A framework for financial market development


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