Identifying and Prioritizing Effective Criteria on the Performance of Governmental and Central Bank Corporate Bonds from a Policy-making Approach

Governmental and Central Bank corporate bonds are among the most important tools for applying monetary and fiscal policies for finance, inflation control, setting monetary base, and the volume of strong money in accordance with the market liquidity needs of the economy. The issued papers in terms of quantity, quality, legal and administrative should be designed in such a way that, their publishing provides the conditions for managing the profits of the issued corporate bonds in favorable and prioritized projects, in addition to attracting small and wandering funds. Using a descriptive-analytical and desk-research approach, along with multi-criteria decision making patterns and hierarchical analysis, two questions are discussed in this paper; first, what are the criteria that affect the functioning of governmental and Central Bank corporate bonds? Second, how the importance of the selected criteria with respect to the policy functions of each corporate bond be prioritized? Through studying and reviewing the relevant literature and research, eight criteria have been extracted in this paper for comparing governmental and Central Bank corporate bonds. The results show that, based on the discussed criteria, Central Bank corporate bonds are better than government bonds.