This paper consolidates previous work on the development of secondary markets for government securities, and focuses on the sequencing of measures necessary for their development. Six main lessons are identified: (i) a commitment to achieving and maintaining a stable macroeconomic environment,...

In many countries, authorities have designated a group of financial firms as the principal intermediaries in the government securities market-referred to as "primary dealers" or a "primary dealer system." This paper discusses policy issues related to the establishment of a primary dealer system...