By Marc Levinson
Contemporary industry turbulence makes it transparent simply how very important it's to appreciate the main markets. this can be the definitive consultant to why diversified markets exist, how they function, and the way they're interrelated. widely revised and up to date, this new version brings the reader modern with the newest advancements in monetary tools and gives a transparent and incisive consultant to this more and more complicated global.
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Can the industry absolutely deal with the cash and banking sector?
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Additional resources for Guide to Financial Markets (5th Edition) (The Economist)
2 Commercial paper outstanding in the United States ($bn, seasonally adjusted, end-year) 1990 1992 1994 1996 1998 2000 2002 2004 Financial 421 407 444 601 936 1,206 1,101 1,268 Non-ﬁnancial 150 146 165 187 227 398 269 120 Total 571 553 609 788 1,163 1,606 1,370 1,388 Source: Federal Reserve Board a bank deposit. In the wake of the Great Depression, during which the government created a deposit-insurance scheme, the popularity of commercial paper declined. By the early 1980s, annual issuance of commercial paper in the United States was only about one-fifth the annual volume of bank lending.
This trend has been encouraged by legislation, such as the Monetary Control Act of 1980 in the United States, which allowed market forces rather than regulators to determine interest rates. Investors can place their money on deposit with investment companies that offer competitive interest rates without requiring a longterm commitment. Many borrowers can sell short-term debt to the same sorts of entities, also at competitive rates, rather than negotiating loans from bankers. The money markets are the mechanism that brings these borrowers and investors together without the comparatively costly intermediation of banks.
These are similar to bands except that governments’ commitments are non-binding. A government might proclaim its desire for its currency to trade within a certain range against another currency, but might not commit itself to acting to keep the exchange rate within that range. As with bands, one government might unilaterally set a target zone for its currency against another currency, or target zones might be agreed multilaterally by a group of countries. Pegs and baskets. A third variant of managed float is for a country to peg to a basket of foreign currencies, rather than to just one.
Guide to Financial Markets (5th Edition) (The Economist) by Marc Levinson