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fachmedien.de - spezialisierte Fachinformationen für Studium und Beruf
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Gerdesmeier / Schrutt

Central Banks and Financial Markets

Medium: Buch
ISBN: 978-3-95647-200-8
Verlag: Frankfurt School Verlag
Erscheinungstermin: 16.03.2021
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Financial markets exercise an enormous influence over modern economies and it is certainly not exaggerated to say that central banks are among the most important actors in financial markets. At the same time, central banks closely monitor the signals and the overall situation in financial markets, often trying to avoid the worst when the situation becomes fragile.

The structure of this book aims at presenting the key concepts of the financial sphere in an accessible and easy-to-read format. Starting from the very basics, the book discusses markets, instruments, and processes before presenting them in an overall framework. The latter helps to understand how the various parts interact and relate to the whole. Numerous examples and end-of-chapter summaries add to a better understanding of the concepts used.

The book is targeted towards students interested in the world of finance and monetary policy. Both authors have spent decades in the practice of central banking and financial markets and can look back on a long tradition of very successful teaching activities.

Die Finanzmärkte üben einen enormen Einfluss auf moderne Volkswirtschaften aus und es ist sicherlich nicht übertrieben zu sagen, dass die Zentralbanken zu den wichtigsten Akteuren auf den Finanzmärkten gehören. Gleichzeitig beobachten die Zentralbanken die Signale und die Gesamtsituation auf den Finanzmärkten genau und versuchen oft, das Schlimmste zu verhindern, wenn die Situation fragil wird.

Die Struktur dieses Buches zielt darauf ab, die Schlüsselkonzepte der Finanzsphäre in einem zugänglichen und leicht zu lesenden Format zu präsentieren. Ausgehend von den Grundlagen werden Märkte, Instrumente und Prozesse erörtert, bevor sie in einem Gesamtrahmen dargestellt werden. Letzteres hilft zu verstehen, wie die verschiedenen Teile interagieren und sich zum Ganzen verhalten. Zahlreiche Beispiele und Zusammenfassungen am Ende der Kapitel tragen zu einem besseren Verständnis der verwendeten Konzepte bei.

Das Buch richtet sich an Studenten, die sich für die Welt der Finanzen und der Geldpolitik interessieren. Beide Autoren haben Jahrzehnte in der Praxis des Zentralbankwesens und der Finanzmärkte verbracht und können auf eine lange Tradition sehr erfolgreicher Lehrtätigkeit zurückblicken.

Produkteigenschaften

  • Artikelnummer: 9783956472008
  • Medium: Buch
  • ISBN: 978-3-95647-200-8
  • Verlag: Frankfurt School Verlag
  • Erscheinungstermin: 16.03.2021
  • Sprache(n): Englisch
  • Auflage: 1. Auflage 2021
  • Produktform: Kartoniert
  • Seiten: 312
  • Format (B x H): 170 x 240 mm
  • Ausgabetyp: Kein, Unbekannt

Themen

Autoren/Hrsg.

Autoren

Dieter Gerdesmeier worked in various departments of the Deutsche Bundesbank, before joining the European Central Bank in 1998. Since March 2007, Dieter is acting as Secretary to the Monetary Policy Committee in the European Central Bank. Dieter is mostly lecturing in the Frankfurt School of Finance & Management, where he holds a honorary professorship.

Leo Th. Schrutt is one of leading experts in the field of investment banking in Switzerland. After having worked for the Swiss National Bank, Leo held top management positions at the Swiss Bank Cooperation, the UBS and at the Julius Baer Group, being responsible for Asset Management and Research. At the current stage, Leo holds several positions in various boards and is an advisor to several international institutions. He was lecturing at the University of Liechtenstein and the Fachhochschule in Aarau.

