Book Description
Stephen Cecchetti’s new text on Money and Banking offers a fresh, more modern, and more student-friendly approach to the subject. The author has drawn on his vast experience as Vice President at the Federal Reserve Bank of New York, publishing in and editing various journals, and consulting for the European Central Bank, the Bank of England, the Bank of Israel, and the Reserve Bank of Australia as well as his years of teaching at various schools including Ohio State, Brandeis, Princeton, and Oxford University. Students will find the material more relevant and interesting because of the book’s unique emphasis on the Five Core Principles, the early introduction of risk, and an integrated global perspective. Cecchetti is THE money and banking book for today’s students; by focusing on the big picture via core principles, Cecchetti teaches students the rationale for financial rules and institutional structure so that even when the financial system evolves, students’ knowledge will not be out of date.
Customer Reviews:
Macroeconomics As Seen From The Fed .......2006-05-28
This is an excellent undergraduate text on financial institutions and monetary economics. The exposition is rigorous yet avoids abstruse math. The best part is the section on monetary economics, where the author dispenses with IS/LM analysis and instead directly analyzes aggregate supply and demand. He writes from the perspective of a central banker (which he was), showing how central banks use interest rates to influence inflation and output. The writing is quite clear, and the numerous sidebars on historical and contemporary issues are excellent. Although some subjects (such as exchange rates) could have been developed in greater depth, this is a great textbook overall.
Ideological footnote: Many undergraduate econ books assume (more or less explicitly) that disturbances in the macroeconomy are eventually self-correcting. This book has a somewhat different starting place: it takes it for granted that regulators will oversee the banking system and that central bankers will act to close output gaps and keep inflation under control (in fact, the latter assumption is built into the author's construction of the aggregate demand curve). According to the author, modern central banks have developed a fairly good understanding of business cycles and know how to moderate them through the use of monetary instruments. Let's hope he's right.
Well written and with clarity.......2005-08-08
I've read the books of Mishkin and Hubbard, also well written pieces.
However, Cecchetti seems to be able to explain concepts with more clarity and in a way that makes one remember the various theories long after reading the book.
He should try to develop further the chapter on futures and give more emphasis on hedging, since this is the trend financial markets are moving towards these days, without having to impinge on books devoted solely to the topic.
He may also want to expound more on the chapter covering foreign exchange and international markets, to make the book more relevant to international readers.
on the chapter on monetary policy, since he touched on foreign central banks he may also wish to write about how other countries implement monetary policy, esp how the Bank of England uses the repo market to conduct money easing/contraction.
Am looking forward to a much-improved version in the future.
Book Description
Global Investing is based on the authors' award-winning research on investment returns. It gives extensive treatment to the returns on all major asset categories--many found nowhere else--and relates these returns to risk, marketability, taxation, and information costs. Supplementing this wealth of information is sound financial advice on building and maintaining diversified portfolios, based on field-tested economic analysis and historical evidence of capital markets throughout the world--including the boom of 1986-1987 and the subsequent crash, as well as recent developments in Europe and on the Pacific Rim. To expand investment choices and help readers get the greatest return in investment markets, Global Investing pinpoints where money has been made in stocks, bonds, cash and cash equivalents, real estate, gold and silver, tangible assets, options, and futures. What's more, it covers the introduction of new financial instruments and opportunities, including asset allocation and derivative securities. Incisive, intelligent, and packed with charts, tables, and graphs, Global Investing helps investors and financial professionals track broad global trends, identify the risks associated with investments in various assets, and select the right investment opportunities.
Book Description
Money and Capital Markets 9/e by Peter Rose and Milton Marquis provides a thorough and comprehensive view of the whole financial system. All the major types of financial institutions and financial instruments present today are discussed, along with how and why the system of money and capital markets is changing. Money and Capital Markets also provides a descriptive explanation of how interest rates and security values are determined. It discusses the current and future trends of the globalization of financial markets, the ongoing consolidation of the financial institutions’ sector, and recent efforts to protect consumer privacy in the financial services field.
Book Description
This text describes financial markets and institutions by providing a conceptual framework to understand why markets exist and what their role is in the financial environment. Each type of financial market is described with a focus on its utilization by financial institutions, its internationalization, and recent events that have affected it. Each type of financial institution is described with a focus on its regulatory aspects, management, use of financial markets, and performance. This edition continues its strong tradition of emphasizing timely examples and practical applications, including Internet materials, and offers a unique tie into Internet resources.
