Money Banking International Trade And Public Finance By Dm Mithani PdfBy Untranebfor In and pdf 27.04.2021 at 06:47 6 min read
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Money serves as a unit of value or unit of account and acts as a yardstick to measure exchange of all commodities. The value of each good or service is expressed as price i.
Thus money makes keeping of business account possible. Money as a standard of deferred payments helps to solve the barter problem of lack of standard of deferred payment. Doubtlessly money helps in removing the difficulties of barter system QUESTION 2- a a Channelling of savings into investments The financial intermediaries channel savings to those individuals and institutions needing more funds for spending than are provided by their current incomes.
The financial markets are the heart of the global financial system, attracting and allocatingsavings and setting interest rates and the prices of financial assets stocks,bonds e.
Intermediaries, particularly the banks, are aware of the existence of asymmetric information and its two by-products,the problems of adverseselection and moral hazard. The presence of asymmetric information leads to adverse selection and moral hazard problems. Adverse selection means that bad risk borrowers are more likely to want loans than good risk borrowers.
Moral hazard purports that once a loan is granted the borrower may be inclined to take risks with the money that are not disclosed to the bank in application.
These are two of the many real-life risks faced by banks. They are keenly aware of them and this ensures that available funds prudently,which in turn leads to an increase in economic activity. Certain financial assets serve as a means of payment and purchases are settled efficiently assuming an efficient clearing and settlement. For those businesses and individuals choosing to save, the financial instruments sold in the money and capital markets provide an excellent way to store wealth i.
However, bonds, stocks, and income; moreover their risk of loss often is much less than for many other forms of stored wealth. Question 2- b a. Money-ness The money-ness of the financial assets implies that they are easily convertible to cash within a defined time and determinable value. The cost of transactions involved in securing funds from them before the maturity date can be likened to agency cost besides the cost of discounting some of them, which reduces their face value.
Therefore, these financial instruments are regarded as near money because of the ease with which they can be traded for cash. Examples are Treasury bills, Treasury certificates, Trade bills, Commercial papers, and Certificate of Deposits, among others. The divisibility of such near money refers to the minimum monetary value in which a financial asset can be liquidated or exchanged for money by the holder. Divisibility for financial assets is imperative so as to enable both suppliers and borrowers to understand the magnitude of funds involved in each of them; the borrowers have certain amount to source and the suppliers will like to know the amount that is required of him to part with for the transaction.
It is also necessary so that a limit cab set for the minimum amount of subscription for each instrument and the overall amount of subscription that may accrue to a particular investor. Reversibility The financial assets are highly reversible in the sense that they are like deposits in accounts of customers with the banks. This implies that the cost of investing in the financial assets and getting them back into cash is negligible.
Hence reversibility of financial assets is often regarded as turnaround cost or round trip cost. In the well-organized financial market there are market makers who take responsibility of assuming risk in associated with the financial assets while making the market or carrying inventory of financial assets. Therefore, the spread being charged by the market makers varies in line with financial assets that are traded.
Some financial assets carry less risk than others; for instance, marketable securities that can easily be converted into liquid cash with little or no hassles because they are more liquid than other financial assets. The risk involved in marketable securities or mortgage loan stock cannot be comparable with risk inherent in bond issue of a fledgling company.
Cash-flow This refers to the return that an investor will derive from holding a financial asset, which invariably depends on all the cash distributions that the asset will pay holders. This is expressed in terms of the dividend on shares or coupon yield payments that are associated with bonds. The return on investment in a financial asset is also affected by the repayment of the principal amount for a debt instrument and any expected price variation of the stock.
In calculation of expected returns on a financial asset, factors that should be considered include non-cash payments in form of stock dividend yield and options to purchase additional stock or the distribution of other securities that must be factored in the consideration.
The issue of inflation implies that there is difference between normal effective return and real effective return on financial assets. Therefore, the net real return on financial assets is the amount of cash returns that are accruable after adjusting the nominal returns against inflation. The conversion can take a form of bond being converted to bond, preference shares being converted to equity shares, and a company bond being converted into equity shares of the company. The opportunity for convertibility of financial instruments into another financial assets has to be entrenched in the covenant which has been written to guide the contractual agreement on the instrument or to regulate the behaviour of the company using the funds from the instruments.
Nevertheless, such a provision can be negotiated in the course of the usage of the funds by a company especially when the holders discover that the company is manipulating its operational and financial records to short change them. References 1. Mishkin 10th edition.
Pearson 3. Mithani 17th Edition Himalaya Publishing House 5. Download file. Remember me on this computer. Enter the email address you signed up with and we'll email you a reset link. Need an account? Click here to sign up.
Money, Banking, International Trade And Public Finance
Demand for and supply of money. Factor affecting demand for and supply of money. M1, M2. M3 and M4, concept of money supply by Reserve bank of India. Quantitative theory of money, Fisher s and Cambridge versions, Re-statement of Milton Friedman s on quantitative theory of money. Limitation of classical theory.
Dr. D.M Mithani is the author of Money,Banking,International Trade And Public Finance ( avg rating, 2 ratings, 0 reviews).
Money Banking International Trade And Public Finance
International Economics: Theory and Policy, 8th Edition. Jhingan, M. World Trade: An Overview. PDF M.
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Money Banking International Trade And Public Finance By M L Jhingan Free Pdf Books
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Католицизм здесь посильнее, чем в самом Ватикане. - У нас, конечно, не все его тело, - добавил лейтенант. - Solo el escroto. Беккер даже прервал свое занятие и посмотрел на лейтенанта. Solo el escroto. Он с трудом сдержал улыбку.
Aspetta! - закричал Беккер. - Подождите. Я же просил меня подбросить. ГЛАВА 59 Сьюзан протянула руку, и коммандер Стратмор помог ей подняться по лестнице в помещение шифровалки. А перед глазами у нее стоял образ Фила Чатрукьяна, его искалеченного и обгоревшего тела, распростертого на генераторах, а из головы не выходила мысль о Хейле, притаившемся в лабиринтах шифровалки.
Но Танкадо бил мячом об стенку. Он превозносил достоинства Цифровой крепости по электронной почте, которую направлял на свой собственный адрес.
Хейл в шоке отпрянул, поняв, что она не шутит: Сьюзан Флетчер никогда еще до него не дотрагивалась, даже руки не коснулась. Правда, это было не то прикосновение, какое он рисовал в воображении, представляя себе их первый физический контакт, но все же… Хейл долго с изумлением смотрел на нее, затем медленно повернулся и направился к своему терминалу. Одно ему было абсолютно ясно: распрекрасная Сьюзан Флетчер бьется над чем-то очень важным, и можно поклясться, что это никакая не диагностика. ГЛАВА 28 Сеньор Ролдан восседал за своим столом в агентстве сопровождения Белена, чрезвычайно довольный тем, как умело обошел глупую полицейскую ловушку. Немецкий акцент и просьба снять девушку на ночь - это же очевидная подстава.
Прямо перед ним над деревьями возвышалось Аюнтамьенто - старинное здание ратуши, которое окружали три акра бело-голубой мозаики азульехо. Его арабские шпили и резной фасад создавали впечатление скорее дворца - как и было задумано, - чем общественного учреждения. За свою долгую историю оно стало свидетелем переворотов, пожаров и публичных казней, однако большинство туристов приходили сюда по совершенно иной причине: туристические проспекты рекламировали его как английский военный штаб в фильме Лоуренс Аравийский.