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

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,
Mr. Cory Hillier
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Mr. Wolfgang Bergthaler
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Series:
IMF Working Papers
Volume/Issue:
Volume 2020: Issue 258
Language:
English
Publication Date:
20 Nov 2020
DOI:
https://doi.org/10.5089/9781513561608.001
ISBN:
9781513561608
ISSN:
1018-5941
Pages:
61
Keywords:
local currency bond markets; development; financial stability; legal and tax frameworks; WP; repurchase agreement; dematerialized securities; securities lending; settlement system; commercial paper; capital markets; tax treatment; law framework; tax law framework; Securities; Legal support in revenue administration; Tax law; Bonds; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2020: Issue 258