Currency and Capital Markets - (8th Edition)

Author: Ross
Publisher:
Publish Date: 2006-01-01
Features: The monetary and capital markets and their financial systems have a strong influence on the economic life of countries, while they themselves are also in a process of rapid development and change. This book helps readers understand the global monetary and capital markets by providing various practical learning tools for professionals, teachers, and students. Although the book primarily focuses on the U.S. financial market, it also extensively covers monetary and capital markets outside the U.S., making it highly valuable for readers to understand and comprehend the global financial system. It is one of the most highly praised textbooks in the field of international finance, having been revised seven times since its publication. The allocation of resources is the primary mechanism of the monetary and capital markets, and their effective operation is crucial for the stable and healthy growth of an economy. The book consists of 7 parts and 26 chapters, providing a comprehensive and detailed analysis of the financial system, covering the main functions and roles of financial systems in the global economy, the use of financial assets, money, financial transactions, and financial sectors; the main sources of financial information; the prospects of financial systems and monetary and capital markets; the determinants of interest rates: competitive theory; the measurement and calculation of interest rates and financial asset prices; the impact of inflation, deflation, yield curves, and duration on interest rates and asset prices; factors affecting interest rates such as marketability, default risk, call options, prepayment risk, taxes, and others; interest rate forecasting and hedging: swaps, financial futures, and options; an overview of the money market; money market instruments: Treasury bills, repurchase agreements, federal funds, negotiable certificates of deposit, commercial paper, securities of federal government agencies, bank certificates of deposit, and Eurodollar deposits; the role and functions of the Federal Reserve and other central banks in the world; the monetary policy tools of central banks and their objectives; commercial banks; non-bank savings institutions: savings and loan associations, savings banks, credit unions, and money market funds; mutual funds, pension funds, insurance companies, finance companies, and other financial institutions; regulation of financial institutions; the role of the Treasury in financial markets; state and local government borrowing in financial markets; corporate stocks; consumer borrowing and loans; housing mortgage markets. At the end of the book, international transactions and currency value are also explained, as well as the role of international banking in financial markets. This book can serve as a learning and teaching reference for faculty, undergraduate and graduate students, and MBA students in finance and financial majors across the country; a training manual for commercial bank management personnel on monetary and capital market-related knowledge; high-quality reference material for finance scholars and experts in global financial system research. It can also be used as an important reference book for other professional graduate students, finance industry practitioners, and all social individuals interested in the global monetary and capital markets.