Customer Reviews:
well written.......2004-09-29
This book is a great introduction for someone with little background in economics or finance. It is also a good refresher for people that do have backgroungs in finance. I used it for the latter purpose and I still learned some things that I never previously knew. This book goes into a comprehensive examination of interest rates, fixed income securities, derivatives, and stocks. Easy to read and understand. Well written.
Great.......2001-09-12
It is a very good book, but might be rather basic for advanced financial people. However, it is very easy to follow, so it might be good.
Book Description
This text contains the strengths of the authors' money and banking text: they bring in a historical and evolutionary perspective, provide a global emphasis where appropriate, and cover all the topics common to traditional markets and institutions texts. In addition, they emphasize a flow-of-funds perspective and the text ends with a section on monetary policy. The text provides balanced coverage of the theories, policies, and institutions in a conversational style, avoiding complex models and high level mathematics, making it a student-friendly text with many unique features that offer additional explanation of concepts, analyses, and historical background. The text emphasizes how structural change, globalization, innovation, and technology affect the financial environment, with attention to how and why institutions and markets evolve.
Book Description
From the invention of interest in Mesopotamia and the origin of paper money in China, to the creation of mutual funds, inflation-indexed bonds, and global financial securities, here is a sweeping survey of financial innovations that have changed the world. Written by a distinguished group of experts--including Robert Shiller, Niall Ferguson, Valerie Hansen, and many others--and wonderfully illustrated with over one hundred color photographs of landmark financial documents (including the first paper money), The Origins of Value traces the evolution of finance through 4,000 years of history. Readers see how and why many of our most important financial tools and institutions--loans, interest rates, stocks, bonds, mutual funds, the corporation, and the New York Stock Exchange, to name a few--came into being. We see, for instance, how ancient Rome developed an early form of equity finance that resembles the modern corporation and read about the first modern corporation--the Dutch East India Company--and its innovative means of financing the exploration and expansion of European business ventures around the globe. We also meet remarkable financial innovators, such as the 13th century Italian Fibonacci of Pisa, whose mathematics of money became the foundation for later developments in the technology of Western European finance (and may explain why the West surpassed the East in financial sophistication). And we even discover a still-surviving "perpetuity" dating from the Dutch Age of Reason--an instrument that has been paying interest since the mid-17th century. Placing our current age of financial revolution in fascinating historical perspective, The Origins of Value tells a remarkable story of invention, illuminating many key episodes in the course of financial history.
Customer Reviews:
History of Money.......2006-10-13
This book is a kind of compilation of 20 chapters written by a number of different writers with each one being an expert in the time frame which they covered. The book was very informative about when and where in the world people started using money and financing to transact business. Starting in Mesopotamia with the first known transaction with interest around 1820BC. Then moving on through the Roman Empire and the first annuities to the first use of paper currency by the Chinese around 960AD. The origins of stocks and bonds are also covered along with many interesting facts about the fiancing that took place during the Revolutionary War. There is about 4,000 years of economic history represented in this book which a person interested in economics and history will find an interesting read.
A Real Treasure.......2006-02-23
William Goetzmann and K. Geert Rouwenhort have provide readers with a most wonderful work. Though clearly a wonderful coffee table book, I had to remove it from there due to IT becoming the center of attention in the room. The content is completely well done with beautiful photos and flowing prose. For those interested in gaining a keener understanding of how value developed as the economic force we all contend with today, take a look at this great work! Very well done indeed!
Book Description
Financial Markets Tick by Tick Insights in Financial Markets Microstructure Edited by Pierre Lequeux "Financial Markets Tick by Tick is an in-depth and unique collection of analyses of the behaviour of the financial markets at the micro level. Its publication is particularly timely, given the current period of high volatility in the financial markets. LIFFE are proud to be associated with a text which features so many leading quantitative analysts, risk managers, academics and experts in this highly specialized field." Brian Williamson Executive Chairman, LIFFE The editor has brought together some of the acknowledged experts in the field to contribute on a subject of great timeliness across the finance sector. One could go as far as to say we are experiencing a renaissance in terms of how market players work on a day-to-day basis due to the high intra-day volatility of financial markets and the greater emphasis put on risk management. This book will provide essential reading matter for all those using high frequency data, in both the practitioner and academic markets alike.
