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The UK financial system

Theory and practice, fifth edition

By Mike Buckle and John Thompson

The UK financial system
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  • Price: £35.00
  • ISBN: 9780719082931
  • Publish Date: Aug 2016
  • Publisher: Manchester University Press
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  • Price: £35.00
  • ISBN: 9781526105042
  • Publish Date: Oct 2016
  • Publisher: Manchester University Press
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    Book Information

    • Format: Paperback
    • Pages: 480
    • Price: £35.00
    • Published Date: August 2016

    Description

    Throughout the world the nature and regulation of financial systems have changed dramatically following the global financial crisis. This book introduces the necessary theory and a range of relevant statistics to supplement the narrative. Coverage includes a critique of the UK financial institutions and markets, as well as regulation emanating both from within the UK and also from supranational bodies such as the Bank for International Settlements and the European Union. The discussion is based on both the underlying theory as well as the operating practices of the institutions and markets.

    The book is subdivided into three main sections, each supplemented by a comprehensive glossary: financial institutions; financial markets; and the regulation of banks and other financial institutions. It will be essential reading for undergraduate students enrolled on courses in financial economics and banking.

    Contents


    1. Introduction to the financial system
    1.1. Introduction
    1.2. The role of thefinancial system
    1.3. Financial claims
    1.4. Sectoral analysis of the financial system
    1.5. Conclusion
    Part I: Institutions
    2. Financial intermediation and recent developments in the UK financial system
    2.1. Introduction
    2.2. The nature of financial intermediation
    2.3. What do financial intermediaries do?
    2.4. Implications of financial intermediation
    2.5. The future for financial intermediation
    2.6. Evolution of financial systems
    2.7. Recent developments in theUK financial system
    2.8. Conclusion
    3. Banking: types of banks and the risks they face
    3.1. Introduction
    3.2. Retail banks
    3.3. Wholesale banking
    3.4. International banking
    3.5. Universal banking
    3.6. Islamic banking
    3.7. Narrow banking
    3.8. Securitisation
    3.9. Risks faced by banks
    3.10. Conclusion
    4. Funds and other investment vehicles
    4.1. Introduction
    4.2. Types of investment institution
    4.3. General insurance
    4.4. Nature of the liabilities of long-term insurance companies
    and pension funds
    4.5. Portfolio investment of pension funds and long-term
    insurance companies
    4.6. Investment trusts, unit trusts, open-ended investment
    companies and exchange-traded funds
    4.7. The new funds
    4.8. The shadow banking system
    4.9. The alternative finance industry
    4.10.Conclusion
    5. Central banking
    5.1.Introduction
    5.2. The role of central banks
    5.3. The Bank of England
    5.4. Conclusion
    Part II: Markets
    6. Financial markets: introduction
    6.1. Introduction
    6.2. London as an international financial centre
    6.3. The nature of markets
    6.4. Completion of the transaction
    6.5. Hedging, speculation and arbitrage
    6.6.The efficient markets hypothesis
    6.7. Behavioural finance
    6.8. Conclusion
    7. The market for equities
    7.1. Introduction
    7.2. The primary capital market
    7.3. The primary market for private sector securities
    7.4. The secondary market for private sector securities
    7.5. Global stock market corrections
    7.6. The stock markets and the efficient markets hypothesis
    7.7. Conclusion
    8. Interest rates and the bond market
    8.1. Introduction
    8.2. The structure of interest rates
    8.3. The level of interest rates
    8.4. Nature and valuation of bonds
    8.5. The market for UK government bonds (gilt-edged securities)
    8.6. The corporate bond market and credit ratings
    8.7.The term structure of interest rates
    8.8. Conclusion
    9. The sterling money markets
    9.1. Introduction
    9.2. Assets traded on the London sterling money markets
    9.3. Valuation of securities in the money markets
    9.4. The supply of money by the central bank
    9.5. The Bank of England's money market operations
    9.6. Operations by the DMO in the sterling money market
    9.7. Conclusion
    10. The foreign exchange markets
    10.1. Introduction
    10.2. The nature of exchange rates
    10.3. Determination of exchange rates
    10.4. Nature of the forex
    10.5. Nature of forex business
    10.6. The efficiency of the foreign exchange market
    10.7. Conclusion
    11.Eurosecurities markets
    11.1. Introduction
    11.2. Eurobonds
    11.3. Money market instruments issued through the eurosecurities markets
    11.4. Euro-equities
    11.5. Use of swaps in eurosecurities markets
    11.6. Disintermediation
    11.7. Conclusion
    12. Financial derivatives
    12.1. Introduction
    12.2. The development and growth of financial derivatives
    12.3. ICE Futures Europe (IFE)
    12.4. The nature of financial futures
    12.5. The nature of options
    12.6. Swaps
    12.7. Forward rate agreements
    12.8. Contracts for difference
    12.9. Credit derivatives
    12.10. Problems arising from hedging or trading derivatives
    12.11. The efficiency of the derivatives markets
    12.12. Conclusion
    13. Managing risk via the financial markets
    13.1. Introduction
    13.2. The nature of exchange and interest rate risk
    13.3. Managing exchange rate risk: internal methods
    13.4. Managing exchange rate risk: external methods
    13.5. Managing interest rate risk
    13.6. Conclusion
    Part III: Regulation
    14. The global financial crisis of 2007-8 and its implications
    14.1. Introduction
    14.2. Causes of financial crises
    14.3. Causes of the global financial crisis of 2007-8
    14.4. Responses to the 2007-8 crisis
    14.5. Conclusion
    15.Regulation of the banking system
    15.1. Introduction
    15.2. The rationale for the regulation of banks
    15.3. The structure of regulation
    15.4. The safety net
    15.5. Regulation of capital adequacy: Basel I and II
    15.6. The Basel III framework
    15.7. Banking recovery and resolution
    15.8. Conclusion
    16.Regulation of financial institutions other than banks
    16.1. Introduction
    16.2. Regulation of life insurance companies
    16.3. Regulation of pension funds
    16.4. Investment funds
    16.5. The European Market Infrastructure Regulation
    16.6. The Markets in Financial Instruments Directive (MFID)
    16.7. Conclusion
    Part IV: Conclusions
    17. Conclusions
    17.1. Introduction
    17.2. Critique of the financial sector
    17.3. Conclusion
    References
    Glossary of technical terms and abbreviations
    Index

    Authors

    Mike Buckle is Senior Lecturer in the School of Management at Liverpool University

    John Thompson is Emeritus Professor of Finance at Liverpool John Moores University

    The UK financial system

    By Mike Buckle, John Thompson

    Paperback £35.00 / $52.95

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