Developing the Domestic Government Debt Market: From Diagnostics to Reform Implementation

World Bank

No 6707 in World Bank Publications - Books from The World Bank Group

Abstract: This is the second volume of a study on the insights from a 12-country pilot program on public debt management and domestic government debt market development. The discussion of domestic government debt market development in this book uses a building block approach to gain insights into development priorities and approaches across the 12 countries in the pilot program. Chapter 2 discusses the essential importance of money markets for the development of a government securities market. Chapter 3 addresses primary markets and describes how the authorities borrow in the domestic market, including the selection of instruments, issuance techniques, and relationships with financial intermediaries. Chapter 4 explains that the 12 pilot-program countries vary considerably in the composition of investors, but few have well-established contractual savings institutions and in all countries commercial banks play a dominant role. Chapter 5 considers the importance of well-functioning secondary markets for providing a cost-efficient environment in which market participants can trade government securities in a fair and transparent manner. Chapter 6 describes how an efficient securities custody and settlement infrastructure strengthens investor confidence, limits exposure to systemic risk, and reduces transactions costs. Chapter 7 discusses the importance of sound debt market regulation. Finally, chapter 8 highlights the complexity of reform programs, the interaction between different aspects of debt markets, and the importance of path dependence (that is, previous outcomes and measures) in debt market development.

Keywords: Finance; and; Financial; Sector; Development-Debt; Markets; Banks; and; Banking; Reform; Private; Sector; Development-Emerging; Markets; Macroeconomics; and; Economic; Growth-Markets; and; Market; Access (search for similar items in EconPapers)
Date: 2007
ISBN: 978-0-8213-6874-5
References: Add references at CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
https://openknowledge.worldbank.org/bitstreams/d1b ... 8f0331fc9b7/download (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbpubs:6707

Access Statistics for this book

More books in World Bank Publications - Books from The World Bank Group 1818 H Street, N.W., Washington, DC 20433. Contact information at EDIRC.
Bibliographic data for series maintained by Tal Ayalon ().