A framework for financial market development /
prepared by Ralph Chami, Connel Fullenkamp and Sunil Sharma.

Description

Main Author

Chami, Ralph

Related Names

Sharma, Sunil.
Fullenkamp, Connel
International Monetary Fund.
IMF Institute.

Language(s)

English

Published

Washington, D.C. : International Monetary Fund, IMF Institute, 2009.

Subjects

Foreign exchange market.
Risk management.
Debts, Public
Financial instruments.
Capital market.

Summary

The paper proposes a framework for examining the process of financial market development. The framework, consistent with the functional view of financial system design, is anchored in studying the incentives facing the key players in financial markets-borrowers, lenders, liquidity providers, and regulators-whose actions determine whether and how markets develop. While different financial instruments embody different concessions by borrowers and lenders, the framework emphasizes the two main compromises: the tradeoffs between maturity and collateral, and between seniority and control. The framework is used to analyze the sequencing of financial market development.

Note

"July 2009."

Physical Description

58 p. ; 24 cm.

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