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Developing government bond markets : a handbook

Developing government bond markets : a handbook

Material type
단행본
Corporate Author
International Monetary Fund.
Title Statement
Developing government bond markets : a handbook.
Publication, Distribution, etc
Washington, D.C. :   World Bank :   International Monetary Fund,   2001.  
Physical Medium
xxii, 413 p. : ill. ; 24 cm.
ISBN
0821349554 (pbk.)
Bibliography, Etc. Note
Includes bibliographical references.
Subject Added Entry-Topical Term
Government securities --Handbooks, manuals, etc. Bond market --Handbooks, manuals, etc.
000 00000pam u22002054a 4500
001 000045198546
005 20210407160838
008 010425s2001 dcua bf i000 0 eng
010 ▼a 2001026281
020 ▼a 0821349554 (pbk.)
035 ▼a KRIC08412038
040 ▼a 211052 ▼c 211052 ▼d 211009
042 ▼a pcc
050 0 0 ▼a HG4715 ▼b .D48 2001
082 0 0 ▼a 332.63/232 ▼2 22
090 ▼a 332.63232 ▼b dg
245 0 0 ▼a Developing government bond markets : ▼b a handbook.
260 ▼a Washington, D.C. : ▼b World Bank : ▼b International Monetary Fund, ▼c 2001.
300 ▼a xxii, 413 p. : ▼b ill. ; ▼c 24 cm.
504 ▼a Includes bibliographical references.
650 0 ▼a Government securities ▼v Handbooks, manuals, etc.
650 0 ▼a Bond market ▼v Handbooks, manuals, etc.
710 2 ▼a International Monetary Fund.
710 2 ▼a World Bank.

Holdings Information

No. Location Call Number Accession No. Availability Due Date Make a Reservation Service
No. 1 Location Centennial Digital Library/UN/ Call Number 332.63232 dg Accession No. 181002928 Availability Loan can not(reference room) Due Date Make a Reservation Service M

