Development of the Government Bond Market and Public Debt Management in Singapore

Abstract

This paper describes the growth of the Singapore Government Securities (SGS) market. It elaborates on the balanced budget policy of the Singapore government, explains how SGS are issued unrelated to fiscal needs and describes how a liquid SGS market is used to establish a robust government yield curve for the pricing and development of the domestic corporate debt market. Recent developments in the SGS market, the issuance of central bank debt and future challenges are included in the paper.

Full publication: Fiscal Policy, Public Debt and Monetary Policy in Emerging Market Economies

Keywords: National Government Expenditures and Related Policies, National Budget, Deficit and Debt, National Debt, Debt Management, Macroeconomic Policy, Macroeconomic Aspects of Public Finance and General Outlook

JEL Classification: H5, H6, H63, E6