Two Case Studies on Electronic Distribution of Government Securities

Two Case Studies on Electronic Distribution of Government Securities

Author: Thomas C. Glaessner

Publisher: World Bank Publications

Published: 2004

Total Pages: 45

ISBN-13:

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The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program called the Expanded Small Investors Program aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities. Glaessner and Kantur analyze whether the programs main goals can be achieved while mitigating the risks. Their analysis suggests that there are good reasons to believe that the new program will succeed. Still, regular and responsive assessments and adjustments will be required as the program moves forward"--Abstract.


Book Synopsis Two Case Studies on Electronic Distribution of Government Securities by : Thomas C. Glaessner

Download or read book Two Case Studies on Electronic Distribution of Government Securities written by Thomas C. Glaessner and published by World Bank Publications. This book was released on 2004 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program called the Expanded Small Investors Program aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities. Glaessner and Kantur analyze whether the programs main goals can be achieved while mitigating the risks. Their analysis suggests that there are good reasons to believe that the new program will succeed. Still, regular and responsive assessments and adjustments will be required as the program moves forward"--Abstract.

Two Case Studies on Electronic Distribution of Government Securities

Two Case Studies on Electronic Distribution of Government Securities

Author: Thomas G. Glaesnner

Publisher:

Published: 2013

Total Pages:

ISBN-13:

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The case study on the U.S. Treasury Direct examines the evolution of the electronic distribution systems for marketable and nonmarketable government securities, the main objectives, and the basic legal infrastructure and the preconditions enabling the system. The U.S. experience highlights that the enabling environment and infrastructure (for example, in terms of information databases such as Pay.Gov) make a large difference in terms of both the security and convenience that customers can expect in the use of the system. The system also achieved important cost savings for the Bureau of the Public Debt. The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program-called the Expanded Small Investors Program-aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities. The authors analyze whether the program's main goals can be achieved while mitigating the risks. Their analysis suggests that there are good reasons to believe that the new program will succeed. Still, regular and responsive assessments and adjustments will be required as the program moves forward.


Book Synopsis Two Case Studies on Electronic Distribution of Government Securities by : Thomas G. Glaesnner

Download or read book Two Case Studies on Electronic Distribution of Government Securities written by Thomas G. Glaesnner and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The case study on the U.S. Treasury Direct examines the evolution of the electronic distribution systems for marketable and nonmarketable government securities, the main objectives, and the basic legal infrastructure and the preconditions enabling the system. The U.S. experience highlights that the enabling environment and infrastructure (for example, in terms of information databases such as Pay.Gov) make a large difference in terms of both the security and convenience that customers can expect in the use of the system. The system also achieved important cost savings for the Bureau of the Public Debt. The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program-called the Expanded Small Investors Program-aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities. The authors analyze whether the program's main goals can be achieved while mitigating the risks. Their analysis suggests that there are good reasons to believe that the new program will succeed. Still, regular and responsive assessments and adjustments will be required as the program moves forward.

Two Case Studies on Electronic Distribution of Government Securities

Two Case Studies on Electronic Distribution of Government Securities

Author: Thomas Glaessner

Publisher:

Published: 2016

Total Pages: 45

ISBN-13:

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The case study on the U.S. TreasuryDirect examines the evolution of the electronic distribution systems for marketable and nonmarketable government securities, the main objectives, and the basic legal infrastructure and the preconditions enabling the system. The U.S. experience highlights that the enabling environment and infrastructure (for example, in terms of information databases such as Pay.Gov) make a large difference in terms of both the security and convenience that customers can expect in the use of the system. The system also achieved important cost savings for the Bureau of the Public Debt. The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program - called the Expanded Small Investors Program - aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities. Glaessner and Kantur analyze whether the program's main goals can be achieved while mitigating the risks. Their analysis suggests that there are good reasons to believe that the new program will succeed. Still, regular and responsive assessments and adjustments will be required as the program moves forward.This paperm - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to provide public goods coming out of the debt management and debt market development program and capital markets practice.


