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Endogenous market development for government securities in lower-income economies

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  • Endo, Tadashi

Abstract

Many lower-income economies have difficulty developing government securities markets (GSMs). A “Two-Dimensional Policy Framework for GSM Development” offers a solution to improve upon the twenty-year-old World Bank/IMF's conventional policy framework. It differentiates GSMs by their development phases and presents endogenously phase-coherent policy sets. This research found that the endogenous variables explained 40% of trading volume growth in the early phase of India's GSM development and that utilities played a dominant role in increasing trade volumes in the early-phase market. The framework is worth test-applying to GSM development in lower-income economies.

Suggested Citation

  • Endo, Tadashi, 2022. "Endogenous market development for government securities in lower-income economies," Emerging Markets Review, Elsevier, vol. 50(C).
    • Handle: RePEc:eee:ememar:v:50:y:2022:i:c:s1566014121000522
    DOI: 10.1016/j.ememar.2021.100844
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    References listed on IDEAS

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