The Economics of Financial Markets
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The Economics of Financial Markets

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Provides a comprehensive introduction to the subject of financial markets. Covers markets in central trading places like the New York Stock Exchange and the Chicago Board of Trade, and markets in non-central trading such as that in government bonds, foreign currencies, and over-the-counter stocks. Includes unique analyses of pricing of options and features, especially futures in Eurodollars. This is the comprehensive introduction to financial markets from an economic perspective. It assumes a basic understanding of economics. The authors cover both markets that trade in central locations like the New York Stock Exchange and the Chicago Board of Trade, and also markets that trade by phone , computer terminal, etc., like bonds, foreign currency and securities traded on over-the-counter market. Also included are options and future markets, and the authors present and unique way of analysing the prices of these instruments, especially the pricing of futures in Eurodollars.show more

Product details

  • Hardback | 374 pages
  • 149.86 x 231.14 x 30.48mm | 680.39g
  • Oxford University Press Inc
  • New York, United States
  • English
  • New.
  • line figures, tables
  • 019504407X
  • 9780195044072
  • 1,641,084

Back cover copy

The Economics of Financial Markets puts economics to work on the daily problems faced by investors, traders, speculators and brokers as they wrestle with increasingly diverse and complex financial markets. Drawing on data direct from the financial behavior of households, corporations, and governments, the authors show how accessible but rigorous economics can help in making sense of the financial markets (including those in equities, bonds, mutual funds, options and futures) and of the ways in which these markets are organized. The Economics of Financial Markets is for those who wish to look behind the daily financial headlines and understand what is driving the prices of bonds, stocks, options, futures and other instruments; how financial markets work; how to identify consistent patterns of market behavior; and how the complex jigsaw of institutions, financial intermediaries, trading places, speculators, hedgers, savers and investors fits together. It operates at that rare intersection of theory and practice where the study of intriguing patterns and phenomena can actually uncover profitable opportunities. The authors don't pretend that they have a secret formula or a sure-fire way to pick future winners in the financial race. The world is littered with the gravestones of "get rich quick" strategies. And there are enough books, both good and bad, on investments and investing. Instead, the authors' task is to make the reader better informed about both the patterns and paradoxes that underlie the twists and turns of financial markets and help turn the jargon of these unique markets from a barrier into a tool.show more

Review quote

This well-written book, while important to library collections, will probably best be used as supplemental readings for most courses in finance or financial economics....As the subject penetrates further into the liberal arts colleges, the Houthakker/Williamson approach may be more widely used. An excellent supplemental work for upper-division undergraduates and graduates. * Choice *show more

About Hendrik S. Houthakker

Hendrik S. Houthakker is Professor of Economics at Harvard University.Peter J. Williamson is Dean of the MBA Program and Professor of Business Policy at the London School of Business.show more

Table of contents

Introduction ; The Place of Financial Markets in the Economy ; The Supply of Securities ; The Demand for Securities ; Stock Trading and Market Efficiency ; The determination of Equity Prices ; Security Analysis ; Options on Option Pricing ; Futures Contracts and Futures Markets ; Regulation of Financial markets ; Future Pricesshow more

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