Download Developing Government Bond Markets: A Handbook by World Bank PDF

By World Bank

This guide offers an outline of the main coverage concerns for constructing a central authority securities industry. It additionally bargains a close description of the coverage matters, together with concerns for implementation. This guide covers such subject matters because the linkages with funds markets and fiscal coverage operations, regulations had to increase an issuing technique, debt-management issues to construct credibility, and the reforms essential to advertise institutional funding. It comprises bibliographic and web site references in addition to a complete thesaurus of phrases regarding securities markets.

Show description

Read or Download Developing Government Bond Markets: A Handbook PDF

Similar money & monetary policy books

Savage Money

The mark of a civilized economic climate is nationwide funds; the English pound, the Australian greenback, the Indian rupee. The mark of a savage economic climate is untamed funds within the type of cowrie shells, silver, gold and so forth. The state's energy is seriously depending on its skill to cultivate savage funds and to reassert its keep watch over.

Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue

The more and more built-in economies of East Asia—China, Hong Kong, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand—face the problem of the way to accomplish exchange-rate protection within the absence of a unifying "Asian euro. " the U.S. buck has turn into the region's dominant intraregional buying and selling forex in addition to the financial anchor to which East Asian economies informally peg their currencies.

Integrity in Mobile Phone Financial Services: Measures for Mitigating the Risks of Money Laundering and Terrorist Financing (World Bank Working Papers)

Integrity in Mobil cellphone monetary companies explores ideas to spot and deal with power funds laundering and terrorist financing hazards in cellular monetary providers. The paper presents tips at the top technique of assessing perceived as opposed to real hazards and identifies particular measures to mitigate the particular dangers.

Money

Cash makes the realm move round. From the earliest bartering platforms to modern day subtle digital transfers of billions of bucks in a break up moment, structures of trade have conferred worth upon items and companies and created the commercial glue that binds members, companies, groups, and international locations jointly.

Additional info for Developing Government Bond Markets: A Handbook

Sample text

For market development, however, wide access is usually preferable. Because of the centralized nature of a securities depository, policymakers find regulation Delivered by might The World Bank e-library to: of the fee structure necessary UniversityIn of Victoria to prevent monopoly pricing. 4 16 Dec 2009 03:21:59 a sufficient number ofWed, transactions to recover the costs of building and running the system without pricing being set at a prohibitively high level. In 30 (c) The International Bank for Reconstruction and Development / The World Bank Developing a Government Bond Market: An Overview that case, transitory subsidies to the system may be needed until transaction volume becomes sufficient.

To be effective in undertaking a market-making role, intermediaries must have a means of hedging against interest rate risks, which affect the cost of carrying an inventory of government securities. Without these tools, intermediaries tend to buy and hold securities, diminishing their action as market makers. The existence of forward, futures, swap, and option markets to protect intermediaries against interest rate risk can help improve the functioning of government securities markets. Fit-and-proper tests and proper certification for those permitted to act as investment advisors or to enter the brokerage business are important for well-functioning secondary markets.

Adequate disclosure to investors and minimum standards for prospectuses are also essential but often lacking. Allowing entry of foreign institutions into this field has, in many cases, had the benefit of putting pressure on domestic companies to develop their business and lower their costs. The market impact of foreign institutions has been much larger than their share of assets under management would suggest. Restrictions on foreign entry into this financial service area, as well as entry via cross-border provision of these services, should therefore be eliminated or phased out.

Download PDF sample

Rated 4.56 of 5 – based on 22 votes