debt_market

May 19th, 2015
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The importance of debt markets in growth of an economy is well recognized. State, which implies both the Government, the Central Bank & other related Public Sector stakeholders, has a role to play in fostering a sound and diversified debt market, which efficiently performs the function of financial intermediation. State intervention stabilized the financial system in recent global financial crisis.

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The 2012 Capital MarketsConferenceDoha, QatarSeptember 18-19, 2012Role of State in Developing Debt MarketsHarun R. KhanDeputy GovernorReserve Bank of IndiaIntroduction The importance of debt markets in growth of aneconomy is well recognized. State, which implies both the Government, the CentralBank & other related Public Sector stakeholders, has arole to play in fostering a sound and diversified debtmarket, which efficiently performs the function offinancial intermediation. State intervention stabilized the financial system inrecent global financial crisis.2Brief History States involvement in debt markets has a long history. The State started borrowing in the Middle Ages in Europe. The earliest loans - forced loans or personal borrowing ofkings. Initial purpose to finance wars later for civil purposes suchas public works or food supply. Publicdebt became a tool of political economy andfinanced expenditure in place of levying unpopular taxes. Trading procedures, guarantees and techniques became3 wellknown andaided development of the market.Objectives of Debt MarketDevelopment To aid economic growth and development.To transfer capital from savers to borrowers /investors & savers.To improve allocative efficiency of resources in theeconomy. To enable sovereign to raise resources at reasonablecost on a sustainable basis. To improve monetary policy transmission. To assist

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