bond market development monetary and financial stability issue

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1、BONDMARKETDEVELOPMENT:MONETARYANDFINANCIALSYSTEMSTABILITYISSUES2008∗AnandaSilva∗AnandaSilva,DirectorofBankSupervisionDepartment,CentralBankofSriLanka.1CONTENTSI.IntroductionII.BondMarketsandMacroeconomicStabilityA.HighandVolatileInflationB.ContinuinglargeFiscald

2、eficitsandRisingPublicDebtC.ContinuingCurrentAccountDeficitsLeadingtoDepreciatingCurrencyD.OtherImpedimentsinmarketandInstitutionalInfrastructureIII.ImportanceofBondMarketDevelopmentonMonetaryandFinancialSystemStabilityA.BondMarketDevelopmentandMonetaryStability

3、B.BondMarketDevelopmentandFinancialSystemStabilityC.ImportanceofDerivativemarketsinBondmarkets,NewRisksandTheirImpactonD.MonetaryandFinancialStabilityE.MonetaryandFinancialSectorPoliciesinSriLankaPromotingBondMarketF.PolicyMeasurestoPromoteBondMarketIV.Conclusio

4、n2I.INTRODUCTIONAstablemacroeconomicenvironmentparticularlyacrediblemonetarypolicyalongwithsupportingfiscalmanagementandfinancialsystemstabilityhavefoundtobetheprerequisitesforthedevelopmentofthebondmarket.Similarly,thebondmarketdevelopmentcontributestoenhanceth

5、eefficiencyofmonetarymanagementandfinancialsystemstability.Adevelopedbondmarketalsoplaysanimportantroleinimprovingtheefficiencyofoveralleconomicmanagementthroughexpandingtherangeofopportunitiesofavailabletofinancinglargescaleprojects,contributingtobetterallocati

6、onofcapital,providinganon-inflationarysourceoffinanceforgovernmentandfacilitatingpublicdebtmanagement,andcontributingtopromotesustainableeconomicgrowth.Therefore,itisimportantthatconcertedeffortsaretakentodevelopadeepandliquidbondmarket.SectionIofthepaperdiscuss

7、estheinteractionbetweenbonddevelopmentandmacroeconomicstabilityfocusingonthesourcesofinstabilitiesaffectingthebondmarket.SectionIIpresentsthecontributionofthebondmarketinimprovingtheefficiencyofmonetarymanagementandfinancialstability.SectionIIIprovidesanoverview

8、ofrisksassociatedinnewdevelopmentsinbondmarketsandSectionIVdiscussesthepoliciestakenbytheSriLankanauthoritiesintheareasofmonetarymanagementandfinancialstabilitythatco