Both domestic and international capital markets are vital to the long-term financing of investment plans and projects for governments, businesses and individuals. Moreover, capital markets offer abundant opportunities for investing, borrowing, speculation and hedging. In a purely domestic context, the economic growth of a country is largely dependent on the development, organisation and efficiency of that country's domestic capital markets. Capital markets are markets for long-term funding that include equity markets, corporate debt markets, and government debt markets. Capital markets also encompass the foreign exchange markets and derivatives markets in the essential roles played by these markets in the facilitation of international funding, and financial risk management respectively.
In your own words briefly describe and discuss the following markets and the functions and roles played by these markets in the context of a nation's capital markets:
(a) Equity market;
(b) Corporate debt market;
(c) Government debt market;
(d) Foreign exchange market;
(e) Derivatives market.
Based on the Australian economy