tailieunhanh - Financial markets, banking and money (Fifth edition): Part 2

(BQ) Continued part 1, the document Financial markets, banking and money (Fifth edition): Part 2 has contents: Central banks in the world today, the central bank balance sheet and the money supply process, money growth, money demand, and modern monetary policy, understanding business cycle fluctuations,. and other contents. Invite you to refer. | Part Central Banks Monetary Policy and Financial Stability Chapter 15 Central Banks in the World Today Chapter 16 The Structure of Central Banks The Federal Reserve and the European Central Bank Chapter 17 The Central Bank Balance Sheet and the Money Supply Process Chapter 18 Monetary Policy Stabilizing the Domestic Economy Chapter 19 Exchange-Rate Policy and the Central Bank Chapter 15 Central Banks in the World Today Learning Objectives After reading this chapter you should be able to L01 Explain the origin and functions of central banks. L02 Analyze the objectives of central banks. L03 Describe the features of an effective central bank. L04 Discuss the relationship between monetary and fiscal policy. Beginning in the summer of 2007 the most severe and persistent financial crisis since the Great Depression shook intermediaries markets and economies around the globe. Some of the largest financial institutions failed and the market disruptions triggered the worst global recession since World War II. The panic peaked after the September 2008 run on Lehman Brothers the fourth largest . investment bank as investors around the globe sought to hold only the safest most liquid assets they could find. Investors stopped lending to intermediaries which stopped lending to each other. As the storm spread the global financial system bordered on complete collapse for the first time in 75 years. Central banks neither foresaw nor prevented the crisis of 2007-2009. Even long after the tempest began they did not see how menacing it would become. Yet as the expanding storm continuously poked new holes in the financial boat policymakers developed new tools to plug the holes. When the financial hurricane finally reached its late-2008 crescendo the world s leading central banks played a key role in bringing the financial system and the economy back to safe harbor. They acted in unprecedented fashion on their own as well as with other .

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