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Zonder onderwerpscode: financiewezen

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This paper consolidates previous work on the development of secondary markets for government securities, and focuses on the sequencing of measures necessary for their development. Six main lessons are identified: (i) a commitment to achieving and maintaining a stable macroeconomic environment, especially prudent fiscal policy, should underpin market development; (ii) a sound and transparent public debt management strategy supports secondary market activity; (iii) a deep and diverse investor base is required; (iv) poor market infrastructure leads to high transaction costs, slow order execution, and excessive operational risk, which all inhibit trading; (v) secondary market growth is facilitated by effective monetary policy implementation; and (vi) reforms should be sequenced to ensure even development of all the structures supporting the secondary market.

Government securities. --- Secondary markets. --- Government agency securities --- Government bonds --- Public securities --- Treasuries (Securities) --- Treasury bonds --- Markets --- Bonds --- Debts, Public --- Securities --- Finance: General --- Investments: General --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Debt --- Debt Management --- Sovereign Debt --- Investment & securities --- Finance --- Public finance & taxation --- Government securities --- Securities markets --- Government debt management --- Public debt --- Capital market --- Financial instruments --- Mexico

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Many countries in the MENA region have established partial credit guarantee schemes to facilitate SME access to finance. These schemes can play an important role, especially in a period where MENA governments are making efforts to improve the effectiveness of credit registries and bureaus and strengthen creditor rights. This paper reviews the design of partial credit guarantee schemes in MENA, and assesses their preliminary outcomes. The paper is based on a survey conducted in 10 MENA countries in early 2010. The authors find that the average size of guarantee schemes in MENA (measured by the total value of outstanding guarantees) is in line with the international average, although there are wide differences across countries, and some schemes seem too small to make any significant impact. Most importantly, the number of guarantees looks generally small while their average value looks large. This suggests that guarantee schemes are not yet reaching the smaller firms. Guarantee schemes in MENA look financially sound and most schemes have room to grow. However, this growth should be accompanied by an improvement of some key design and management features, as well as the introduction of systematic impact evaluation reviews.

Access to Finance --- Bankruptcy and Resolution of Financial Distress --- Banks & Banking Reform --- Capacity Building --- Coverage Ratios --- Credit Guarantee Scheme --- Debt Markets --- Finance and Financial Sector Development --- Microfinance --- Private Sector Development --- Risk Management --- Mena Region

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This Selected Issues paper analyzes medium-term fiscal sustainability in Trinidad and Tobago. The paper focuses on the challenge of distributing the nonrenewable resource wealth across generations. Its recommendations are geared toward the goal of intergenerational distribution and therefore focus on the transformation of the natural resource wealth into other assets. The paper reviews the main aspects of the monetary transmission mechanism in Trinidad and Tobago, and also offers some suggestions to improve the effectiveness of monetary policy transmission.

Economic policy. --- International finance. --- International Monetary Fund. --- Trinidad and Tobago --- Economic conditions --- Trinidad-Tobago --- Trinidad & Tobago --- Republic of Trinidad and Tobago --- トリニダード・トバゴ --- Torinidādo Tobago --- トリニダッド・トバゴ --- Torinidaddo Tobago --- Trinité-et-Tobago --- Trinidad ja Tobago --- Trinidad och Tobago --- Trinidad y Tobago‏ --- República de Trinidad y Tobago --- טרינידד וטובגו --- Ṭrinidad ṿe-Ṭobago --- Trinidad --- Tobago (Colony) --- West Indies (Federation) --- Trinidad y Tobago --- Banks and Banking --- Finance: General --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Energy: Demand and Supply --- Prices --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Central Banks and Their Policies --- Portfolio Choice --- Investment Decisions --- Banking --- Energy industries & utilities --- Finance --- Monetary economics --- Public finance & taxation --- Oil prices --- Energy pricing --- Fiscal sustainability --- Monetary transmission mechanism --- Open market operations --- Energy prices --- Fiscal policy --- Monetary policy --- Central banks --- Expenditures, Public --- Banks and banking --- Liquidity --- Economics