Managing Risks in Financial Market Development: The Role of Sequencing
- Topics:
- Commercial Lending
- Tags:
- Finance,
- Financial,
- Financial Accounting,
- Financial Market,
- Risk
- Source:
- International Monetary Fund
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Overview: This paper proposes an integrated and risk-based approach to the sequencing and coordination of reforms to develop domestic financial markets. The paper argues that there is a hierarchy of financial markets that reflects the complexity of risks in each market and the interlinkages among markets. Based on this hierarchy, a sequencing of market development and risk-mitigation measures is proposed to minimize both macroeconomic and financial risks. Capital account opening can complement domestic institutional and market reforms to support the growth of local financial markets. The paper also argues that domestic institutional investors are critical to market development and risk mitigation.
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Format: PDF | Size: 1,454KB | Date: Jun 2003 | Pages: 38
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