LEADER 05776oam 22013334 450 001 9910788230403321 005 20230721045734.0 010 $a1-4623-1036-2 010 $a1-4527-1677-3 010 $a1-282-84369-9 010 $a1-4518-7303-4 010 $a9786612843693 035 $a(CKB)3170000000055312 035 $a(EBL)1608377 035 $a(SSID)ssj0000940017 035 $a(PQKBManifestationID)11483765 035 $a(PQKBTitleCode)TC0000940017 035 $a(PQKBWorkID)10946747 035 $a(PQKB)10908467 035 $a(OCoLC)539056589 035 $a(MiAaPQ)EBC1608377 035 $a(IMF)WPIEE2009156 035 $a(EXLCZ)993170000000055312 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 12$aA Framework for Financial Market Development /$fRalph Chami, Sunil Sharma, Connel Fullenkamp 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (60 p.) 225 1 $aIMF Working Papers 300 $a"July 2009." 311 $a1-4519-1731-7 320 $aIncludes bibliographical references. 327 $aContents; 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 330 3 $aThe paper proposes a framework for examining the process of financial market development. The framework, consistent with the functional view of financial system design, is anchored in studying the incentives facing the key players in financial markets-borrowers, lenders, liquidity providers, and regulators-whose actions determine whether and how markets develop. While different financial instruments embody different concessions by borrowers and lenders, the framework emphasizes the two main compromises: the tradeoffs between maturity and collateral, and between seniority and control. The framework is used to analyze the sequencing of financial market development. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/156 606 $aBanks and banking 606 $aCapital market 606 $aFinancial instruments 606 $aForeign exchange market 606 $aFinance: General$2imf 606 $aInvestments: General$2imf 606 $aInvestments: Bonds$2imf 606 $aEconomic Development: Financial Markets$2imf 606 $aSaving and Capital Investment$2imf 606 $aCorporate Finance and Governance$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aInstitutions: Design, Formation, and Operations$2imf 606 $aAsymmetric and Private Information$2imf 606 $aCurrent Heterodox Approaches: Institutional$2imf 606 $aEvolutionary$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aSecurities markets$2imf 606 $aFinancial sector development$2imf 606 $aSecurities$2imf 606 $aFinancial instruments$2imf 606 $aBonds$2imf 606 $aFinancial markets$2imf 606 $aFinancial institutions$2imf 606 $aCapital market$2imf 606 $aFinancial services industry$2imf 607 $aUnited States$2imf 615 0$aBanks and banking. 615 0$aCapital market. 615 0$aFinancial instruments. 615 0$aForeign exchange market. 615 7$aFinance: General 615 7$aInvestments: General 615 7$aInvestments: Bonds 615 7$aEconomic Development: Financial Markets 615 7$aSaving and Capital Investment 615 7$aCorporate Finance and Governance 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aInstitutions: Design, Formation, and Operations 615 7$aAsymmetric and Private Information 615 7$aCurrent Heterodox Approaches: Institutional 615 7$aEvolutionary 615 7$aFinancial Markets and the Macroeconomy 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aFinance 615 7$aInvestment & securities 615 7$aSecurities markets 615 7$aFinancial sector development 615 7$aSecurities 615 7$aFinancial instruments 615 7$aBonds 615 7$aFinancial markets 615 7$aFinancial institutions 615 7$aCapital market 615 7$aFinancial services industry 700 $aChami$b Ralph$01472694 701 $aSharma$b Sunil$0125664 701 $aFullenkamp$b Connel$01485144 712 02$aIMF Institute. 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788230403321 996 $aA Framework for Financial Market Development$93704133 997 $aUNINA