Contents information

Table of Contents


CONTENTS

Preface = xv

Foreword = xix

Handbook Team and Acknowledgments = xxi

1. Developing a Government Bond Market : An Overview = 1

 1.1 Introduction = 1

 1.2 Benefits of Developing a Bond Market = 2

 1.3 Basic Prerequisites for Successful Development of Government Securities Markets = 5

 1.4 Money Markets and Monetary Policy Operations = 8

 1.5 Government Securities Issuance Strategy and Market Access = 11

  1.5.1 Government Securities Issuance Strategy and Debt Management = 11

  1.5.2 Government Securities Instruments and Yield Curve = 13

  1.5.3 Primary Market Structure and Primary Dealers = 14

 1.6 Investor Base for Government Securities = 17

  1.6.1 Banks as Investors of Government Securities = 17

  1.6.2 Contractual Savings and Government Securities Markets = 18

  1.6.3 Collective Investment Funds and Government Securities Markets = 19

  1.6.4 Retail Investors and Government Securities Markets = 20

  1.6.5 Foreign Investors and Government Securities Markets = 21

 1.7 Secondary Markets for Government Securities = 22

  1.7.1 Transactions and Trading Procedures in Secondary Government Securities Markets = 22

  1.7.2 Market Intermediaries in Secondary Government Securities Markets = 23

  1.7.3 Trading Systems and Conventions in Secondary Markets for Government Securities = 25

  1.7.4 Related Markets and Secondary Markets = 28

 1.8 Securities Settlement Infrastructure for Government Securities Markets = 29

  1.8.1 Securities Accounts and Government Securities Markets = 29

  1.8.2 Depository Arrangements for Government Securities = 30

  1.8.3 Securities Settlement Procedures for Government Securities Markets = 31

 1.9 Legal and Regulatory Framework for Developing Government Securities Markets = 32

  1.9.1 General Considerations = 33

  1.9.2 Elements of Legal Framework for Government Securities Markets = 34

  1.9.3 Market Regulation of Government Securities Markets = 35

 1.10 Taxation Policy and Development of Government Securities Markets = 38

 1.11 Linkages of Government Securities Markets to Subnational and Private Sector Bond Markets = 39

 1.12 Sequencing Development of Securities Markets = 43

 Annex 1.A Some Elements of a Macroeconomic Framework = 47

 Annex 1.B Some elements of Financial Sector Reform = 50

 Annex 1.C Key Strategic Steps in Government Securities Market Development = 53

 Bibliography = 58

2. Money Markets and Monetary Policy Operations = 63

 2.1 Introduction = 64

 2.2 Developing the Interbank Market = 65

  2.2.1 Creating Incentives that Stimulate Trading in the Money Market = 67

  2.2.2 Avoiding Excessive Volatility in Excess Reserves and Money Market Rates = 75

  2.2.3 Central Bank Interaction with Market and Interest Rate Volatility = 76

  2.2.4 Resources for Central Bank Open Market Operations = 80

  2.2.5 Infrastructure and Capacity = 84

 2.3 Coordination Between Government Debt/Cash Management and Central Bank Open Market Operations = 86

 2.4 Conclusion = 89

 Bibliography = 90

3. A Government Debt Issuance Strategy and Debt Management Framework = 93

 3.1 Introduction = 93

 3.2 Market-Oriented Funding Strategy = 94

  3.2.1 Market Discipline, Broad Market Access, and Transparency = 94

  3.2.2 A Suitable Issuance Strategy = 98

  3.2.3 A Proactive Government Approach = 100

 3.3 Sound Debt Management Framework and Operations = 101

  3.3.1 Clear Objectives of Debt Management = 102

  3.3.2 Coordination with Monetary and Fiscal Policies = 102

  3.3.3 Prudent Risk Management Framework = 105

  3.3.4 Institutional Framework = 108

 3.4 Conclusion = 113

 Bibliography = 115

4. Developing Benchmark Issues = 117

 4.1 Introduction = 118

 4.2 Country Experiences with Benchmark Issues = 121

 4.3 Building a Benchmark Yield Curve : Strategy and Implementation = 127

  4.3.1 Standardizing Debt Instruments = 128

  4.3.2 Developing Appropriate Maturity Distribution for Benchmark Issues = 130

  4.3.3 Determining Appropriate Size and Frequency of Benchmark Issues = 133

 4.4 Reopening and Buyback Operations to Build Benchmark Issues = 135

 4.5 Conclusion = 136

 Annex 4.A Reopening Operations and Their Role in Developing Benchmark Issues = 139

  4.A.1 Reopening Operations = 139

 Annex 4.B Buyback Operations and Their Role in Developing Benchmark Securities = 144

