Wholesale money markets ensure that cash washes between surplus and deficit accounts in order to bring things to balance. Although these markets have their historical roots in government bill transactions, trade finance discounting, and simple interbank lending, most markets have evolved much further. Today's money markets, for instance, have significant repo and commercial paper sectors. In addition, alongside traditional bank players, money market funds now play a prominent role in providing liquidity and financing. The global financial crisis also altered the landscape, with central banks reducing interest rates to near-zero levels in order to boost liquidity, while counterparty credit concerns led to an increase in the attractiveness of secured forms of lending.
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