World Economic and Financial Surveys

Emerging Local Securities and Derivatives Markets: Recent Developments and Policy Issues

By Ramana Ramaswamy, Jorge Roldos, Donald J Mathieson, Anna Ilyina

April 20, 2004

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Ramana Ramaswamy, Jorge Roldos, Donald J Mathieson, and Anna Ilyina. Emerging Local Securities and Derivatives Markets: Recent Developments and Policy Issues, (USA: International Monetary Fund, 2004) accessed December 26, 2024, https://doi.org/10.5089/9781589062917.083

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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. One such measure has been the development of local securities and derivatives markets as an alternative source of funding the public and corporate sectors. This paper examines this self-insurance policy, focusing on the extent to which emerging markets have developed local securities and derivatives, and what key policy issues have arisen as a result.

Subject: Bonds, Corporate bonds, Derivative markets, Emerging and frontier financial markets, Financial institutions, Financial markets, Securities markets, Stock markets

Keywords: 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

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