By Stephen Valdez, Philip Molyneux
An advent to worldwide monetary Markets presents scholars with a one-stop consultant to finance and monetary markets around the globe. Requiring no prior wisdom of the topic, the authors comprehensively conceal a huge variety of alternative varieties of banking, markets, foreign currency echange and by-product items. Incorporating fresh occasions and present advancements in finance, and utilizing modern examples, this e-book presents the appropriate, up to date creation to this fast-moving subject.
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Additional resources for An Introduction to Global Financial Markets
Sample text
We are now very much into modern banking traditions, except that today the notes aren’t backed by gold or silver. By the end of the 17th century, the goldsmiths’ receipts had become banknotes in a formal sense, the first being issued by the Bank of Sweden in 1661. Internationally, the emphasis in banking, which had been in Florence, moved to Genoa as gold and silver flooded in from the New World. Outside Italy, the Fugger family of Augsburg created a financial dynasty comparable to the Italians’.
8 Total (=1+2+3) Source: Data from Credit Suisse (2013) Global Wealth Report and own estimates. Gearing/Leverage There’s nothing wrong in principle with borrowed money. It enables the company to do more trading than it could on the shareholders’ equity alone. The danger comes when too much money is borrowed, especially if boom times are followed (as they usually are) by recession. The firm may be unable to pay the interest out of its reduced profits, quite apart from the problem of repaying the principal sum itself.
He simply sells the bond to someone else. This is crucially important, as it means that he is more willing to put the money up in the first place, knowing that there is this escape clause. It also gives great velocity to the ‘money merry-go-round’, as the same security is bought and sold many times. Let’s tackle the market jargon here. The first time the money is lent and changes hands, the first time the security is issued, is the primary market. All the buying and selling that takes place thereafter we call the secondary market.