Mastering Bond Paper: Sizes, Uses, and History Explained

Mastering Bond Paper: Sizes, Uses, and History Explained

In the world of paper, one of the most commonly used types is bond paper. From office printouts to important documents, bond paper finds a variety of uses due to its adaptability and durability. Let’s dive into the fascinating world of bond paper and explore its different sizes, uses, and origins.

Understanding the Sizes of Bond Paper

Short bond paper size.

Short bond paper, often used for a variety of purposes including academic tasks and office documents, typically measures 8.5 inches by 11 inches, or 215.9 mm x 279.4 mm.

Long Bond Paper Size

Long bond paper, on the other hand, is slightly longer and measures 8.5 inches by 13 inches, or 215.9 mm x 330.2 mm. It should not be confused with legal-size paper, which is 8.5 inches by 14 inches.

Comparing Bond Paper Sizes

Setting paper size in word and google docs, microsoft word.

Whether you are drafting an essay or creating a report, setting up your document to the correct paper size is crucial. In Microsoft Word , to set up a long bond paper size, you can click on the “Page Layout” tab, then the “Size” button, and choose the 8.5″ x 13″ size from the list.

Google Docs

In Google Docs , you can adjust the paper size by clicking on “File” and then “Page setup” in a new or existing document. In the “Page Setup” dialog, you can select the appropriate paper size.

Uses of Bond Paper

Bond paper is a versatile material that finds widespread use in various sectors. Here are some of its most common uses:

  • Printing : Bond paper’s smooth texture and durability make it ideal for everyday printing tasks.
  • Letterheads and Official Documents : Owing to its high-quality appearance and feel, bond paper is often used for letterheads and official documents.
  • Drawing : Uncoated bond paper is perfect for everyday drawing, as its lack of coating provides a less porous surface for the inks, leading to sharper text and images.

Origins of Bond Paper

The history of bond paper is as interesting as its uses. The name “bond paper” comes from its original use for creating government bonds , hence the term “bond”.

Interestingly, the standard size of bond paper is 17 by 22 inches, and it is often sold in a 20-pound weight. This refers to the weight of a 500-sheet ream of this size. However, before the paper is sold to consumers, it’s cut to the standard letter size of 8.5 by 11 inches.

It’s also worth noting that there’s a variety of bond paper known as “ rag paper ,” which is more durable and cloth-like, distinguishing it from the regular wood-pulp variety.

Whether it’s for printing your next report or crafting a stunning piece of art, bond paper is a versatile and reliable choice. Understanding its different sizes, uses, and the history behind it can help you appreciate this essential everyday material even more.

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Large Format Printing Paper

Bond Paper: Everything You Need to Know About Printer Paper

If you’re someone who is looking for up-to-date information regarding bond paper and printing processes, then this article is for you. Read on to learn everything that you need to know about different kinds of printer paper. 

What Is Bond Paper? 

If you have not encountered any, there will be times when you will want to print something on a sheet of paper that’s not as flimsy as “normal” 20# printer paper (think: copy paper). For example, if you want to print a door sign, DIY birthday card, or something else along these lines, you are going to need a material that will need to hold up. 

Bond paper comes in many different weights (thicknesses), and the heavier the weight, the thicker the paper. For example, you would not  print a poster  on a normal sheet of copy paper. Rather, you would use a material like heavy weight bond paper to ensure that the document stays intact. 

Is There a Difference Between Bond Paper and Normal Copy Paper? 

The easy answer is no – your “normal copy paper” is traditionally 20# bond paper. You probably use 8.5×11 sheets in your standard home or office printer, so the this paper that we sell is basically the same material (just available in large sheets or as rolls).

Is Bond Paper the Same as Cardstock? 

When someone wants to print something on stronger rolls of paper than normal copy paper, they will generally turn to use cardstock—a much more popular option than bond paper. Those who are oblivious to different kinds of printer paper might conclude that they are one and the same thing. However, these two types of paper are quite different from each other. 

The main difference between cardstock and this paper has to do with the weight and thickness of each type of paper. Cardstock generally weighs about 250 g/m while bond paper weighs only around 60 g/m. Of course, you can find bond paper that weighs more than this—but this is a general consensus. 

Thickness is also a differentiating factor between cardstock and bond paper rolls. It is common knowledge that cardstock is one of the thickest types of printer paper. However, that does not render the question, “Is this paper thicker than cardstock?” irrelevant. 

Cardstock is indeed thicker than even 20-pound paper . Not only is it thicker, but it’s also rigid and—as we’ve mentioned earlier—heavier. 

Now, card stock is typically too thick to make as a large format paper roll. It will just be too thick to run through your plotter/printer. If you are looking for a thick paper that is close-ish to card stock, think about trying a 46# coated paper .

Is this Paper the Same as A4 Paper? 

This question is like comparing apples to oranges. A4 refers to the dimensions of the paper, whereas this paper is an actual type of paper constructed to be significantly more durable than normal printer paper. So technically speaking, you can have an executive letter printed on A4 bond paper. These two types of paper are not the same exact thing, but they can be combined. Bond paper refers to the structure of the paper, while A4 refers to the size of the paper (A4 dimensions are 210 x 297 mm). 

What Is Banner Paper? 

Banner is actually not a type of paper, it is a smooth “scrim vinyl”. The tiny threads in the vinyl are woven in a plaid-like pattern, and the more threads, the stronger the banner. Essentially, banner material is that which is used to make—as is apparent in the name—banners such as signs, billboards, and the like.  Banner is going to last longer and be much more tear-resistant that bond paper.

Where Can I Find the Best Printer Paper? 

Some people think that they can just run to their local department store and pick up rolls of printer paper and/or bond paper. However, that is certainly not where you will find the best printer paper on the market. Plotter Paper Guys sells most wide-format printer media that you might need. Head on over to Plotter Paper Guys today and pick up all of the media that you need for your printer. You won’t be disappointed!

For more helpful information like this article, visit the Plotter Paper Guys’ blog . 

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US QE and the Indian Bond Market

  • Original Article
  • Published: 30 October 2021
  • Volume 20 , pages 137–157, ( 2022 )

Cite this article

research paper long or short bond paper

  • Moumita Paul   ORCID: orcid.org/0000-0001-8602-9215 1 &
  • Kalluru Siva Reddy 1  

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This paper examines the long- and short-run spillover effects of US quantitative easing (QE) on the benchmark 10-year Indian government bond (IGB) yield by Autoregressive Distributed Lag (ARDL) bounds testing co-integration approach using monthly data from September 2008 to June 2019. The results show that a 10%-point rise in US QE led to a 4 bp rise in yields. The counterfactual analysis shows that volatility of the yields would have been less without the QE. During the episodes of QE, the Reserve Bank of India (RBI) had to alter its policy rate and engage in open-market operations (OMOs) to simultaneously maintain liquidity in the system and reduce the volatility of interest rates. Spillover on the debt yield leads to mispricing of assets and partial loss of the monetary-policy autonomy of the RBI.

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Avoid common mistakes on your manuscript.

Introduction

A robust bond market is critical for the growth of a country. When the bond market is developed the depth of financial markets increases by serving the needs of the private and public spheres. It is even more relevant now as bank balance sheets are weak, thus impeding loan growth. Part of that growth can come from the bond market. Hence, it is no surprise that the Indian regulatory and monetary authorities recognize this and have been taking continuous steps to deepen the fixed-income market in India. Consequently, the domestic bond market has grown from around INR 38trn in FY11 to INR 159trn in FY21. The following types of bonds are issued in the Indian domestic bond markets are: (1) Government securities (G-secs), (2) State Development Loans (SDLs) and (3) corporate bonds. The activity in the bond market is given in Table 1 .

As percent of GDP, government and corporate bonds have been growing. The former, which were 38% of India’s GDP in FY11, have grown to 58% in FY21. More significantly, in this time, corporate bonds as percent of GDP have grown from around 12% to 18%. The major holder of government securities are Scheduled Commercial Banks (SCBs), which possessed more than one-third in FY21. The RBI and insurance companies are other significant owners, which held respectively 27% and 11% of government bonds (Fig. 1 ).

figure 1

Source: RBI

Major owners of G-Secs.

