18 The development of long-term local-currency bond markets may also help to enable governments and firms to plan long-term infrastructure and investment projects that boost economic development. Although such debt markets are only one of many factors that can help to lower the costs of long-term planning and enhance the ability to undertake long-term investments, such developments can improve decisionmaking.
In particular, investment decisions are less likely to be constrained by having only  17  I have included floating-rate debt in the one-year maturity category.