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|Additional Physical Format:||Online version:
Howells, P.G.A., 1947-
Financial markets and institutions.
London ; New York : Longman, 1994
|Material Type:||Internet resource|
|Document Type:||Book, Internet Resource|
|All Authors / Contributors:||
P G A Howells; K Bain
|Description:||xii, 288 pages : illustrations ; 24 cm|
|Contents:||Part 1 Introduction: financial institutions; financial institutions as firms; financial institutions as intermediaries; the creation of assets and liabilities; portfolio equilibrium; lenders and borrowers; saving and lending; borrowing; lending, borrowing and wealth; financial markets; types of product; the supply of financial instruments; the demand for financial instruments; stocks and flows in financial markets; financial innovation; new instruments; new practices; causes and consequences of innovation; appendix: portfolio theory. Part 2 The financial system and the real economy: a simple model of national income; lending and borrowing in 1991; the financial system and the real economy; the composition of aggregate demand; the level of aggregate demand; the financial system and resource allocation. Part 3 Deposit taking institutions: the bank of England; the bank's supervisory role; the management of the national debt; the bank as a bank; banks; banks and the creation of money; why banks create money; how banks create money; constraints on bank lending; the demand for bank lending; the demand for money; the monetary base; building societies; liability management; appendix: a history of monetary aggregates. Part 4 Non-bank financial intermediaries: NBFIs; insurance companies; pension funds; unit trusts; investment trusts; NBFIs and the real economy; NBFIs and the flow of funds; "short-termism" and other criticisms; NBFIs, velocity and the money supply. Part 5 The money markets: the discount market - characteristics; the discount market - operation; the "parallel" markets; the inter-bank market; the market for certificates of deposit; the local authority market; the euromarkets; the significance of the parallel markets. Part 6 The capital markets: the importance of capital markets; characteristics; bonds; equities; the supply of bonds and equities; the demand for bonds and equities; the demand for bonds; the demand for equities; the behaviour of security prices; securities and security-related instruments; the trading of securities. Part 7 Interest rates: the rate of interest; nominal and real rates of interest; changes in the demand for and supply of loanable funds; savings and current income; how savings are held; the demand for loanable funds; interest rates, government policy and the open ecomony; the supply of loanable funds and the demand for money; the structure of interest rates; the term structure of interest rates; the pure expectations theory; risk or liquidity premiums; market segmentation; preferred habitat; a summary of views on maturity substitutability; the significance of term structure theories. Part contents.|
|Responsibility:||Peter Howells and Keith Bain.|