Developing the domestic government debt market: from diagnostics to reform implementation
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.
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Action plans active money markets adoption aggregate liquidity asset management bids Bulgaria buyback capital central bank central securities depository Colombia commercial banks competitive cost Costa Rica counterparty Croatia custody and settlement debt market development dematerialization domestic government debt dominated effective efficient electronic ensure foreign government bonds government debt market illiquid implemented improve incentives Indonesia instruments interbank intermediaries investment Kenya Lebanon long-term market liquidity market participants market-based market-making obligations master repo agreement maturity ment monetary policy mutual funds needs Nicaragua nonmarketable operations OTC market Pakistan pension funds pilot countries pilot-program countries portfolios primary auctions primary dealer system primary market promote prudential public debt management real-time reform programs regulation regulatory framework repo market repo transactions reserve requirements retail investors risk management role RTGS secondary markets settlement systems short-term sophisticated Sri Lanka stock exchange systemic risk tion trading activity treasury bills Tunisia valuation rules yield curve Zambia