Session 1: Introduction and Motivation

Part I

Session 2: Financial Markets

2.1 Learning Objectives

2.2 The Financial System
2.3 Functions of the Financial System

2.4 Types of Markets

2.5 Direct and Indirect Finance

2.6 Financial Integration

Key Terms for Review

Key Problems for Review

Session 3: Financial Market Participants

3.1 Learning Objectives

3.2 Financial Institutions

3.3 Commercial Banks

3.4 Shadow Banks

3.5 Central Banks
Key Terms for Review

Key Problems for Review

Part II

Session 4: The Time Value of Money

4.1 Learning Objectives

4.2 A First Look at Interest Rates

4.3 Present Value and Future Value

4.4 The Risk Structure of Interest Rates

4.5 The Term Structure of Interest Rates

Key Terms for Review

Key Problems for Review

Session 5: A Look into the Toolbox

5.1 Learning Objectives

5.2 Some Graphical Tools

5.3 Some Accounting Tools
5.4 Some Statistical Tools

Key Terms for Review

Key Problems for Review

Session 6: Risk and Return

6.1 Learning Objectives

6.2 Calculating Returns

6.3 Measuring Risk

6.4 Portfolio Considerations

6.5 Market Risk and Diversifiable Risk

6.6 Quantifying Market Risk

Key Terms for Review

Key Problems for Review

Session 7: Portfolio Considerations

7.1 Learning Objectives

7.2 Portfolio Analysis

7.3 The Concept of Beta
7.4 Measuring Risk and Return in the Beta Framwork

7.5 Risk and Rates of Return in the Capital Asset Pricing Model

7.6 Other Asset Pricing Models

7.7 Comparing Portfolios

Key Terms for Review

Key Problems for Review

Part III

Session 8: Asset Allocation and Security Selection

8.1 Learning Objectives

8.2 Investment Horizon and Risk Attitude

8.3 Risk and Return Characteristics of some Asset Categories
8.4 Determining the Asset Allocation

8.5 Adjusting the Asset Allocation

Key Terms for Review

Key Problems for Review

Session 9: Bond Markets

9.1 Learning Objectives

9.2 Understanding the Nature of a Bond

9.3 Types of Bonds

9.4 Calculating the Value of a Bond

9.5 Interest Rate Risk

9.6 Reinvestment Risk

9.7 Inflation Risk

9.8 Default Risk

Key Terms for Review

Key Problems for Review

Session 10: Stock Markets

10.1 Learning Objectives

10.2 Understanding the Nature of a Stock

10.3 Calculating the Value of a Stock

10.4 Alternative Measures

10.5 Stock Market Indices

10.6 The Equity Risk Premium

10.7 Fundamental and Technical Analysis of Stocks
10.8 The Graham Approach

10.9 The Dogs of the Dow Approach

10.10 The Bogle Approach

10.11 The Gebert Approach

10.12 Using Financial Leverage

Key Terms for Review

Key Problems for Review

Session 11: Foreign Exchange Markets

11.1 Learning Objectives

11.2 Understanding the Nature of an Exchange Rate

11.3 Explaining Exchange Rates in the Long Run

11.4 Explaining Exchange Rates in the Medium Run

11.5 Exchange Rate Regimes

11.6 A Supply and Demand Framework

11.7 Exchange Market Interventions

11.8 ERM II and the Impossible Trinity

Key Terms for Review

Key Problems for Review

Session 12: Derivative Markets

12.1 Learning Objectives

12.2 Understanding the Nature of a Derivative Instrument

12.3 Types of Derivatives

Key Terms for Review

Key Problems for Review

Part IV

Session 13: The Cost of Capital

13.1 Learning Objectives

13.2 Estimating the Cost of Capital

13.3 Estimating the Cost of Debt

13.4 Estimating the Cost of Preferred Equity

13.5 Estimating the Cost of Common Equity

13.6 Estimating the Weighted Cost of Capital

13.7 A Few Practical Problems

Key Terms for Review

Key Problems for Review

Session 14: Dividend and Dividend Policy

14.1 Learning Objectives

14.2 A Look at the Concept of Dividends

14.3 A Look at Dividend Policy

14.4 Dividend Yield and Dividend Cover

14.5 Dividend Payout and Retention Ratio

14.6 Theories of Investor Preference

Key Terms for Review

Key Problems for Review

Session 15: Mergers and Acquistions

15.1 Learning Objectives

15.2 A First Look at Mergers and Acquisitions

15.3 Types of Mergers and Acquisitions

15.4 Motives Underlying Mergers and Acquisitions

15.5 A Look at the Empirical Evidence

Key Terms for Review

Key Problems for Review

Part V

Session 16: Market Efficiency and Market Anomalies

16.1 Learning Objectives

16.2 Forms of Efficiency

16.3 Market Anomalies

16.4 Behavioural Finance

16.5 Understanding Asset Price Bubbles

16.6 Macroeconomic Effects of Asset Price Bubbles

Key Terms for Review

Key Problems for Review

Session 17: Information Problems in Financial Markets

17.1 Learning Objectives

17.2 Moral Hazard and Adverse Selection

17.3 Implications for Financial Markets

17.4 Mechanisms Alleviating Information Problems

Key Terms for Review

Key Problems for Review

Session 18: Commercial Banks

18.1 Learning Objectives

18.2 Commercial Banks

18.3 On the Macoreconomic Importance of the Banking Sector

18.4 Bank Runs and Banking Crises

18.5 Longer Term Trends in the Euro Area Banking Sector

Key Terms for Review

Key Problems for Review

Session 19: Other Financial Intermediaries

19.1 Learning Objectives

19.2 Pension Funds

19.3 Insurance Corporations

19.4 Mutual Funds

19.5 Sovereign Wealth Funds

19.6 Hedge Funds

19.7 Some Concerns about the Shadow Banking System

Key Terms for Review

Key Problems for Review

Session 20: Central Banks

20.1 Learning Objectives

20.2 European Economic and Monetary Union

20.3 Convergence Criteria

20.4 The Structure of the Eurosystem

20.5 The Structure of the U.S. Federal Reserve System

Key Terms for Review

Key Problems for Review

Session 21: Monetary Policy

21.1 Learning Objectives

21.2 The Costs of Inflation

21.3 Time Lags in Monetary Policy

21.4 The Conduct of Monetary Policy

21.5 The Quantity Theory of Money

21.6 The P-Star Approach

21.7 On the Importance of Money for Central Banks

21.8 Defining Money

21.9 Monetary Definitions in the Euro Area

21.10 Alternative Monetary Policy Strategies
21.11 The Monetary Policy Strategy of the ECB

21.12 The Balance Sheet and the Process of Money Creation

21.13 The Money Multiplier

21.14 Linking Money and Credit

21.15 Taylor Rules

21.16 The Monetary Policy Transmission Process

21.17 Monetary Policy Instruments

21.18 Unconventional Monetary Policy

Key Terms for Review

Key Problems for Review

Part VI

Session 22: Financial Crises and Financial Regulation

22.1 Learning Objectives

22.2 Defining Financial Crises

22.3 Financial Stability and Financial Instability

22.4 Early Warning Models

22.5 The Banking Union in the European Union

Key Terms for Review

Key Problems for Review

Part VII

Session 23: List of Symbols and Abbreviations

Session 24: Multiple Choice Test

Session 25: Glossary

Session 26: References

Session 27: Keywords