Compared to the G-sec market, the corporate bond market is still developing and is now one-third of the government bond market. There is strong correlation (0.83) between government and corporate bond yields. Within the various tenured government bonds, the 10-year government bond has been the most traded security, with the highest percentage of volumes being traded in the 7-year to 10-year bucket. The second-most traded security is the 5-year bond in the 5-year to 7-year bucket. Footnote 1 Between the 10-year and 5-year bond yields there is also a correlation of 0.93. We therefore identify the benchmark 10-year Indian Government Bond (IGB) yield as the most suited variable to capture the impact on the bond market in India.

After the Global Financial Crisis (GFC) in 2007, the Federal Reserve (Fed) initiated certain Unconventional Monetary Policy (UMP) measures to help the US economy to recover. Quantitative Easing (QE) was one of the tools adopted by the Fed in 2008. In QE, by purchasing assets of longer-duration, the central bank reduces the yield of these securities in US, which eventually translates into lower long term interest rates. The Fed has undertaken QE measures in 2010, 2011, 2012 and again in 2020. When the Fed purchases the long duration assets, it leads to an increase in demand for all substitute assets, like long-duration assets of Emerging Market Economies (EMEs), which has impact on the asset prices of EMEs. We note a visible co-movement between US and Indian long-term bond yields; they have moved in tandem in the last 10 years, particularly after the GFC and during the taper tantrum (Fig. 2 ). This allows us to question if there was any impact of US QE on the long term bond yields in India. But while considering the impact of US QE on the Indian debt market, we first need to establish the other determinants of the 10-year IGB yields.

figure 2

Source: RBI, FRED

Movement of US and India’s long-term bond yields.

The relationship between bond yields and GDP growth is not deterministic. Higher GDP growth generally entails higher cost of funding and inflation. Consequently, the relationship is likely to be positive. That is, higher GDP growth should lead to higher yields on account of greater demand for funding and greater compensation required to cover higher inflation. In India we find a discernible negative relationship between GDP growth and debt yield (Fig. 3 ). That is, yields soften as growth accelerates–and vice-versa. The 10-year IGB yield seems to have a reasonable lead-indicator property of the GDP-growth trajectory by at least two quarters.

figure 3

Source: RBI, MOSPI

Relationship between bond yield and GDP growth.

Higher GDP growth increases gilt demand, and reduces supply. Two main factors seem to result in the softening debt yield in India as GDP accelerates. Most government revenue in India arises from taxes. Taxation on income (both corporate and personal), in turn, constitutes the greater portion of tax revenue. Progressive taxation of income leads to tax-revenue growth surpassing GDP growth when the latter accelerates. This results in a lower fiscal deficit and, thereby, the reduced need for market borrowing when GDP growth is strong. In such situations, reduced supply of sovereign bonds softens yields.

Higher GDP growth also generally leads to a higher savings rate. In India, households are the largest savers and a large portion of household financial savings is generally channelized into bank deposits, especially in the early phase of a growth recovery. SCBs are statutorily required to invest in government securities. Higher GDP growth will lead to greater demand for such securities.

Unlike with GDP growth, the normative link between inflation and yield is straightforward. Higher inflation lowers real returns on government securities, leading to demand for higher nominal yields (Fig. 4 ). Like most central banks, the main monetary-policy tools of the RBI are the rates at which banks can borrow from (repo) or lend to (reverse-repo) the RBI. A change in policy rates almost immediately impacts money-market rates as the former is the effective benchmark in that market. Transmission of short-term or money-market rates on long-term or debt-market rates are, however, far from certain. Consequently, tight monetary policy translating to higher debt-market yields is not axiomatic. In fact, it can be argued that, if the debt market feels that tightening by the central bank would be effective in bringing down long-term inflation, debt-market yields can soften rather than harden even when inflation is high.

figure 4

Relationship between bond yield and inflation.

Banks account for the largest holding of government securities. Over the years, they have been scaling down their holding of excess government securities beyond that required by the statutory-liquidity-ratio (SLR) norms. Also, since late 2010 the RBI has reduced banks’ SLR requirement. Yet, banks still have considerable excess SLR holding. In 2014, the RBI introduced the Liquidity Coverage Ratio (LCR) norms as part of the Basel III Framework on Liquidity Standards. The objective was to build up resilience to face a potential acute liquidity-stressed situation lasting up to 30 days. Toward this end, banks need to maintain high-quality liquid assets (HQLA) so as to meet net cash outflow for 30 days under acute liquidity stress. Bank assets which qualify as part of HQLA are cash in hand, excess SLR holdings over the statutory norm and banks’ borrowing limits under the Marginal Standing Facility (MSF).

Most government revenue in India arises from taxes. Personal and corporate tax constitutes the major portion of tax revenue. Progressive taxation of income leads to tax-revenue growth surpassing GDP growth when the latter accelerates. This results in a lower fiscal deficit and, thereby, reduced need for market borrowing when GDP growth is strong. In such situations, reduced supply of sovereign bonds softens yields.

The sharp monetary easing following the global crisis of 2008 was accompanied by banks parking huge amounts of liquidity with the RBI under the reverse repo window, ie, large net liquidity withdrawal by the RBI. Major rate easing backed by the banking-system liquidity-overhang led to a sharp softening of debt yields in this period. Thereafter, the reversal of the highly-accommodative monetary policy in 2010 coincided with a major tightening in banking-sector liquidity. From being large lenders to the RBI under the reverse-repo window, the banking system started borrowing large amounts from the RBI under the repo window. Liquidity tightening backed monetary tightening led to major hardening of gilt yields in this period (Fig. 5 ). To address the large banking-sector liquidity problem, the RBI started easing liquidity through outright government bond purchases under OMOs by the end of 2011, well before the start of the next rate-easing cycle. The monetary-easing cycle during 2012–2013 largely registered improvements in banking sector liquidity, and yields softened during this period. Prior to the policy-rate tightening started in 2013, the RBI sharply tightened banking liquidity in order to thwart a major depreciation in the rupee. The process led to the spike in debt yields. To change in bond yields and repo rate is compared for these periods (Table 2 ). The rest of the paper is arranged as follows: section “ Summary and Gap ” covers existing literature and the gap; section “ Empirical Model ” is an empirical model; section “ Results and Discussion ” delineates results and findings; section “ Summary and Conclusion ” concludes.

figure 5

Movement of between bond yields and liquidity.

Summary and Gap

Following the GFC, the Fed initiated the QE measures and the program has been recurring since. In September 2008, the Fed started the QE-1 program in which the US central bank announced purchase of $1.25 trillion in Mortgage-Backed Securities (MBS) and $200 billion in federal agency debt. Footnote 2 In the second QE program (QE-2), which began in November 2010, the Fed notified its commitment to buying Treasury Securities worth $600 billion. Following this, the US conducted Operation Twist, in September 2011, where it announced it would buy short- and long-term bonds to reduce long-term rates. Then came QE-3 in September 2012, where the Fed announced an open-end bond-purchase program of MBS worth $40 billion every month. In March 2020, the Fed announced QE-4 to tackle the Covid-19 pandemic.

The stated objective of conducting QE was to reduce long-term interest rates to revive economic growth (Dudley 2010 ). There are three major ways in which this happens. First is the signaling channel in which the UMP measures serve as credible commitment to keep interest rates low (Eggertsson and Woodford 2003 ). The second is the liquidity channel: when the central bank purchases long-term securities the reserve balance of the central bank increases. This leads to increased liquidity for investors and they demand a lower liquidity premium on these assets. The third is the duration-risk channel (Vayanos and Vila 2009 ). Based on the assumption of a preferred habitat model, by purchasing long-term securities the central bank can reduce the duration risk and subsequently the bond yield of these securities. From existing literature we find evidence that $100 billion QE in the US leads to 3–15 bp softening of the US 10-year bond yield (Doh 2010 ; D’Amico and King 2010 ; Gagnon et al. 2011 ; Neely 2010 ; Krishnamurthy and Vissing-Jorgensen 2011 ; D’Amico et al. 2011 ; Swanson 2011 ).

