Реферат: The Global Money Markets and Money Management

U.S. financial sector divided on: equity markets, stock exchanges, OTC market, stock market indicators, bond markets, options and futures markets, money markets. The United States has a central monetary authority known as the Federal Reserve System.

Monetary policy is the set of tools that a central bank can use to control the availability of loanable funds. These tools can be used to achieve goals for the nation’s economy. Along with the U.S. Treasury, the Fed determines policies that affect employment and prices.

Any firm can deal in government securities; the primary dealer system was established in 1960. Primary dealers include diversified and specialized firms, money center banks, and foreign-owned financial entities. The dealer responding to a bid or offer by “hitting” or “taking” pays a commission to the interdealer broker. Only six interdealer brokers handle the bulk of daily trading volume.

U.S. money market is managed by U.S. government agencies. Federal agencies are fully owned by the U.S. government and have been authorized to issue securities directly in the marketplace.

The largest players in the global money markets are financial institutions — namely depository institutions (i.e., commercial banks, thrifts, and credit unions), insurance companies, and investment banks.

Bibliography

1. Ludwig von Mises. The Theory of Money and Credit . Indianapolis: Liberty Fund, 1982.

2. Ralph Vince. The Mathematics of Money Management . New Jersey: John Wiley & Sons, Inc., 1992.

3. Dr. Randall G. Holcombe. Public Finance . New York: Academic Press, 2000.

4. J. Orlin Grabbe. Chaos & Fractals in Financial Markets . 2001. [http://www.aci.net/kalliste/chaos_index.htm]

5. Frank J. Fabozzi, Steven V. Mann, Moorad Choudhry. The Global Money Markets . New Jersey: John Wiley & Sons, Inc., 2002.

6. Frank J. Fabozzi. Financial Management and Analysis . New Jersey: John Wiley & Sons, Inc., 2003.

[1] A Eurocurrency is a currency that is traded outside of its national border, and can be any currency rather than just a European one.