Developing The Domestic Government Debt Market

Author : Anonim
Publisher : World Bank Publications
Page : 120 pages
File Size : 49,5 Mb
Release : 2007-01-01
Category : Business & Economics
ISBN : 9780821368756

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Developing the Domestic Government Debt Market by Anonim Pdf

Domestic government debt markets play a critical role in managing public debt effectively and reducing the vulnerability of developing countries to financial crises. Many aspects of debt markets - money, primary, and secondary markets; a diversified investor base; and sound securities custody and settlement systems and regulation - interact in complex ways and are affected by previous policies and developments. Developing the Domestic Government Debt Market: From Diagnostics to Reform Implementation draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the challenges, obstacles, and progress in applying principles of market development. Developing the Domestic Government Debt Market will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in debt market development. Because effective development of debt markets is one key piece in sound public debt management, readers will also be interested in the companion volume, Managing Public Debt, published by The World Bank in February 2007, based on the same joint pilot program.

Author : OECD
Publisher : OECD Publishing
Page : 280 pages
File Size : 41,8 Mb
Release : 2002-06-21
Category : Electronic
ISBN : 9264191968

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OECD Public Debt Markets Trends and Recent Structural Changes by OECD Pdf

This book is an authoritative source of the most up-to-date information on North American, Asian-Pacific and European bond markets.

Author : James A. Hanson
Publisher : World Bank Publications
Page : 41 pages
File Size : 46,7 Mb
Release : 2012
Category : Electronic
ISBN : 8210379456XXX

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the growth in government domestic debt: changing burdens and risks by James A. Hanson Pdf

Abstract: This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and became larger than foreign debt. The rapid growth of domestic debt reflects financial crises, the growth of central bank debt and the greater attractiveness to governments of issuing domestic debt as well as the recent increase in demands for it. Both its attractiveness and the increased demands for it reflect the current benign international environment to some degree. The main risk of government debt, domestic or foreign, remains its overall size relative to a country's fiscal, financial, and political institutions. While government domestic debt can help the domestic private capital market, large domestic debt, like large external debt, has risks. For example, there can be "sudden stops" in the demand for domestic debt as well as in foreign lending. Governments need to be aware of the risks and burdens in domestic debt issue-crowding out small borrowers, transferring risks to banks when issuing longer maturity, fixed-interest domestic debt and reducing returns, and imposing risks on holders of pensions, annuities, and life insurance policies. Growth of central bank debt can divert central banks from pursuit of the objective of price stability.

Author : Anonim
Publisher : World Bank Publications
Page : 140 pages
File Size : 44,8 Mb
Release : 2007-01-01
Category : Business & Economics
ISBN : 9780821368732

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Managing Public Debt by Anonim Pdf

High-quality public debt management plays a critical role in reducing the vulnerability of developing countries to financial crises. With sound risk and cash management, effective coordination with fiscal and monetary policy, good governance, and adequate institutional and staff capacity in place, governments can develop and implement effective medium-term debt management strategies. Managing Public Debt: From Diagnostics to Reform Implementation draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the challenges and elements necessary to make progress in the area of public debt management. Managing Public Debt will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in public debt management. Because effective implementation of debt management strategies also requires a developed domestic government debt market, readers will also be interested in the companion volume, Developing the Domestic Government Debt Market, published by The World Bank in February 2007, based on the same joint pilot program.

Author : Commonwealth Secretariat. Economic and Legal Advisory Services Division,Commonwealth Secretariat. Economic and Legal Advisory Services
Publisher : Commonwealth Secretariat
Page : 68 pages
File Size : 40,6 Mb
Release : 1999
Category : Business & Economics
ISBN : 0850925819

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Effective Domestic Debt Management in Developing Countries by Commonwealth Secretariat. Economic and Legal Advisory Services Division,Commonwealth Secretariat. Economic and Legal Advisory Services Pdf

This publication is a compendium of discussions and papers presented in three regional workshops on Effective Domestic Debt Management conducted by the Commonwealth Secretariat between 1996 and 1998. The object of the workshops was to help developing countries to manage their domestic debt more effectively. It is the first in a series of publications to be produced by the Commonwealth Secretariat on debt issues.

