<i>‘Refet Gürkaynak and Jonathan Wright put together a comprehensive and thorough collection of chapters written by the best professionals. It is a gem and must-read for anybody who wants to take a deep dive into understanding the nuts and bolts of central banking, financial intermediaries, money, capital and derivatives markets.’</i>

- Eric Ghysels, University of North Carolina at Chapel Hill, US,

<i>‘This book provides a comprehensive guide to modern financial markets and institutions, including historical context as well as the macroeconomic role of each element of the system. In clarity, rigor and depth, it far surpasses any previous efforts to explain how the international financial system actually works.’</i>

- Kenneth S. Rogoff, Harvard University, US,

<i>‘Over the past decade, central banks have conducted monetary policy by intervening heavily in financial markets through a flurry of unconventional measures. This book brings together the wisdom from researchers with innate knowledge of the inner workings of financial markets. A must read for all those interested in how financial markets will evolve as central banks will unwind unconventional policies in the years to come.’</i>

- Luc Laeven, Director General, Research Department, European Central Bank,

The Research Handbook of Financial Markets carefully discusses the histories and current states of the most important financial markets and institutions, as well as explicitly underscoring open questions that need study. By describing the institutional structure of different markets and highlighting recent changes within them, it accurately highlights their evolving nature.



Taking the perspective that finance and macroeconomics are intertwined, this illuminating Research Handbook brings together prominent experts to investigate key market interactions. Chapters act as self-contained case studies of particular markets, allowing for a thorough individual examination of each. Ultimately, they offer a holistic understanding of financial markets and the current state of research.



Academics and researchers in economics and finance curious about developments within financial regulation and banking will find this comprehensive Handbook to be hugely valuable. Market participants will additionally find it to be a useful reference, along with regulators seeking to mitigate financial instability.

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Contents: Introduction to the Research Handbook of Financial Markets 1 Refet S. Gürkaynak and Jonathan H. Wright PART I CENTRAL BANKING 1 The Federal Reserve balance sheet 6 Kristopher Dawsey, William B. English and Brian Sack 2 The balance sheet of the Eurosystem 33 Oreste Tristani 3 The Bank of Japan’s balance sheet 56 Kosuke Aoki 4 Central bank lending 79 Brian Madigan and William Nelson 5 The workings of liquidity lines between central banks 102 Saleem Bahaj and Ricardo Reis PART II INTERMEDIARIES 6 Banks 126 Refet S. Gürkaynak, Jonathan H. Wright and Egon Zakrajšek 7 Non-bank financial intermediaries and financial stability 147 Sirio Aramonte, Andreas Schrimpf and Hyun Song Shin 8 Government agencies: Fannie Mae and Freddie Mac 171 Gillian Burgess, Wayne Passmore and Shane M. Sherlund 9 Money market funds 194 Antoine Bouveret, Antoine Martin and Patrick E. McCabe PART III MONEY MARKETS 10 The federal funds market, pre- and post-2008 220 Eric T. Swanson 11 The repo market 237 Benjamin Munyan 12 The foreign exchange market 253 Alain Chaboud, Dagfinn Rime and Vladyslav Sushko PART IV CAPITAL MARKETS 13 The Treasury and when-issued markets 277 J. Benson Durham and Roberto Perli 14 The municipal bond market 301 Daniel Bergstresser 15 Mortgage-backed securities 331 Andreas Fuster, David Lucca and James Vickery 16 Equity trading 358 Caroline Fohlin 17 Sovereign debt 378 Leonardo Martinez, Francisco Roch, Francisco Roldán and Jeromin Zettelmeyer PART V DERIVATIVE MARKETS 18 Interest rate swaps 407 Bin Wei and Vivian Z. Yue 19 Credit default swaps 429 Antulio N. Bomfim 20 Foreign exchange swaps and cross-currency swaps 451 Angelo Ranaldo 21 Inflation hedging products 470 Stefania D’Amico and Thomas B. King 22 Futures and options 490 Refet S. Gürkaynak and Jonathan H. Wright Index 509
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Produktdetaljer

ISBN
9781800375314
Publisert
2023-05-26
Utgiver
Vendor
Edward Elgar Publishing Ltd
Høyde
244 mm
Bredde
169 mm
Aldersnivå
P, 06
Språk
Product language
Engelsk
Format
Product format
Innbundet
Antall sider
532

Om bidragsyterne

Edited by Refet S. Gürkaynak, Professor of Economics, Bilkent University, Turkey and CEPR, CESIfo, and CFS and Jonathan H. Wright, Professor of Economics, Johns Hopkins University, US and NBER