However the impact of US QE was not contained within the US economy, it had a spillover effect on bond yields of EMEs (Sobrun and Turner 2015 ; Gilchrist et al. 2019; Borio and Zabai 2016 ; Dell’Ariccia et al. 2018 ). Bowman et al. ( 2015 ) uses the Vector Auto Regression (VAR) methodology to identify the impact of US UMP on 17 EMEs, using daily data of sovereign bond yields from January 2006 to December 2013. The authors find there was an impact on the EMEs (including India) and the impact was more on countries with weak macroeconomic fundamentals. In a similar study, Bhattarai et al. (2018), study the impact between January 2008 and November 2014 and come to the conclusion that a 2% increase in Fed security purchases reduces long-term yields in EMEs by 3 bps. However, they find that the impact on the “Fragile Five” EMEs– Brazil, India, Indonesia, South Africa, and Turkey–were stronger than on other EMEs.

Using a panel regression along with an event study and Global Vector Auto Regression (GVAR) as a robustness check, Moore et al. (2013) examine the impact of the US LSAP on 12 EMEs. The authors find that a 10 bp reduction in long-term US Treasury yields reduced the EME government yield by 1.7 bps. From the event study (impact within three days from the date of announcement), the authors find that the impact on the 10-year IGB yield was significant. In a similar study, Fratzsher et al. (2013) analyse the impact of US QE on 42 EMEs using daily data between 2007 and 2011. The authors find that in QE-1 money flowed out of the EMEs, in QE-2 money flowed into EMEs. Lim et al. (2014) use panel regression to analyse the impact of QE by the Fed, the ECB, the BoJ and the BoE on quarterly gross capital inflows across 60 EMEs over 2000 and 2013. The authors identify there was transmission through the portfolio balancing channel on the yield curve.

Rajan (2014), the governor of the RBI, at that time had argued that the tapering actions of the Fed may give rise to unnecessary volatility in global financial markets and could lead to harmful spillover effects. Aizenman et al. (2014) apply a panel framework using daily financial data of EMEs and find that asset prices were most reactive to statements made by then Fed Chairman Bernanke. When classifying the 26 EMEs into robust and fragile, the authors conclude that, while in the very short term the impact was more severe in robust economies, the impact after a month was similar for robust and fragile economies.

Mishra et al. (2014) studied the impact of US QE on bond yields of 21 EMEs between 2013 and 2014 and came to the conclusion that the impact on the country depended on its macroeconomic fundamentals. Countries with deeper and more stable financial markets reacted less to the tapering events. Compared with other EMEs, the impact of tapering was less in India, as the current account balance improved in 2013 compared to 2008 (during QE-1) and the country imposed capital flow measures.

To the best of our knowledge theses papers that have looked exclusively at the spillover impact of UMP on the Indian debt market. Patra et al. (2016) study the impact of global spillovers on Indian financial variables. To capture the impact on the debt market (via the portfolio balance channel) the authors look at the US term spread and US risk spread. Footnote 3 The authors find that there was no spillover on Indian government bond yields. However FPI debt flows were impacted by the UMPs and the global spillovers do affect the transmission of monetary policy. Dilip ( 2019 ) uses VAR to study the spillover impact on daily zero coupon yields from 2009 to 2019. The author finds that there was a significant impact on the yield and that the spillover impact has increased over the years and the spillover has been through the term premium channel more compared to the risk neutral rate channel. Footnote 4 Sahoo et al. (2020) study the volatility spillover from the US UMP on the 5 EMEs (including the Indian bond market). The authors use the same variables as Patra et al. ( 2016 ); employ the AR(k)-GARCH model to estimate the impact. There was a significant impact of QE-1 and the taper tantrum on volatility of Indian bond markets and the effect was persistent.

We find the following gaps in the literature. First, very few studies have analyzed the spillover of US QE on the Indian bond market. Our model has incorporated an exhaustive list of domestic and global macro and financial variables to identify the spillover impact. The choice of control variables differentiates the work from others. To proxy the US QE variable, many studies have either used the term spread or the shadow-policy rate for their analyses. Here, the asset-purchase data of the Fed has been used. The rationale for using the asset-purchase data is that unlike the term spread which can be influenced by events other than QE, the data on asset-purchase data will not.

Most of the studies on EMEs have clustered economies together and commented on the entire basket of economies. Clustering economies which have significant fundamental differences do not allow us to incorporate the political and monetary-policy backgrounds of individual economies. Most of the work of empirical modelling has been done employing linear regression, panel data models, GVAR, dynamic factor modes (DFM) to estimate the spillover impact. However we use the Autoregressive Distributed Lag (ARDL) model, which is novel. It is more suited for the analysis as all the variables are not endogenous and the order of integration is not same.

Empirical Model

The 10-year benchmark IGB yield is the dependent variable in the study. Monthly data from September 2008 to June 2019 is used in the empirical analysis. Dua and Raje ( 2014 ) note that “factors which can arise from monetary-policy shifts” are important determinants of the 10-year IGB yields. The US QE is an independent variable and the chief area of interest. Footnote 5 The QE data is normalized by taking it as a percent of total outstanding bond purchases in the US. The impact of the US QE on the 10-year IGB yield can happen via two channels. First is the portfolio- rebalancing: with the fall in supply of long-term US bonds, demand for substitute assets in India is likely to have increased. This would lead to a rise in asset prices and a fall in the bond yields in India. In the signaling channel, with low, long-term interest rates in the US, the interest rate difference between the US and India would have increased. This would have led to higher capital inflows to India and greater demand for Indian long-term securities. The impact is likely to suppress bond yields.

The relationship between GDP growth and bond yield is not deterministic. Higher GDP growth generally entails higher cost of funding and inflation. Consequently, the relationship is likely to be positive. However, since GDP is released every quarter, the industrial production growth which has a monthly frequency, has been taken instead as a proxy of economic growth.

Inflation plays an important role in determining bond yields (Dilip 2019 ). The normative link between inflation and yield is straightforward. Higher inflation lowers real returns on government securities, leading to demand for higher nominal yields. Another way of looking at it is when inflation increases, the central bank raises policy rates to control the rise in inflation. A successful monetary-policy transmission would therefore increase the long-term rates.

For the empirical analysis, both CPI and WPI inflation were taken at the onset. There was a notable degree of correlation between these two measures. However, WPI inflation is more relevant for the analysis as, as during 2008 to 2012, only WPI inflation was there. Given its relative importance over CPI inflation, this has been included in the ARDL model. To capture the impact of global prices, both Brent crude oil and WTI were included in the initial set of regressions. Apart from prices, these indicators reflect market volatility and liquidity. A high degree of correlation was noted among the two. The Brent crude oil price, the more popular and common measure, has been included in the final model.

A few authors have found that monetary policy and monetary-policy shifts have an impact on long-term bond yields (Dua and Raje 2014 ; Dilip 2019 ). However, none of the policy variables—the repo rate or the reverse repo rate—had a significant impact on the 10-year IGB yields in the initial regression models. The reserve requirements—the Cash Reserve Ratio (CRR) and the SLR were found to be insignificant. Hence, none of these variables have been included in the ARDL model. The 6-month libor rate had also been included in the initial set of regressions which was not included in the final model as there was no literature which has found a significant impact of this variable.

Akram and Das ( 2019 ) find that the Keynesian conjecture of short-term interest rates being a key determinant of long-term interest rates holds for the Indian economy. This is based on the expectations theory of the term structure, where the long-term interest rate is defined as the weighted average of present and future short-term interest rates. With the rise in the short-term interest rate, the long-term interest rate is likely to rise. The 3-month Indian Treasury Bond (ITB) yield has been taken as proxy for the short-term rates in the ARDL model.

Goyal ( 2019 ) notes that OMOs also impact bond yields. The net open-market purchase by the RBI has been taken to proxy the OMO of the RBI. The variable has been converted into its logarithmic value to maintain consistency with the other variables in the equation. Higher net open-market purchase by the RBI would increase liquidity in the hands of investors. This would increase demand for long-term assets and compress its yields. The coefficient of net open-market purchases is expected to be negative.

