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Full Description
The financial system is a key influencer of the health and efficiency of an economy. The role of the financial system is to gather money from people and businesses that currently have more money than they need and transfer it to those that can use it for either business or consumer expenditures. This flow of funds through financial markets and institutions in the Australian economy is huge (in the billions of dollars), affecting business profits, the rate of inflation, interest rates and the production of goods and services. In general, the larger the flow of funds and the more efficient the financial system, the greater the economic output and welfare in the economy. It is not possible to have a modern, complex economy such as that in Australia, without an efficient and sound financial system. The global financial crisis (GFC) of late 2007-09 (and the ensuing European debt crisis), where the global financial market was on the brink of collapse with only significant government intervention stopping a catastrophic global failure of the market, illustrated the importance of the financial system. Financial Markets, Institutions and Money 3rd edition introduces students to the financial system, its operations, and participants. The text offers a fresh, succinct analysis of the financial markets and discusses how the many participants in the financial system interrelate. This includes coverage of regulators, regulations and the role of the Reserve Bank of Australia, that ensure the system's smooth running, which is essential to a modern economy. The text has been significantly revised to take into account changes in the financial world.
Contents
About the authors xiii
Preface xv
Acknowledgements xvii
1 Overview 1
2 The monetary authorities 63
3 The Reserve Bank of Australia and interest rates 101
4 The level of interest rates 131
5 Financial mathematics 157
6 Bond prices and interest rate risk 217
7 The structure of interest rates 257
8 Money markets 285
9 Bond markets 319
10 Equity markets 351
11 Derivatives markets 391
12 Foreign exchange markets 431
13 Regulation of financial institutions 475
14 Commercial bank operations 533
15 Nonbank financial institutions 601
16 International banking 641
17 Insurance, investment companies and superannuation 681
18 Investment banking and venture capital 733
19 Sustainability and the finance sector 771
Glossary 805
Index 825
