A framework for financial market development
Published
Journal Article
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. © 2010 Taylor & Francis.
Full Text
Duke Authors
Cited Authors
- Chami, R; Fullenkamp, C; Sharma, S
Published Date
- June 1, 2010
Published In
Volume / Issue
- 13 / 2
Start / End Page
- 107 - 135
Electronic International Standard Serial Number (EISSN)
- 1748-7889
International Standard Serial Number (ISSN)
- 1748-7870
Digital Object Identifier (DOI)
- 10.1080/17487871003700804
Citation Source
- Scopus