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Managing Risks in Financial Market Development
International Monetary Fund
其他書名
The Role of Sequencing
出版International Monetary Fund, 2003-06-01
主題Business & Economics / Finance / GeneralBusiness & Economics / Banks & Banking
ISBN14518539559781451853957
URLhttp://books.google.com.hk/books?id=OjgYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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. On the basis of 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 (but not substitute for) 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.