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International Monetary Fund and World Bank
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.
International Monetary Fund and World Bank

that want to further develop their domestic government bond markets . Reform plans should be anchored on the long-term objectives of the country and formulated by considering the country’s degree of market development. The plans should include a targeted timeframe (for example, three to five years) to achieve the intended outcomes. Any LCBM reform plan should be informed by comprehensive assessment of the relevant indicators of each building block, as well as an identification of the key constraints for market development ( figure III.1 ). This section presents seven