World Economic and Financial Surveys International Capital Markets, 1992

This paper presents the IMF’s annual survey of developments, prospects, and key policy issues in international capital markets. It focuses on how to manage the restructuring of capital markets in an environment of wide-ranging liberalization, intense competition, and growing securitization—in a way...

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Bibliographic Details
Corporate Author: International Monetary Fund
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1992
Series:World Economic and Financial Surveys
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Credit 
653 |a Banks 
653 |a Finance 
653 |a Securities 
653 |a Industries: Financial Services 
653 |a Banks and banking 
653 |a Mortgages 
653 |a Money 
653 |a Financial markets 
653 |a Bonds 
653 |a Bank credit 
653 |a Banking 
653 |a Mutual funds 
653 |a International bonds 
653 |a Futures 
653 |a Depository Institutions 
653 |a Commercial banks 
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653 |a Monetary economics 
653 |a Financial institutions 
653 |a Financial Instruments 
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653 |a Micro Finance Institutions 
653 |a Monetary Policy, Central Banking, and the Supply of Money and Credit: General 
653 |a Financial Institutions and Services: Government Policy and Regulation 
653 |a General Financial Markets: General (includes Measurement and Data) 
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653 |a Finance: General 
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520 |a This paper presents the IMF’s annual survey of developments, prospects, and key policy issues in international capital markets. It focuses on how to manage the restructuring of capital markets in an environment of wide-ranging liberalization, intense competition, and growing securitization—in a way that avoids a systemic crisis as well as moral hazard risks and budgetary costs associated with public sector support of weak financial institutions. A key feature of the new financial environment is the competition-driven disintermediation from banking systems—particularly from wholesale banking—into securitized money and capital markets. The more creditworthy corporate borrowers in major industrial countries are increasingly able to satisfy their liquidity, risk-management, and financing needs directly in liquid securities markets. Securitization is forcing adjustments across the entire spectrum of activities and institutions in financial markets. The loss of traditional balance sheet business has led to cost cutting and to consolidation in the wholesale banking sector and to an expansion in off-balance sheet activities, including backup lines of credit and forward interest rate and foreign exchange contracts