Akamatsu, NoritakaBrzeski, W. JanSegni, CarloNoel, Michel2012-05-302012-05-3020070-8213-6892-3https://hdl.handle.net/10986/6634This paper, on the Polish fixed-income securities market, reviews the recent evolution of the Polish fixed-income market and examines selected policy challenges ahead, with a special focus on the municipal bond market. The study demonstrates that despite some progress, by which Poland has made great strides in developing key components of the fixed-income securities market, further measures can be taken by the authorities to develop the classic repo market, to further deepen the government bond market, to stimulate the development of the non-government bond market, and to reduce moral hazard and improve the level playing field on the sub-national bond market.en-USCC BY 3.0 IGOACCOUNTINGASSET MANAGEMENTAUTONOMYBANKING SECTORBANKING SUPERVISIONBANKING SYSTEMBANKRUPTCYBANKSBENCHMARKSBONDSCAPITAL EXPENDITURESCENTRAL BANKCENTRAL BANKSCITIESCOLLATERALCOMMERCIAL BANKSCOMPETITIVENESSCORPORATE FINANCECREDIT RATINGSCREDIT RISKDEBTDEPOSITSDEVELOPMENT STRATEGYDISCLOSUREDIVIDENDSEMERGING MARKETSEXCESS LIQUIDITYFEASIBILITY STUDYFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL REPORTINGFINANCIAL SECTORFINANCIAL SERVICESFISCAL DECENTRALIZATIONFOREIGN EXCHANGEGDPGOVERNMENT BONDSHOUSINGINEFFICIENCYINFLATIONINSURANCEINTEREST INCOMEINTEREST RATESLATIN AMERICANLEVEL PLAYING FIELDLIABILITY MANAGEMENTLOCAL GOVERNMENTLOCAL GOVERNMENT BORROWINGLOCAL GOVERNMENT BUDGETSLOCAL GOVERNMENTSMARKET ACCESSMARKET CONDITIONSMARKET DEVELOPMENTMARKET DEVELOPMENTSMARKET SEGMENTMARKET SEGMENTSMARKET TRANSPARENCYMATURITIESMATURITYMONETARY POLICYMONETARY POLICY OPERATIONSMONEY MARKETMORAL HAZARDMUNICIPALMUNICIPAL BONDSMUNICIPALITIESNATIONAL ECONOMYOTCPACIFIC REGIONPRICING STRATEGYPRIVATE PLACEMENTPROPERTY TAX BASEPUBLIC DEBTRATING AGENCIESREGULATORY FRAMEWORKRESERVE REQUIREMENTRETAILREVENUE BONDSRISK MANAGEMENTSALESECURITIESSETTLEMENT SYSTEMSSPREADSTOCKSSUBNATIONAL FINANCESUBNATIONAL GOVERNMENTSSUBSIDIARYSUBSTITUTIONSYSTEMIC RISKT-BILLSTRANSFERS OF ASSETSTRANSPORTTURNOVERUNDERWRITERSVALUE ADDEDVOLATILITYWorld Bank10.1596/978-0-8213-6892-3