Financial markets and institutions:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London u. a.
Longman
1994
|
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 288 S. graph. Darst. |
| ISBN: | 0582228948 |
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MARC
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| 100 | 1 | |a Howells, Peter |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Financial markets and institutions |c Peter Howells and Keith Bain |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a London u. a. |b Longman |c 1994 | |
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Record in the Search Index
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| adam_text | Preface x
Acknowledgements xi
Glossary xii
1. Introduction: the financial system 1
1.1 Financial institutions 2
1.1.1 Financial institutions as firms 2
1.1.2 Financial institutions as intermediaries 3
1.1.3 The creation of assets and liabilities 4
1.1.4 Portfolio equilibrium 11
1.2 Lenders and borrowers 12
1.2.1 Saying and lending 13
1.2.2 Borrowing 14
1.2.3 Lending, borrowing and wealth 15
X 1.3 Financial markets 17
1.3.1 Types of product 17
1.3.2 The supply of financial instruments 19
1.3.3 The demand for financial instruments 20
1.3.4 Stocks and flows in financial markets 21
v 1.4 Financial innovation 23
1.4.1 New instruments 23
1.4.2 New practices 25
1.4.3 Causes and consequences of innovation 26
Appendix: Portfolio theory 29
• 2. The financial system and the real economy 41
2.1 A simple model of national income 41
2.2 Lending and borrowing in 1991 45
2.3 The financial system and the real economy 51
2.3.1 The composition of aggregate demand 51
2.3.2 The level of aggregate demand 52
2.3.3 The financial system and resource allocation 56
v
Financial Markets and Institutions
. 3. Deposit taking institutions 59
3.1 The Bank of England 60
3.1.1 The Bank s supervisory role 60
3.1.2 Management of the National Debt 62
3.1.3 The Bank as a bank 62
3.2 Banks 67
3.3 Banks and the creation of money 72
3.3.1 Why banks create money 73
3.3.2 How banks create money 74
3.4 Constraints on bank lending 77
3.4.1 The demand for bank lending 77
3.4.2 The demand for money 78
3.4.3 The monetary base 79
3.5 Building societies 82
3.6 Liability management 88
Appendix: A history of UK monetary aggregates 91
v 4. Non bank financial intermediaries 93
4.1 NBFIs 93
4.1.1 Insurance companies 95
4.1.2 Pension funds 101
4.1.3 Unit trusts 103
4.1.4 Investment trusts 107
4.2 NBFIs and the real economy 110
4.2.1 NBFIs and the flow of funds 111
4.2.2 Short termism and other criticisms 114
4.2.3 NBFIs, velocity and the money supply 117
5. The money markets 125
5.1 The discount market: characteristics 126
5.2 The discount market: operation 129
5.3 The parallel markets 138
5.3.1 The inter bank market 138
5.3.2 The market for certificates of deposit 139
5.3.3 The local authority market 140
5.3.4 The Euromarkets 140
5.3.5 The significance of the parallel markets 140
vi
Contents
6. The capital markets 145
6.1 The importance of capital markets 145
6.2 Characteristics 147
6.2.1 Bonds 147
6.2.2 Equities 148
6.3 The supply of bonds and equities 150
6.4 The demand for bonds and equities 154
6.4.1 The demand for bonds 155
6.4.2 The demand for equities 160
6.5 The behaviour of security prices 166
6.6 Securities and securities related instruments 169
6.7 The trading of securities 171
7. Interest rates 175
7.1 The rate of interest 175
7.1.1 Nominal and real rates of interest 176
7.2 Changes in the demand for and supply of loanable funds 178
7.2.1 Savings and current income 178
7.2.2 How savings are held 180
7.2.3 The demand for loanable funds 181
7.2.4 Interest rates, government policy and the open
economy 182
7.3 The supply of loanable funds and the demand for money 182
7.4 The structure of interest rates 183
7.5 The term structure of interest rates 184
7.5.1 The pure expectations theory of interest rate
structure 185
7.5.2 Risk or liquidity premiums 187
7.5.3 Market segmentation 191
7.5.4 Preferred habitat 191
7.5.5 A summary of views on maturity substitutability 192
7.6 The significance of term structure theories 192
8. Foreign exchange markets 195
8.1 The nature of forex markets 196
8.2 The efficient markets hypothesis 198
