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College of Business Administration

Depart= ment of Economics

Seminar in Money and Banking

Lectur= er: O. Mikhail

ECO 6226-0001

Summer= 2004

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Course Outline<= /h1>

 

Time  =             &nb= sp;  :        &= nbsp;  T, Th 6:00 p.m. – 9:50 p.m.

Location&nb= sp;          :        &= nbsp;  BA I – 212.

Office = ;            &n= bsp; :        &= nbsp;  BA II – 302.

Office Hours     :        &= nbsp;  M, T, W, Th 1:00 p.m. – 2:00 p.m. and After the class.=

Wed Page  &n= bsp;     :        &= nbsp;  http://www.bus.ucf.edu/omikhail

Class Web Page:        &= nbsp; ht= tp://www.bus.ucf.edu/omikhail/Eco6226/2004/Eco-6226-s2004.htm

E-Mail = ;             <= /span>:        &= nbsp;  omikhail@hotmail.com

  = ;            &n= bsp;            = ;         omikhail@bus.ucf.e= du

Phone =             &nb= sp; :        &= nbsp;  407-823-4258

Fax &n= bsp;            = ;    :        &= nbsp;  407-823-3269

 

This is an MBA class in M= oney and Banking. The class is open for registration to all Master Degree students at the College of Business Administration (Accountin= g, Economics, Finance, Management, Marketing, and MIS).

 

 

Class Objectives

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Are fi= nancial markets important? If yes, then why? Which one is of most importance? How do they – if any – influence the economy? Does the institutional structure of the financial market play a role in economic growth? What are = the regulations that govern this structure?

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Regard= less of your occupation, as long as you are involved in the financial market (as an analyst, a venture capitalist, a financial consultant, or a marketing specialist), and as long as your objective is to reach a profit maximizing = and efficient state, your knowledge of the interaction of the macroeconomics and the financial markets will aid, help and [exponentially] improve your forec= asts and decision making process.

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In thi= s class, we will address, examine and focus [on] the nature of the interaction of macroeconomics and financial markets and institutions.

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In gen= eral, the study of complete markets economies allows us to understand the basics of r= isk sharing, asset pricing, and consumption. Whenever a comprehensive set of opportunities to insure risks - that markets provide - exists, the behavior= of aggregate consumption depends only the state of the economy. In practice, t= he markets are incomplete, therefore the optimal consumption allocation could = - and in most cases - do depend on the current asset holdings. This implies the existence of a potentially powerful connection between the financial markets and the economy.

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In bri= ef, the class emphasizes the following themes:

  1. Financial Institutions
  2. Financial Regulations
  3. Financial Instruments
  4. Role of Financial markets in t= he Economy
  5. The Bond Market and the Term Structure of Interest Rates.
  6. Banks and their Crucial Role in the Economy
  7. Monetary Policy
  8. Global Capital Markets

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At fir= st, the class covers the mechanics of the fin= ancial markets in the U.S.A= . We will start with a dramatis personae (the cast of players) – the financial institutions – which participate in it? For each type of financial institution we will study its structure, power, functions and its regulations.  Then interest wi= ll shift to the financial instruments used and finally a clear distinction bet= ween the money and the capital market will be developed [financial markets]. Als= o, we will study the characteristics, history, powers and objectives of the central bank as a powerful financial institution.

 

We will addres= s the principles of monetary theory and policy, the nature, the functions and rol= e of money in the economy.  This pa= rt will address the interest rate determination, and the theories of money dem= and.

 

By the end of the class, students should be= able to understand the mechanics (suppliers, demanders and instruments of funds)= of the financial markets in the U.S., the interest rates structure and relationship to the exchange rates, the ro= le of the central bank in these markets.

 

Finally and most importantly, how all toget= her influence the economy.

 

Basic knowledge of calculus and algebra are required. Students are responsible fo= r all materials covered in class that is presented in the textbook, in the readin= gs and in the lecture notes.

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Attend= ance at lectures is not mandatory but is recommended. If you are experiencing any difficulty in this class = (or any other), please arrange a meeting with me to discuss it.

 

= E-mail Policy and Class Web Page

 

= Office Hours

If my office hours (stated above) conflict = with your schedule and you need to meet with me, please let me know so I can arr= ange a mutually acceptable time to meet.

 

Class Structure<= /o:p>

T= he class will be held in an active-discussion framework. Due to the class size and t= he limited class time, I suggest that students form study groups outside of cl= ass to work through the class material.

