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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

Front Matter Page Monetary and Financial Systems Department Contents I. Introduction II. Institutional Reforms for Capital Market Development III. The Hierarchy of markets and Financial Market Development A. Money Market Development B. Foreign Exchange Market Development C. Government Bond Market Development D. Corporate Bond and Equity market Development E. Derivatives Market Development F. Institutional Investors and Development G. Promoting Sound Financial Institutions IV. Risks in Financial Market Development and Risk

International Monetary Fund and World Bank

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

International Monetary Fund

assistance. A high-level seminar on Capital Market Reform and Government Bond Market Development held in Manila last March also allowed the authorities to hold constructive talks with Fund management and staff. Engagement with the Fund has helped the authorities sharpen economic analysis, encouraged healthy discussions on policies and the reform agenda, and ground policy formulation and implementation more rigorously. Our authorities value the continuation of this close collaboration. The economy continues to be resilient. The economy performed respectably in the

International Monetary Fund. African Dept.

Deepening and Development Program November 2019 March 2020 Government Bond Market Development Ongoing February 2020 Strengthening Accountability and Integrity in Ethiopia Ongoing May 2020 Managing Public Resources for Improved Service Delivery Ongoing June 2020 The Fund work program in the next 12 months Macroeconomic Policy Analysis and Advice Article IV Consultation October 2019 October 2019 IMF Program ECF/EFF Negotiations October

International Monetary Fund. Asia and Pacific Dept

/CFT, (LEG) November 2019 Banking regulation, (MCM) November 2019 Macro-Fiscal modeling, (FAD) January 2020 Banking regulation, (MCM) January–February 2020 Medium term debt strategy and liability management operations, (MCM) June 2020 (remote mission) Business continuity plan for MTA, (FAD) June–September 2020 (remote mission) Customs diagnostic mission, (FAD) July 2020 (remote mission) Mongolia Customs General Authority (MCGA) strategic plan for 2021–2024, (FAD) September 2020 (remote mission) Domestic government bond market development mission (MCM

International Monetary Fund

report was published in August 2004. X. Technical Assistance : An MCM resident banking supervision advisor has been stationed in Manila since May 2003, to assist the BSP in the implementation of a new supervisory model. An MCM mission visited Manila in February 2005 to review the payment systems, central bank accounting, and government bond market development. An MCM mission took place in July 2006 to review the regulation and infrastructure of the domestic debt market. Another mission visited Manila in November 2006 to advise on liberalization of the foreign

International Monetary Fund

in June 2004. FAD advisers have visited Manila six times (June and September 2006, January, March, May, and July 2007). STA : ROSC Data Module mission was conducted in September 2003, and the report was published in August 2004. X. Technical Assistance (TA) : An MCM resident banking supervision advisor has been stationed in Manila since May 2003, to assist the BSP in the implementation of a new supervisory model. An MCM mission visited Manila in February 2005 to review the payment systems, central bank accounting, and government bond market development. An

International Monetary Fund

the report was published in August 2004. X. Technical Assistance : An MCM resident banking supervision advisor has been stationed in Manila since May 2003, to assist the BSP in the implementation of a new supervisory model. An MCM mission visited Manila in February 2005 to review the payment systems, central bank accounting, and government bond market development. An MCM mission took place in July 2006 to review the regulation and infrastructure of the domestic debt market. Another MCM visited Manila in November 2006 to advise on liberalization of the foreign

International Monetary Fund

Namibia’s financial markets . As countries develop, firms typically go through a number of stages with regard to financing needs. Initially, firms rely on self-generated funds. Later, they rely on lending from banks. Finally, as they become larger firms can rely on direct financing through corporate debt and equity markets. By moving to this last stage, firms diversify their capital structure, spread risks, and promote competition. 75. While Namibia has a large government bond market, development of the corporate bond market has lagged . As of end-2006, the value of