1. INTRODUCTION 8
2. MONEY MARKETS 13
Analysis and Preconditions 13
Current Situation in Pilot Countries 15
Action Plans and Reform Programs 18
Conclusions and Insights 21
3. PRIMARY MARKETS 23
Analysis and Preconditions 23
Current Situation in Pilot Countries 26
Action Plans and Reform Programs 30
Conclusions and Insights 35
4. INVESTOR BASE 37
Analysis and Preconditions 37
Current Situation in Pilot Countries 40
Action Plans and Reform Programs 44
Conclusions and Insights 47
5. SECONDARY MARKETS 49
Analysis and Preconditions 49
Current Situation in Pilot Countries 53
Action Plans and Reform Programs 56
Conclusions and Insights 59
6. CUSTODY AND SETTLEMENT 60
Analysis and Preconditions 60
Current Situation in Pilot Countries 64
Action Plans and Reform Programs 67
Conclusions and Insights 69
7. DEBT MARKET REGULATION 70
Analysis and Preconditions 70
Current Situation in Pilot Countries 72
Action Plans and Reform Programs 76
Conclusions and Insights 77
8. COMPLEXITY AND PATH DEPENDENCE 79
High Complexity 80
Interaction and Path Dependence 83
Bibliography 86
Listing of Tables
Table 1. Key Indicators for 12 Pilot-Program Countries, end 2005