A framework for financial market development

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

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 reg...

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Bibliographic Details
Main Authors: Chami, Ralph (Author), Fullenkamp, Connel (Author), Sharma, Sunil (Author)
Corporate Authors: International Monetary Fund, IMF Institute
Format: eBook
Language:English
Published: Washington, D.C. : International Monetary Fund, 2009.
Series:IMF working paper ; WP/09/156.
Subjects:
Capital market.
Financial instruments.
Debts, Public.
Risk management.
Foreign exchange market.
risk management.
Capital market
Debts, Public
Financial instruments
Foreign exchange market
Risk management
Online Access:Click for online access
Table of Contents:
  • I. Introduction; II. The Framework: Key Players and their Incentives; A. Borrowers; B. Lenders; C. Liquidity Providers; D. Regulators; III. The Framework: Compromises That Define Financial Instruments; A. The Space of Financial Contracts; B. The Maturity-Collateral Compromise; C. The Seniority-Control Compromise; IV. Applying the Framework: Issues in Financial Market Development; A. Nascent Financial Markets; B. The Bond Market; C. Asset-Backed Securities; D. The Equity Market; E. Derivatives; F. The Loan Market and the Role of Banks; V. Concluding Remarks; References

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