Debt management and government securities markets in the 21st century.

Debt management and government securities markets in the 21st century.

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Korporativní autor: Organisation for Economic Co-operation and Development
Médium: Kniha
Jazyk:English
Vydáno: Paris, France : OECD, Organisation for Economic Co-operation and Development, 2002.
Témata:
Debts, Public.
Government securities.
Economics > Public Debt.
On-line přístup:http://new.sourceoecd.org/9264198075
Table of contents
Obsah:
  • Machine derived contents note: Chapter I
  • Overview of Trends and Recent Changes in the Structure
  • of OECD Public Debt Markets and Debt Management Operations
  • I. Introduction 9
  • II. The development of liquid public debt markets in the OECD area 9
  • III. Trends in North American debt markets 16
  • IV. The emergence of a pan-European public debt market 19
  • V. Trends and recent developments in the Asian-Pacific public debt markets 29
  • VI. Trends in emerging bond markets 31
  • VII. Policy issues during periods of reduced net borrowing requirements
  • and declining public debt 34
  • VIII. The growing importance of electronic systems in primary
  • and secondary markets 37
  • IX. Trends in the organisation of debt management offices 40
  • X. The use of derivatives by debt managers and market participants 42
  • XI. Policy conclusions 44
  • Notes 48
  • Chapter 2
  • Overview of Policy Objectives and Characteristics
  • of Public Debt and Debt Holdings
  • I. Introduction 51
  • II. Policy objectives of debt managers 51
  • III. Overview of the characteristics of public debt 53
  • IV. Overview of debt instruments 54
  • V. The use of financial derivatives by debt managers 56
  • VI. Duration and maturity of the domestic debt 56
  • VII. Information on resident and non-resident holdings 59
  • Chapter 3
  • I. Executive summary 61
  • II. Overview 61
  • III. Responses to individual questions 62
  • Annex: Questionnaire - Experience with Government Indexed Bonds 70
  • Chapter 4
  • I. Introduction and executive summary 73
  • II. Electronic auction systems 74
  • III. Should issuers develop their own electronic auction systems? 76
  • IV. Syndication and electronic bond issuance 77
  • V. Issuance to retail investors 78
  • VI. The future of primary dealers 79
  • VII. The future of primary debt markets 80
  • VIII. Concluding remarks 81
  • Notes 82
  • References 82
  • Chapter 5
  • The impact of Electronic Systems on Secondary Markets
  • I. Introduction 83
  • II. Penetration of electronic trading systems 84
  • III. Factors affecting the use of electronic trading systems 84
  • IV. Definition and characteristics of electronic trading systems 85
  • V. Overview of ETS in OECD countries 86
  • VI. The impact of ETS on the secondary market structure 87
  • VI. Competition between system providers 91
  • VIII. The future of secondary debt markets 93
  • IX. Concluding remarks 95
  • Annex: Types of Electronic Trading Systems 96
  • Notes 98
  • References 99
  • Chapter 6
  • I. Introduction 101
  • II. Overview and assessment of the factors shaping the trend to autonomous
  • debt offices 102
  • III. Features of an Autonomous Debt Management Agency (ADMA) 109
  • IV. Selected results of the survey on the institutional arrangements
  • for debt management inOECD countries 118
  • V. The future organisation of debt management agencies 127
  • Notes 133
  • Chapter 7
  • I. Overview 135
  • II. Scope of risk management operations 136
  • III. Risk management governance 137
  • IV. Market Risk Management 138
  • V. Credit Risk Management 139
  • VI. Liquidity Risk Management 140
  • VII. Operational Risk Management 141
  • VIII. Legal Risk Management 141
  • Annex: Summary of the Detailed Responses to the Questionnaire 142
  • Chapter 8
  • I. Introduction 149
  • II. Confidentiality 149
  • III. Overall conclusions 150
  • IV. Discussion points 152
  • V. Investor relations strategy 152
  • VI. Responsibility for investor relations activities 154
  • VII. Investors 154
  • VIII. Foreign-currency debt 157
  • IX. Effectiveness of intermediaries 158
  • X. Specific investor relations activities 159
  • Chapter 9
  • Challenges for Debt Management in Emerging Bond Markets
  • I. Introduction 169
  • II. Overview of problems and issues in emerging fixed-income
  • securities markets 172
  • III. Contribution of government securities markets and public debt
  • management to the development of corporatesecurities markets 179
  • V. The role of cross-border capital flows in the development of domestic
  • bond markets 182
  • V. Obstacles in developing emerging fixed-income securities markets 183
  • VI. Conclusions and policy actions 188
  • Notes 192.

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