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A Framework for Financial Market Development

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Author Info
Ralph Chami
Sunil Sharma
Connel Fullenkamp

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Abstract

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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Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/156.

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Length: 58 pages
Date of creation: 28 Jul 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/156

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Related research
Keywords: Banking sector ; Banks ; Bond markets ; Capital markets ; Demand for money ; Financial instruments ; Financial risk ; Financial sector ; Financial systems ; Loans ; Risk management ; Securities markets ; Stock markets ;

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