deepen and widen the G Sec market. These measures
period there seems to be some deterioration of the included extending short selling in the Central
above relationships as CP is not found to be Government securities to five day basis, introduction
integrated with MIBOR and CD. DR is not integrated of ‘when issued’ market, permitting diversification of
with any money market variable and PLR is primary dealer business and extension of the
integrated only with CM and MIBOR. (REASON?) Negotiated Dealing System – Order Matching (NDS-
OM) module to new participants such as qualified
The G Sec market was only integrated with CM in mutual funds, provident funds and pension funds.
the first and the second sub periods. There is a major (RBI Annual Report 2006 -2007).Capital market and
turnaround in this segment in the third sub period the Foreign exchange market do not show any
consistent integrating relationship with the other
segments.
(55)
themselves from the very first sub period. Most of the segments except Foreign exchange market. This can
money market and credit market variables were be attributed to the aggressive attempt made to
integrated in the second sub period. In the third sub deepen and widen the G Sec market. These measures
period there seems to be some deterioration of the included extending short selling in the Central
above relationships as CP is not found to be Government securities to five day basis, introduction
integrated with MIBOR and CD. DR is not integrated of ‘when issued’ market, permitting diversification of
with any money market variable and PLR is primary dealer business and extension of the
integrated only with CM and MIBOR. (REASON?) Negotiated Dealing System – Order Matching (NDS-
OM) module to new participants such as qualified
The G Sec market was only integrated with CM in mutual funds, provident funds and pension funds.
the first and the second sub periods. There is a major (RBI Annual Report 2006 -2007).Capital market and
turnaround in this segment in the third sub period the Foreign exchange market do not show any
consistent integrating relationship with the other
segments.
(55)
