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Use of derivatives for debt management and domestic debt market development: Key conclusions

Author

Listed:
  • Hans J. Blommestein

    (OECD)

  • Das Udaibir

    (International Monetary Fund)

  • Alison Harwood
  • Ceyla Pazarbasiogl

    (International Monetary Fund)

  • Anderson Silva

    (The World Bank)

Abstract

The Ninth OECD/World Bank/IMF Annual Global Bond Market Forum held on 22-23 May 2007 in Paris, France, highlighted that there has been very sharp growth in the use of derivative instruments in both mature and emerging market countries. The use of derivative instruments is helping public debt managers in their portfolio management operations and in supporting market development. Several institutional and structural impediments, however, remain toward the more active use of derivative products. Most developed market debt managers use derivative instruments for debt management purposes, while this is the case for only a handful of emerging markets. Several emerging markets, though, are taking steps towards developing the legal environment necessary to support derivative markets, and are addressing the challenges posed by illiquidity of the underlying cash market, deficiencies in prudential regulation, and restrictions on market participation.

Suggested Citation

  • Hans J. Blommestein & Das Udaibir & Alison Harwood & Ceyla Pazarbasiogl & Anderson Silva, 2008. "Use of derivatives for debt management and domestic debt market development: Key conclusions," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2008(1), pages 223-235.
    • Handle: RePEc:oec:dafkad:5kzllbzmdmhc
    DOI: 10.1787/fmt-v2008-art9-en
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    Cited by:

    1. Thordur Jonasson & Mr. Michael G. Papaioannou, 2018. "A Primer on Managing Sovereign Debt-Portfolio Risks," IMF Working Papers 2018/074, International Monetary Fund.
    2. Mauro Bucci & Ilaria De Angelis & Emilio Vadalà, 2020. "Don’t look back in anger: The use of derivatives in public debt management in Italy," Questioni di Economia e Finanza (Occasional Papers) 550, Bank of Italy, Economic Research and International Relations Area.

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