Author : OECD
Publisher : OECD Publishing
Page : 191 pages
File Size : 47,8 Mb
Release : 2002-09-05
Category : Electronic
ISBN : 9264176004

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Debt Management and Government Securities Markets in the 21st Century by OECD Pdf

This book reviews recent trends in the structure of OECD government securities markets and public debt management operations, and highlights the generic structural policy issues in emerging debt markets.

Author : Anonim
Publisher : World Bank Publications
Page : 452 pages
File Size : 46,9 Mb
Release : 2001-09-21
Category : Business & Economics
ISBN : 0821349554

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Developing Government Bond Markets: A Handbook by Anonim Pdf

This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.

Author : Milan Patel
Publisher : Universal-Publishers
Page : 128 pages
File Size : 41,5 Mb
Release : 2010-03-22
Category : Electronic
ISBN : 9781599423135

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The Development of Domestic Bond Markets: Interpreting the Mexican Experience by Milan Patel Pdf

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 157 pages
File Size : 51,6 Mb
Release : 2021-03-12
Category : Business & Economics
ISBN : 9781513573922

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Guidance Note For Developing Government Local Currency Bond Markets by International Monetary Fund,World Bank Pdf

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

Author : Michel Noël
Publisher : World Bank Publications
Page : 54 pages
File Size : 52,9 Mb
Release : 2000
Category : Agency Problems
ISBN : 8210379456XXX

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Building Subnational Debt Markets in Developing and Transition Economies by Michel Noël Pdf

Because of the trend toward decentralization in more than 70 countries where the World Bank is active, subnational entities (states regions, provinces, counties and municipalities, and the local utility companies owned by them) are now responsible for delivering services and investing in infrastructure. And infrastructure investments are growing rapidly to meet increasing urban demand. How should the World Bank Group help?

Author : Alessandra Campanaro,Dimitri Vittas
Publisher : World Bank Publications
Page : 50 pages
File Size : 41,5 Mb
Release : 2004
Category : Debts, Public
ISBN : 8210379456XXX

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Greco-Roman Lessons for Public Debt Management and Debt Market Development by Alessandra Campanaro,Dimitri Vittas Pdf

Abstract: "Greece and Italy initiated efforts to improve public debt management and develop their domestic debt markets respectively in the late 1970s and mid-1980s. At that time, both countries suffered from large and rapidly growing public debt, excessive reliance on short-term bills held by commercial banks, a strong preference of households to save in bank deposits, and a weak presence of institutional investors (pension funds, insurance companies, and mutual funds). Continuing large fiscal deficits, high levels of interest rates and inflation, and serious policy credibility problems impeded the use of long-term instruments. Campanaro and Vittas provide a detailed analysis of the characteristics of the instruments that were used in these two countries, their pace of issuance, and their impact on the composition of public debt. The authors note that the main Greco-Roman lesson for developing and transition countries concerns the transition from an excessive reliance on short-term Treasury bills, held by captive banks, to a liquid market with long-term instruments held, and actively traded, by long-term institutional investors. The transition required moving gradually to medium-term instruments, experimenting with innovation, and targeting households and foreign investors, while taking steps to establish policy credibility by lowering fiscal deficits and inflation. When reliance on captive sources of finance was substantially reduced and policy credibility was established, both countries focused on developing active money markets and liquid secondary markets with benchmark issues of fixed-rate long-term securities. They ultimately succeeded in developing active professional markets, using modern practices, targeting well-established European institutional investors, and integrating into the highly sophisticated euro markets. However, integration into the euro markets was the culmination of a prolonged effort of modernization and adaptation and was greatly facilitated by their strong political commitment to achieve economic convergence and join the euro zone. This paper a product of the Financial Sector Operations and Policy Department is part of a larger effort in the department to study public debt management and debt market development"--World Bank web site.