  4.B.1 Buyback Operations = 144

   4.B.1.1 Reverse Auction = 144

   4.B.1.2 Outright Purchase = 146

   4.B.1.3 Bond Conversion = 146

  4.B.2 Choice of Buyback Program(s) = 148

 Bibliography = 150

5. Developing a Primary Market for Government Securities = 153

 5.1 Introduction = 153

 5.2 Techniques for Marketing Government Securities = 154

  5.2.1 Auctions = 154

  5.2.2 Syndication of Government Securities Issuance and Underwriting of Government Securities = 163

  5.2.3 Tap Sales of Government Securities = 164

  5.2.4 Private Placement of Government Securities with Banks and Other Market Participants = 165

  5.2.5 Combination of Government Securities Issuance Techniques = 165

 5.3 Role of Primary Dealers in the Issuance of Government Securities = 166

  5.3.1 Obligations of Primary Dealers = 168

  5.3.2 Incentives/Privileges for Primary Dealers = 170

  5.3.3 Eligibility Criteria for Primary Dealer Designation = 172

 5.4 Conclusion = 175

 Bibliography = 177

6. Developing the Investor Base for Government Securities = 179

 6.1 Introduction = 180

 6.2 Captive Sources of Government Funding and a Diverse Investor Base = 180

  6.2.1 Pitfalls of Reliance on Captive Sources of Government Funding = 181

  6.2.2 Advantages of a Diverse Investor Base = 183

 6.3 Financial Investors of Government Securities = 184

  6.3.1 Commercial Banks = 184

  6.3.2 Contractual Savings Sector - Pension Funds and Insurance Companies = 185

  6.3.3 Collective Investment Funds - Mutual Funds = 187

  6.3.4 Impact of Institutional Investors on Capital Market Development = 187

  6.3.5 Policies to Promote Institutional Investors = 194

 6.4 Nonfinancial Investors of Government Securities = 198

  6.4.1 Nonfinancial Corporations = 198

  6.4.2 Retail Investors of Government Securities = 201

 6.5 Foreign Investors in Government Securities = 203

  6.5.1 Growth of Foreign Investors in Government Securities Markets = 204

  6.5.2 Impact of Foreign Investors on Capital Market Development = 204

  6.5.3 Risks Associated with Foreign Investors in Domestic Financial Markets = 206

 6.6 Conclusion = 207

 Annex 6.A Growth of Institutional Investors = 209

 Annex 6.B International Diversification of Securities Porifolios = 212

  6.B.1 Growth of Foreign Institutional Investors in Emerging Markets = 212

  6.B.2 importance of Foreign Investors in Domestic Government Securities Markets = 213

