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A short course of lectures
«Financial System»





MarketabilityLiquidity and borrowing cost reductionClassification of financial intermediariesLearning objectivesOrganizational structure of financial marketsRole of interest rates in security valuationQuasi-financial intermediariesFinancial intermediaries: classification and relationshipPayments systemDerivative instrumentsTrading systemHow does a central bank maintain a bank liquidity shortage?Foreign exchange marketMarket efficiencyTrading form: single and dual capacityInstruments of investment vehiclesSharesDebt instrumentsMarket form: exchange-traded and OTC marketsPrice risk lessened for the ultimate lenderRetirement fundsFinancial marketsIs "money supply" a misnomer?Economies of scaleLenders & borrowersUniqueness of banksFinancial instrumentsWhat is price discovery?Financial intermediaries: intermediation functionsPrivate sector banksMoney creationEconomic functions of financial intermediariesInsurersShare instrumentsMoney creation starts with a bank loanDerivative marketsAuctionMoney creation is not dependent on a cash reserve requirementBond marketLearning objectivesPermanent or semi-permanent capital of the issuersLiquidity-sacrifice premiumSupport of primary marketMonetary policy functionPrice discovery and informationCollective investment schemesComposition of the nominal risk-free rateMeasures of moneyWhat is money?Facilitation of flow of fundsAlternative investmentsComposition of interest rates Money creation does not start with a bank receiving a depositDefining the financial systemEnhanced liquidity for lenderMonetary banking institutionsRisk alleviationMoney and its roleLearning objectivesLearning objectivesFinancial market participants & short sellingCentral bankNon-financial lenders and borrowersPrivate placementImplementation of monetary policyInvestingCredit risk premiumMoney creationFisher hypothesisFinancial intermediariesThe money identity and the creation of moneyPrice discoveryExpected inflationGovernment spendsDeposit instrumentsLearning objectivesIssuing methods Public issuePrice discoveryThe cash reserve requirementFinancial intermediationThe mechanics of price discoveryEconomic functions of secondary marketsMarket mechanismTap issuePrimary and secondary marketsMoney marketClearing and settlementTrading (secondary market)Trading driver: order or quoteShare marketAssistance in price discoveryIssue (primary market)BondsLearning objectivesNotes and coins depositedMonetary banking sectorImproved diversification for lenderSharesRole of central bank in price discoveryFinancial instrument typesRole of the central bank in money creationEfficient allocation of funds
 
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