Kapur et al. (2018) find that foreign investment in debt instruments has a significant impact on long-term bond yields. Foreign portfolio investment in debt markets is regulated by restrictions of capital inflows to the country. So this variable has been avoided. On the other hand, the variable of mutual-fund investment in G-secs was also compiled. However, since mutual funds are small players in the bond market, this variable also has not been included. The final list of variables is given in Table 3 .

Estimation Methodology

Many authors Footnote 6 have used the VAR model, which is more suitable when all variables are endogenous. However, in the present study, the hypothesis is that there is a one-way causality between QE and 10-year IGB yields. Using the ARDL bounds test developed by Pesaran and Smith ( 1998 ), Pesaran et al. ( 2001 ), is novel. The other advantage of using the ARDL model is that, unlike traditional co-integration models of Engle and Granger ( 1987 ), Johansen ( 1991 ), Johansen and Juselius ( 1990 ), which require all the variables to be integrated into the same order, the ARDL model requires the variables to be integrated of order I(0) or I(1) or a combination (Nkoro and Uko 2016 ).

The relationship between US QE and the Indian bond market is likely to take this functional form 10-year IGB yield = f (usqe).

The ARDL model specifies the functional relationship between the variables of interest as follows:

where Δ is the first difference operator, α and β 1 to β 7 are short-run dynamic coefficients, β 8 to β 14 are the long-run coefficients and \(\varepsilon\) is the error term.

The null hypothesis of no long-run relationship among the selected variables (H 0 :β 1  = β 2  = β 3  = β 4  = β 5  = β 6  = β 7  = 0) has been discarded against the alternative hypothesis of the existence of a long-run relationship.

In the presence of a long-term relationship among the variables, the short-run Error Correction Model (ECM) has been applied. This is specified as:

where Δ is the first difference operator, α and β ’s are the short-run dynamic coefficients, γ is the coefficient of the error correction term (ECT) and \(\varepsilon\) is the error term. γ determines the speed of adjustment to equilibrium.

The robustness of the ARDL model on the residuals has been checked by the following tests: (a) the Lagrange multiplier test of residual serial correlation; (b) the Ramsay RESET specification test of functional form; (c) the Jarque-Berra normality test, (d) the Breusch-Pagan-Godfrey heteroscedasticity test. Besides, the cumulative sum (CUSUM) test for stability of the model is also evaluated.

Four counterfactual scenarios are built where the QE variable is assumed to be zero Footnote 7 and the behaviour of the 10-year IGB yield is observed. The four scenarios are built by splitting the time period into segments when there has been a change in the US QE program. The four segments are Period 1: from September 2008 to March 2010 when the Fed increased the monthly asset purchases; Period 2: from April 2010 to November 2012 when the asset purchases fell, followed by a brief period of rise and fall again. Broadly as the number was falling, this has been taken as Period 2. Period 3: from December 2012 to June 2014 when asset purchase was on the rise again, and Period 4: from July 2014 to June 2019 when it fell. For each of these scenarios, QE is assumed to be zero for that specific time period. for the pertaining time period and the forecasting exercise is done.

Results and Discussion

From the descriptive statistics given in Table 4 , we find that the 10-year IGB yield fluctuated between 5 and 9% during the time period under observation. The variables showing high fluctuation are QE, OMO and Brent crude oil prices. Three variables: industrial production growth, OMO and QE have high kurtosis, implying there may be outliers in these datasets. All the variables except industrial production and OMO have an almost normal skewed distribution.

The lag length of the model is estimated by minimizing the information criteria. The results from Akaike information criterion (AIC) and Schwarz Criterion (SC) suggest 1 as the optimal lag length of the model (Appendix Table 9 ). In the Augmented Dickey–Fuller test (ADF) and Phillips–Perron (PP test), the null hypothesis is that the variable (trend and intercept) has a unit root. We find that industrial production growth, QE, the 10-year IGB yield, OMO are I(0) while 3-month ITB yield, Brent crude oil prices and wholesale inflation are I(1). The results of the unit root test is given in Appendix Table 10 .

Prior to estimating the ARDL model, the existence of a long-run relationship between the variables is determined. In the presence of a long-term relationship between the variables, the Error-Correction Model (ECM) is applied. Footnote 8 The F statistic of the model is 3.36, which is higher than the critical value at the 10% level of significance. (Table 5 ) This shows that there exists a long-term relation between QE, the 10-year IGB yield, and the control variables: 3-month ITB yield, WPI inflation, OMO, Brent crude oil prices and industrial production growth. (Table 5 ).

The long-term coefficient of all the variables is given in Table 6 . The long-term coefficient of QE is significant and positive. A one-percentage-point increase in QE leads to a 0.4 bp rise in the 10-year IGB yield. The yields were anticipated to soften due to QE (portfolio re-balancing). There are two possible reasons for this—first, the co-movement of the bond yields, which was visible in the initial years of QE, was not there in the later years. Second, policy changes by the RBI and monetary-policy transmission has impacted long-term yields.

Of the CVs, the coefficient of industrial-production growth and Brent crude oil prices are significant. The coefficient of Brent crude oil price is positive and in line with expectation. A rise in Brent crude oil prices would harden inflation and lead to a rise in the 10-year IGB yields. While the coefficient of industrial-production growth was anticipated to be positive. The rationale is that, as growth slows down, investment in a safe haven like a 10-year IGB yield would rise. However the correlation between GDP growth and industrial-production growth is rather weak, and industrial-production growth may not reflect the actual health of the economy.

Two short-run coefficients were significant. The short-run coefficient of the past value of the 10-year IGB yield and the wholesale price inflation are significant as well. The coefficient of the ECT is negative and significant in both the models. This implies that any short-term disequilibrium is corrected each month, in line with long-term equilibrium values. The coefficient of ECT is 0.40 and any dis-equilibrium in the bond market is corrected at the speed of 40% (Table 7 ).

The results of the other diagnostic tests are given in Table 8 . There is no auto-correlation, serial correlation, heteroscedasticity or model mis-specification in the models. However, the residual errors do not follow normal distribution. The result of the CUSUM test is given in Fig. 6 . The plot of CUSUM stays within the critical 5% bounds, confirming the long-run relationships among variables and, thus, shows the stability of the coefficient.

figure 6

Source: Authors’ estimation based on the ARDL model

Plot of CUSUM test.

The results of the counterfactual analysis are given in Figs. 7 , 8 , 9 , 10 . In Period 1, yields dropped sharply toward the end of 2008. The ARDL model shows that, if there were no QE, bond yields would have been flat. In Period 2, bond yields initially hardened, then softened back to the level at the beginning of Period 2. The counterfactual analysis, on the other hand (were there no QE) shows that bond yields would have softened by ~ 150 bps. Even in Period 3, the counterfactual analysis points to a consistent softening of bond yields. In Period 4, there is not much difference between the actual the constructed bond yield series in terms of volatility. The average bond yields would have been lower during that period.

figure 7

The movement of bond yields during Sep 2008 to Mar 2010.

figure 8

Source: RBI; authors’ estimation based on the ARDL model

The movement of bond yields during Apr 2010 to Nov 2012.

figure 9

The movement of bond yields during Dec 2012 to Jun 2014.

figure 10

The movement of bond yields during Jul 2014 to Jun 2019.

Summary and Conclusion

The ultimate objective of the RBI has been to ensure complete transparency and increasing liquidity across the curve, thereby helping better discovery of prices of government and corporate bonds. Clearly articulated steps have been taken by the RBI to ensure this is achieved. Further, to make the market more vibrant, the RBI has been introducing products and encouraging more investors to actively contribute to the bond market.

The purpose of this paper is to analyze the long- and short-run effects of the US QE on 10-year IGB yields, using the ARDL bounds testing co-integration approach. There is a long-term relationship between QE, the 10-year IGB yield and the control variables. A 10-percent increase in QE leads to a 4 bp hardening of yields. Industrial-production growth and Brent crude oil prices also have a significant impact on the yields. The conclusion from the counterfactual analysis is that volatility in yields would have been lower were there no QE.

