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An Introduction to Western Financial Markets by Stephen Valdez

By Stephen Valdez

Provides a advent to the critical Western monetary markets and associations, rather these within the united states, Europe and Japan. The booklet comprises: advertisement and funding banking, cash and coverage, and recommendations and futures. moment version: "An advent to international monetary Markets".

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Allcentral bankshave 'large exposure' controls. Theolderideaof relating capitalto lending has to be extended tocapital to assets Banking (I) - Background 25 in the modem age. However, all assets are not the same for this purpose - for example, what is the default risk with cash? Surely the answer is 'none'. Thus we end up withthe conceptof 'risked weightedassets'. Anormalbankloanis,therefore, weighted 100%, that is, a loan of S500 000 counts as S500 000 for this purpose. However, cash is weighted at 0%, and a cash balanceof $1Om thus becomesSO for risk weighting purposes.

InNewZealand, thecentralbankwasmade independentand given the task of fighting inflation. At the time of writing,inflation bas been reduced to less than 2%. However, thereare, of course, political implicationsas high interest may mean low growth rates and high unemployment. As a result, although the Bundesbank's policies are admired by many, in August 1992, the head of the IG Metall trade union attackedthe 'uncontrolledpower' of the Bundesbankand said thatit paid 'extensiveandexcessive' attention to inflationand ignored the need for economicgrowth and increasing employment.

Clearly, the terms we have been using are not mutually self-exclusive - they overlap. International banking witha syndicatedloan, for example, is commercial wholesale banking. International banking througha Eurobondissue is investment banking and largely wholesale, but with sales at times aimed at retail investors. A BANK'S BALANCE SHEET Beforeproceeding any furtherinto this chapter, we must look at a bank's balance sheetand the terminology which is used. Then we will be in a position to explain concepts like 'creation of credit', 'liquidity' and 'capital ratio' .

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