A framework for developing secondary markets for government securities /
This 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, espec...
Clasificación: | Libro Electrónico |
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Autores principales: | , |
Autor Corporativo: | |
Formato: | Electrónico eBook |
Idioma: | Inglés |
Publicado: |
Washington, D.C. :
International Monetary Fund, Monetary and Capital Markets Dept.,
2008.
©2008 |
Colección: | IMF working paper ;
WP/08/174. |
Temas: | |
Acceso en línea: | Texto completo |
Sumario: | This 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. |
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Notas: | "July 2008." |
Descripción Física: | 1 online resource (55 pages) : illustrations |
Bibliografía: | Includes bibliographical references (pages 53-55). |
ISBN: | 1451914857 9781451914856 |