The impossible trinity in economics suggests that a country with a flexible exchange rate and capital-account convertibility cannot have an autonomous monetary policy. Due to some restrictions on cross-border capital movements (especially for outflows by residents) and the RBI intervention in the foreign exchange market, India retains some monetary-policy autonomy. That is why it could tighten monetary policy during 2010 and 2011 and again in 2013 and 2014, while most developed countries held to a prolonged pause. However despite the efforts, there was a spillover impact on the bond market. This has two broad implications—mispricing of debt-market assets and partial loss of monetary-policy autonomy of the RBI.

As per data of The Clearing Corporation of India Ltd (CCIL) of 2019–20.

Data for different asset purchases by the US central bank have been taken from the Federal Reserve Archives.

US term spread is calculated as the difference between 10-year US Treasury yield and 3-month US Treasury yield. US risk spread is the difference between US 10-year Treasury and corporate yield.

The term premium is divided into the risk neutral rate and term premium.

Data for the US QE have been compiled taking the weekly average data of MBS, Federal agency debt securities and Treasury securities (Bhattarai et al. 2018 ). The data are published under the dataset ‘Factors affecting reserve balances of depository institutions and condition statement of federal reserve banks’ in the Federal Reserve Archives.

Chen et al. (2014), Moore et al. ( 2013 ), Bowman et al. (2014) have used VAR to capture the spillover impacts on EMEs.

This methodology has been adopted from Chen et al. (2012).

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Paul, M., Reddy, K.S. US QE and the Indian Bond Market. J. Quant. Econ. 20 , 137–157 (2022). https://doi.org/10.1007/s40953-021-00257-9

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13.1 Formatting a Research Paper

Learning objectives.

  • Identify the major components of a research paper written using American Psychological Association (APA) style.
  • Apply general APA style and formatting conventions in a research paper.

In this chapter, you will learn how to use APA style , the documentation and formatting style followed by the American Psychological Association, as well as MLA style , from the Modern Language Association. There are a few major formatting styles used in academic texts, including AMA, Chicago, and Turabian:

  • AMA (American Medical Association) for medicine, health, and biological sciences
  • APA (American Psychological Association) for education, psychology, and the social sciences
  • Chicago—a common style used in everyday publications like magazines, newspapers, and books
  • MLA (Modern Language Association) for English, literature, arts, and humanities
  • Turabian—another common style designed for its universal application across all subjects and disciplines

While all the formatting and citation styles have their own use and applications, in this chapter we focus our attention on the two styles you are most likely to use in your academic studies: APA and MLA.

If you find that the rules of proper source documentation are difficult to keep straight, you are not alone. Writing a good research paper is, in and of itself, a major intellectual challenge. Having to follow detailed citation and formatting guidelines as well may seem like just one more task to add to an already-too-long list of requirements.

Following these guidelines, however, serves several important purposes. First, it signals to your readers that your paper should be taken seriously as a student’s contribution to a given academic or professional field; it is the literary equivalent of wearing a tailored suit to a job interview. Second, it shows that you respect other people’s work enough to give them proper credit for it. Finally, it helps your reader find additional materials if he or she wishes to learn more about your topic.

Furthermore, producing a letter-perfect APA-style paper need not be burdensome. Yes, it requires careful attention to detail. However, you can simplify the process if you keep these broad guidelines in mind:

  • Work ahead whenever you can. Chapter 11 “Writing from Research: What Will I Learn?” includes tips for keeping track of your sources early in the research process, which will save time later on.
  • Get it right the first time. Apply APA guidelines as you write, so you will not have much to correct during the editing stage. Again, putting in a little extra time early on can save time later.
  • Use the resources available to you. In addition to the guidelines provided in this chapter, you may wish to consult the APA website at http://www.apa.org or the Purdue University Online Writing lab at http://owl.english.purdue.edu , which regularly updates its online style guidelines.

General Formatting Guidelines

This chapter provides detailed guidelines for using the citation and formatting conventions developed by the American Psychological Association, or APA. Writers in disciplines as diverse as astrophysics, biology, psychology, and education follow APA style. The major components of a paper written in APA style are listed in the following box.

These are the major components of an APA-style paper:

Body, which includes the following:

  • Headings and, if necessary, subheadings to organize the content
  • In-text citations of research sources
  • References page

All these components must be saved in one document, not as separate documents.

The title page of your paper includes the following information:

  • Title of the paper
  • Author’s name
  • Name of the institution with which the author is affiliated
  • Header at the top of the page with the paper title (in capital letters) and the page number (If the title is lengthy, you may use a shortened form of it in the header.)

List the first three elements in the order given in the previous list, centered about one third of the way down from the top of the page. Use the headers and footers tool of your word-processing program to add the header, with the title text at the left and the page number in the upper-right corner. Your title page should look like the following example.

Beyond the Hype: Evaluating Low-Carb Diets cover page

The next page of your paper provides an abstract , or brief summary of your findings. An abstract does not need to be provided in every paper, but an abstract should be used in papers that include a hypothesis. A good abstract is concise—about one hundred fifty to two hundred fifty words—and is written in an objective, impersonal style. Your writing voice will not be as apparent here as in the body of your paper. When writing the abstract, take a just-the-facts approach, and summarize your research question and your findings in a few sentences.

In Chapter 12 “Writing a Research Paper” , you read a paper written by a student named Jorge, who researched the effectiveness of low-carbohydrate diets. Read Jorge’s abstract. Note how it sums up the major ideas in his paper without going into excessive detail.

Beyond the Hype: Abstract

Write an abstract summarizing your paper. Briefly introduce the topic, state your findings, and sum up what conclusions you can draw from your research. Use the word count feature of your word-processing program to make sure your abstract does not exceed one hundred fifty words.

Depending on your field of study, you may sometimes write research papers that present extensive primary research, such as your own experiment or survey. In your abstract, summarize your research question and your findings, and briefly indicate how your study relates to prior research in the field.

Margins, Pagination, and Headings

APA style requirements also address specific formatting concerns, such as margins, pagination, and heading styles, within the body of the paper. Review the following APA guidelines.

Use these general guidelines to format the paper:

  • Set the top, bottom, and side margins of your paper at 1 inch.
  • Use double-spaced text throughout your paper.
  • Use a standard font, such as Times New Roman or Arial, in a legible size (10- to 12-point).
  • Use continuous pagination throughout the paper, including the title page and the references section. Page numbers appear flush right within your header.
  • Section headings and subsection headings within the body of your paper use different types of formatting depending on the level of information you are presenting. Additional details from Jorge’s paper are provided.

Cover Page

Begin formatting the final draft of your paper according to APA guidelines. You may work with an existing document or set up a new document if you choose. Include the following:

  • Your title page
  • The abstract you created in Note 13.8 “Exercise 1”
  • Correct headers and page numbers for your title page and abstract

APA style uses section headings to organize information, making it easy for the reader to follow the writer’s train of thought and to know immediately what major topics are covered. Depending on the length and complexity of the paper, its major sections may also be divided into subsections, sub-subsections, and so on. These smaller sections, in turn, use different heading styles to indicate different levels of information. In essence, you are using headings to create a hierarchy of information.

The following heading styles used in APA formatting are listed in order of greatest to least importance:

  • Section headings use centered, boldface type. Headings use title case, with important words in the heading capitalized.
  • Subsection headings use left-aligned, boldface type. Headings use title case.
  • The third level uses left-aligned, indented, boldface type. Headings use a capital letter only for the first word, and they end in a period.
  • The fourth level follows the same style used for the previous level, but the headings are boldfaced and italicized.
  • The fifth level follows the same style used for the previous level, but the headings are italicized and not boldfaced.

Visually, the hierarchy of information is organized as indicated in Table 13.1 “Section Headings” .

Table 13.1 Section Headings

A college research paper may not use all the heading levels shown in Table 13.1 “Section Headings” , but you are likely to encounter them in academic journal articles that use APA style. For a brief paper, you may find that level 1 headings suffice. Longer or more complex papers may need level 2 headings or other lower-level headings to organize information clearly. Use your outline to craft your major section headings and determine whether any subtopics are substantial enough to require additional levels of headings.

Working with the document you developed in Note 13.11 “Exercise 2” , begin setting up the heading structure of the final draft of your research paper according to APA guidelines. Include your title and at least two to three major section headings, and follow the formatting guidelines provided above. If your major sections should be broken into subsections, add those headings as well. Use your outline to help you.

