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Voluntary domestic markets for government debt provide opportunities for learning-by-doing in market price determination for relatively simple financial claims. The skills acquired in domestic markets for government debt can then spill over into markets for private sector claims, in which the additional complication of credit risk arises. Before such markets can be opened to foreign investors with any realistic expectation of foreign participation, they must meet international standards in the market microstructure--trading practices, registry, transfer and settlement systems, and the like--and establish a track record.