New PDF release: A Guide to Financial Institutions

By Charles R. Geisst (auth.)

ISBN-10: 0230379079

ISBN-13: 9780230379077

ISBN-10: 0333586751

ISBN-13: 9780333586754

An introductory survey of economic associations in Britain and the USA. Discusses the constitution and services of industrial banks, development institutions, funding banks, existence insurance firms and pension cash, and American federal enterprises. additionally encompasses a bankruptcy at the monetary deregulation and occasions of the Eighties that helped create the present monetary weather. contains examples and tables in the course of the text.

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Sample text

Ultimately, not only the cost of borrowing from banks will rise but 40 A Guide to Financial Institutions so too will borrowing in the money markets. Larger corporate clients may decide to issue their own form of short-term debt rather than tap their bank, and those borrowing costs will also rise as more and more companies take this avenue of approach. And as money market rates rise, so too will the return demanded by depositors and investors in short-term deposits or securities. This rather simple explanation fails to take into account the fact that monetary policy usually unfolds in a concerted way rather than through oneĀ· technique alone.

Although the exact target zones established for the dollar against the other reserve currencies is a relatively secret matter, it was still obvious that the depreciation was successful and helped to avoid many political repercussions that might otherwise have developed. Although the international system -sometimes appears more as a headless body groping ~ the financial dark than an organised group of financial institutions, it does nevertheless function in an orderly fashion and has been able to weather many international crises.

It should not necessarily be assumed that investor protection suffers as a result; in most cases the regulations are based traditionally upon the role of equity markets in the country's economy. Those countries with the strictest regulations are those with the most active equity markets. Others tend to favour bonds as the primary source of company financing. As a result, equity investment is not popular and bond financing and investment u {~ w t a different element of risk attached. Therefore, the trust departments of many continental banks invest many more bonds in their clients' portfolios than equities, with substantially less risk.

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A Guide to Financial Institutions by Charles R. Geisst (auth.)


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