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Improvement of Operation and Regulation of Capital and Financial Derivatives Markets in Azerbaijan Government Publications Registration Number 11-1051000-000955-01

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Improvement of Operation and Regulation of Capital and Financial Derivatives Markets in Azerbaijan Government Publications Registration Number 11-1051000-000955-01 Presented by the MOEF, Republic of Korea 2018/19 KSP Policy Consultation Report Azerbaijan Improvement of Operation and Regulation of Capital and Financial Derivatives Markets in Azerbaijan Government Publications Registration Number 11-1051000-000955-01 2018/19 KSP Policy Consultation Report Azerbaijan Improvement of Operation and Regulation of Capital and Financial Derivatives Markets in Azerbaijan 2018/19 KSP Policy Consultation Report Project Title Improvement of Operation and Regulation of Capital and Financial Derivatives Markets in Azerbaijan Prepared for The Government of the Republic of Azerbaijan In Cooperation with Financial Market Supervisory Authority (FIMSA) Supported by Ministry of Economy and Finance (MOEF), Republic of Korea Prepared by Korea Development Institute (KDI) Project Directors Sanghoon Ahn, Executive Director, Center for International Development (CID), KDI Youngsun Koh, Executive Director, Global Knowledge Exchange & Development Center, Former Executive Director, CID, KDI Project Manager Tai-Hee Lee, Specialist, CID, KDI Project Officer Hyunyi Choi, Senior Research Associate, Division of Development Research, CID, KDI Senior Advisor Joo Hyun Kim, Former President, Korea Deposit Insurance Corporation Principal Investigator Jaejoon Han, Professor, Inha University Authors Chapter 1. Hyunduk Suh, Professor, Inha University Metin Yolciyev, Baku Stock Exchange Chapter 2. Jaejoon Han, Professor, Inha University Orkan Baghirov, Invest AZ Chapter 3. Wook Chang, Duksung Women’s University Museyyib Mehdiyev, Baku Stock Exchange Chapter 4. Seung Kwon Lee, Soo Yung Kim, Heung Seok Ko, Korea Securities Depository Elchin Mammadov, formerly with the National Depository Center English Editor Seoul Selection Government Publications Registration Number 11-1051000-000955-01 ISBN 979-11-5932-451-2 979-11-5932-438-3 (set) Copyright ⓒ 2019 by Ministry of Economy and Finance, Republic of Korea 2018/19 KSP Policy Consultation Report Improvement of Operation and Regulation of Capital and Financial Derivatives Markets in Azerbaijan Preface Knowledge is an essential ingredient in a country’s economic growth and social development. Of particular importance is government capacity to formulate and implement policies. The global society is making various efforts to promote knowledge sharing between countries and improve their policy capacity to tackle development issues and enhance global prosperity. Indeed, knowledge laid the foundation for Korea’s unprecedented transformation from a poor agro-based economy into a modern industrialized nation with an open and democratic society. Technology transfer from abroad and educational investment helped expand the domestic knowledge stock and made this transformation possible. The Korean government could also accumulate invaluable practical lessons not found in a conventional textbook through the course of development. The Ministry of Economy and Finance (MOEF) of Korea introduced the Knowledge Sharing Program (KSP) in 2004 to share Korea’s development experience with the international community through joint research, policy consultations, and capacity-building activities. Since its inception, the program has played a vital role in supporting socio-economic development of partner countries around the world. Korea Development Institute (KDI) has participated in the KSP since the program’s launch and has been working with more than seventy foreign countries and organizations. KDI, Korea’s leading think-tank with an extensive experience in policy research, has provided solutions to the challenges that partner countries face in a variety of fields, ranging from industrial development to public-sector reform. In the 2018/19 KSP, KDI carried out policy consultation and capacity-building projects with twenty-two partners including three new participants— Belarus, Serbia, and the ASEAN Secretariat. Among these meaningful projects for mutual learning, this one was initiated by the Financial Market Supervisory Authority (FIMSA) with the aim of “Improvement of Operation and Regulation of Capital and Financial Derivatives Markets in Azerbaijan.” Upon the request of the FIMSA, the MOEF and KDI organized a research team consisting of Azerbaijan and Korean experts. The team conducted in-depth analysis of internal and external policy environments, identified Azerbaijan’s key development challenges, and offered policy recommendations and action plans. On behalf of KDI, I would like to express my deepest appreciation to the Government of Azerbaijan and FIMSA for their collaboration in the project. In