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Finance and Financial Intermediation - A Modern Treatment of Money, Credit, and Banking (Paperback)
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Finance and Financial Intermediation - A Modern Treatment of Money, Credit, and Banking (Paperback)
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The financial system is a densely interconnected network of
financial intermediaries, facilitators, and markets that serves
three major purposes: allocating capital, sharing risks, and
facilitating intertemporal trade. Asset prices are an important
mechanism in each of these phenomena. Capital allocation, whether
through loans or other forms of investment, can vary both across
sectors-at the broadest, manufactures, agriculture, and
services-and within sectors, for example different firms. The risk
that various investors are willing to take reflects their financial
position and alternative opportunities. Risk and asset allocation
are also influenced by whether money, and especially its
expenditure, is more important now or in the future. These
decisions are all influenced by governmental policies. When there
are mismatches, the results include financial meltdowns, fiscal
deficits, sovereign debt, default and debt crises. Harold L. Cole
provides a broad overview of the financial system and assets
pricing, covering history, institutional detail, and theory. The
book begins with an overview of financial markets and their
operation and then covers asset pricing for standard assets and
derivatives, and analyzes what modern finance says about firm
behavior and capital structure. It then examines theories of money,
exchange rates, electronic payments methods, and cryptocurrencies.
After exploring banks and other forms of financial intermediation,
the book examines the role they played in the Great Recession.
Having provided an overview of the provate sector, Cole switches to
public finance and government borrowing as well as the incentives
to monetize the public debt and its consequences. The book closes
with an examination of sovereign debt crises and an analysis of
their various forms. Finance and financial intermediation are
central to modern economies. This book covers all of the material a
sophisticated economist needs to know about this area.
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