An Introduction to Global Financial Markets
Автор(и) : Stephen Valdez , Philip Molyneux
Издател : Palgrave Macmillan
Място на издаване : Basingstoke,GB
Година на издаване : 2010
ISBN : 978-0-230-24309-5
Брой страници : 502
Език : английски
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An Introduction to Global Financial Markets describes the financial world in clear, easy-to-understand terms. The authors provide comprehensive coverage of commercial and investment banking, foreign exchange, money and bond markets, stock markets and derivatives, and an up-to-date analysis of the global financial crisis.
A new chapter on the global financial crisis
Updated coverage of investment banking, hedge funds and private equity, and financial risk and regulation
Details of controversial market instruments such as credit default swaps and collateralized mortgage obligations
Expanded coverage of emerging markets, including Brazil, Russia, India and China
New companion website featuring PowerPoint slides, interactive revision questions, case studies and exercises, bonus chapters and analytical content.
An Introduction to Global Financial Markets is recommended for students studying finance and financial institutions, and anyone who requires an understanding of the global financial system.
The People’s Bank of China was founded in 1948; the Bank of France was founded in 1800; the Bundesbank in 1957; the Reserve Bank of India was founded in 1934; the Bank of Japan in 1885; the Bank of England in 1694, the Federal Reserve in 1913 and the European Central Bank in 1998.
Worldwide, there are 160 central banks. Central bank activities are:
Supervision of the banking system Where it will play a key role even if legally there is a separate supervisory body.
Monetary policy Controlling interest rates and the money supply. However, some central banks are independent in this respect and others are less so, but central banks all over the world have increasingly been given more independence with respect to monetary policy.
Printing of bank notes and minting of coins This must be linked to the growth in the economy or inflation will follow.
Banker to the other banks Domestic banks must leave sums of money with the central bank for various clearing and settlement systems. In some countries (for example, the euro area) the central bank imposes minimum reserves as part of monetary policy.
Banker to the government In raising money for the government, the central bank controls the account into which the money is paid. As taxes are paid, the government balance increases and the commercial banks’ balances fall. When the government spends money, the opposite happens.
Raising money for the government This usually involves the sale of short-term Treasury bills and medium- to long-term government bonds. The cumulative sum of money owed for all borrowing not yet repaid is the national debt. It is usually shown as a percentage of Gross Domestic Product to see if the situation is worsening or getting better. Over time, however, inflation erodes the burden of the debt.
Controlling the nation’s reserves From time to time, central banks will buy or sell their country’s currency to influence the rate. If they buy it, they will use the nation’s reserves of gold and foreign currencies to do so.
Acting as lender of last resort Sometimes this refers to the rescue of banks in trouble but, more generally, it is the willingness of the central bank to assist banks with liquidity problems. Usually, this means their inability to meet the necessary balance levels at the central bank (as a direct result of central bank policy!). The rate of interest involved in the transaction gives the central bank control over interest rates.
International liaison This involves cooperation with bodies like the IMF, the World Bank and the BIS, It also involves supporting international meetings called G7 and G10. With the addition of Russia, G7 is now G8."
Stephen Valdez is a retired financial trainer and consultant and is the former Director of Profile Financial Training Plc. He formed Valdez Financial Training in 1985 to provide simple introductory courses on financial markets. The courses were used around the world by major banks, financial institutions, software houses and information providers. The company was later sold to The Financial Training Co. Ltd. with Stephen Valdez acting as consultant.
Professor Philip Molyneux is Head of Bangor Business School, Professor in Banking and Finance and Director of the Institute of European Finance at Bangor University, UK. He previously held the Special Chair of Financial Services and Financial Conglomerates at Erasmus University, Rotterdam, Netherlands, and was Visiting Professor at Bocconi University, Milan, Italy. He has published a variety of texts on banking areas and acted as a consultant to New York Federal Reserve Bank, the World Bank, the European Commission, the UK Treasury, Citibank Private Bank, Bermuda Commercial Bank, McKinsey& co, Credit Suisse and various other international banks and consulting firms.