8.3 Interest rate parity 202
vii
Financial Markets and Institutions
8.4 Other foreign exchange market rules 204
8.4.1 Differences in interest rates among countries
the Fisher effect 204
8.4.2 The determinants of spot exchange rates
purchasing power parity 205
8.4.3 Market efficiency and the forex markets 206
8.5 Alternative views of forex markets 207
8.5.1 Exchange rate overshooting and rational bubbles 207
8.5.2 Irrationality and diverse expectations 209
8.6 Responses to volatile exchange rates protection against
exchange rate risk 211
8.6.1 Forward exchange markets 211
8.6.2 Futures markets 212
8.6.3 Currency options 213
8.7 Fixed exchange rate systems 214
8.7.1 The European Monetary System 216
9. International capital markets 220
9.1 The world capital market 220
9.2 Eurocurrencies 221
9.2.1 The growth of tht Eurocurrency markets 224
9.2.2 The nature of the market 225
9.2.3 Issues relating to Eurocurrency markets 227
9.3 Techniques and instruments in the Eurobond and Euronote
markets 230
10. Government borrowing and financial markets 236
10.1 The meaning of the PSBR 236
10.2 Financing the PSBR 239
10.2.1 The PSBR and interest rates 239
10.2.2 The sale of bonds to banks 244
10.2.3 The sale of bonds overseas 246
10.2.4 PSBR, interest rates and the money supply a
conclusion 246
10.3 Debt management and economic policy 249
10.3.1 Open market operations 250
10.3.2 Debt management and interest rate structure 251
viii
Contents
11. The regulation of financial markets 253
11.1 The operation of monetary policy 253
11.1.1 The objectives of monetary policy 254
11.1.2 Instruments of monetary policy 255
11.1.3 Approaches to the control of the supply of money 256
11.1.4 UK monetary policy since 1980 262
11.1.5 Monetary policy since 1980 two views 265
11.2 The regulation of financial markets 267
11.2.1 Developments in financial markets 267
11.2.2 The Big Bang in securities markets 268
11.2.3 The Financial Services Act of 1986 269
11.2.4 Problems with self regulation 272
11.2.5 Supervision of the banking system 278
Bibliography 281
Index 284
ix
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| spelling | Howells, Peter Verfasser aut Financial markets and institutions Peter Howells and Keith Bain 2. ed. London u. a. Longman 1994 XII, 288 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier centralne banke - management - nadzor - Velika Britanija finančni trgi - pravna ureditev - Velika Britanija Kreditwesen (DE-588)4032950-1 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Velika Britanija - finance - finančne institucije Großbritannien (DE-588)4022153-2 gnd rswk-swf 1\p (DE-588)4123623-3 Lehrbuch gnd-content Großbritannien (DE-588)4022153-2 g Kreditwesen (DE-588)4032950-1 s DE-604 Kreditmarkt (DE-588)4073788-3 s 2\p DE-604 Bain, Keith Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006744474&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Howells, Peter Bain, Keith Financial markets and institutions centralne banke - management - nadzor - Velika Britanija finančni trgi - pravna ureditev - Velika Britanija Kreditwesen (DE-588)4032950-1 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| subject_GND | (DE-588)4032950-1 (DE-588)4073788-3 (DE-588)4022153-2 (DE-588)4123623-3 |
| title | Financial markets and institutions |
| title_auth | Financial markets and institutions |
| title_exact_search | Financial markets and institutions |
| title_full | Financial markets and institutions Peter Howells and Keith Bain |
| title_fullStr | Financial markets and institutions Peter Howells and Keith Bain |
| title_full_unstemmed | Financial markets and institutions Peter Howells and Keith Bain |
| title_short | Financial markets and institutions |
| title_sort | financial markets and institutions |
| topic | centralne banke - management - nadzor - Velika Britanija finančni trgi - pravna ureditev - Velika Britanija Kreditwesen (DE-588)4032950-1 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| topic_facet | centralne banke - management - nadzor - Velika Britanija finančni trgi - pravna ureditev - Velika Britanija Kreditwesen Kreditmarkt Velika Britanija - finance - finančne institucije Großbritannien Lehrbuch |
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