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.
Details
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Author
Vittas, Dimitri
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Document Date
2007/01/01
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Document Type
Other Financial Sector Study
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Report Number
40520
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2010/05/19
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Disclosure Status
Disclosed
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Doc Name
Developing the domestic government debt market : from diagnostics to reform implementation
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Keywords
money market;Banking and Debt Management;Finance & Private Sector;government debt market;Public Debt Management;pilot program;demand for government security;money market interest rate;early stage of development;payment and settlement system;negotiable certificate of deposit;volatility of interest rate;money market mutual fund;captive sources of finance;holdings of government security;interest rate volatility;government cash flow;repo agreement;monetary policy;reserve requirement;public sector entity;debt management strategy;repo transaction;primary dealer;treasury bill rate;diversified investor base;
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Citation
Vittas, Dimitri
Developing the domestic government debt market : from diagnostics to reform implementation (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/701101468150587348/Developing-the-domestic-government-debt-market-from-diagnostics-to-reform-implementation