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Public Debt Markets in Central America, Panama, and the Dominican Republic

Author/Editor: Shah, Hemant | Jobst, Andreas | Valderrama, Laura | Guerra, Ivan
Authorized for Distribution: June 1, 2007
Electronic Access: Free Full Text (PDF file size is 981KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

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.
 
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Series: Working Paper No. 07/147
Subject(s): Public debt | Central America | Costa Rica | El Salvador | Honduras | Guatemala | Dominican Republic | Nicaragua | Panama | Capital markets | Debt management | Financial integration
Author's keyword(s): Public debt management | public debt markets | sovereign debt | Central America | financial integration | and capital market development
 
English  
    Published:   June 1, 2007        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2007147   Pages:   150
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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