Customer Reviews:
Packed with useful information !!.......2002-10-27
As a trader and a quant I found this book packed with useful information. This is a must have book for every trader and researcher of tick-by-tick data.
A must buy!!
Espen G. Haug
(The Author of the complete Guide to Option Pricing Formulas)
Average customer rating:
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Financial Geography: A Banker's View (Routledge International Studies in Money and Banking)
Ris Laulajainen
Manufacturer: Routledge
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ASIN: 0415278708 |
Book Description
Previously, there a been a distinct lack of literature on the economic geography of the world's financial centers. This book is set to remedy that gap.
Financial Geography is the only geographical reader explaining the intricacies of high finance from a global perspective in the 1990s. It is a comprehensive presentation of institutional backgrounds, markets, products, actors and locations, a non-technical primer for future bankers and financial analysts, and a keystone in the basic education of future executives.
This truly internationally focused book is as enjoyable as is it informative. All students and academics involved with economic geography as well as professionals in the banking and finance industries will find this text to be an indispensible book for their bookshelves.
Book Description
The book features an introduction to the structure and mechanics of repo, institutional practices and real-world examples. In addition the content includes necessary supplementary material such as bank asset and liability management, trading techniques, and a range of other applications of value in the global money markets.
Repo markets play a pivotal role in the world's economy. The Repo Handbook is the definitive, comprehensive guide to this most important element of the global debt capital markets. It describes the use, motivations and mechanics of the repo instrument, and features invaluable coverage of specific country markets and institutions. The reader is taken through classic repo, sell/buy backs and structured repo, as well as additional products such as the total return swap and securities lending. As important is the treatment of related areas, such as money markets, banking asset & liability management and the implied repo rate, vital to a full understanding of repo.
This book is the ultimate guide for bankers, repo traders and salespersons, money market participants, corporate treasurers, debt finance professionals and is organized into three parts:
Part I covers the repo instrument, and examines repo mechanics and use of repo. There is also a look at selected country repo markets around the world.
Part II of the book considers the institutional treatment of repo, with chapters on risk, netting, accounting, and legal issues. There is also a chapter on equity repo.
Part III looks at basis trading and the implied repo rate. This includes results of original research on the gilt bond basis, presented in accessible style.
* A complete guide to repo, including introductions to money markets and bonds
* Contains the author's personal anecdotes from trading
* Covers every aspect of repo for all participants including legal, tax, accounting and back office
Customer Reviews:
Very comprehensive coverage of Repo and money markets.......2004-03-12
This is a very good book on repo, money markets, and bank ALM. It is written in very accessible style and has very clear examples, descriptions, worked examples, and screen pictures. The author has also demonstrated how repo fits in with the other money markets. Highly recommended, a good guide to repo and stock lending.
Identity Crisis.......2004-01-23
It is interesting that most, if not all, of the 5-star reviews below appear to be written by the author's? aliases. For instance, the Oct. 7, Oct, 20, both Oct 22 reviews, and the Nov. 4 review all currently originate from X Moore from "John Rasheed", although in the past they've all shown London or Cape Town origin as "John Rasheed" sought to cover his tracks.
"Mr. Gagan Singh" writes several negative reviews of other books, but positive reviews of Mr. Choudhry's books. "Mr. Gagan Singh" wrote negative reviews of Ms. Stigum's "The Money Market" and alternately hails from NY, the USA, Capetown or from wherever next this chameleon chooses to hail as the reviews change.
"Matthew Bartlett" is another alias used on two book reviews of Fabozzi's "Collateralized Debt Obligations" book. One of the "Matthew Bartlett" reviews is signed "Moorad Choudhry" and praises the book with 5-stars, but the other review is unsigned and gives the book a one-star review. This is a serious identity crisis.
Great book - don't believe the negative hype.......2004-01-07
If you want to buy the best guide to repo and money markets, buy this book - forget what any US-based reviewers are saying casting ridiculous accusations about the author. The book is great - end of story. Buy it!
The ultimate guide to repo.......2003-11-04
comprehensive and well worth buying. covers all you need to know on repo and well illustrated with worked examples.
Surplus funds awaiting collection.......2003-10-23
My name is Adebayo Alotunde, I am second cousin of President of Nigeria. Please can everyone send me 10 copies of this book and I will send payment by return.
Book Description
Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries allow their foreign debts to be denominated in dollars, yen, or euros because they simply don't know better.
Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets, which prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.
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Financial Institutions, Markets, and Money
