A framework for financial market development
Ralph Chami (),
Connel Fullenkamp () and
Sunil Sharma ()
Journal of Economic Policy Reform, 2010, vol. 13, issue 2, 107-135
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.
Keywords: financial market development; financial instruments and contracts; maturity and collateral; seniority and control (search for similar items in EconPapers)
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Journal Article: A framework for financial market development (2010)
Working Paper: A Framework for Financial Market Development (2009)
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