摘要：The government securities market is one of the most important parts of the financial market in developed countries. While seeking for additional financing resources, a Government has to address members of the financial market and provides at the same timea benchmark, according to which all members of the market act. It is possible to developthe secondary market by establishing an efficient primary market using various placement techniques for securities and creating different forms of securities, taking the current economic situation and investors preferences into account. The usefulness of issued securities becomes evident when financial market players can sell their securities, whenever the needfor liquidity occurs. Only then is the Central bank able to perform open market operations and influence money flows. In undeveloped financial markets, governments have difficult access to domestic financing mostly due to insufficient demand. In such circumstances the international financial market becomes attractive, because better conditions and existing demands. However, governments neglect in that case the needed creation of the domestic government securities market, which serves as the basis for all remaining financial flows.
