05897oam 22011534 450 991097378210332120250426110724.0978661284125597814623214901462321496978145279852314527985249781282841253128284125497814518703291451870329(CKB)3170000000055066(EBL)1607937(SSID)ssj0000943321(PQKBManifestationID)11502964(PQKBTitleCode)TC0000943321(PQKBWorkID)10994229(PQKB)11510487(OCoLC)763011612(IMF)WPIEE2008174(MiAaPQ)EBC1607937(IMF)WPIEA2008174WPIEA2008174(EXLCZ)99317000000005506620020129d2008 uf 0engur|n|---|||||txtccrA Framework for Developing Secondary Markets for Government Securities /Zsofia Arvai, Geoffrey Heenan1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (57 p.)IMF Working PapersIMF working paper ;WP/08/174Description based upon print version of record.9781451914856 1451914857 Includes bibliographical references.Contents; I. Introduction; II. Lessons Arising from Country Experiences; III. Benefits of Deep and Liquid Secondary Government Securities Markets; A. Government Financing; B. Monetary Policy; C. Financial Market Development and Resiliency; IV. Impediments to Secondary Market Development; A. Macroeconomic Environment; B. Legal and Regulatory Framework; C. Market Infrastructure; D. Debt Management; E. Investor Base; F. Monetary Operations Framework; V. Sequencing of Secondary Market DevelopmentA. Stylized Description of the Market and Sequencing of Measures to Develop the Government Debt MarketBoxes; 1. The Central Bank's Role in Developing Secondary Markets; 2. Country Examples of Major Shortcomings in Stage I; B. Stage II-Deepening of Markets; 3. Primary Dealer Systems; C. Stage III-Maturing Markets; D. Summary of Secondary Market Development Action Plans; Appendixes; Country Case Studies on Developing Secondary Markets; Tables; 1. Hungary: Main Macroeconomic Indicators; Figures; 1. Composition of Domestic Debt; 2. Hungary: Breakdown of Treasury Bond Holding by Investor Groups3. Hungary: Breakdown of Treasury Bill Holding by Investor Groups2. Hungary: Nonresidents' Holdings of Government Securities at End-Year; 4. Hungary: Breakdown of Secondary Market Turnover of Treasury Bonds and Bills; 5. India: Government Securities Secondary Market Turnover, FY95-FY07; 6. India: Ownership of Government-Dated Securities, FY1992 and FY2002; 3. Mexico: Main Macroeconomic Indicators; 7. Mexico: Composition of Domestic Public Sector Debt; ReferenceThis paper consolidates previous work on the development of secondary markets for government securities, and focuses on the sequencing of measures necessary for their development. Six main lessons are identified: (i) a commitment to achieving and maintaining a stable macroeconomic environment, especially prudent fiscal policy, should underpin market development; (ii) a sound and transparent public debt management strategy supports secondary market activity; (iii) a deep and diverse investor base is required; (iv) poor market infrastructure leads to high transaction costs, slow order execution, and excessive operational risk, which all inhibit trading; (v) secondary market growth is facilitated by effective monetary policy implementation; and (vi) reforms should be sequenced to ensure even development of all the structures supporting the secondary market.IMF Working Papers; Working Paper ;No. 2008/174Government securitiesSecondary marketsCapital marketimfDebt ManagementimfDebtimfDebts, PublicimfFinanceimfFinance: GeneralimfFinancial instrumentsimfGeneral Financial Markets: General (includes Measurement and Data)imfGovernment debt managementimfGovernment securitiesimfInvestment & securitiesimfInvestments: GeneralimfPublic debtimfPublic finance & taxationimfPublic FinanceimfSecurities marketsimfSecuritiesimfSovereign DebtimfMexicoimfGovernment securities.Secondary markets.Capital marketDebt ManagementDebtDebts, PublicFinanceFinance: GeneralFinancial instrumentsGeneral Financial Markets: General (includes Measurement and Data)Government debt managementGovernment securitiesInvestment & securitiesInvestments: GeneralPublic debtPublic finance & taxationPublic FinanceSecurities marketsSecuritiesSovereign Debt332.632044Arvai Zsofia1661477Heenan Geoffrey1816364DcWaIMFBOOK9910973782103321A Framework for Developing Secondary Markets for Government Securities4372635UNINA