Financial Markets and Instruments. January-February 2007
Lecture slides: 1a introduction, 1b interest rates, 2 money, bond and stock
markets, 3 derivatives, 4 primary and secondary
markets, 5 commercial and investment banks, 6 mutual funds, 7 regulation and trends
Supplementary
materials for the projects (IPOs, ADRs, derivatives, funds, etc.)
Mini-cases
·
Class
1: Grameen and micro-financing.
Why did the bank and its founder receive a 2006 Nobel peace prize?
·
Class
2: Junk bonds. Is it an
example of financial market success or failure?
·
Class
3: Weather
derivatives. Are derivatives the “financial weapon of mass destruction” as
Warren Buffet used to say?
·
Class
4: IPO in London.
What does it take to get to
·
Class
7: Bank run. How to prevent
panic?
Supplementary resources and readings
·
Mishkin&Eakins
accompanying website containing web links, mini-cases, web exercises, and
quizzes for each chapter
·
Wikipedia: everything about finance, financial markets,
and financial
regulation
o
Financial instruments:
money and securities, stocks and bonds, structured products
o
Financial services
industry: commercial and investment banks, derivatives, mutual / pension / hedge / exchange-traded
funds
·
Class
1: financial markets statistics
and islam finance
·
Class
1: Rajan
and Zingales, 2001, Financial systems, industrial structure and growth, Oxford
Review of Economic Policy 17(4), 467-482. A survey of recent empirical
evidence on the impact of financial system on economic growth.
·
Class
1: Computation of a
risk-free rate as a yield to maturity of OFZ bond
·
Class
2: bond market statistics
·
Class
2: the chapter on international
bond markets, incl. extensive description of Euromarkets
·
Classes
2-3: Goriaev
and Zabotkin, 2006, Risks of investing in the Russian stock market: Lessons of
the first decade, Emerging Markets Review 7(4), 380-397. Analysis of the
risk factors in the Russian stock market.
·
Class 3: derivatives statistics, weather
derivatives
·
Class 3: MICEX
presentation on the derivatives in Russia
·
Classes
2-5: BIS Quarterly Review
December 2006, including statistics on banks, securities, and derivatives
·
Classes
3- 4: the ADR information by the Bank of New
York, including 2005 DR
Yearbook
·
Class
4: Roell,
1996, “The decision to go public: An overview” European Economic Review 40, 1071-1081. A survey of firms’
motives to do an IPO and country specifics.
·
Class
4: secondary markets in Russia and
abroad
·
Class
5: Russia’s banking system
·
Class
5: reports on US
banks by Fed and on Russian banks by
CBRF
·
Class
5: European
Wealth and Private Banking Industry Survey 2005
·
Class
6: mutual funds in Russia and abroad
·
Class
6: Investment company institute and 2006 factbook, extensive information about the
·
Class
7: conflicts of interest and regulation
Data sources
·
Cbonds: Russian local bonds and
Eurobonds
Exchanges
·
ÌÌÂÁ
·
ÐÒÑ
·
Euronext
·
NASDAQ
Regulators
·
Ôåäåðàëüíàÿ
ñëóæáà ïî ôèíàíñîâûì ðûíêàì
·
Ãîñóäàðñòâåííàÿ êîðïîðàöèÿ 'Àãåíòñòâî ïî ñòðàõîâàíèþ âêëàäîâ'
·
Board of
Governors of the Federal Reserve System
·
US Securities
and Exchange Commission
·
Federal Deposit Insurance Corporation
International financial institutions
·
International Finance Corporation
·
European Bank for Reconstruction and Development
·
Bank for International Settlements