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Financial Markets and Instruments Lecture notes
New Economic School MiF supported by MorganStanley 1 January-February 2007 Financial Markets and Instruments Lecture notes Subject of this course: Financial institutions Basic questions o What? o Why? o How? o Whereto? Financial Markets o Transaction costs o Investors vs. savers o Primary vs. secondary o Organized vs. over-the-counter o Local assets vs. depositary receipts Financial Instruments o Cash flow rights vs. control rights o First vs. second level o Indices Financial intermediaries o Private vs. institutional investors o Asset transformation o Agency problem and conflicts of interest Introduction to Financial Markets Financial Markets What: Transfer funds from savers to borrowers Why: Promoting allocation efficiency and risk sharing How: Via the use of securities and Financial intermediaries Whereto: That become more advanced to satisfy different demands Major Financial innovations: managing different types of risks Money o Evolution: skins ( bucks ) coins paper electronic money o Lower costs of trade enormous expansion of commerce, specialization of production o Functions: medium of exchange / unit of account / storage of value Stock market o Separation of ownership and control o Investors can diversify across many risky projects, with limited liability Futures Markets o Hedging future risks, , grain / exchange rates / weather o Even without owning the underlying asset!
New Economic School MiF supported by MorganStanley 1 January-February 2007 Financial Markets and Instruments Lecture notes Subject of this course: financial institutions
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