{
  "title": "Emerging Local Securities and Derivatives Markets: Recent Developments and Policy Issues",
  "publication": "World Economic and Financial Surveys, April 20, 2004",
  "sourceUrl": "https://www.imf.org/en/publications/world-economic-and-financial-surveys/issues/2016/12/30/emerging-local-securities-and-derivatives-markets-recent-developments-and-policy-issues-16878",
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  "summary": "In response to the volatility of capital flows since the mid-1990s, many emerging market economies have taken a variety of steps designed to “selfinsure” against volatile capital flows.",
  "sections": [
    {
      "heading": "Background and Purpose",
      "content": "- Many emerging market economies, responding to the volatility of capital flows since the mid-1990s, have pursued measures to “selfinsure” against volatile capital flows.\n- Development of local securities and derivatives markets has been one such measure, intended to provide an alternative source of funding for the public and corporate sectors.\n- This paper examines the self-insurance policy by assessing:\n  - The extent to which emerging markets have developed local securities and derivatives.\n  - The key policy issues arising from that development."
    },
    {
      "heading": "Authors and Publication",
      "content": "- Authors: Ramana Ramaswamy, Jorge Roldos, Donald J Mathieson, Anna Ilyina\n- Date: April 20, 2004\n- Series: World Economic and Financial Surveys No 2004/018\n- Issue: 018\n- Volume: 2004\n- Pages: 101\n- DOI: https://doi.org/10.5089/9781589062917.083\n- Stock No: WEOEA0202004\n- ISBN: 9781589062917\n- ISSN: 0258-7440"
    },
    {
      "heading": "Scope and Subjects Covered",
      "content": "- Subject areas:\n  - Bonds, Corporate bonds, Derivative markets, Emerging and frontier financial markets, Financial institutions, Financial markets, Securities markets, Stock markets\n- Keywords:\n  - Africa, Asia and Pacific, B share, bond market, Bonds, derivative instrument, Derivative markets, Eastern Europe, Emerging and frontier financial markets, emerging market equities, Europe, fixed income, Global, global bond, investor, market, market participant, price-earnings ratio, Securities markets, Stock markets, U.S. dollar, WEFS"
    },
    {
      "heading": "Principal Findings (as stated)",
      "content": "- Emerging markets have actively developed local securities and derivatives markets as part of a broader “selfinsurance” policy toolkit.\n- Local markets have served as an alternative funding source for both public and corporate sectors in emerging market economies.\n- The expansion of these markets has generated a set of key policy issues that require attention (the paper focuses on identifying and analyzing these issues)."
    },
    {
      "heading": "Policy Issues Emphasized",
      "content": "- The study focuses on policy challenges that arise from the development of local securities and derivatives, including (but not limited to):\n  - Market structure and depth needed to support effective local funding alternatives.\n  - Regulatory and supervisory frameworks suitable for securities and derivatives markets.\n  - Investor base development and implications for market liquidity and pricing.\n  - Risk management capacity in public and corporate sectors to use local instruments effectively."
    },
    {
      "heading": "How the Paper Is Positioned",
      "content": "- The paper situates the development of local securities and derivatives markets within the broader objective of mitigating external vulnerability stemming from volatile capital flows.\n- It serves as an analytical resource for policymakers considering local market development as part of their macrofinancial resilience strategies.\n\nInternational Monetary Fund — Emerging Local Securities and Derivatives Markets: Recent Developments and Policy Issues (April 20, 2004), World Economic and Financial Surveys No 2004/018, Pages: 101, DOI: https://doi.org/10.5089/9781589062917.083\n\n---\n\n Content in this bundle\n\n- derivmkts\n  - derivmkts (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - derivmkts (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/world-economic-and-financial-surveys/issues/2016/12/30/emerging-local-securities-and-derivatives-markets-recent-developments-and-policy-issues-16878"
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    "Authors: Ramana Ramaswamy, Jorge Roldos, Donald J Mathieson, Anna Ilyina",
    "Published: April 20, 2004",
    "Series: World Economic and Financial Surveys",
    "DOI: https://doi.org/10.5089/9781589062917.083",
    "Many emerging market economies, responding to the volatility of capital flows since the mid-1990s, have pursued measures to “selfinsure” against volatile capital flows.",
    "Development of local securities and derivatives markets has been one such measure, intended to provide an alternative source of funding for the public and corporate sectors.",
    "This paper examines the self-insurance policy by assessing:",
    "Authors: Ramana Ramaswamy, Jorge Roldos, Donald J Mathieson, Anna Ilyina",
    "Date: April 20, 2004",
    "Series: World Economic and Financial Surveys No 2004/018",
    "Issue: 018",
    "Volume: 2004",
    "Pages: 101",
    "DOI: https://doi.org/10.5089/9781589062917.083",
    "Stock No: WEOEA0202004",
    "ISBN: 9781589062917",
    "ISSN: 0258-7440",
    "Subject areas:",
    "Keywords:",
    "Emerging markets have actively developed local securities and derivatives markets as part of a broader “selfinsurance” policy toolkit.",
    "Local markets have served as an alternative funding source for both public and corporate sectors in emerging market economies.",
    "The expansion of these markets has generated a set of key policy issues that require attention (the paper focuses on identifying and analyzing these issues).",
    "The study focuses on policy challenges that arise from the development of local securities and derivatives, including (but not limited to):",
    "The paper situates the development of local securities and derivatives markets within the broader objective of mitigating external vulnerability stemming from volatile capital flows.",
    "It serves as an analytical resource for policymakers considering local market development as part of their macrofinancial resilience strategies.",
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