 

 

 

Evaluation

Mid-Term Exam (June 1st, 2004)      &n= bsp;            = ;   40%

Assignments        &= nbsp;           &nbs= p;            &= nbsp;           &nbs= p;       10%

Term Paper            =             &nb= sp;            =             &nb= sp;    40%

Class Presentation of you= r Term Paper  10%

 

I expect you to uphold the guidelines of the Golden Rules, http://www.ucf.edu/= goldenrule

 

No early or make-up exams will be given. Cl= ass Presentations will be scheduled during the last week of classes.=

 

 

 

 

Finding Monetary Data=

 

Printed format

Subscribe to the National Economic Trends – The Federal Reserve Bank of St. Lo= uis.

http://research.stlouisfed.org/publications/net/

 

Data Retrieval – Electronic format

The Federal Reserve Bank of St. Louis Economic Data - FRED II http://research.stlouisfed.o= rg/fred2/

 

Reading List

 

Role of Financial Markets

 

  • Ph= ilip Arestis, Ambika D. Luintel, Kul B. Luintel “Does Financial Structure Matter?” Working Paper No. 399. The Levy Economics Institute. January 2004.

 

  • Thorst= en Beck, Ross Levine, and Norman Loayza, “Finance and the Sources of Growth”,= Journal of Financial Economics 58 (October): 261-300, 2000.

 

  • Stiglitz, Joseph E., 2001, Information and the ch= ange in the paradigm in economics, Nobel Prize Lecture, p. 472-540.

 

  • W.F. Duisenberg: The role of financial markets for economic growth. Speech delivered by Dr. Willem F. Duisenberg, President of the European Centr= al Bank, at the Economics Conference “The Single Financial Market: = Two Years into EMU” organized by the Oesterreichische National Bank,= in Vienna on 31= May 2001.

 

 

 

  • Parthemos, James. (1988) “The Federal Reserve Act of 1913 = in the Stream of U= .S. Monetary History.” Economic Review, Federal Reserve Bank = of Richmond, pp.= 19-28.

 

  • Goodfriend, Marvin. (1991) “Money, Credit, Banking, and Payments System Policy.” Economic Review, Federal Reserve Bank of Richmond, pp. 7-23.

 

 

Financial Markets and Economic Crisis

 

 

<= o:p> 

 

Regulations

 

 

 

 

 =

 

 

 

 

 

 

  • Cyclicality of the Basel II Capital regulations

Cyclical Implications of the Basel-II Capital Standards Anil K Kashyap Graduate School of Business, University of Chicago Jeremy C. Stein Department of Economics,= Harvard University. November 2003. http://gsbwww.uchicago.edu/fac/anil.kashyap/research/basel-final.pdf=

 

·        Daníelsson, Jón, Paul Embrechts, Charles Goodhart, Con Keating, Felix Muennich, Olivier Renault, and Hyun So= ng Shin, 2001, An Academic Response to Basel II, LSE Financial Markets Group Special Paper Series, p. 1-17.

 

 

Bank Mergers

 

 

  • Bank Deregulation Is Better Than Mergers; By Valverde, S. Carbo; Humphrey, David B.; Fernandez, F. Rodriguez; Journal of International Financial Markets, I= nstitutions and Money, December 2003, v. 13, iss. 5, pp. 429-49.

 

 

 

 

 

  • Boyd, John H. and Graham, Stanley L. (1991) “Investigating= the Banking Consolidation Trend.” Quarterly Review, Federal Reserve Bank of Minneapol= is, pp. 3-15.

 

  • Melloan, George. (1989) “Ponzi Was a Piker Compared to ‘Troubled Thrifts’.” Wall Street Journal, Jan= uary 10, 1989, p. A19.

 

  • Berger, Allen N. Demsetz, Rebecca S. and Strahan, Philip E. (199= 8) “The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future.” Finance and Economics Discussion Series, Federal Reserve Board, Washington, D.C. 1998-46

 

The Federal Reserve

 

  • Meulendykle, Ann-Marie. (1990) “A Review of Federal Reserve Policy Targets and Operating Guides in Recent Decades.” In Richa= rd G. Davis et al., Intermediate Targets and Economic Indicators for Monetary Policy, Federal Reserve Bank of New York, pp. 452-473.=

 

  • Meulendykle, Ann-Marie. (1992) “Reserve Requirements and t= he Discount Window in Recent Decades.” Quarterly Review, Fed= eral Reserve Bank of New York= , pp. 25-43.

 

  • Schwartz, Anna J. (1992) “The Misuse of the Fed’s Discount Window.” Review, Federal Reserve Bank of St. Louis, p= p. 58-69.

 

  • Havrilesky, Thomas M. Chappell, Henry. Gildea, John. and McGrego= r, Rob. (1993) “Congress Threatens the Fed.” Challenge, pp. 50-57.

