Franklin

Public Debt Markets in Central America, Panama, and the Dominican Republic [electronic resource] Jobst, Andreas.

Author/Creator:
Jobst, Andreas.
Publication:
Washington, D.C. : International Monetary Fund, 2007.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 07/147.
IMF Working Papers; Working Paper No. 07/147
Format/Description:
Government document
Book
1 online resource (150 p.)
Local subjects:
Actual debt.
Auction failure.
Bailouts.
Balance of payments.
Bank loans.
Bilateral agreements.
Bond issuance.
Bond market.
Bond markets.
Budget law.
Central bank.
Central banks.
Commercial bank debt.
Commercial paper.
Concessional debt.
Cooperatives.
Corporate bonds.
Corporate debt.
Credit rating.
Credit risk.
Creditor.
Creditors.
Currency debt.
Currency mismatch.
Currency mismatches.
Currency risk.
Currency risks.
Current account.
Current account deficit.
Current account deficits.
Debt.
Debt burden.
Debt burdens.
Debt contracts.
Debt equity.
Debt exchange.
Debt exchanges.
Debt finance.
Debt financing.
Debt holders.
Debt instruments.
Debt issuance.
Debt level.
Debt management.
Debt management capacity.
Debt management department.
Debt management function.
Debt management office.
Debt management operations.
Debt management policies.
Debt management practices.
Debt management strategy.
Debt management unit.
Debt management units.
Debt managers.
Debt market.
Debt maturities.
Debt maturity.
Debt maturity profile.
Debt obligations.
Debt outstanding.
Debt policy.
Debt portfolio.
Debt problems.
Debt profile.
Debt reduction.
Debt relief.
Debt relief initiative.
Debt relief initiatives.
Debt restructuring.
Debt securities.
Debt service.
Debt service payments.
Debt servicing.
Debt situation.
Debt statistics.
Debt stock.
Debt stocks.
Debt structure.
Debt sustainability.
Debts.
Deep discount bonds.
Defaults.
Deficit financing.
Deficits.
Discount bonds.
Domestic creditors.
Domestic currency.
Domestic debt.
Domestic debt issuance.
Domestic debt market.
Domestic debt markets.
Domestic financial market.
Domestic financing.
Domestic investor.
Domestic investors.
Domestic public debt.
Expenditures.
External borrowing.
External debt.
External debt financing.
External debt obligations.
External finance.
External funding.
External payment.
External public debt.
Fiscal deficits.
Fiscal policy.
Foreign currency debt.
Foreign debt.
Government debt.
Government securities.
Improvements in debt management.
Indebted countries.
Institutional investors.
Interest.
Interest rate expectations.
Internal debt.
Liabilities.
Liability management.
Liquidity injection.
Liquidity management.
Loans.
Local debt.
Long-term debt.
Long-term government debt.
Long-term public debt.
Market liquidity.
Multilateral debt.
Multilateral debt relief.
National debt.
Noncompetitive bids.
Nontradable debt.
Obligations.
Official creditors.
Outstanding debt.
Overall debt management.
Payments.
Primary dealer.
Primary dealers.
Prime rate.
Principal repayment.
Private bank.
Private banks.
Private credit.
Private creditors.
Private debt.
Private financial institutions.
Promissory notes.
Public debt.
Public debt management.
Public external debt.
Public finances.
Public sector borrower.
Public sector borrowers.
Refinance.
Regional debt management.
Repayment.
Repayments.
Reserve holdings.
Restructuring.
Risk premium.
Secondary markets.
Short-term debt.
Short-term debts.
Solvency.
Sovereign bond.
Sovereign bonds.
Sovereign credit ratings.
Sovereign debt.
Stock of debt.
Strategic debt management.
Syndicated loans.
Tax avoidance.
Tax incentives.
Tax revenues.
Taxes.
Total external debt.
Treasury bills.
Treasury bonds.
Treasury notes.
Underwriting.
Yield curve.
Yield curves.
Costa Rica.
Dominican Republic.
El Salvador.
Panama.
Summary:
This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion''s share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons. The problems of small scale, dollarization, and weak public finances in many countries are compounded by poor structure and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between central banks and the sovereigns and across instruments, poor debt management practices, weaknesses in securities market, and small investor bases all of which result in high transaction costs and a lack of liquid benchmarks. The paper also briefly discusses efforts towards and impediments to regional integration of public debt markets. The authorities recognize these problems and the paper takes note of the regional efforts to harmonize debt standards and improve issuance practices. It offers several recommendations to improve strategic debt management, issuance mechanics, and secondary trading.
Notes:
Description based on print version record.
Contributor:
Guerra, Ivan.
Jobst, Andreas.
Shah, Hemant.
Valderrama, Laura.
Other format:
Print Version:
ISBN:
1451867115:
9781451867114
ISSN:
1018-5941
Publisher Number:
10.5089/9781451867114.001
Access Restriction:
Restricted for use by site license.
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