Because Jorge used only level 1 headings, his Exercise 3 would look like the following:

Citation Guidelines

In-text citations.

Throughout the body of your paper, include a citation whenever you quote or paraphrase material from your research sources. As you learned in Chapter 11 “Writing from Research: What Will I Learn?” , the purpose of citations is twofold: to give credit to others for their ideas and to allow your reader to follow up and learn more about the topic if desired. Your in-text citations provide basic information about your source; each source you cite will have a longer entry in the references section that provides more detailed information.

In-text citations must provide the name of the author or authors and the year the source was published. (When a given source does not list an individual author, you may provide the source title or the name of the organization that published the material instead.) When directly quoting a source, it is also required that you include the page number where the quote appears in your citation.

This information may be included within the sentence or in a parenthetical reference at the end of the sentence, as in these examples.

Epstein (2010) points out that “junk food cannot be considered addictive in the same way that we think of psychoactive drugs as addictive” (p. 137).

Here, the writer names the source author when introducing the quote and provides the publication date in parentheses after the author’s name. The page number appears in parentheses after the closing quotation marks and before the period that ends the sentence.

Addiction researchers caution that “junk food cannot be considered addictive in the same way that we think of psychoactive drugs as addictive” (Epstein, 2010, p. 137).

Here, the writer provides a parenthetical citation at the end of the sentence that includes the author’s name, the year of publication, and the page number separated by commas. Again, the parenthetical citation is placed after the closing quotation marks and before the period at the end of the sentence.

As noted in the book Junk Food, Junk Science (Epstein, 2010, p. 137), “junk food cannot be considered addictive in the same way that we think of psychoactive drugs as addictive.”

Here, the writer chose to mention the source title in the sentence (an optional piece of information to include) and followed the title with a parenthetical citation. Note that the parenthetical citation is placed before the comma that signals the end of the introductory phrase.

David Epstein’s book Junk Food, Junk Science (2010) pointed out that “junk food cannot be considered addictive in the same way that we think of psychoactive drugs as addictive” (p. 137).

Another variation is to introduce the author and the source title in your sentence and include the publication date and page number in parentheses within the sentence or at the end of the sentence. As long as you have included the essential information, you can choose the option that works best for that particular sentence and source.

Citing a book with a single author is usually a straightforward task. Of course, your research may require that you cite many other types of sources, such as books or articles with more than one author or sources with no individual author listed. You may also need to cite sources available in both print and online and nonprint sources, such as websites and personal interviews. Chapter 13 “APA and MLA Documentation and Formatting” , Section 13.2 “Citing and Referencing Techniques” and Section 13.3 “Creating a References Section” provide extensive guidelines for citing a variety of source types.

Writing at Work

APA is just one of several different styles with its own guidelines for documentation, formatting, and language usage. Depending on your field of interest, you may be exposed to additional styles, such as the following:

  • MLA style. Determined by the Modern Languages Association and used for papers in literature, languages, and other disciplines in the humanities.
  • Chicago style. Outlined in the Chicago Manual of Style and sometimes used for papers in the humanities and the sciences; many professional organizations use this style for publications as well.
  • Associated Press (AP) style. Used by professional journalists.

References List

The brief citations included in the body of your paper correspond to the more detailed citations provided at the end of the paper in the references section. In-text citations provide basic information—the author’s name, the publication date, and the page number if necessary—while the references section provides more extensive bibliographical information. Again, this information allows your reader to follow up on the sources you cited and do additional reading about the topic if desired.

The specific format of entries in the list of references varies slightly for different source types, but the entries generally include the following information:

  • The name(s) of the author(s) or institution that wrote the source
  • The year of publication and, where applicable, the exact date of publication
  • The full title of the source
  • For books, the city of publication
  • For articles or essays, the name of the periodical or book in which the article or essay appears
  • For magazine and journal articles, the volume number, issue number, and pages where the article appears
  • For sources on the web, the URL where the source is located

The references page is double spaced and lists entries in alphabetical order by the author’s last name. If an entry continues for more than one line, the second line and each subsequent line are indented five spaces. Review the following example. ( Chapter 13 “APA and MLA Documentation and Formatting” , Section 13.3 “Creating a References Section” provides extensive guidelines for formatting reference entries for different types of sources.)

References Section

In APA style, book and article titles are formatted in sentence case, not title case. Sentence case means that only the first word is capitalized, along with any proper nouns.

Key Takeaways

  • Following proper citation and formatting guidelines helps writers ensure that their work will be taken seriously, give proper credit to other authors for their work, and provide valuable information to readers.
  • Working ahead and taking care to cite sources correctly the first time are ways writers can save time during the editing stage of writing a research paper.
  • APA papers usually include an abstract that concisely summarizes the paper.
  • APA papers use a specific headings structure to provide a clear hierarchy of information.
  • In APA papers, in-text citations usually include the name(s) of the author(s) and the year of publication.
  • In-text citations correspond to entries in the references section, which provide detailed bibliographical information about a source.

Writing for Success Copyright © 2015 by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License , except where otherwise noted.

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  • 1 High Quality is Essential
  • 3  100 g/m² Color Copy Premium Paper 
  • 4 Top Quality Thesis Printing 

High Quality is Essential

The more brilliantly and true the reproduction of the colors, the better the quality of the content of your bachelor’s thesis. And in turn, this has a positive influence on the examiner! It is not only the appearance, but also the feel of the paper for thesis printing that plays such a crucial role in getting a good grade. You know the feeling of holding strong, smooth paper in your hands? High value is expressed not only for contracts and important documents, but also in the paper for thesis printing and binding.

Also searched:   Thesis printing and binding

What paper should I print my thesis on?

There are different types and qualities of papers used for printing work, depending on what needs to be printed. Some examples of these paper types are the 80 g/m², 100 g/m² and 120 g/m² papers. At BachelorPrint, we use the 100 g/m² premium paper as our standard for printing. This is because it is of very high quality, robust, and feels nice between the fingers when flipping through pages. Regardless of which type of paper you choose, the print time and cost efficiency of your thesis won’t be changed.

What is the difference between 100g/m² and 120g/m² paper?

The 100g/m² and 120g/m² papers are both used in the printing of high-quality academic writing projects. While they are both of very high quality, the 120g/m² paper is thicker and better for double-sided printing than the 100gm/² paper. As such, the 120g/m² paper is preferred for theses, dissertations and final papers as it is robust and won’t be bent so easily. However, the 100g/m² premium paper is used as a standard and comes at no extra printing and binding cost , unlike in copy shops.

Should my thesis be printed double sided?

When printing a thesis, it is important to produce something of very high quality. Often, it is recommended to print theses double-sided due to the volume of pages they have. However, it is also very important to use the 120g/m² paper for theses in order to avoid seeing through the pages to the other side of the paper. Paired with an elegant leather binding and robust paper for printing, your thesis will be of the highest quality.

What are the types of binding for thesis paper?

There are many different types of binding and which one you choose depends on the importance of the academic writing work you are printing a binding. A bachelor’s thesis or master’s thesis is very important, therefore we always recommend these to be bound using leather binding. However, if you want to hand in your thesis with an application or need it for storage purposes only, other types of binding such as thermal binding or spiral binding would be sufficient.

How much does it cost to print thesis?

Several factors influence the cost of printing and binding a thesis. These factors include but are not limited to:

  • How many copies are required
  • Which types of binding you choose
  • How many pages the thesis has

To save money, you can pick and choose different bindings for each copy of your thesis.

 100 g/m² Color Copy Premium Paper 

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“The 100 g/m² Color Copy premium paper for thesis printing […] was specially developed to produce a particular brilliance and value.”

There are very cheap paper grades, the airy and rough quality of which can be seen with the naked eye. Touching the paper for the first time usually confirms this first impression. It just feels cheap, and it is even less fun to hold the paper in your hands longer, let alone deal with the written content. These are normally low-cost papers with a paper thickness of 80g/m².

It’s hardly surprising that the currently advertised printing prices are the lowest we’ve ever seen. But you get what you pay for, and this reflects the quality of the paper for thesis printing.

