MAIN EXISTING THEORIES OF FORMATION OF THE YIELD OF GOVERNMENT BONDS

The article examines the main theoretical approaches to the formation of government bond yields. Classical theories, including expectations theory, liquidity preference theory, segmented markets and preferred placement, as well as modern stochastic models, are analyzed. It is shown that none of the theories provides a complete explanation of the observed structure of interest rates, and a comprehensive approach is required that takes into account institutional features and investor behavior. Particular attention is paid to the relationship between returns and inflation expectations, monetary policy, fiscal sustainability, market liquidity and global macroeconomic conditions, as well as the applicability of return models to the Russian economy.