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A short course of lectures
«Financial System»





Learning objectivesClassification of financial intermediariesFinancial intermediaries: intermediation functionsLearning objectivesFinancial marketsPermanent or semi-permanent capital of the issuersMarket efficiencyCredit risk premiumNon-financial lenders and borrowersMoney marketAssistance in price discoveryTrading form: single and dual capacityWhat is money?Clearing and settlementMoney and its rolePrivate sector banksPrice discoveryFinancial intermediationThe money identity and the creation of moneyImproved diversification for lenderCollective investment schemesPrice discoveryWhat is price discovery?Risk alleviationMonetary policy functionEconomic functions of financial intermediariesAuctionIs "money supply" a misnomer?Learning objectivesRole of interest rates in security valuationAlternative investmentsCentral bankBondsDefining the financial systemDeposit instrumentsShare instrumentsMarket mechanismComposition of interest rates Financial intermediariesEconomic functions of secondary marketsLiquidity-sacrifice premiumPayments systemPrivate placementMoney creationHow does a central bank maintain a bank liquidity shortage?Facilitation of flow of fundsMoney creation starts with a bank loanPrice risk lessened for the ultimate lenderLearning objectivesInsurersDebt instrumentsMonetary banking institutionsExpected inflationSharesImplementation of monetary policyEfficient allocation of fundsEnhanced liquidity for lenderRole of central bank in price discoveryPublic issueFinancial intermediaries: classification and relationshipDerivative instrumentsThe mechanics of price discoveryTrading (secondary market)Tap issueQuasi-financial intermediariesMeasures of moneyMarketabilityFinancial market participants & short sellingMoney creation does not start with a bank receiving a depositNotes and coins depositedFinancial instrumentsIssuing methods Trading systemLenders & borrowersThe cash reserve requirementComposition of the nominal risk-free rateSharesLearning objectivesRole of the central bank in money creationDerivative marketsOrganizational structure of financial marketsPrice discovery and informationTrading driver: order or quoteMarket form: exchange-traded and OTC marketsForeign exchange marketMonetary banking sectorInvestingGovernment spendsFinancial instrument typesFisher hypothesisPrimary and secondary marketsSupport of primary marketInstruments of investment vehiclesLearning objectivesEconomies of scaleIssue (primary market)Bond marketMoney creationLiquidity and borrowing cost reductionUniqueness of banksMoney creation is not dependent on a cash reserve requirementShare marketRetirement funds
 
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