LEADER 05897oam 22011534 450 001 9910973782103321 005 20250426110724.0 010 $a9786612841255 010 $a9781462321490 010 $a1462321496 010 $a9781452798523 010 $a1452798524 010 $a9781282841253 010 $a1282841254 010 $a9781451870329 010 $a1451870329 035 $a(CKB)3170000000055066 035 $a(EBL)1607937 035 $a(SSID)ssj0000943321 035 $a(PQKBManifestationID)11502964 035 $a(PQKBTitleCode)TC0000943321 035 $a(PQKBWorkID)10994229 035 $a(PQKB)11510487 035 $a(OCoLC)763011612 035 $a(IMF)WPIEE2008174 035 $a(MiAaPQ)EBC1607937 035 $a(IMF)WPIEA2008174 035 $aWPIEA2008174 035 $a(EXLCZ)993170000000055066 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 12$aA Framework for Developing Secondary Markets for Government Securities /$fZsofia Arvai, Geoffrey Heenan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (57 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/174 300 $aDescription based upon print version of record. 311 08$a9781451914856 311 08$a1451914857 320 $aIncludes bibliographical references. 327 $aContents; 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 Development 327 $aA. 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 Groups 327 $a3. 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; Reference 330 3 $aThis paper consolidates previous work on the development of secondary markets for government securities, and focuses on the sequencing of measures necessary for their development. Six main lessons are identified: (i) a commitment to achieving and maintaining a stable macroeconomic environment, especially prudent fiscal policy, should underpin market development; (ii) a sound and transparent public debt management strategy supports secondary market activity; (iii) a deep and diverse investor base is required; (iv) poor market infrastructure leads to high transaction costs, slow order execution, and excessive operational risk, which all inhibit trading; (v) secondary market growth is facilitated by effective monetary policy implementation; and (vi) reforms should be sequenced to ensure even development of all the structures supporting the secondary market. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/174 606 $aGovernment securities 606 $aSecondary markets 606 $aCapital market$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial instruments$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGovernment debt management$2imf 606 $aGovernment securities$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: General$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSecurities markets$2imf 606 $aSecurities$2imf 606 $aSovereign Debt$2imf 607 $aMexico$2imf 615 0$aGovernment securities. 615 0$aSecondary markets. 615 7$aCapital market 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial instruments 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGovernment debt management 615 7$aGovernment securities 615 7$aInvestment & securities 615 7$aInvestments: General 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSecurities markets 615 7$aSecurities 615 7$aSovereign Debt 676 $a332.632044 700 $aArvai$b Zsofia$01661477 701 $aHeenan$b Geoffrey$01816364 801 0$bDcWaIMF 906 $aBOOK 912 $a9910973782103321 996 $aA Framework for Developing Secondary Markets for Government Securities$94372635 997 $aUNINA