Book Synopsis Two Case Studies on Electronic Distribution of Government Securities by : Thomas Glaessner

Download or read book Two Case Studies on Electronic Distribution of Government Securities written by Thomas Glaessner and published by . This book was released on 2016 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The case study on the U.S. TreasuryDirect examines the evolution of the electronic distribution systems for marketable and nonmarketable government securities, the main objectives, and the basic legal infrastructure and the preconditions enabling the system. The U.S. experience highlights that the enabling environment and infrastructure (for example, in terms of information databases such as Pay.Gov) make a large difference in terms of both the security and convenience that customers can expect in the use of the system. The system also achieved important cost savings for the Bureau of the Public Debt. The case study on the Small Investors Program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program - called the Expanded Small Investors Program - aims to increase access to government securities and distribute them more widely, develop better savings products, and enhance competition in the primary markets for these securities. Glaessner and Kantur analyze whether the program's main goals can be achieved while mitigating the risks. Their analysis suggests that there are good reasons to believe that the new program will succeed. Still, regular and responsive assessments and adjustments will be required as the program moves forward.This paperm - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to provide public goods coming out of the debt management and debt market development program and capital markets practice.

Developing the Domestic Government Debt Market

Developing the Domestic Government Debt Market

Author:

Publisher: World Bank Publications

Published: 2007-01-01

Total Pages: 120

ISBN-13: 0821368753

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Domestic government debt markets play a critical role in managing public debt effectively and reducing the vulnerability of developing countries to financial crises. Many aspects of debt markets - money, primary, and secondary markets; a diversified investor base; and sound securities custody and settlement systems and regulation - interact in complex ways and are affected by previous policies and developments. Developing the Domestic Government Debt Market: From Diagnostics to Reform Implementation draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the challenges, obstacles, and progress in applying principles of market development. Developing the Domestic Government Debt Market will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in debt market development. Because effective development of debt markets is one key piece in sound public debt management, readers will also be interested in the companion volume, Managing Public Debt, published by The World Bank in February 2007, based on the same joint pilot program.


Book Synopsis Developing the Domestic Government Debt Market by :

Download or read book Developing the Domestic Government Debt Market written by and published by World Bank Publications. This book was released on 2007-01-01 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Domestic government debt markets play a critical role in managing public debt effectively and reducing the vulnerability of developing countries to financial crises. Many aspects of debt markets - money, primary, and secondary markets; a diversified investor base; and sound securities custody and settlement systems and regulation - interact in complex ways and are affected by previous policies and developments. Developing the Domestic Government Debt Market: From Diagnostics to Reform Implementation draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the challenges, obstacles, and progress in applying principles of market development. Developing the Domestic Government Debt Market will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in debt market development. Because effective development of debt markets is one key piece in sound public debt management, readers will also be interested in the companion volume, Managing Public Debt, published by The World Bank in February 2007, based on the same joint pilot program.

The Role of Factoring for Financing Small and Medium Enterprises

The Role of Factoring for Financing Small and Medium Enterprises

Author: Leora Klapper

Publisher: World Bank Publications

Published:

Total Pages: 39

ISBN-13:

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"Around the world, factoring is a growing source of external financing for corporations and small and medium-size enterprises (SMEs). What is unique about factoring is that the credit provided by a lender is explicitly linked to the value of a supplier ' s accounts receivable and not the supplier ' s overall creditworthiness. Therefore, factoring allows high-risk suppliers to transfer their credit risk to their high-quality buyers. Factoring may be particularly useful in countries with weak judicial enforcement and imperfect records of upholding seniority claims because receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt SME. Empirical tests find that factoring is larger in countries with greater economic development and growth and developed credit information bureaus. In addition, the author finds that creditor rights are not related to factoring ... " -- Cover verso.


Book Synopsis The Role of Factoring for Financing Small and Medium Enterprises by : Leora Klapper

Download or read book The Role of Factoring for Financing Small and Medium Enterprises written by Leora Klapper and published by World Bank Publications. This book was released on with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Around the world, factoring is a growing source of external financing for corporations and small and medium-size enterprises (SMEs). What is unique about factoring is that the credit provided by a lender is explicitly linked to the value of a supplier ' s accounts receivable and not the supplier ' s overall creditworthiness. Therefore, factoring allows high-risk suppliers to transfer their credit risk to their high-quality buyers. Factoring may be particularly useful in countries with weak judicial enforcement and imperfect records of upholding seniority claims because receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt SME. Empirical tests find that factoring is larger in countries with greater economic development and growth and developed credit information bureaus. In addition, the author finds that creditor rights are not related to factoring ... " -- Cover verso.

