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Notes and Manuals > Analytical Notes

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Cover Analytical Notes
Guidance Note For Developing Government Local Currency Bond Markets
International Monetary Fund
and
World Bank
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
Keywords:
AN; market development; repo market; investor base; reverse repo; government securities; price discovery; banking sector; market-making privilege; market regulation; market fragmentation; repo market development; market infrastructure; Government securities; Securities; Bonds; Securities markets; Government debt management; Global; Africa; East Asia; currency bond markets; IMF expert; government bond market development; bond market reform plans; government debt market; bond market Association; IMF Library; Yield curve; Southeast Asia; Money markets
Cover Analytical Notes
Towards an Inclusive, Equitable and Sustainable National Pension System in Iraq
International Monetary Fund
,
World Bank
, and
International Labour Office
A pension system is at the heart of social protection. By ensuring income security for older persons and other vulnerable groups, it prevents poverty, reduces inequality, and facilitates consumption smoothing. A pension system also affects the working population’s labor market choices and has important fiscal implications. Iraq’s current pension system is highly fragmented, inequitable, and inefficient. First, it fails to provide adequate income protection to most of Iraqi’s old age population and other vulnerable groups, such as survivors and persons with disability. Second, the public sector pension is already putting substantial pressure on the budget and is potentially unsustainable given the projected acceleration of the total pension bill due to recent policy changes. Third, it sets an uneven playing field between the public and private sectors, contributing to the continued expansion of an already outsized civil service and holding back much-needed economic diversification and private sector growth. Thus, a comprehensive pension reform is urgently needed. Based on collaboration between the IMF, ILO and the World Bank this policy note aims to: 1) Provide an assessment of the existing public and private pension system across the four dimensions: fiscal sustainability; labor market implications; coverage; and adequacy of benefits. 2) Develop and propose options to adjust the pension system with a view to making it fiscally sustainable, more inclusive and adequate, and conducive to private sector development and labor market formalization. 3) Provide a basis to engage key stakeholders—including workers, employers organizations and the civil society—on strategies to achieve a more inclusive system, importantly by including workers in the informal economy, female workers, workers with disabilities, and other disadvantaged groups.
Keywords:
Pension system; Pension Reform; Social protection; Fiscal sustainability; ILO team; scheme reserve; ILO publication; IMF team; member country government; Pension spending; Pensions; Public sector; Aging; Middle East; North Africa; East Africa; Global
Cover Analytical Notes
The Big Push for Transformation through Climate and Development: Recommendations of the High-Level Advisory Group on Sustainable and Inclusive Recovery and Growth
World Bank
,
International Monetary Fund
,
London School of Economics and Political Science
, and
Brookings Institution
The High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth came together to provide policy analysis and practical proposals for actions that could help countries secure a strong recovery from the pandemic and a successful green transition. This report pulls together key findings from the deliberations and provides actionable recommendations to support a pathway to green, resilient, and inclusive development (GRID). The HLAG started by assessing the scale and nature of investment and financing challenges. It was immediately clear that investment needs require rapid and sustained scaling up: conservative estimates presented to the HLAG by Bhattacharya et al. (2022) suggest that EMDEs other than China have aggregate investment and development spending needs on the order of at least $1.3 trillion per year by 2025 and $3.5 trillion per year by 2030.
Cover Analytical Notes
Exploring Multilateral Platforms for Cross-Border Payments
Bank of International Settlements
,
International Monetary Fund
, and
World Bank
This report provides an assessment of whether and how multilateral platforms could bring meaningful improvements to the cross-border payments ecosystem. It was written by the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) in collaboration with the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank.1 The report analyses the potential costs and benefits of these platforms and how they might alleviate some of the cross-border payment frictions. It also evaluates the risks, barriers and challenges to establishing multilateral platforms and explores two paths for their evolution. The analysis is based on a stocktake, conducted by the CPMI, of existing and potential multilateral platforms as well as bilateral discussions with existing platform operators.
