資源描述：
《Financial Intermediation and Markets金融中介與金融市場(chǎng)》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在教育資源-天天文庫(kù)。
1、FinancialIntermediation5andMarketsCHAPTERThefinancialmarketstodayencompassnotonlytraditionalbankinginstitutions,butalsomanyotherfinancialentitiessuchasinsurancecompanies,pensionfunds,mutualfunds,venturecapitalfundsandstockandcommodityexchangesthatperformthefun
2、ctionoffinancialintermediation.Thisdevelopmenthasbeenaccompaniedbytheadventofmarket-basedinstrumentsofthestockandbondmarkets,financialproductssuchasasset-backedsecurities,financialfuturesandderivativeinstruments.Whilereducingthedependenceofinvestorsonbankcredi
3、ttofundtheirinvestments,thesehavealsocontributedtoreallocationofrisksandputtingofcapitaltomoreefficientuse.Financialmarketsalsoservetheneedforgreaterfinancialinclusion.Therecentexperiencefromtheglobalfinancialcrisis,hashowever,shownthat,despitethevarietyofinst
4、rumentsandthesophisticationofthemarkets,theymaynotremainimmunetocrisis,iftheinvestors/institutionsdonotpayadequateattentiontothefundamentalsorifthepricingofriskandtheratingsfortheseinstrumentsarenottransparent,andiftheregulatoryoversightispoor.Anefficientandhe
5、althyfinancialmarket,shouldthereforeavoidtheshortcomingsasgleanedfromtheexperienceoftheglobalfinancialmarketsinthelastcoupleofyears.Thedeepeningandbroadeningoffinancialmarketsalsounderscorestheimportanceofinstitutionalsafeguardsformonitoringandanalysingthedome
6、sticaswellasexternaldevelopmentstoensurethattheregulatorysystemisefficientandeffective.ThischaptersummarizesthedevelopmentsinthefinancialsectorinIndiainthelastyear,whichhasremainedrelativelyimmunetotheglobalfinancialturbulencethroughaproactiveresponsetothechal
7、lenges.BANKCREDITnon-bankdomesticsourcesoffundsandexternalfinancing(whichhadalmostdriedupearlierduring5.2Theaccommodativemonetarypolicystancethecrisisperiod)atlowercosts.Thus,whilebankadoptedbytheReserveBank,post-Septembercreditduring2009-10continuedtodecelera
8、te,there2008,inresponsetotheglobalfinancialcrisis,wasaturnaroundinfinancingfromnon-bankcontinuedduring2009-10.Thoughthepolicyfocuseddomesticsources.Itislikelythatrevivalofgrowthonm
