TAILIEUCHUNG - Ebook The economics of money banking and finance (3rd edition): Part 2

(BQ) Part 2 book "The economics of money banking and finance" has contents: Money markets, equity markets, foreign exchange markets, the single European market, the European Central Bank and euro area monetary policy, financial innovation, financial market efficiency,.and other contents. | Part 5 Markets Chapter 15 Money markets What you will learn in this chapter: n The major instruments which are created and traded in the money markets n The characteristics of those instruments and how they are priced n The main participants in the money markets n The size, growth and recent development of these markets n The use of money markets by the authorities for policy purposes 290 CHAPTER 15 MONEY MARKETS Introduction Financial markets can be classified in many different ways. One very simple and very common classification distinguishes between money markets and capital markets. The distinction is based upon the length of the loan when it is first made (that is, on the ‘initial maturity’). In money markets, funds are borrowed and lent for a maximum of one year. However, many loans are for less than one year when they are initially made (many are ‘overnight’). This, combined with the fact that many existing one-year loans were made some time ago, means that the average maturity of outstanding debt in money markets is much shorter. Within this two-part classification there are further possibilities. We can distinguish (money) markets for several different instruments; or we can distinguish by the way in which they are traded; or we can distinguish by the identity of the borrower. Table provides a list of money markets distinguished largely by instrument. The table begins with those markets where the borrowing/ lending is carried out through the issue of securities which can be bought and sold in a secondary market. These are the discount market itself, and the markets for commercial paper (CP) and certificates of deposit (CDs). We then subdivide the discount market by borrower, noting that it trades bills issued by three distinct classes of borrower. By contrast, the interbank market is a ‘market’ for deposits that cannot be traded. Money market deposits have much the same Table Money markets The discount market Treasury .

• Kế toán - Kiểm toán
• Money banking
• Money markets
• Equity markets
• Foreign exchange markets
• The single European market
• Financial innovation
• Financial market efficiency
• Bài giảng Tài chính
• Lecture Money banking & finance
• Demand for Money
• Keynes’ Demand for Money
• Optimal money holding
• Disequilibrium Money
• Lecture Money and Banking
• Bài giảng Tiền tệ và Ngân hàng
• Money and Banking
• Principles of money and banking
• Risk requires compensation
• Stability improves welfare
• Lecture Money Banking and Finance
• Bài giảng Tiền tệ ngân hàng
• The Definition of Money
• Characteristics of Money
• Forms of money
• Monetary aggregates
• Quantity theory of money
• The Microfoundations of Money
• Critical evaluation of OLG
• MIUF approach
• Fiat Money Theory
• Risk return analysis
• Fiat money economy
• Overlapping Generations Model
• Store of Value
• All or Nothing Theory
• The Liquidity Trap
• The Demand for Money
• The Miller Orr model
• Payment system
• Electronic funds transfers
• Measuring money
• Measures of inflation
• Time value of money
• Future value concepts
• Financial environment
• The bank’s balance sheet
• Deposit expansion multiplier
• Money multiplier
• Excess reserve ratio
• The central bank’s monetary policy toolbox
• Low inflation environment
• Interest rate risk
• Globalization of banking
• Non depository institutions
• Tài chính ngân hàng
• Evolution of Money
• Money supply control
• Financial institutions
• Structure of financial industry
• The equation of exchange
• The quantity theory of money
• Monetary system
• Intermediate targets
• Money supply
• Interest rates
• Interest rate target
• Classical Monetary theory
• The Classical dichotomy
• Central bank independence
• Conservative central banking
• The time inconsistency problem