Local Currency Bond Markets Law Reform: A Methodology for Emerging Markets and Developing Economies

62 Pages Posted: 5 Jan 2021

See all articles by Wouter Bossu

Wouter Bossu

International Monetary Fund (IMF)

Cory Hillier

International Monetary Fund (IMF) - Fiscal and Financial Law Unit

Wolfgang Bergthaler

International Monetary Fund (IMF)

Date Written: November 1, 2020

Abstract

Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets-being, a key segment of the LCBM for many emerging markets and developing economies-play a key role in reducing financial vulnerability to shocks and enable governments to finance critical economic and fiscal policy measures in response to them. Policymakers and international organizations have long recognized that developing and strengthening LCBMs is a key policy prescription to sound public debt management. Robust legal and regulatory frameworks are recognized as being critical building blocks for the structure, development and functioning of LCBMs. This Working Paper seeks to outline a strategically anchored methodology that can be applied to design, build and implement the legal and tax foundations for the development of LCBMs that would adequately address common challenges and impediments.

JEL Classification: G15, G18, G23, G10, H20, K34

Suggested Citation

Bossu, Wouter and Hillier, Cory and Bergthaler, Wolfgang, Local Currency Bond Markets Law Reform: A Methodology for Emerging Markets and Developing Economies (November 1, 2020). IMF Working Paper No. 20/258, Available at SSRN: https://ssrn.com/abstract=3758092

Wouter Bossu (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Cory Hillier

International Monetary Fund (IMF) - Fiscal and Financial Law Unit ( email )

Washington, DC
United States

Wolfgang Bergthaler

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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