Guidelines for Public Debt Management -- Amended

Guidelines for Public Debt Management -- Amended

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2003-09-12

Total Pages: 39

ISBN-13: 149832892X

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Book Synopsis Guidelines for Public Debt Management -- Amended by : International Monetary Fund

Download or read book Guidelines for Public Debt Management -- Amended written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL

The Role of Factoring for Financing Small and Medium Enterprises

The Role of Factoring for Financing Small and Medium Enterprises

Author: Leora Klapper

Publisher:

Published: 2005

Total Pages: 56

ISBN-13:

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"Around the world, factoring is a growing source of external financing for corporations and small and medium-size enterprises (SMEs). What is unique about factoring is that the credit provided by a lender is explicitly linked to the value of a supplier ' s accounts receivable and not the supplier ' s overall creditworthiness. Therefore, factoring allows high-risk suppliers to transfer their credit risk to their high-quality buyers. Factoring may be particularly useful in countries with weak judicial enforcement and imperfect records of upholding seniority claims because receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt SME. Empirical tests find that factoring is larger in countries with greater economic development and growth and developed credit information bureaus. In addition, the author finds that creditor rights are not related to factoring ... " -- Cover verso.


Book Synopsis The Role of Factoring for Financing Small and Medium Enterprises by : Leora Klapper

Download or read book The Role of Factoring for Financing Small and Medium Enterprises written by Leora Klapper and published by . This book was released on 2005 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Around the world, factoring is a growing source of external financing for corporations and small and medium-size enterprises (SMEs). What is unique about factoring is that the credit provided by a lender is explicitly linked to the value of a supplier ' s accounts receivable and not the supplier ' s overall creditworthiness. Therefore, factoring allows high-risk suppliers to transfer their credit risk to their high-quality buyers. Factoring may be particularly useful in countries with weak judicial enforcement and imperfect records of upholding seniority claims because receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt SME. Empirical tests find that factoring is larger in countries with greater economic development and growth and developed credit information bureaus. In addition, the author finds that creditor rights are not related to factoring ... " -- Cover verso.

Investment Climate Reform - Going the Last Mile

Investment Climate Reform - Going the Last Mile

Author: Benjamin Herzberg

Publisher:

Published: 2004

Total Pages: 64

ISBN-13:

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Over time, the initiative is establishing a dynamic of reform and public-private partnership that will facilitate the tackling of more complicated structural reforms. Complementing the systemic approach and framework reform efforts of governments and international agencies, competitiveness partnerships mobilize the local business community to catalog concrete problems across the full spectrum of investment climate concerns, pinpoint solutions, campaign for their adoption, and follow up on reform implementation. The author attempts to determine the applicability of competitiveness partnerships to different settings by modeling the interactions between several key success factors, thus providing a pertinent tool for development professionals, government officials, and private sector advocates who wish to establish a renewed implementation dynamic through this kind of results-oriented reform process"--Abstract.


Book Synopsis Investment Climate Reform - Going the Last Mile by : Benjamin Herzberg

Download or read book Investment Climate Reform - Going the Last Mile written by Benjamin Herzberg and published by . This book was released on 2004 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over time, the initiative is establishing a dynamic of reform and public-private partnership that will facilitate the tackling of more complicated structural reforms. Complementing the systemic approach and framework reform efforts of governments and international agencies, competitiveness partnerships mobilize the local business community to catalog concrete problems across the full spectrum of investment climate concerns, pinpoint solutions, campaign for their adoption, and follow up on reform implementation. The author attempts to determine the applicability of competitiveness partnerships to different settings by modeling the interactions between several key success factors, thus providing a pertinent tool for development professionals, government officials, and private sector advocates who wish to establish a renewed implementation dynamic through this kind of results-oriented reform process"--Abstract.

