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The Economics of Financial Markets
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How can yet another book on finance be justified? The field is already well served with advanced works, many of impressive technical erudition. And, towards the other end of the academic spectrum, an abundance of mammoth texts saturates the MBA market. For the general reader, manuals confidently promising investment success compete with sensational diagnoses of financial upheavals to attract attention from the gullible, avaricious or unwary.
Alas, no one can expect to make a fortune as a consequence of reading this book. It has a more modest objective, namely to explore the economics of financial markets, at an ‘intermediate’ level – roughly that appropriate for advanced under- graduates. It is a work of exposition, not of original research. It unashamedly follows Keynes’s immortal characterization of economic theory as ‘an appara- tus of the mind, a technique of thinking’. Principles – rather than assertions of doctrine, policy pronouncements or institutional description – are the focus of attention. If the following chapters reveal no get-rich-quick recipes, they should at least demonstrate why all such nostrums merit unequivocal disbelief.
This book evolved, over more years than the author cares to admit, from lecture notes for a course in financial economics taught at the University of Essex. For reasons of space, one topic – corporate finance – has been omitted from the book, though its core insight – the Modigliani–Miller theorem – is slipped in under options (chapter 18, section 6). While the chapters are intended to follow a logical sequence, pedagogy may require a different order. Any such tensions should be straightforward to resolve. For example, chapter 2 (market microstructure) appears early but was covered later in the course. Other changes of the order in which the chapters are studied should be easy to implement
Roy E. Bailey - Personal Name
1st Edtion
0-521-61280-2
NONE
The Economics of Financial Markets
Economics
English
Cambridge University Press
2005
London
1-500
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