"The principal role played by the financial system in any country
is to provide the infrastructure to allow surplus resources to be
allocated to those individuals and companies with deficits. The
positive impact of a functioning financial system upon economic
growth of a country is well documented. In most countries, the
financial system extends beyond traditional banking institutions to
include insurance companies, mutual funds, market makers and other
financial service providers. These non-bank financial institutions
provide services that are not necessarily suited to banks, serve as
competition to banks, and specialize in sectors or groups. Having a
multi-faceted financial system, which includes non-bank financial
institutions, can protect economies from financial shocks. However,
in developing countries that lack a coherent policy framework and
effective regulations, non-bank financial institutions can
exacerbate the fragility of the financial system.
This book helps build an awareness of the potential of non-bank
financial institutions for developing countries. It aims to assist
policymakers in the creation of coherent policy structures, and
sound regulatory and supervisory environments for the development
of these institutions. It assists policymakers in learning the
essential functions and characteristics of non-bank financial
institutions with select chapters on insurance companies, mutual
funds and pension schemes, securities markets, and leasing and real
estate companies."
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