Author : S. M. Ali Abbas,Jakob Christensen
Publisher : International Monetary Fund
Page : 46 pages
File Size : 46,8 Mb
Release : 2007-06
Category : Business & Economics
ISBN : UCSD:31822034578021

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The Role of Domestic Debt Markets in Economic Growth by S. M. Ali Abbas,Jakob Christensen Pdf

We develop a new public domestic debt (DD) database covering 93 low-income countries and emerging markets over the 1975-2004 period to estimate the growth impact of DD. Moderate levels of non-inflationary DD, as a share of GDP and bank deposits, are found to exert a positive overall impact on economic growth. Granger-causality regressions suggest support for a variety of channels: improved monetary policy; broader financial market development; strengthened domestic institutions/accountability; and enhanced private savings and financial intermediation. There is some evidence that, above a ratio of 35% percent of bank deposits, DD begins to undermine growth, lending credence to traditional crowding out and bank efficiency concerns. Importantly, the growth contribution of DD is higher if it is marketable, bears positive real interest rates and is held outside the banking system. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Author : Alessandra Campanaro,Dimitri Vittas
Publisher : Unknown
Page : 128 pages
File Size : 44,6 Mb
Release : 2013
Category : Electronic
ISBN : OCLC:931678950

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Greco-Roman Lessons for Public Debt Management and Debt Market Development by Alessandra Campanaro,Dimitri Vittas Pdf

Greece and Italy initiated efforts to improve public debt management and develop their domestic debt markets respectively in the late 1970s and mid-1980s. At that time, both countries suffered from large and rapidly growing public debt, excessive reliance on short-term bills held by commercial banks, a strong preference of households to save in bank deposits, and a weak presence of institutional investors (pension funds, insurance companies, and mutual funds). Continuing large fiscal deficits, high levels of interest rates and inflation, and serious policy credibility problems impeded the use of long-term instruments. The authors provide a detailed analysis of the characteristics of the instruments that were used in these two countries, their pace of issuance, and their impact on the composition of public debt. The authors note that the main Greco-Roman lesson for developing and transition countries concerns the transition from an excessive reliance on short-term Treasury bills, held by captive banks, to a liquid market with long-term instruments held, and actively traded, by long-term institutional investors. The transition required moving gradually to medium-term instruments, experimenting with innovation, and targeting households and foreign investors, while taking steps to establish policy credibility by lowering fiscal deficits and inflation. When reliance on captive sources of finance was substantially reduced and policy credibility was established, both countries focused on developing active money markets and liquid secondary markets with benchmark issues of fixed-rate long-term securities. They ultimately succeeded in developing active professional markets, using modern practices, targeting well-established European institutional investors, and integrating into the highly sophisticated euro markets. However, integration into the euro markets was the culmination of a prolonged effort of modernization and adaptation and was greatly facilitated by their strong political commitment to achieve economic convergence and join the euro zone.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 60 pages
File Size : 44,8 Mb
Release : 1994-12-01
Category : Business & Economics
ISBN : 9781451856774

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The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition by International Monetary Fund Pdf

In economies in transition, the development of financial markets is a common objective linking the monetary and fiscal authorities, while monetary and public debt management cannot be strictly separated. This calls for close coordination of objectives and instruments of monetary and debt management, and the development of supporting institutional and operational arrangements. Key aspects of these arrangements are surveyed.

Author : Maxwell Fry
Publisher : Routledge
Page : 295 pages
File Size : 44,6 Mb
Release : 1997-03-06
Category : Business & Economics
ISBN : 9781134730773

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Emancipating the Banking System and Developing Markets for Government Debt by Maxwell Fry Pdf

Monetary policy in developing countries is largely based on a system introduced in the 1960s. This book illustrates how this outdated system has led to financial repression and suggests some alternatives.