A framework for financial market development

被引：20
|
作者：
Chami, Ralph [2 ]
Fullenkamp, Connel [1 ]
Sharma, Sunil [3 ]
机构：
[1] Duke Univ, Dept Econ, Durham, NC 27706 USA
[2] Int Monetary Fund, Washington, DC 20431 USA
[3] Int Monetary Fund, IMF Singapore Reg Training Inst, Singapore, Singapore
来源：
JOURNAL OF ECONOMIC POLICY REFORM | 2010年 / 13卷 / 02期
关键词：
financial market development; financial instruments and contracts; maturity and collateral; seniority and control; CAPTURE;
D O I：
10.1080/17487871003700804
中图分类号：
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号：
0201 ; 020105 ; 03 ; 0303 ;
摘要：
A framework for examining the process of financial market development is proposed. The framework 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 two main compromises: the tradeoffs between maturity and collateral, and between seniority and control in the sequencing of market development.
引用
收藏
页码：107 / 135
页数：29
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