Teachers' Salaries and Professional Profile in Mexico

Teachers' Salaries and Professional Profile in Mexico

Author: Gladys Lopez Acevedo

Publisher:

Published: 2004

Total Pages: 36

ISBN-13:

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"Teachers' salaries have often been highlighted as an important issue in discussions on school improvement. The level and structure of teacher remuneration affect morale and the ability to focus on and devote adequate time to teaching. Lopez-Acevedo examines who teachers are, whether teachers are underpaid, and whether teachers face higher compensation uncertainty than their counterparts face. The results show that teachers in basic education consistently work fewer hours than their occupational counterparts. Regression analysis shows that teachers in basic public schools are better paid early in their professional lives than are other comparable individuals. Because retirement benefits are usually generous, teachers stay within the profession. This paper-- a product of the Poverty Reduction and Economic Management Division, Latin America and the Caribbean Region-- is part of a larger effort in the region to examine teachers' incentives"-- World Bank web site.


Book Synopsis Teachers' Salaries and Professional Profile in Mexico by : Gladys Lopez Acevedo

Download or read book Teachers' Salaries and Professional Profile in Mexico written by Gladys Lopez Acevedo and published by . This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Teachers' salaries have often been highlighted as an important issue in discussions on school improvement. The level and structure of teacher remuneration affect morale and the ability to focus on and devote adequate time to teaching. Lopez-Acevedo examines who teachers are, whether teachers are underpaid, and whether teachers face higher compensation uncertainty than their counterparts face. The results show that teachers in basic education consistently work fewer hours than their occupational counterparts. Regression analysis shows that teachers in basic public schools are better paid early in their professional lives than are other comparable individuals. Because retirement benefits are usually generous, teachers stay within the profession. This paper-- a product of the Poverty Reduction and Economic Management Division, Latin America and the Caribbean Region-- is part of a larger effort in the region to examine teachers' incentives"-- World Bank web site.

Is Debt Replacing Equity in Regulated Privatized Infrastructure in Developing Countries?

Is Debt Replacing Equity in Regulated Privatized Infrastructure in Developing Countries?

Author: Luis Correia Da Silva

Publisher:

Published: 2004

Total Pages: 28

ISBN-13:

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"Da Silva, Estache, and Järvelä describe the evolution of the financing structure of regulated privatized utilities and transport companies. To do so, they rely on a sample of 121 utilities distributed over 16 countries, and 23 transport infrastructure operators and 23 transport services operators distributed over 23 countries. The authors show that leverage rates vary significantly across sectors, with the highest rates observed in transport and the lowest in water. Moreover, they also show that the 1997 Asia crisis led operators to adjust their financial structure differently in different regions. Overall, the evidence they present shows that debt is replacing equity in financing the investment needs of utilities and transport services in developing countries. These results raise some questions as to whether the regulator's mandate should be expanded to monitor the financial structure of companies and as to whether the international community should make a stronger commitment to more transparent regulatory accounting systems. This paper-- a product of the Office of the Vice President, Infrastructure Network-- is part of a larger effort in the network to generate quantitative information on infrastructure"-- World Bank web site.


Book Synopsis Is Debt Replacing Equity in Regulated Privatized Infrastructure in Developing Countries? by : Luis Correia Da Silva

Download or read book Is Debt Replacing Equity in Regulated Privatized Infrastructure in Developing Countries? written by Luis Correia Da Silva and published by . This book was released on 2004 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Da Silva, Estache, and Järvelä describe the evolution of the financing structure of regulated privatized utilities and transport companies. To do so, they rely on a sample of 121 utilities distributed over 16 countries, and 23 transport infrastructure operators and 23 transport services operators distributed over 23 countries. The authors show that leverage rates vary significantly across sectors, with the highest rates observed in transport and the lowest in water. Moreover, they also show that the 1997 Asia crisis led operators to adjust their financial structure differently in different regions. Overall, the evidence they present shows that debt is replacing equity in financing the investment needs of utilities and transport services in developing countries. These results raise some questions as to whether the regulator's mandate should be expanded to monitor the financial structure of companies and as to whether the international community should make a stronger commitment to more transparent regulatory accounting systems. This paper-- a product of the Office of the Vice President, Infrastructure Network-- is part of a larger effort in the network to generate quantitative information on infrastructure"-- World Bank web site.