particular, I would like to extend my profound gratitude to His Excellency Acting Chairman Ibrahim Alishov, Mr. Samir Ismayilov, Acting Head of the Capital Market and Other Financial Intermediaries Supervision Department, Mr. Vusal Hasanov, Acting Head of the International Relations and Communications Division for their unwavering support. The completion of this project would not have been possible without their devotion. I also wish to thank the KSP consultation team—Senior Advisor Dr. Joo Hyun Kim, Principal Investigator Professor Jaejoon Han, researchers Professor Hyunduk Suh, Professor Wook Chang, Mr. Seung Kwon Lee, Mr. Soo Yung Kim, Mr. Heung Seok Ko, and local consultants Mr. Metin Yolciyev, Mr. Orkan Baghirov, Mr. Museyyib Mehdiyev and Mr. Elchin Mammadov —for producing this report. I would like to extend my sincere thanks to all who have made valuable contributions to a successful completion of the project. I am also grateful to the Center for International Development of KDI, in particular Executive Director Dr. Sang Hoon Ahn, former Executive Director Dr. Youngsun Koh, Project Manager Dr. Tai-Hee Lee, and Project Officer Ms. Hyunyi Choi, for their hard work and dedication to the project. I firmly believe that the KSP will serve as a stepping stone to further elevate mutual learning and economic cooperation between Azerbaijan and Korea, and hope it will contribute to their sustainable development. Jeong Pyo Choi President Korea Development Institute (KDI) Contents 2018/19 KSP with Azerbaijan ..................................................................................... 015 Executive Summary .................................................................................................. 019 Chapter 1 Development of Azerbaijan’s Markets for Bonds and Interest Rate Derivatives Summary ................................................................................................................ 031 1. Introduction ........................................................................................................ 033 2. Status of Azerbaijan’s Bond Markets ....................................................................... 035 2.1. Overview ....................................................................................................... 035 2.2. Types of Government Bonds ............................................................................ 037 2.3. Market Analysis .............................................................................................. 039 3. Korean Experience in Bond Market Development...................................................... 045 3.1. Overview of Korea’s Bond Markets.................................................................... 045 3.2. Government Bond Market ............................................................................... 048 3.3. Market for Interest Rate Derivatives ................................................................. 057 3.4. Corporate Bond Market: Structured Bond Market and Credit Rating System .......... 066 4. Policy Recommendations for Developing Azerbaijan’s Bond Markets .......................... 072 4.1. Developing Markets for Government Bonds and Interest Rate Derivatives ............ 072 4.2. Activating Structured Bond Market and Credit Rating System .............................. 078 References .............................................................................................................. 081 Appendix ................................................................................................................ 083 Chapter 2 Development of Azerbaijan’s FX and Related Derivative Markets Summary ................................................................................................................ 095 1. Introduction ......................................................................................................... 096 2. Development of FX Sector in Azerbaijan................................................................... 097 2.1. Overview of FX Market Development ................................................................ 097 2.2. Developments in Azerbaijan's FX Policy ............................................................. 104 2.3. FX Market Players ........................................................................................... 106 3. Korean Experience in Developing FX Market and Related Infrastructure ...................... 110 3.1. Korea’s FX Market ........................................................................................... 110 3.2. Korea’s FX Policy ............................................................................................. 119 3.3. Capital Market Liberalization ........................................................................... 123 3.4. Monitoring and Supervision of Korean FX Market............................................... 124 4. Policy Recommendations for Developing Azerbaijan’s
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