 Bibliography = 215

7. Developing Secondary Market Structures for Government Securities = 217

 7.1 Introduction = 217

 7.2 Types of Transactions in Secondary Markets = 218

  7.2.1 Spot Transactions = 218

  7.2.2 Repurchase Agreements = 219

  7.2.3 Derivatives and Risk Management Instruments = 223

 7.3 Features of Market Structures = 226

  7.3.1 Periodic Versus Continuous Markets = 226

  7.3.2 Dealer Versus Auction-Agency Markets = 227

  7.3.3 Automation and Electronic Market Structures = 228

 7.4 Efficiency and Liquidity Issues in Market Structures = 230

  7.4.1 Trading Frequency = 230

  7.4.2 Consolidated Versus Multiple Markets = 231

  7.4.3 Degree of Security Fragmentation = 232

  7.4.4 Wholesale Versus Retail = 232

  7.4.5 Competition Among Market Intermediaries = 233

  7.4.6 Execution Risk and Secondary Market Liquidity = 234

  7.4.7 Liquidity Risk = 235

  7.4.8 Transparency = 235

  7.4.9 Development Strategies = 237

 7.5 Conclusion : Suitability and Selection of Market Structure = 238

 Annex 7.A Risk Management Issues in Derivatives Market Structures = 240

 Bibliography = 243

8. Developing a Government Securities Settlement Structure = 245

 8.1 Introduction = 245

 8.2 Securities Accounts = 247

  8.2.1 Need for Securities Accounts = 247

  8.2.2 Legal Features of Securities Accounts = 248

  8.2.3 Transition Issues = 249

 8.3 Depository System for Securities Accounts = 250

  8.3.1 Registration Function of the Depository System = 250

  8.3.2 Organization of the Depository System = 254

  8.3.3 Depositories = 257

 8.4 Settlement Procedures = 266

  8.4.1 Settlement in the Central Depository = 266

  8.4.2 Settlement in Subdepositories = 275

  8.4.3 Settlement of Stock Exchange Transactions of Government Securities = 277

 8.5 The Depository System as Source of Data = 278

 8.6 Conclusion = 279

 Bibliography = 280

9. Legal and Regulatory Framework = 281

 9.1 Introduction = 281

 9.2 Government Borrowing Authority = 282

 9.3 Details of Legal Borrowing Authority = 284

  9.3.1 Borrowing Limits = 284

  9.3.2 Internal Management = 284

  9.3.3 Transparency and Accountability = 285

  9.3.4 Disclosure = 285

  9.3.5 Access = 286

 9.4 Terms of the Instruments = 286

 9.5 Legal and Regulatory Framework for the Secondary Bond Market = 287

  9.5.1 Regulation of the Secondary Bond Market = 287

  9.5.2 Authority to Establish a Regulator = 288

 9.6 Market Structure and Regulation = 288

 9.7 Market Conduct = 289

 9.8 Regulation of Market Intermediaries = 290

 9.9 Role of SROs = 290

 9.10 Legal and Regulatory Framework for Payment and Settlement of Government Securities = 291

 9.11 Conclusion = 292

 Bibliography = 294

10. Development of Government Securities Market and Tax Policy = 295

 10.1 Introduction = 295

 10.2 Tax Treatment of Capital Income = 297

  10.2.1 Taxation of Interest : Schedular Versus Integrated Approach = 297

  10.2.2 Withholding Tax = 298

  10.2.3 Treatment of Capital Gains = 300

  10.2.4 Accrual Versus Realization in Income Taxation = 302

  10.2.5 Tax Treatment of Inflation Adjustmen of Government Securities = 303

 10.3 Tax Treatment of Different Financial Instruments = 305

  10.3.1 Favorable Tax Treatment of Government Bonds = 305

  10.3.2 Tax Treatment of Repurchase Agreements (Repos) = 306

 10.4 Taxation of Different Government Securities Holders = 308

  10.4.1 Taxation of Nonresident Government Securities Holders = 308

  10.4.2 Taxation of Collective Investment Funds (CIFs) = 309

  10.4.3 Taxation of Pensions = 311

 10.5 Tax Incentives for Financial Instruments to Stimulate Savings = 313

 10.6 Transaction Taxes on Financial Instruments = 315

 10.7 Conclusion = 317

 Bibliography = 319

11. Development of Subnational Bond Markets = 323

 11.1 Introduction = 324

 11.2 Subnational Bond Markets in Perspective = 325

  11.2.1 Importance of Subnational Debt Markets in Developing and Transition Countries = 325

  11.2.2 Agency Problems and Subnational Debt Markets = 327

 11.3 Developing Subnational Debt Markets : Policy Issues = 329

  11.3.1 Moral Hazard = 329

  11.3.2 Fundamental Constraints in Developing Subnational Bond Markets = 334

 11.4 Linkages Between Government Securities Markets and Subnational Bond Market Development = 335

  11.4.1 Relationship Between Domestic Bond Market and the Subnational Bond Market Development = 335

  11.4.2 Role of the Subnational Bond Market in Diversification of the Domestic Fixed-Income Market = 337

 11.5 Issuance of Subnational Bonds = 338

 11.6 Development of the Secondary Subnational Bond Market = 340

 11.7 Regulatory and Supervisory, Legal, and Tax Framework for the Subnational Bond Market = 341

  11.7.1 Regulatory and Supervisory Framework for Subnational Bond Market = 341

  11.7.2 Legal Framework for the Subnational Bond Market = 342

  11.7.3 Tax Treatment of Suhnational Bonds = 343

 11.8 Credit Enhancement and Credit Pooling in Subnational Bond Markets = 344

  11.8.1 Credit Enhancement for the Subnational Bond Market = 344

  11.8.2 Bond Pooling by Subnational Entities = 346

 11.9 Priorities for Policy Reform for Subnational Bond Market Development = 347

  11.9.1 Establishing a Foundation for Subnational Bond Market Development : A Policy Matrix = 347

  11.9.2 Strengthening Subnational Bond Market Architecture in Developing and Transition Countries = 352

 11.10 Conclusion = 354

 Bibliography = 356

12. Development of Private Sector Bond Markets = 359

 12.1 Introduction = 360

 12.2 Benefits of Private Sector Debt Issuance = 360

  12.2.1 Benefits to the Economy and Financial Sector of Private Sector Bond Markets = 361

  12.2.2 Private Sector Financing - Equity Versus Debt and Bonds Versus Bank Loans = 361

 12.3 Overview of Corporate Bond Markets = 362

  12.3.1 Corporate Bond Markets in Developed Countries = 362

  12.3.2 Corporate Bond Markets in Developing Countries = 364

 12.4 Changes in Public Policy and New Financial Technology and Development of Private Sector Bond Markets = 367

  12.4.1 Infrastructure Financing = 368

  12.4.2 Housing Finance = 371

  12.4.3 Privatization and Deregulation = 374

 12.5 Issues in Developing Private Sector Bond Markets = 374

  12.5.1 Linkages Between Private Sector and Government Bond Markets = 374

  12.5.2 Distinctive Characteristics of Private Sector Bond Markets = 377

  12.5.3 Impediments to Private Sector Bond Market Development = 381

 12.6 Conclusion = 385

Bibliography = 386

Glossary = 389



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