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Financial System - Prof. Dr AP Faure

Financial System: An Introduction 1st edition

© 2013 Quoin Institute (Pty) Limited

Year 2013

1. Lenders & borrowers1.1. Learning objectives1.2. Introduction1.3. Defining the financial system1.4. Non-financial lenders and borrowers1.5. Summary2. Financial intermediaries2.1. Learning objectives2.2. Introduction2.3. Financial intermediation2.4. Economic functions of financial intermediaries2.4.1. Introduction2.4.2. Facilitation of flow of funds2.4.3. Efficient allocation of funds2.4.4. Assistance in price discovery2.4.5. Money creation2.4.6. Enhanced liquidity for lender2.4.7. Price risk lessened for the ultimate lender2.4.8. Improved diversification for lender2.4.9. Economies of scale2.4.10. Payments system2.4.11. Risk alleviation2.4.12. Monetary policy function2.5. Financial intermediaries: classification and relationship2.5.1. Introduction2.5.2. Classification of financial intermediaries2.6. Financial intermediaries: intermediation functions2.6.1. Introduction2.6.2. Monetary banking sector2.6.3. Central bank2.6.4. Private sector banks2.6.5. Insurers2.6.6. Retirement funds2.6.7. Collective investment schemes2.6.8. Alternative investments2.6.9. Quasi-financial intermediaries2.7. Summary3. Financial instruments3.1. Learning objectives3.2. Introduction3.3. Financial instrument types3.4. Share instruments3.5. Debt instruments3.6. Deposit instruments3.7. Instruments of investment vehicles3.8. Derivative instruments3.9. Summary4. Financial markets4.1. Learning objectives4.2. Introduction4.3. Money market4.4. Bond market4.5. Share market4.5.1. Introduction4.5.2. Shares4.5.3. Market mechanism4.5.4. Issue (primary market)4.5.5. Investing4.5.6. Trading (secondary market)4.5.7. Permanent or semi-permanent capital of the issuers4.6. Foreign exchange market4.7. Derivative markets4.8. Organizational structure of financial markets4.8.1. Introduction4.8.2. Primary and secondary markets4.8.3. Economic functions of secondary markets4.8.3.1. Introduction4.8.3.2. Price discovery4.8.3.3. Liquidity and borrowing cost reduction4.8.3.4. Support of primary market4.8.3.5. Implementation of monetary policy4.8.4. Market form: exchange-traded and OTC markets4.8.5. Issuing methods Introduction4.8.5.2. Public issue4.8.5.3. Private placement4.8.5.4. Auction4.8.5.5. Tap issue4.8.6. Trading driver: order or quote4.8.7. Trading system4.8.8. Trading form: single and dual capacity4.9. Financial market participants & short selling4.10. Clearing and settlement5. Money creation5.1. Learning objectives5.2. Introduction5.3. What is money?5.4. Measures of money5.5. Monetary banking institutions5.6. Money and its role5.7. Uniqueness of banks5.8. The cash reserve requirement5.9. Money creation does not start with a bank receiving a deposit5.9.1. Introduction5.9.2. Notes and coins deposited5.9.3. Government spends5.9.4. Money creation starts with a bank loan5.10. Money creation is not dependent on a cash reserve requirement5.11. Is "money supply" a misnomer?5.12. The money identity and the creation of money5.13. Role of the central bank in money creation5.14. How does a central bank maintain a bank liquidity shortage?6. Price discovery6.1. Learning objectives6.2. Introduction6.3. What is price discovery?6.4. Price discovery and information6.5. The mechanics of price discovery6.6. Role of central bank in price discovery6.7. Composition of interest rates 6.7.1. Introduction6.7.2. Fisher hypothesis6.7.3. Composition of the nominal risk-free rate6.7.4. Expected inflation6.7.5. Liquidity-sacrifice premium6.7.6. Credit risk premium6.7.7. Marketability6.8. Role of interest rates in security valuation6.8.1. Introduction6.8.2. Bonds6.8.3. Shares6.9. Market efficiency
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