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Financial markets and institutions

Author: P G A Howells; K Bain
Publisher: London ; New York : Longman, 1994.
Edition/Format:   Print book : English : 2nd edView all editions and formats

The objective of this book is to explore the connection between the financial system and the rest of the economy. The book makes frequent use of statistical material, which has been made available by  Read more...


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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
ISBN: 0582228948 9780582228948
OCLC Number: 29471549
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.


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