There are, however, paper types that exhibit a high quality thanks to their greater paper thickness and smooth surface. These papers include, for example, 100g/m² Color Copy premium paper  for thesis printing. This paper has been specially developed to produce a particular brilliance and value. These factors play a special role, in particular in theses.

BachelorPrint   has specifically addressed the requirements of students and graduates and thus only uses 100g/m² Color Copy paper for thesis printing. Together with leather binding, particularly with a premium suede cover, your bachelor’s thesis, master’s thesis, or doctoral thesis will stand head and shoulders above the rest!

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Using the highest quality paper for thesis printing is worthless if the printer’s performance is limited or inferior. Only with powerful brand printers, such as those produced by multi award winning manufacturer Xerox, is the highest print quality achieved, which you can’t only see, but also feel! To make sure that graduates are convinced of the paper quality before printing, they can, of course, come in and feel the 100g/m² Color Copy premium paper  in their hands.

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Only when you, the customer, are 100% convinced of the paper for thesis printing, the print quality and our service, have we done our job. And we’re looking forward to it!

After the printing of your bachelor’s thesis, Mmster’s thesis or dissertation, the right binding should also be chosen. We’ll give you the support you need to prepare your academic work through the experience and know-how we’ve acquired over many years. Just ask us. We wish you luck!

At BachelorPrint , the 100g/m² paper is the standard paper used for thesis printing.  However, if you have a bachelor’s thesis, master’s thesis, PhD thesis or dissertation with a very high page count, we recommend you use the 120g/m² premium paper for thesis printing and have the paper printed on both sides. In doing so, you will save space and the page limit for leather binding is then not exceeded. Thanks to the thickness of the paper for thesis printing, you can’t see the text on the other side.

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  • CAREER BRIEF
  • 08 May 2019

Toolkit: How to write a great paper

A clear format will ensure that your research paper is understood by your readers. Follow:

1. Context — your introduction

2. Content — your results

3. Conclusion — your discussion

Plan your paper carefully and decide where each point will sit within the framework before you begin writing.

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Collection: Careers toolkit

Straightforward writing

Scientific writing should always aim to be A, B and C: Accurate, Brief, and Clear. Never choose a long word when a short one will do. Use simple language to communicate your results. Always aim to distill your message down into the simplest sentence possible.

Choose a title

A carefully conceived title will communicate the single core message of your research paper. It should be D, E, F: Declarative, Engaging and Focused.

Conclusions

Add a sentence or two at the end of your concluding statement that sets out your plans for further research. What is next for you or others working in your field?

Find out more

See additional information .

doi: https://doi.org/10.1038/d41586-019-01362-9

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What Is Background in a Research Paper?

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So you have carefully written your research paper  and probably ran it through your colleagues ten to fifteen times. While there are many elements to a good research article, one of the most important elements for your readers is the background of your study.

What is Background of the Study in Research

The background of your study will provide context to the information discussed throughout the research paper . Background information may include both important and relevant studies. This is particularly important if a study either supports or refutes your thesis.

Why is Background of the Study Necessary in Research?

The background of the study discusses your problem statement, rationale, and research questions. It links  introduction to your research topic  and ensures a logical flow of ideas.  Thus, it helps readers understand your reasons for conducting the study.

Providing Background Information

The reader should be able to understand your topic and its importance. The length and detail of your background also depend on the degree to which you need to demonstrate your understanding of the topic. Paying close attention to the following questions will help you in writing background information:

  • Are there any theories, concepts, terms, and ideas that may be unfamiliar to the target audience and will require you to provide any additional explanation?
  • Any historical data that need to be shared in order to provide context on why the current issue emerged?
  • Are there any concepts that may have been borrowed from other disciplines that may be unfamiliar to the reader and need an explanation?
Related: Ready with the background and searching for more information on journal ranking? Check this infographic on the SCImago Journal Rank today!

Is the research study unique for which additional explanation is needed? For instance, you may have used a completely new method

How to Write a Background of the Study

The structure of a background study in a research paper generally follows a logical sequence to provide context, justification, and an understanding of the research problem. It includes an introduction, general background, literature review , rationale , objectives, scope and limitations , significance of the study and the research hypothesis . Following the structure can provide a comprehensive and well-organized background for your research.

Here are the steps to effectively write a background of the study.

1. Identify Your Audience:

Determine the level of expertise of your target audience. Tailor the depth and complexity of your background information accordingly.

2. Understand the Research Problem:

Define the research problem or question your study aims to address. Identify the significance of the problem within the broader context of the field.

3. Review Existing Literature:

Conduct a thorough literature review to understand what is already known in the area. Summarize key findings, theories, and concepts relevant to your research.

4. Include Historical Data:

Integrate historical data if relevant to the research, as current issues often trace back to historical events.

5. Identify Controversies and Gaps:

Note any controversies or debates within the existing literature. Identify gaps , limitations, or unanswered questions that your research can address.

6. Select Key Components:

Choose the most critical elements to include in the background based on their relevance to your research problem. Prioritize information that helps build a strong foundation for your study.

7. Craft a Logical Flow:

Organize the background information in a logical sequence. Start with general context, move to specific theories and concepts, and then focus on the specific problem.

8. Highlight the Novelty of Your Research:

Clearly explain the unique aspects or contributions of your study. Emphasize why your research is different from or builds upon existing work.

Here are some extra tips to increase the quality of your research background:

Example of a Research Background

Here is an example of a research background to help you understand better.

The above hypothetical example provides a research background, addresses the gap and highlights the potential outcome of the study; thereby aiding a better understanding of the proposed research.

What Makes the Introduction Different from the Background?

Your introduction is different from your background in a number of ways.

  • The introduction contains preliminary data about your topic that  the reader will most likely read , whereas the background clarifies the importance of the paper.
  • The background of your study discusses in depth about the topic, whereas the introduction only gives an overview.
  • The introduction should end with your research questions, aims, and objectives, whereas your background should not (except in some cases where your background is integrated into your introduction). For instance, the C.A.R.S. ( Creating a Research Space ) model, created by John Swales is based on his analysis of journal articles. This model attempts to explain and describe the organizational pattern of writing the introduction in social sciences.

Points to Note

Your background should begin with defining a topic and audience. It is important that you identify which topic you need to review and what your audience already knows about the topic. You should proceed by searching and researching the relevant literature. In this case, it is advisable to keep track of the search terms you used and the articles that you downloaded. It is helpful to use one of the research paper management systems such as Papers, Mendeley, Evernote, or Sente. Next, it is helpful to take notes while reading. Be careful when copying quotes verbatim and make sure to put them in quotation marks and cite the sources. In addition, you should keep your background focused but balanced enough so that it is relevant to a broader audience. Aside from these, your background should be critical, consistent, and logically structured.

Writing the background of your study should not be an overly daunting task. Many guides that can help you organize your thoughts as you write the background. The background of the study is the key to introduce your audience to your research topic and should be done with strong knowledge and thoughtful writing.

The background of a research paper typically ranges from one to two paragraphs, summarizing the relevant literature and context of the study. It should be concise, providing enough information to contextualize the research problem and justify the need for the study. Journal instructions about any word count limits should be kept in mind while deciding on the length of the final content.

The background of a research paper provides the context and relevant literature to understand the research problem, while the introduction also introduces the specific research topic, states the research objectives, and outlines the scope of the study. The background focuses on the broader context, whereas the introduction focuses on the specific research project and its objectives.

When writing the background for a study, start by providing a brief overview of the research topic and its significance in the field. Then, highlight the gaps in existing knowledge or unresolved issues that the study aims to address. Finally, summarize the key findings from relevant literature to establish the context and rationale for conducting the research, emphasizing the need and importance of the study within the broader academic landscape.

The background in a research paper is crucial as it sets the stage for the study by providing essential context and rationale. It helps readers understand the significance of the research problem and its relevance in the broader field. By presenting relevant literature and highlighting gaps, the background justifies the need for the study, building a strong foundation for the research and enhancing its credibility.

' src=

The presentation very informative

' src=

It is really educative. I love the workshop. It really motivated me into writing my first paper for publication.

