Lecture Financial institutions, instruments and markets (6/e): Chapter 12 - Christopher Viney

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Lecture Financial institutions, instruments and markets (6/e): Chapter 12 - Christopher Viney. Chapter 12 - Government debt, monetary policy and the payments system. The goals of this chapter are: Outline reasons why governments borrow; describe features of the main commonwealth government debt instruments, issuance process, participants and related calculations; describe the purpose and structure of state government central borrowing authorities;.... Giống những tài liệu khác được thành viên giới thiệu hoặc do tìm kiếm lại và chia sẽ lại cho các bạn với mục đích nghiên cứu , chúng tôi không thu phí từ người dùng ,nếu phát hiện nội dung phi phạm bản quyền hoặc vi phạm pháp luật xin thông báo cho website ,Ngoài thư viện tài liệu này, bạn có thể tải tài liệu, bài tập lớn phục vụ nghiên cứu Một số tài liệu download lỗi font chữ không xem được, nguyên nhân máy tính bạn không hỗ trợ font củ, bạn tải các font .vntime củ về cài sẽ xem được.

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Chapter 12 Government Debt, Monetary Policy and the Payments System Websites: www.rba.gov.au www.aofm.gov.au Copyright 2009 McGraw-Hill Australia Pty Ltd 12-1 Learning Objectives • Outline reasons why governments borrow • Describe features of the main Commonwealth government debt instruments, issuance process, participants and related calculations • Describe the purpose and structure of state government central borrowing authorities • Outline monetary policy techniques used by the RBA to influence interest rates, including open market operations and the impacts on system liquidity • Describe the purpose and operation of the payments system Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 12-2 Chapter Organisation 12.1 Commonwealth Government Borrowing 12.2 Commonwealth Government Securities 12.3 State Government Securities 12.4 Monetary Policy 12.5 The Payments System 12.6 Summary Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 12-3 12.1Commonwealth Government Borrowing • Governments need to fund capital and recurrent expenditures – This is achieved by issuing debt securities in the money and capital markets • Fiscal policy relates to the annual incomes and expenditures of a government • Monetary policy affects the level of short-term interest rates by adjusting the level of financial system liquidity Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 12-4 12.1Commonwealth Government Borrowing (cont.) • Borrowing requirement – Full financial year Borrow to finance budget deficits Roll over existing bonds that mature Retire debt at/prior to maturity if budget in surplus Instruments issued are Treasury bonds and they are bought mainly by commercial banks, other financial institutions and portfolio managers for: • liquidity management • portfolio investments • risk management • payments system requirements • prudential requirements Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 12-5 ... - tailieumienphi.vn 1084987

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