Local Currency Bond Markets - A Diagnostic Framework

Local Currency Bond Markets - A Diagnostic Framework PDF Author: World Bank
Publisher: International Monetary Fund
ISBN: 1498341527
Category : Business & Economics
Languages : en
Pages : 40

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Book Description
In November 2011, the G-20 endorsed an action plan to support the development of local currency bond markets (LCBM). International institutions—the IMF, the World Bank, the EBRD, and the OECD—were asked to draw on their experience to develop a diagnostic framework (DF) to identify general preconditions, key components, and constraints for successful LCBM development. The objective is to provide a tool for analyzing the state of development and efficiency of local currency bond markets. The application of the DF is expected to be flexible, bearing in mind that the potential for LCBM development depends on economic size, financing needs, and stage of economic development.

Guidance Note For Developing Government Local Currency Bond Markets

Guidance Note For Developing Government Local Currency Bond Markets PDF Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513573926
Category : Business & Economics
Languages : en
Pages : 157

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Book 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.

Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market

Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market PDF Author: Yinqiu Lu
Publisher: International Monetary Fund
ISBN: 1475577583
Category : Business & Economics
Languages : en
Pages : 37

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Book Description
Local currency government bonds (OFZ bonds) are an important fixed-income instrument in Russia’s financial markets. In this paper, based on granular data, we explore the development of the OFZ bond market with a focus on foreign investors. As this fixed-income market has experienced a liberalization of the domestic trading and settlement infrastructure, and weathered several episodes of market stresses since the 2008–09 global financial crisis, the role of foreign investors can be observed along with these events. What we have found is that foreign investors had influenced the market before they became an important player and since then they have contributed to the development of the market while not necessarily destabilizing it in episodes of shocks.

Good Practices for Developing a Local Currency Bond Market

Good Practices for Developing a Local Currency Bond Market PDF Author: Asian Development Bank
Publisher: Asian Development Bank
ISBN: 9292616110
Category : Business & Economics
Languages : en
Pages : 350

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Book Description
Local currency bond markets in ASEAN+3 play an important role in diversifying financial intermediary channels and mitigating the impacts of financial crises. They also have the potential to help mobilize developing Asia's significant savings to meet the region's enormous infrastructure investment needs. Drawing extensively on knowledge generated by the ASEAN+3 Bond Market Forum, the publication looks at the essential building blocks and the enabling environment for these markets, as well as the roles of government, relevant authorities, and market participants.

Developing Government Bond Markets: A Handbook

Developing Government Bond Markets: A Handbook PDF Author:
Publisher: World Bank Publications
ISBN: 9780821349557
Category : Business & Economics
Languages : en
Pages : 452

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Book Description
This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.

The Development of Local Capital Markets

The Development of Local Capital Markets PDF Author: Mr.Luc Laeven
Publisher: International Monetary Fund
ISBN: 1498372201
Category : Business & Economics
Languages : en
Pages : 25

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Book Description
Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.

Secretary-General's Report to Ministers 2014

Secretary-General's Report to Ministers 2014 PDF Author: OECD
Publisher: OECD Publishing
ISBN: 926420931X
Category :
Languages : en
Pages : 120

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Book Description
The OECD Secretary-General's annual report to ministers covers not only the activities of the SG and his office, horizontal programs and activities of the directorates but also the activities of its agencies and special entities.

The Encyclopedia of Central Banking

The Encyclopedia of Central Banking PDF Author: Louis-Philippe Rochon
Publisher: Edward Elgar Publishing
ISBN: 1782547444
Category : Business & Economics
Languages : en
Pages : 541

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Book Description
The Encyclopedia of Central Banking, co-edited by Louis-Philippe Rochon and Sergio Rossi, contains some 250 entries written by over 200 economists on topics related to monetary macroeconomics, central bank theory and policy, and the history of monetary

Money

Money PDF Author: Michel Aglietta
Publisher: Verso Books
ISBN: 1786634414
Category : Political Science
Languages : en
Pages : 433

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Book Description
The major French economist offers a new theory of money As the financial crisis reached its climax in September 2008, the most important figure on the planet was Federal Reserve chairman Ben Bernanke. The whole financial system was collapsing, with little to stop it. When a senator asked Bernanke what would happen if the central bank did not carry out its rescue package, he replied, “If we don’t do this, we may not have an economy on Monday.” What saved finance, and the Western economy, was fiscal and monetary stimulus – an influx of money, created ad hoc. It was a strategy that raised questions about the unexamined nature of money itself, an object suddenly revealed as something other than a neutral signifier of value. Through its grip on finance and the debt system, money confers sovereign power on the economy. If confidence in money is not maintained, crises follow. Looking over the last 5,000 years, Michel Aglietta explores the development of money and its close connection to sovereign power. This book employs the tools of anthropology, history and political economy in order to analyse how political structures and monetary systems have transformed one another. We can thus grasp the different eras of monetary regulation and the crises capitalism has endured throughout its history.

Rethinking Financial Deepening

Rethinking Financial Deepening PDF Author: Ms.Ratna Sahay
Publisher: International Monetary Fund
ISBN: 1475570198
Category : Business & Economics
Languages : en
Pages : 41

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Book Description
The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.