Keywords:
multilateral platform; payment message standard; cross-border payment friction; platform operator; payments programme; Payment systems; Currencies; Public sector; Correspondent banking; Global; Southern Africa; West Africa; Central America
Cover Analytical Notes
Subsidies, Trade, and International Cooperation
International Monetary Fund
,
Organization for Economic Co-operation and Development
, and
World Bank
The international organizations (IOs) authoring this report can strengthen their individual and joint work to support governments in this endeavor. While the brunt of this work lies with finance ministries, trade ministries, and sectoral and specialized agencies of national governments, international organizations have key roles to play. The four authoring institutions are examining ways to help, individually and jointly, such as by collecting, organizing, and sharing data, coordinating analytical work agendas to develop methodologies to assess the cross-border effects of different forms of subsidies, and supporting inter-governmental dialogues. This will involve reaching out to and working with other international institutions as well.
Keywords:
OECD matrix; D. OECD export credit provision; WTO secretariat; data IMF Library; B. support measure; publication order; WTO member; Secretary-General of the OECD; Export credits; Government subsidies; Competition; Agricultural sector; Trade systems; Global; Asia and Pacific
Cover Analytical Notes
Nota de Orientación para Desarollo de mercados de bonos públicos en moneda local
International Monetary Fund
and
World Bank
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
Keywords:
AN; market development; repo market; investor base; reverse repo; government securities; price discovery; banking sector; market-making privilege; market regulation; market fragmentation; repo market development; market infrastructure; Government securities; Securities; Bonds; Securities markets; Government debt management; Global; Africa; East Asia; currency bond markets; IMF expert; government bond market development; bond market reform plans; government debt market; bond market Association; IMF Library; Yield curve; Southeast Asia
Cover Analytical Notes
Notes d'orientation pour le développement des marchés d'obligations souveraines en monnaie locale
International Monetary Fund
and
World Bank
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
Keywords:
AN; market development; repo market; investor base; reverse repo; government securities; price discovery; banking sector; market-making privilege; market regulation; market fragmentation; repo market development; market infrastructure; Government securities; Securities; Bonds; Securities markets; Government debt management; Global; Africa; East Asia; currency bond markets; IMF expert; government bond market development; bond market reform plans; government debt market; bond market Association; IMF Library; Yield curve; Southeast Asia
Cover Analytical Notes
Guidance Note For Developing Government Local Currency Bond Markets
International Monetary Fund
and
World Bank
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
Keywords:
AN; market development; repo market; investor base; reverse repo; government securities; price discovery; banking sector; market-making privilege; market regulation; market fragmentation; repo market development; market infrastructure; Government securities; Securities; Bonds; Securities markets; Government debt management; Global; Africa; East Asia; currency bond markets; IMF expert; government bond market development; bond market reform plans; government debt market; bond market Association; IMF Library; Yield curve; Southeast Asia
Cover Analytical Notes
The Behavior of Fixed-income Funds during COVID-19 Market Turmoil
Mr. Frank Hespeler
and
Felix Suntheim
This note analyzes the stress experienced (and caused) by open-end mutual funds during the March COVID-19 stress episode, with a focus on global fixed-income funds. In light of increased valuation uncertainty, funds experienced a short period of intense withdrawals while the market liquidity of their holdings deteriorated substantially. To cover redemptions, afflicted funds predominantly shed liquid assets first—for example, cash, cash equivalents, and US Treasury securities. But forced asset sales amplified price pressures in markets and contributed to liquidity falling across fixed-income markets. This drop in market liquidity, as well as the general stress in financial markets, may have led to fund investors becoming even more sensitive to challenging portfolio performance and encouraged further withdrawals. Only after central banks intervened, directly and indirectly supporting asset managers, did liquidity and redemption stress subside. Overall, the March episode validated the financial-stability concerns about liquidity vulnerabilities in the fund industry and calls for further action to address them.
Keywords:
fixed-income funds; cash; financial stability; AN; fixed-income fund; low-liquidity assets; fund flow; liquidity condition; portfolio composition; stress scenario exercise