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|z 9781451870329
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|a Arvai, Zsofia.
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|a A Framework for Developing Secondary Markets for Government Securities /
|c Zsofia Arvai, Geoffrey Heenan.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2008.
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|a 1 online resource (55 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper consolidates previous work on the development of secondary markets for government securities, and focuses on the sequencing of measures necessary for their development. Six main lessons are identified: (i) a commitment to achieving and maintaining a stable macroeconomic environment, especially prudent fiscal policy, should underpin market development; (ii) a sound and transparent public debt management strategy supports secondary market activity; (iii) a deep and diverse investor base is required; (iv) poor market infrastructure leads to high transaction costs, slow order execution, and excessive operational risk, which all inhibit trading; (v) secondary market growth is facilitated by effective monetary policy implementation; and (vi) reforms should be sequenced to ensure even development of all the structures supporting the secondary market.
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|a Mode of access: Internet
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|a Heenan, Geoffrey.
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|a IMF Working Papers; Working Paper ;
|v No. 2008/174
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2008/174/001.2008.issue-174-en.xml
|z IMF e-Library
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