 

 

 

CHICAGO FEDERAL RESERVE BANK CONFERENCE

 

·        http://www.chicagofed.org/news_and_conferences/c= onferences_and_events/files/2004_bank_structure_the_tying_of_lending_and_eq= uity.pdf

 <= /o:p>

 

 

Information Technolog= y and Financial Structure

 

 

 

 

 

Monetary Policy<= /o:p>

 

·        M= onetary Policy and Uncertainty: Adapting to a Changing Economy. A symposium sponsor= ed by the Federal Reserve Bank of Kansas City. August 28-30, 2003.

 

·        P= eek, Joe and Eric S. Rosengren, 1995, Is Bank Lending Important for the transmis= sion of Monetary Policy? An Overview, New England<= /st1:place> Economic Review, p. 3-10.

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·        B= ernanke, Ben and Mark Gertler, 1999, Monetary Policy and Asset Price Volatility, Federal Reserve Bank of Kansas City Economic Review, fourth quarter, p. 17-51.

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·        Rigobon, Robert. and Sack, Brian. (2001) “Measuring the Reaction of Monetary Policy to the Stock Market.”= ; Finance and Economics Discussion Series, Federal Reserve Board, Washington, D.C.= 2001-14

 

  • Bomfim, Antulio N. (2000) “Pre-Announcement Effects, News, and Volatility: Monetary Policy and the Stock Market.” Finance and Economics Discussion Series, Federal Reserve Board, Washington= , D.C. 2000-50.<= /span>

&nb= sp;

  • Morgan, Donald P. (1992) “Are Bank Loans a Force in Moneta= ry Policy?” Economic Review, Federal Reserve Bank of Kansas City, Second Quarter, pp. 31-41.

 

  • Friedman, Milton. (1993) “End the Fed’s Fine-Tuning.” Wall Street Journal, September 15, p. A22.

 

  • McCallum, Bennett T. (2000) “Theoretical Analysis Regardin= g a Zero Lower Bound on Nominal Interest Rates.” Working Paper 76= 77, National Bureau of Economic Research.

 

  • Clouse, James. Henderson, Dale. Orphanides, Athanasios. Small, David. and Tinsley, Peter. (2000) “Monetary Policy when the Nomi= nal Short-Term Interest Rate is Zero.” Finance and Economics Discussion Series, Federal Reserve Board, <= st1:City w:st=3D"on">Washington, D.C. 2000-51

 

  • Nelson, Edward. (2000) “Direct Effects of Base Money on Aggregate Demand: Theory and Evidence.” Working Paper Series = No. 122, Bank of England.

 =

 

Financial Globalization Effects

 

 

 

 

 

  • Obstfeld, ‘The Global capital market: benefactor or menace?’ Journal of Economic Perspectives, Vol.12.=

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  • Krugman, ‘Crises: The Price of Globalization?’

 

 

Money

 

  • Walter, John R. (1989) “Monetary Aggregates: A User’s Guide.” Economic Review, Federal Reserve Bank of Richmond, pp= . 20-28.

 

  • Tatom, John. (1990) “The Effects of Financial Innovations = on Checkable Deposits, M1 and M2.” Review, Federal Reserve B= ank of St. Louis<= /st1:City>, pp. 37-53.

 

  • Belongia, Michael T. and Chalfant, James A. (1990) “Alternative Measures of Money as Indicators of Inflation: A Sur= vey and Some New Evidence.” Review, Federal Reserve Bank of <= st1:City w:st=3D"on">St. Louis, p= p. 20-33.

 

 

 

Financial Institutions: Role of Depository Institutions, Insurance and Concentration.=

 

 <= /p>

 

  • Meulendykle, Ann-Marie. (1990) “The Role of Depository Institutions.” In U.S. Monetary Policy and Financial Markets, Federal Reserve Bank of New York, p= p. 48-65.

 

  • “The History of U.S. Deposit Insurance.&= #8221; Business Review, Federal Reserve Bank of = Philadelphia, p. 15.

 

  • Isaac, William M. (1993) “Limiting Damage of Deposit Insurance.” Wall Street Journal, March 4, p. A14.= <= /span>

 

  • Rhoades, Stephen A. (1993) “The Herfindahl-Hirschman Index.” Federal Reserve Bulletin, March, pp. 188-189.

 

  • Diamond, Douglas W. and Dybvi= g, Philip H. (2000) “Bank Runs, Deposit Insurance, and Liquidity.” Quarterly Review, Federal Reserve Bank of Minneapolis.=

 

  • Vlaar, Peter J. G. (2000) “Capital requirements and Competition in the Banking Industry.” Working Paper Series, Research Department, Federal Reserve Bank of Chicago, October, WP-00-18.

 

  • Berger, Allen N. and DeYoung, Robert. (2000) “The Effects = of Geographic Expansion on Bank Efficiency.” Working Paper Serie= s, Research Department, Federal Reserve Bank of Chicago, October, WP-00-14.

