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Record Nr. |
UNINA9910970774803321 |
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Autore |
Chami Ralph |
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Titolo |
A Framework for Financial Market Development / / Ralph Chami, Sunil Sharma, Connel Fullenkamp |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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9786612843693 |
9781462310364 |
1462310362 |
9781452716770 |
1452716773 |
9781282843691 |
1282843699 |
9781451873030 |
1451873034 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (60 p.) |
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Collana |
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Altri autori (Persone) |
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FullenkampConnel |
SharmaSunil |
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Disciplina |
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Soggetti |
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Banks and banking |
Capital market |
Financial instruments |
Foreign exchange market |
Asymmetric and Private Information |
Bonds |
Corporate Finance and Governance |
Current Heterodox Approaches: Institutional |
Economic Development: Financial Markets |
Evolutionary |
Finance |
Finance: General |
Financial institutions |
Financial Instruments |
Financial Markets and the Macroeconomy |
Financial markets |
Financial sector development |
Financial services industry |
General Financial Markets: General (includes Measurement and Data) |
General Financial Markets: Government Policy and Regulation |
Institutional Investors |
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Institutions: Design, Formation, and Operations |
Investment & securities |
Investments: Bonds |
Investments: General |
Non-bank Financial Institutions |
Pension Funds |
Saving and Capital Investment |
Securities markets |
Securities |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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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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Sommario/riassunto |
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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. |
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