Guidance Note for Developing Government Local Currency Bond Markets

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST). The aim of the project was...

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Main Authors:	Hashimoto, Hideo, Mooi, Yen, Pedras, Guilherme, Roy, Arindam, Chung, Kay, Galeza, Tadeusz, Papaioannou, Michael G., Katz, Peter, Bango, Zsolt, Gragnani, Jose Antonio, Gurhy, Bryan, Paladines, Cindy
Format:	Book
Language:	English en_US
Published:	Washington, DC : World Bank 2022
Subjects:	LOCAL CURRENCY BOND MARKET INVESTOR BASE FINANCIAL MARKET INFRASTRUCTURE LEGAL FRAMEWORK REGULATORY FRAMEWORK MONEY MARKET SECONDARY MARKET
Online Access:	http://documents.worldbank.org/curated/en/790921615526044752/Guidance-Note-for-Developing-Government-Local-Currency-Bond-Markets http://hdl.handle.net/10986/37787

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spelling	okr-10986-377872022-07-30T05:10:36Z Guidance Note for Developing Government Local Currency Bond Markets Hashimoto, Hideo Mooi, Yen Pedras, Guilherme Roy, Arindam Chung, Kay Galeza, Tadeusz Papaioannou, Michael G. Katz, Peter Bango, Zsolt Gragnani, Jose Antonio Gurhy, Bryan Paladines, Cindy LOCAL CURRENCY BOND MARKET INVESTOR BASE FINANCIAL MARKET INFRASTRUCTURE LEGAL FRAMEWORK REGULATORY FRAMEWORK MONEY MARKET SECONDARY MARKET This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST). The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs. The guidance note discusses commonly faced challenges and bottlenecks in the journey to efficient and deep LCBMs. In particular, the guidance note explores how to overcome difficulties in implementing some existing best practices. Experience points to the interdependent nature of the required development actions and the need for supportive actions outside the narrow field of LCBM agents. The challenges discussed and accompanying policy guidance draw from the IMF and World Bank’s extensive technical assistance (TA) provision in this area, cross-country experience in LCBM development, and results from a recent survey of country authorities. The guidance note intends to be a resource for a wide range of stakeholders interested in government bond market development. Country authorities and TA providers can use the diagnostic on the level of LCBM development to design a proper sequence of policy actions to further improve the functioning of the domestic government debt market. Country authorities and IMF and World Bank country teams can use the guidance note to identify key macroeconomic and financial issues linked to LCBM development and integrate it into their policy analysis and advice. The diagnostic findings regarding weaknesses in LCBMs also can be used to help identify financial vulnerabilities and their remedies, in the authorities’ ongoing financial sector surveillance and in the context of Financial Sector Assessment Programs and Financial Sector Stability Reviews. 2022-07-29T15:51:13Z 2022-07-29T15:51:13Z 2021 Book http://documents.worldbank.org/curated/en/790921615526044752/Guidance-Note-for-Developing-Government-Local-Currency-Bond-Markets 9781513573922 9781513573953 (web PDF) 9781513573939 (ePub) LoC Classification: LCC HG4651 .H3 2021 http://hdl.handle.net/10986/37787 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank International Monetary Fund Washington, DC : World Bank Publications & Research Publications & Research :: Publication World
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	LOCAL CURRENCY BOND MARKET INVESTOR BASE FINANCIAL MARKET INFRASTRUCTURE LEGAL FRAMEWORK REGULATORY FRAMEWORK MONEY MARKET SECONDARY MARKET
spellingShingle	LOCAL CURRENCY BOND MARKET INVESTOR BASE FINANCIAL MARKET INFRASTRUCTURE LEGAL FRAMEWORK REGULATORY FRAMEWORK MONEY MARKET SECONDARY MARKET Hashimoto, Hideo Mooi, Yen Pedras, Guilherme Roy, Arindam Chung, Kay Galeza, Tadeusz Papaioannou, Michael G. Katz, Peter Bango, Zsolt Gragnani, Jose Antonio Gurhy, Bryan Paladines, Cindy Guidance Note for Developing Government Local Currency Bond Markets
geographic_facet	World
description	This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST). The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs. The guidance note discusses commonly faced challenges and bottlenecks in the journey to efficient and deep LCBMs. In particular, the guidance note explores how to overcome difficulties in implementing some existing best practices. Experience points to the interdependent nature of the required development actions and the need for supportive actions outside the narrow field of LCBM agents. The challenges discussed and accompanying policy guidance draw from the IMF and World Bank’s extensive technical assistance (TA) provision in this area, cross-country experience in LCBM development, and results from a recent survey of country authorities. The guidance note intends to be a resource for a wide range of stakeholders interested in government bond market development. Country authorities and TA providers can use the diagnostic on the level of LCBM development to design a proper sequence of policy actions to further improve the functioning of the domestic government debt market. Country authorities and IMF and World Bank country teams can use the guidance note to identify key macroeconomic and financial issues linked to LCBM development and integrate it into their policy analysis and advice. The diagnostic findings regarding weaknesses in LCBMs also can be used to help identify financial vulnerabilities and their remedies, in the authorities’ ongoing financial sector surveillance and in the context of Financial Sector Assessment Programs and Financial Sector Stability Reviews.
format	Book
author	Hashimoto, Hideo Mooi, Yen Pedras, Guilherme Roy, Arindam Chung, Kay Galeza, Tadeusz Papaioannou, Michael G. Katz, Peter Bango, Zsolt Gragnani, Jose Antonio Gurhy, Bryan Paladines, Cindy
author_facet	Hashimoto, Hideo Mooi, Yen Pedras, Guilherme Roy, Arindam Chung, Kay Galeza, Tadeusz Papaioannou, Michael G. Katz, Peter Bango, Zsolt Gragnani, Jose Antonio Gurhy, Bryan Paladines, Cindy
author_sort	Hashimoto, Hideo
title	Guidance Note for Developing Government Local Currency Bond Markets
title_short	Guidance Note for Developing Government Local Currency Bond Markets
title_full	Guidance Note for Developing Government Local Currency Bond Markets
title_fullStr	Guidance Note for Developing Government Local Currency Bond Markets
title_full_unstemmed	Guidance Note for Developing Government Local Currency Bond Markets
title_sort	guidance note for developing government local currency bond markets
publisher	Washington, DC : World Bank
publishDate	2022
url	http://documents.worldbank.org/curated/en/790921615526044752/Guidance-Note-for-Developing-Government-Local-Currency-Bond-Markets http://hdl.handle.net/10986/37787
_version_	1764487280213360640

Guidance Note for Developing Government Local Currency Bond Markets

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