 

  • The Liberalization of Financial Markets: National and Internatio= nal Perspectives. Conference Proceedings, 10th Annual Hyman P. Minsky Conference on Financial Structure. Levy Institute. http://www.levy.org=

 

Book(s)

 

Package [Download Free from the class web page]

T. Boules, J. Handa, and = O. Mikhail. (2000) Financial Institutions in Canada and the United State= s. http://ww= w.bus.ucf.edu/omikhail/Eco6226/2004/book.pdf

 

Handa, Jagdish. (2000) Monetary Economics. Routledge, London & New York. ISBN: 0-415-19926-3.

 

Mishkin, Frederic S. (2002) The Economics of Money, Banking, and Financial Market= s. Pearson Addison Wesley; 6th edition. ISBN: 0321113624

 

Walsh, Carl E. (2003) Monetary Theory and Policy. MIT Pr= ess. ISBN: 0-262-23231-6

 

Supplementary Texts

 

  • Burton, Maureen. and Lombra, Ray. (1999) The Financial System and the Economy: Principles of Money and Banking. Thomson Learning Publishing. ISBN 0324004397

 =

  • Fabozzi, Frank J., Modigliani, Franco., Fer= ri, Michael G. and Donnelly, Paul. (Eds) (1997) Foundations of Financial Markets and Institutions. ISBN 0136860567

 =

  • Hubbard, Glenn R. (2000) Money, the Financial System, and the Economy. Third Edition, Addison Wesley Longman. ISBN 0-201-47381-X

 =

  • Hubbard, Glenn R. (Ed.) (1991) Financial Markets and Financial Crises. University of = Chicago Press. ISBN 0226355888

 =

  • Jackson, Howell E. and Symons, Edward L. Jr. (1999) Regulation of Financial Institutions; Selected Statutes, Regulations and Forms. West Group. ISBN 0-314-23501-9

 =

  • Kidwell, David. and Blackwell, W. David. (1= 999) Financial Institutions, Markets, and Money. Dryden Press. ISBN 0030257417

 =

  • Kolb, Robert W. and Rodriguez, Ricardo J. (1996) Financial Institutions a= nd Markets. Second Edition, Blackwell Publishers, Inc.

 

  • Lovett, William A. (2001) Banking and Financial Institutions Law. West Group. ISBN 0-314-24734-3.

 

  • Mishkin, Frederic. S. and Eakins, = Stanley G. (1999) Financial Markets and Institutions. Addison Wesley Educational Publishers, Inc. ISBN 0321050649

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  • Rezaee, Zabihollah. (2001) Financial Instituti= ons: Valuations, Mergers and Acquisitions. Wiley, John & Sons Inc. = ISBN 0471394491

 

  • Ritter, Lawrence. Silber, William L. and Udell, Gregory F. (2000) Principles of Money, Banking, & Financial Mar= kets. Tenth Edition, Addison Wesley Lo= ngman. ISBN 0-321-02020-0

 

  • Santomero, Anthony M. and Babbel, David. (1996) <= i>Financial Markets, Instruments, and Institutions. McGraw-Hill Professional Publishing. ISBN 0256166269

 

  • Saunders, Anthony. (1999) Financial Institutio= ns Management. McGraw-Hill Higher Education. ISBN 007303259X

 

  • Saunders, Anthony. and Cornett, Marcia. (2000) Financial Markets and Institutions: A Modern Approach. McGraw-Hill Higher Education. ISBN 0072348925

 

  • Shubik, Martin. (1999) The Theory of Money and Financial Institutions. Vol. 2, MIT Press. ISBN 0262194287

 

 

Chapters from Book(s)=

 

  • Introduction

o      = Handa: Chapters 1= and 2.

o      = Mishkin: Chapter = 3.

 

·      =   The Demand for Money and Monetary Aggregates

o      = Handa: Chapters 4= , 5, 6, 8 and 9.

    • Mishkin: Chapter 21.

 =

·      =   The Money Supply and Central Banking

o      = Handa: Chapter 11= .

    • Mishkin: Chapters 14, 15, 16, 17 an= d 18

 =

·      =   The Rates= of Interest

    • Handa: Chapters 20 and 21.
    • Mishkin: Chapters 4, 5, 6 and 7.

 =

·        Monetary = Growth Theory

o      = Handa: Chapter 26= .

o      = Mishkin: Chapter = 26.

 

 

= Important Dates:

 

May 11 = ;            &n= bsp;          Classes Begin.

May 10 – 14           &nb= sp;    Late Registration – Add/Drop.

May 31 = ;            &n= bsp;          Memorial Day.

June 1st             =             M= id-Term Exam.

June 17&nbs= p;            &= nbsp;           &nbs= p;          Classes End.

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