BASIS FOR THE DEVELOPMENT OF THE LIQUIDITY OF THE GOVERNMENT SECURITIES MARKET IN THE REPUBLIC OF MOLDOVA
The unilateral structure of the domestic financial market, monopolized by banking institutions, requires a major reconfiguration by returning to representative positions of the capital market. This restructuring can be initiated by increasing investors' interest in the government securities market, giving it some quality elements, but also by creating a trading system that would increase the liquidity of all securities on the capital market. Increasing the quality of the GS market would allow the government on the one hand, to diversify its funding sources and manage its most important market risks more effectively, and on the other hand the financial sector would create opportunities for it to correlate and synchronize the development of the GS market with other segments of the capital market. In order to identify prerequisites for the development of the GS market in the RM, using the methods of research analysis, synthesis and deduction, we initially sought to identify the characteristics that define a market of government securities as a qualitative one. A comparative analysis of the historical evolution of government securities markets, which can be considered representative for the Republic of Moldova, can provide the necessary experience for the improvement of the liquidity level of the domestic government securities market. The results of this research have identified several possible actions, the implementation of which could lead to an increase in the quality of the domestic GS market.