The authors consider different forms of financial capital and discuss their functioning by using simple models. They then develop a formal framework that helps to understand the dramatic expansion of financial wealth (both money and financial capital) and its increasingly unequal distribution.
Mục lục
1 Introduction 9
1.1 Markets, money, financial capital 9
1.2 Notations for models 11
2 Beginning with banks 15
2.1 Two money circuits 15
2.2 Banks’ deposit money 18
2.3 Usages of reserves 28
2.4 Zero-sum games and debts 32
3 Bonds 39
3.1 Some data 39
3.2 Orientation to returns 40
3.3 Government bond spreads 46
3.4 Financing of government debt 49
3.5 Appendix: Modern Money Theory 59
4 Tradable shares 63
4.1 Some data 63
4.2 Speculative pricing 65
4.3 Dividends 71
4.4 Real and virtual gains 76
5 Investment funds 83
5.1 Some data 83
5.2 Speculation with fund shares 85
5.3 Exchange-traded funds . 89
6 Derivatives 95
6.1 Forwards and futures 95
6.2 Options 101
6.3 Credit default swaps 108
7 Financialization 115
7.1 Expansion of financial wealth 115
7.2 Inequality of financial wealth 139
References 150
Index 154
Giới thiệu về tác giả
Prof. Dr. Andreas Behr lehrt Statistik an der Universität Duisburg-Essen.
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