TAILIEUCHUNG - Lecture Money, banking, and financial markets (3/e): Chapter 19 - Stephen G. Cecchetti, Kermit L. Schoenholtz

Chapter 19 - Exchange-rate policy and the central bank. In this chapter, students will be able to understand: When capital flows freely across a country's borders, fixing the exchange rate means giving up domestic monetary policy; central banks can intervene in foreign exchange markets; the decision to fix the exchange rate has costs, benefits, and risks; there are a number of examples of exchange-rate systems. | Chapter Nineteen 19- Introduction We need to examine the mechanics of how a central bank manages its country’s exchange rate. Both the . and Europe are huge and largely self-contained economies. For the most part, these economies produce what they consume and invest. They can focus on domestic economy and let their exchange rates take care of themselves. 19- Introduction In small countries, however, imports and exports are sometimes more than 50 percent of GDP. Central banks in these countries do not have the luxury of leaving their exchange rates to take care of themselves. These countries are more exposed to what goes on in the rest of the world. Change in their exchange rates can have dramatic impact on them. 19- Introduction If exchange-rate policy is inseparable from interest-rate policy, we have left something out of our analysis. Why is a country’s exchange rate linked to its domestic monetary policy? Are there circumstances when exchange-rate .

• Ngân hàng - Tín dụng
• Financial markets
• Financial system
• Financial institutions
• Central banks
• Monetary policy
• Exchange rate policy
• Lecture Financial markets
• Thị trường tài chính
• Financial futures markets
• Valuation of financial futures
• Interest rate futures
• Lecture Financial markets and institutions
• Financial institutions markets
• Capital markets
• Money markets
• Derivative securities markets
• Futures markets
• Option markets
• Swap markets
• Foreign exchange derivative markets
• Bank management
• Types of Financial Markets
• Securities traded
• Valuation of securities
• Money market yields
• Bond markets
• Municipal bonds
• Mortgage markets
• Primary mortgage market
• Stock markets
• Common stock
• Foreign exchange markets
• Foreign exchange
• Commercial banks
• Financial statements
• Risks at financial institutions
• Market risk
• Exchange rates
• Economics 252
• Efficient markets
• Excess volatility
• Efficient Markets Hypothesis
• Interest rate derivative markets
• Interest rate swaps
• Mortgage backed securities
• Globalization of mortgage markets
• Financial markets and institutions
• The financial system
• Interest rates change
• Financial markets efficient
• Term structure affect interest rates
• The stock market
• The mortgage markets
• The international financial system
• Financial regulation
• Interest rate fundamentals
• Interest rates
• Security valuation