Public Debt Markets in Central America, Panama, and the Dominican Republic / Andreas Jobst, Laura Valderrama, Ivan Guerra, Hemant Shah.

Format:

Book

Government document

Author/Creator:

Jobst, Andreas.

Contributor:

Guerra, Ivan.

Shah, Hemant.

Valderrama, Laura.

International Monetary Fund. Monetary and Capital Markets Department.

IMF Institute.

Series:

IMF Working Papers; Working Paper ; No. 2007/147

IMF Working Papers

Language:

English

Subjects (All):

Debts, Public--Central America.

Debts, Public.

Capital market--Central America.

Capital market.

Secondary markets--Central America.

Secondary markets.

Physical Description:

1 online resource (152 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2007.

Language Note:

English

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.

Contents:

Contents; I. Public Debt Markets in Central America, Panama and the Dominican Republic; A. Financial Sector in Central America; Tables; 1. Central America: Structure of the Financial System; B. Structure and Composition of Public Debt; Figures; 1. Public Debt Composition in Central America, 2005; 2. Outstanding Public Debt in Central America, 2005; 2. Central America: Public Debt Composition; C. Organization of Public Debt Management; 3. Domestic Debt Issued as Securities, 2005; D. Dual Sovereign Issuers: Government and the Central Bank; 4. Domestic Central Bank Debt/Domestic Government Debt

E. Primary Issuance of Public Debt3. Central America: Securities Issued by the Ministry of Finance and the Central Bank; 4. Central America: Auction Mechanisms for Public Debt Securities; 5. Central America: Potential Debt Auctions per Year; 6. Central America: Actual Debt Auctions per Year; F. Secondary Markets; 5. Central America: Secondary Trading of Fixed Income Domestic Securities; G. Investor Universe and Regulation of Investments in Public Debt; H. The Challenge of Creating a Regional Market; I. Key Problems and Recommendations; J. Conclusions; II. The Public Debt Market in Costa Rica

A. Financial Sector6. Costa Rica: Structure of the Financial System; B. Structure and Composition of Public Debt; 7. Costa Rica: Local Government Debt; 8. Costa Rica: External Government Debt; 9. Costa Rica: Local Central Bank Debt; C. Primary Issuance; 10. Costa Rica: External Central Bank Debt; 11. Costa Rica: Outstanding Government and Central Bank Debt Securities, 2005; 12. Costa Rica: Securities Issued by the Ministry of Finance and the Central Bank; D. Secondary Markets for Public Debt; 13. Costa Rica: Comparative Rates of Return of Public Debt Issues in 2005; Boxes

1. Electronic Trading Platforms in Costa Rica14. Costa Rica: Secondary Trading of Domestic Securities in 2005; E. Investor Universe and Regulation of Investments in Public Debt; F. Problems and Recommendations; 15. Costa Rica: Investor Breakdown of Public Debt (2000-05); III. The Public Debt Market in the Dominican Republic; 16. Dominican Republic: Structure of the Financial System; A. Structure and Composition of Public Debt; 17. Dominican Republic: Public External Debt; B. Primary Market for Sovereign Debt; 2. The Repayment of Bond 104-99; C. Central Bank Issues and the Quasi-Fiscal Deficit

7. Central Bank Securities by Holder8. Central Bank Certificate Rates at the Direct Window; 9. Central Bank Deficit and Outstanding Securities; 10. Dominican Republic Central Bank Certificates Auction; D. Investors in Public Debt; 18. Dominican Republic: Public Debt Securities Issued; 19. Dominican Republic Interest Rates; 20. Investor Breakdown of Central Bank Securities; 11. Dominican Republic: Secondary Market Trading, 2005; E. Problems and Recommendations; IV. The Public Debt Market in El Salvador; A. Financial Sector; 21. El Salvador: Structure of the Financial System

B. Structure and Composition of Public Debt

Notes:

"June 2007."

Includes bibliographical references.

Description based on print version record.

ISBN:

9786613829818

9781462327577

1462327575

9781452750118

1452750114

9781283517362

1283517361

9781451911640

1451911645