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International Monetary Fund

Abstract

En los últimos años, el FMI ha participado activamente en iniciativas de cooperación internacional para evitar el abuso de los sistemas financieros nacionales y proteger y mejorar la integridad del sistema financiero internacional. Más allá de los esfuerzos por combatir el lavado de dinero, el FMI ha aplicado su participación también a la lucha contra el financiamiento del terrorismo. Este manual facilitará la prestación de asistencia técnica pertinente al proporcionar un compendio de materiales esenciales para los funcionarios que tienen a su cargo la redacción de leyes de represión de estas actividades de financiamiento. Se presentan las normas y obligaciones internacionales pertinentes, junto con ejemplos de la legislación vigente orientada a cumplir con dichas normas y obligaciones. Los temas tratados en este libro son relevantes para todos los países, independientemente de su situación geopolítica.

International Monetary Fund

Abstract

The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities for enhancing their understanding of the relevant parts of the Manual. The Textbook is one of the main reference materials for training courses in balance of payments methodology.

International Monetary Fund

Abstract

The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities for enhancing their understanding of the relevant parts of the Manual. The Textbook is one of the main reference materials for training courses in balance of payments methodology.

International Monetary Fund

Abstract

The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities for enhancing their understanding of the relevant parts of the Manual. The Textbook is one of the main reference materials for training courses in balance of payments methodology.

International Monetary Fund

Abstract

The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities for enhancing their understanding of the relevant parts of the Manual. The Textbook is one of the main reference materials for training courses in balance of payments methodology.

International Monetary Fund

Abstract

The need to develop domestic securities markets has, following the recent international financial crises, increasingly attracted the attention of national and international policymakers.1 This has resulted in the issuance of a number of policy recommendations by various organizations, such as the Asia-Pacific Economic Cooperation (APEC) collaborative Initiative on Development of Domestic Bond Markets. The issue of government debt management is intrinsically linked to government securities market development. Work is currently under way on this issue at the International Monetary Fund (IMF) and the World Bank, where guidelines have been developed to guide government actions as an issuer, thereby steering development of the government securities market.2 This handbook on government securities market development seeks to fill an existing gap between specific technical studies about securities market microstructure and publications that offer general policy recommendations about securities market development. The handbook integrates these two perspectives by outlining important issues confronting senior strategic policymakers or those implementing policies to support development of a government securities market.

International Monetary Fund

Abstract

Tax policy has significant impact on financial decisions of investors and firms. Certain tax policies, such as transaction tax, can stifle the development of capital markets. New financial products, such as mutual funds and asset-backed securities, will have difficulty in competing against traditional substitutes without proper tax treatment. Thus, a well-developed financial system requires a well-designed tax policy.

International Monetary Fund

Abstract

Decentralization of some governmental functions is taking place in many developing and transition countries. Decentralized entities are becoming responsible for undertaking various infrastructure investments required to meet basic needs at the local level, including utilities, water and sanitation, transportation, health and education, and environmental protection. Owing to fiscal constraints at the center, decentralized entities can rely only partly on capital grants from the center to fund these investments. To meet their funding needs, decentralized entities, therefore, need to broaden their own resource base, access subnational bond markets, and increase the efficiency of resource use. In emerging-market countries, these funding needs must be weighed against the prospect that multiple issuers of securities with varying claims to sovereign creditworthiness will fragment a nascent market and thereby reduce its liquidity and efficiency. On the other hand, properly managed subnational bond market can complement the national bond market.

International Monetary Fund

Abstract

The issuance of debt securities by private sector entities has considerable public policy benefits. Such securities help the private sector contribute to economic development through more efficient reallocation of capital. In particular, they improve access to capital for housing and infrastructure at a time when privatization and deregulation in many developing countries are shifting the financing of these projects from public to private hands. Private sector securities also help diffuse stresses on the banking system by matching long-term investments with long-term capital. There is thus a strong public interest in a viable bond market for private sector issuers. Authorities can support private sector bond market development by maintaining a well-functioning market for government securities and by helping to establish disclosure procedures and a credit-rating system for private sector securities, bankruptcy laws, avoiding public sector crowding out, and limiting statutory restrictions on the issuance of private sector debt securities.

International Monetary Fund

Abstract

The money market is the cornerstone of a competitive and efficient system of market-based intermediation, and should normally be in good working order before a government bond market is developed. The money market stimulates an active secondary bond market by reducing the liquidity risk attached to bonds and other term financial instruments and assisting financial intermediaries in managing liquidity risk. The money market serves as the medium for government cash management and provides the first link in implementing monetary policy using indirect instruments.