Some countries have a long tradition in issuing retail debt, even though the importance of retail relative to overall debt has been shrinking during the last years. However the share of retail debt varies significantly across countries.
Distribution is a key factor featuring the retail debt issuing activity. Differently from wholesales instruments, retail ones are placed also through banks, post offices, Internet, or even shops and supermarkets. In increasingly competitive financial markets, this type of direct debt selling has to pay a great deal of attention to product innovation, brand equity, benchmarking, strategic market position, etc. Some product features can only be introduced or developed by a public institution; for example, fiscal incentives (tax credits). Other factors that influence the design of retail public debt products concern the macroeconomic environment, interest rates and the general economic and institutional context.
In several advanced markets the sale of retail instruments is evaluated purely in terms of economic cost effectiveness. Other countries, including many emerging debt markets, take into account also social goals such as financial education and encouraging savings.
Moreover, the introduction of dematerialised products and the use of electronic retail systems require addressing additional technical and economic issues. In this respect governments need also to take into account social and cultural sensibilities, including such issues as the imagined fiscal or collateral value of physical tangibility
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All the above mentioned topics are addressed in this policy area.
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The aim of our Discussion Forum is to promote dialogue on specific topics proposed by the Secretariat and by Partners.