' src=

an interesting clue here, thanks.

thanks for the answers.

Good and interesting explanation. Thanks

Thank you for good presentation.

' src=

Hi Adam, we are glad to know that you found our article beneficial

The background of the study is the key to introduce your audience to YOUR research topic.

Awesome. Exactly what i was looking forwards to 😉

Hi Maryam, we are glad to know that you found our resource useful.

my understanding of ‘Background of study’ has been elevated.

Hi Peter, we are glad to know that our article has helped you get a better understanding of the background in a research paper.

thanks to give advanced information

Hi Shimelis, we are glad to know that you found the information in our article beneficial.

When i was studying it is very much hard for me to conduct a research study and know the background because my teacher in practical research is having a research so i make it now so that i will done my research

Very informative……….Thank you.

The confusion i had before, regarding an introduction and background to a research work is now a thing of the past. Thank you so much.

Thanks for your help…

Thanks for your kind information about the background of a research paper.

Thanks for the answer

Very informative. I liked even more when the difference between background and introduction was given. I am looking forward to learning more from this site. I am in Botswana

Hello, I am Benoît from Central African Republic. Right now I am writing down my research paper in order to get my master degree in British Literature. Thank you very much for posting all this information about the background of the study. I really appreciate. Thanks!

The write up is quite good, detailed and informative. Thanks a lot. The article has certainly enhanced my understanding of the topic.

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  5. Factor-based investing in government bond markets: a survey ...

    The authors also investigate the sensitivities of long-short government bond portfolios to shocks in macroeconomic and financial conditions. They use quarterly data of growth, inflation, real yield, volatility and illiquidity between January 1997 and June 2017. ... Working Paper, Research Affiliates (March). Moskowitz, T., Y. Ooi, and L ...

  6. PDF Bond Risk, Bond Return Volatility, and the Term Structure of Interest Rates

    Abstract. This paper explores time variation in bond risk, as measured by the covariation of bond returns with stock returns and with consumption growth, and in the volatility of bond returns. A robust stylized fact in empirical finance is that the spread between the yield on long-term bonds and short-term bonds forecasts positively future ...

  7. Predicting Bond Returns: 70 Years of International Evidence

    Bond trend is defined following Moskowitz et al. (2012), as the sign of the past 12-month bond return. The paper of Cutler, Poterba, and Summers (1990) was one of the first studies to test bond trend. It showed that past positive bond returns predict positive future bond returns. This paper was followed by Ilmanen (1997).

  8. Bond Basics and the Yield Curve

    A bond in its purest definition refers to long-term debt in excess of 7 years. Notes carry terms from 1 to 7 years and T-bills or paper are short-term issues that mature within 1 year and do not carry a coupon rate for this reason. The par value is paid when the term comes due and the bond is purchased at a discounted price.

  9. PDF The Bond Market: an Inflation-targeter'S Best Friend National ...

    The Bond Market: An Inflation-Targeter's Best Friend Andrew K. Rose NBER Working Paper No. 20494 September 2014 JEL No. E52,E58 ABSTRACT This paper explores the relationship between inflation and the existence of a publicly-traded, long-maturity, nominal, domestic-currency bond market. Bond holders suffer from inflation and could be a potent

  10. Price Pressure in the Government Bond Market Long-Term Impact of Short

    Further, we find persistent changes in government yields, particularly in long-term bond yields, triggered by changes in the term premium component. Consistent with the relevance of inflation-linked bonds as the primary benchmark in setting interest rates, we find a substantial impact on households' financing costs.

  11. Bond Paper: Everything You Need to Know About Printer Paper

    Cardstock generally weighs about 250 g/m while bond paper weighs only around 60 g/m. Of course, you can find bond paper that weighs more than this—but this is a general consensus. Thickness is also a differentiating factor between cardstock and bond paper rolls. It is common knowledge that cardstock is one of the thickest types of printer paper.

  12. An Overview of Bond Pricing Models and Duration of Bonds

    Email: [email protected]. ABSTRACT. This paper presents and compares different bond pricing models, points out whether th ese models work w ell and if there. are any li mitations of these ...

  13. US QE and the Indian Bond Market

    This paper examines the long- and short-run spillover effects of US quantitative easing (QE) on the benchmark 10-year Indian government bond (IGB) yield by Autoregressive Distributed Lag (ARDL) bounds testing co-integration approach using monthly data from September 2008 to June 2019. The results show that a 10%-point rise in US QE led to a 4 bp rise in yields. The counterfactual analysis ...

  14. Technology Background on Long and Short Bond Strategies

    Technology Background on Long and Short Bond Strategies. It is extremely challenging to extract lasting and actionable patterns from extremely volatile and noisy market signals. In theory, timing the market is impossible—and in practice, that is a good first approximation. However, small but significant advances made over the past two decades ...

  15. 13.1 Formatting a Research Paper

    Set the top, bottom, and side margins of your paper at 1 inch. Use double-spaced text throughout your paper. Use a standard font, such as Times New Roman or Arial, in a legible size (10- to 12-point). Use continuous pagination throughout the paper, including the title page and the references section.

  16. What is the Short Bond Paper Size in Microsoft Word?

    These are the exact dimensions of the short bond paper: The short bond paper size in inches is 8.5″ x 11″. The short bond paper size in centimeters is 21.59 cm x 27.94 cm. The short bond paper size in millimeters is 215.9 mm x 279.4 mm.

  17. (PDF) An Introductory Overview of the Bond Market

    the bond markets are many, such as interest rate risk and credit risk. It is essential that one is aware of the. various forms of risks, as they may have an adverse impact on one's investment ...

  18. Understanding the role of green bonds in advancing sustainability

    Green bonds are one of the most prominent innovations in the area of sustainable finance over the past decade. However, to date there have only been a few academic studies on green bonds, and these have tended to focus on what impact green labels have on bond yields. Our analysis is one of the first empirical studies designed to address the ...

  19. Which Paper For Thesis Printing & Binding?

    At BachelorPrint, the 100g/m² paper is the standard paper used for thesis printing. However, if you have a bachelor's thesis, master's thesis, PhD thesis or dissertation with a very high page count, we recommend you use the 120g/m² premium paper for thesis printing and have the paper printed on both sides. In doing so, you will save space ...

  20. PDF The Long-Run Determinants of Indian Government Bond Yields

    an adverse effect on government bond yields over the long run. The models estimated in this paper show that in India the short-term interest rate is the key driver of the long-term government bond yield over the long run. However, the government debt ratio does not have any discernible adverse effect on IGB yields over the long run.

  21. [PDF] The Long Bond

    We study the behavior of the long bond, a zero-coupon bond that pays off in the far-distant future, under the assumptions that (i) the fixed-income market is complete and (ii) the state vector that drives interest rates follows a Markov chain. We show that if the pricing kernel is transition-independent—in particular, if there is an investor with separable utility or Epstein-Zin ...

  22. Toolkit: How to write a great paper

    A clear format will ensure that your research paper is understood by your readers. Follow: 1. Context — your introduction. 2. Content — your results. 3. Conclusion — your discussion. Plan ...

  23. What Is Background in a Research Paper?

    1. Identify Your Audience: Determine the level of expertise of your target audience. Tailor the depth and complexity of your background information accordingly. 2. Understand the Research Problem: Define the research problem or question your study aims to address. Identify the significance of the problem within the broader context of the field.

  24. Applied Sciences

    A Feature Paper should be a substantial original Article that involves several techniques or approaches, provides an outlook for future research directions and describes possible research applications. Feature papers are submitted upon individual invitation or recommendation by the scientific editors and must receive positive feedback from the ...

  25. A6 / A5 / B5 / Half Short / Half Long Bond Paper (500 sheets) Paper One

    Welcome to our store. All our products are sold at low prices and ensure quality. If you need them, please feel free to buy them. If you are satisfied with our products, please give 5-star praise. Thank you very much! Brand: Paper One, Hard Copy, and Book Paper Size: A6, A5, Half-Short, Half-Long and B5 A5 - kalahati ng A4, hinati sa gitna (8.25" x 5.875") A6 - kalahati ng A5, hinati sa gitna ...