Money market transactions could be both secured and unsecured, i.e., without collaterals. What does one expect from the secured and unsecured markets? The unsecured market should primarily promote market discipline. Loans being uncollateralised in this market, lenders are directly exposed to the risk of non-repayment. This works as an incentive for them to address information asymmetry by collecting information about borrowers.
In my view, the greatest gains over the longest period of time are likely to come out of efforts to develop a well-integrated regional economy, founded on real economy links of trade, transport, telecommunications, energy, and labour mobility. These are the fundamentals that enable talent to find opportunity and firms to grow.