[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-113053-en":3,"doc-seo-113053-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},113053,1099513958762,"Logic","https://ap-avatar.wpscdn.com/avatar/1000023916a998db790?x-image-process=image/resize,m_fixed,w_180,h_180&k=1782109480056885918",8,"Research & Report","Guidance Note for Developing Government Local Currency Bond Markets","Guidance Note for Developing Government Local Currency Bond Markets provides a structured framework for strengthening local currency government bond markets. It outlines diagnostic work and enabling conditions, then describes key building blocks spanning the money market, primary and secondary markets, investor base, financial market infrastructure, and the legal and regulatory framework. The note supports policymakers and institutions with a coherent approach to market development, informed by IMF and World Bank expertise.","Public Disclosure Authorized Public Disc losure Authorized Public Disclosure Authorized  \nGUIDANCE  \nN OT E S  \nDeveloping Government Local Currency Bond Markets  \nHideo Hashimoto, Yen Mooi, Guilherme Pedras, Arindam Roy, Kay Chung, Tadeusz Galeza, Michael G. Papaioannou, and Peter Katz from the IMF and Zsolt Bango, Jose Antonio Gragnani, Bryan Gurhy, and Cindy  \nPaladines from the World Bank  \nAuthorized  \n2021/001  \nGuidance Note for Developing Government Local Currency Bond Markets  \nPrepared by Hideo Hashimoto, Yen Mooi, Guilherme Pedras, Arindam Roy, Kay Chung, Tadeusz Galeza, Michael G. Papaioannou, and Peter Katz from the IMF; Zsolt Bango, Jose Antonio Gragnani, Bryan Gurhy, and Cindy Paladines from the World Bank  \nI N T E R N A T I O N A L M O N E T A R Y F U N D  \nT H E W O R L D B A N K  \nCopyright ©2021 International Monetary Fund and The World Bank  \nCataloging-in-Publication Data  \nIMF Library  \nNames: Hashimoto, Hideo, 1973-, author. | Mooi, Yen Nian, author. | Pedras, Guilherme, author. | Roy, Arindam, author. | Chung, Kay, author. | Galeza, Tadeusz, author. | Bango, Zsolt, author. | Gragnani, Jose Antonio, author. | Gurhy, Bryan, author. | Paladines, Cindy, author. | Papaioannou, Michael G., author. | Katz, Peter, 1952-, author. | International Monetary Fund, publisher.  \nTitle: Guidance note for developing government local currency bond markets / Prepared by Hideo Hashimoto, Yen Mooi, Guilherme Pedras, Arindam Roy, Kay Chung, and Tadeusz Galeza from the IMF; Zsolt Bango, Jose Antonio Gragnani, Bryan Gurhy, and Cindy Paladines from the World Bank Group.  \nDescription: Washington, DC : International Monetary Fund, 2021. | Includes bibliographical references. Identifiers: ISBN 9781513573922 (paper) | ISBN 9781513573953 (web PDF) | ISBN 9781513573939 (ePub) Subjects: LCSH: Bond market—Developing countries. | Capital Market—Developing countries.  \nClassification: LCC HG4651 .H3 2021  \nApproved by  \nMiguel Savastano (IMF) and Caroline Freund (World Bank)  \nPrepared by Hideo Hashimoto, Yen Mooi, Guilherme Pedras, Arindam Roy, Kay Chung, and Tadeusz Galeza from the IMF; Zsolt Bango, Jose Antonio Gragnani, Bryan Gurhy, and Cindy Paladines from the World Bank; and Michael G. Papaioannou and Peter Katz (IMF experts) under the supervision of Thordur Jonasson from the IMF and Anderson Silva from the World Bank, respectively. The authors would like to thank peer reviewers from the IMF and the World Bank, and external reviewers for their input and comments to this note. The views expressed here are solely the authors’ and should not be attributed to the World Bank, the IMF, their Executive Boards, or their management.  \nThis document benefited from comments from the following external experts and the IMF and World Bank staff: Ruchir Agarwal, Gregory Ambrosio, Phillip Anderson, Robert Andreoli, Emre Balibek, Rina Bhattacharya, Wouter Bossu, Laszlo Buzas, Bill Cox, Cristina Cuervo, Larry Cui, Guido Della Valle, Oumar Dissou, John Gardner, Cory Hillier, Amr Hosny, Lars Jessen, Jad Khallouf, Amina Lahreche, Estelle Liu, Geerten Michielse, Yibin Mu, Bill Northfield, Obert Nyawata, Dan Nyberg, Thomas Olofsson, Joanne Perez, Andre Proite, Asad Qureshi, Diego Rivetti, Celine Rochon, Sandeep Saxena, Alessandro Scipioni, Chaker Soltani, Leandro Secunho, Richard Stobo, Ian Storkey, Narayan Suryakumar, Miriam Tamene, Evridiki Tsounta, Patrick van der Wansem, Xavier Werner, Mike Williams, Luiza Zanforlin, and Bo Zhao.  \nDisclaimer: The views expressed in this note belong solely to the authors. Nothing contained in this note should be reported as representing the views of the organizations, member governments, or any other entity mentioned herein.  \nAny queries on rights and licenses, including subsidiary rights, should be addressed to the IMF Publisher Division, International Monetary Fund, 700 19th St., NW, Washington, DC 20431, USA; telephone: 202-623-7430; e-mail: [copyright@imf.org](copyright@imf.org)  \nPublication orders may be pla","cbCaitKOPSxRWWHn","https://ap.wps.com/l/cbCaitKOPSxRWWHn","pdf",5591641,1,157,"English","en",105,"# Executive Summary\n# Introduction\n# The Work on LCBM Development Up to Now\n# Part 1 - Diagnosticts\n## Enabling Conditions\n## Building Blocks of LCBM Development\n## Building Block 1: Money Market\n## Building Block 2: Primary Market\n## Building Block 3: Secondary Market\n## Building Block 4: Investor Base\n## Building Block 5: Financial Market Infrastructure\n## Building Block 6: Legal and Regulatory Framework\n## Using the 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