05776oam 22013334 450 991078823040332120230721045734.01-4623-1036-21-4527-1677-31-282-84369-91-4518-7303-49786612843693(CKB)3170000000055312(EBL)1608377(SSID)ssj0000940017(PQKBManifestationID)11483765(PQKBTitleCode)TC0000940017(PQKBWorkID)10946747(PQKB)10908467(OCoLC)539056589(MiAaPQ)EBC1608377(IMF)WPIEE2009156(EXLCZ)99317000000005531220020129d2009 uf 0engur|n|---|||||txtccrA Framework for Financial Market Development /Ralph Chami, Sunil Sharma, Connel FullenkampWashington, D.C. :International Monetary Fund,2009.1 online resource (60 p.)IMF Working Papers"July 2009."1-4519-1731-7 Includes bibliographical references.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; ReferencesThe 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.IMF Working Papers; Working Paper ;No. 2009/156Banks and bankingCapital marketFinancial instrumentsForeign exchange marketFinance: GeneralimfInvestments: GeneralimfInvestments: BondsimfEconomic Development: Financial MarketsimfSaving and Capital InvestmentimfCorporate Finance and GovernanceimfGeneral Financial Markets: General (includes Measurement and Data)imfGeneral Financial Markets: Government Policy and RegulationimfInstitutions: Design, Formation, and OperationsimfAsymmetric and Private InformationimfCurrent Heterodox Approaches: InstitutionalimfEvolutionaryimfFinancial Markets and the MacroeconomyimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfFinanceimfInvestment & securitiesimfSecurities marketsimfFinancial sector developmentimfSecuritiesimfFinancial instrumentsimfBondsimfFinancial marketsimfFinancial institutionsimfCapital marketimfFinancial services industryimfUnited StatesimfBanks and banking.Capital market.Financial instruments.Foreign exchange market.Finance: GeneralInvestments: GeneralInvestments: BondsEconomic Development: Financial MarketsSaving and Capital InvestmentCorporate Finance and GovernanceGeneral Financial Markets: General (includes Measurement and Data)General Financial Markets: Government Policy and RegulationInstitutions: Design, Formation, and OperationsAsymmetric and Private InformationCurrent Heterodox Approaches: InstitutionalEvolutionaryFinancial Markets and the MacroeconomyPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsFinanceInvestment & securitiesSecurities marketsFinancial sector developmentSecuritiesFinancial instrumentsBondsFinancial marketsFinancial institutionsCapital marketFinancial services industryChami Ralph1472694Sharma Sunil125664Fullenkamp Connel1485144IMF Institute.International Monetary Fund.DcWaIMFBOOK9910788230403321A Framework for Financial Market Development3704133UNINA