Paraguay, like other economies, has two financial circuits, one corresponding to monetary flow and the other to intangible assets; the purchase and sale of the latter are carried out through the Capital Market. This market allows physical and legal economic agents from both the private and public sectors to request resources to finance the purchases of goods and the contracting of services, required to carry out the inherent activities of their organization. For this purpose, these economic agents quote fixed income securities, bonds, or variable income, shares; that are bought by those who seek to channel their savings to investment (^{Fabozzi, Modigliani and Ferri, 1996}).It is important to indicate that the Capital Market is divided into the primary market, where the organization seeking resources is financed; and, in the secondary market through which investors have the possibility of selling the securities they acquired in order to have liquidity. In this sense, the Ministry of Finance (MH), the institution in charge of preparing the General Budget of the Nation (PGN) based on the requests made by the Central State Administration, entities and municipalities determines the total amount of expenditures for a fiscal year, which runs from January to December. In order to indicate the way in which the activities of the Paraguayan State will be financed, the MH makes its projections of income from the collection of taxes, duties, sale of services, placement of sovereign bonds in the capital market, among others. Likewise, the approval of the PGN by Law No. 5554 of 2015 contemplated the issuance of internal sovereign bonds in 2016 for the value of guaraníes 745,659,000,000 and external sovereign bonds for the value of dollars 600,000,000; Similarly, the following laws raised from 2017 to 2020 approved the realization of new issues. The total of the emissions approved in the period 2016-2020 was approximately 26,672,510,680,0000 guaraníes, presenting an average annual growth in the referred period of 18.3%; The listing of these securities was made both in the national and international capital markets (^{Ministry of Finance, 2021}).Approximately 85% of the total amount of sovereign bonds issued in that period was channeled through the international market and the remainder in the domestic market. In Paraguay, the Stock Exchange and Products of Asunción Sociedad Anónima (BVPASA) was created on September 28, 1977; But as of the enactment of Law No. 94/91, the stock market operations of the Capital Market are expanded through the legal framework and in turn the National Securities Commission is created as the regulator of said market (^{BVPASA, 2021}) .Continuing with the aforementioned, Law 1284/98 is identified as the new law of the securities market in Paraguay until 2017, at which time it was repealed by Law 5810/17 in force until the completion of this investigation.

Therefore, BVPASA, by establishing itself as the only stock exchange that Paraguay owns, was in charge of communicating to the general public about the amount of issues made by the Paraguayan State and the yield offered in each issue. It should be noted that several of the money and credit intermediary institutions regulated in Paraguay by Law 861/96 were those that acquired more than 50% of the internal securities issued by the Paraguayan State (^{Ministry of Finance, 2021}).Thus, allowing the PGN to be financed with resources from the placement of sovereign bonds according to the following detail: approximately in 2016, 6%; 2017, 5%; 2018, 5%; 2019, 9% and 2020, 8%.The importance of the PGN having financing lies in the fact that it allows compliance with the provisions of the Annual Purchasing Program (PAC) of the Central State Administration, entities and municipalities. Recognizing the PAC as the annual operational instrument to contribute to the achievement of the objectives established in the National Development Plan 2030, due to its link with the Financial Budget, Operational Plan and the Development Plan of each of the public institutions.