TAILIEUCHUNG - Developing a Government Bond Market:An Overview

After the occurrence of a natural disaster, the reconstruction can be financed with catastrophe bonds (CAT bonds) or reinsurance. For insurers, reinsurers and other corporations CAT bonds are hedging instruments that offer multi year pro- tection without the credit risk present in reinsurance by providing full collateral for the risk limits offered throught the transaction. For investors CAT bonds offer attractive returns and reduction of portfolio risk, since CAT bonds defaults are uncorrelated with defaults of other securities. Baryshnikov et al. (2001) present an arbitrage free solution to the pricing of CAT bonds under conditions of continous trading and according to the statistical char- acteristics of the dominant underlying. | Chapter 1 1 Developing a Government Bond Market An Overview Introduction The need to develop domestic securities markets has following the recent international financial crises increasingly attracted the attention of national and international This has resulted in the issuance of a number of policy recommendations by various organizations such as the Asia-Pacific Economic Cooperation APEC collaborative Initiative on Development of Domestic Bond Markets. The issue of government debt management is intrinsically linked to government securities market development. Work is currently under way on this issue at the International Monetary Fund IMF and the World Bank where guidelines have been developed to guide government actions as an issuer thereby steering development of the government securities This handbook on government securities market development seeks to fill an existing gap between specific technical studies about securities market microstructure and publications that offer general policy recommendations about securities market development. The handbook integrates these two perspectives by outlining important issues confronting senior strategic policymakers or those implementing policies to support development of a government securities market. 1. The Working Group on Capital Flows one of three working groups established in 1999 by the Financial Stability Forum FSF highlighted the importance of both debt management and the related issue of securities market development as part of efforts to strengthen risk management and governance in the public sector see Financial Stability Forum 2000 . 2. See IMF and World Bank 2001. 1 Developing Government Bond Markets 1 Developing a government securities market is a complex undertaking that depends on the financial and market system development of each country. For many governments this involves immense challenges as the problems that inhibit securities market development run deep in the .

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