What Drives Financial Markets

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Financial Times, Prentice Hall, 1999 - Business & Economics - 244 pages
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The 1990s saw an unprecedented eruption of currency crises wreaking varying degrees of instability and chaos throughout the world's foreign exchange markets. From the withdrawal of sterling from the Exchange Rate Mechanism in 1992, through to the crash of the Asian currency markets in 1997, and on to the economic upheavals in Russia and Brazil in 1998, the last decade has produced an ever more volatile financial environment. The launch of the euro, and its subsequent implications, has added yet another dimension to what is already a turbulent and enigmatic global marketplace.

Never before has a thorough understanding of what shapes and shakes the currency markets been of such paramount importance.

What Drives Currency Markets takes the reader on a complete tour of the instigators of change within the foreign exchange market. Beginning by placing the FX market in the centre of the global financial system, it moves on to explain where volatility originates, and what the major factors of change are, including economic developments and short-term considerations. The book discusses what makes a great currency and whether currency collapses can ever be predicted. The influence of the euro is emphasized throughout the whole text and the author concludes by asking whether the euro will succeed or fail as a currency.

What Drives Currency Markets is essential reading for dealers, analysts, newcomers to the financial markets, and finance professionals across the board who need to maintain their edge at the forefront of developments in international financial markets.

 

About the FT Market Fundementals Series

"To say that the financial markets were subject to information overload would be a major understatement. Indeed the news and data streaming endlessly from the computer terminals carrying information appears limitless" - Brian Kettell

This new series puts readers in the ideal position to assess new market moves quickly and efficiently, interpret market indicators correctly, anticipate other players' moves while there's still time to profit, and avoid being caught out by sharp price moves in rapidly changing markets.

FT Market Fundamentals: sort the vital from the trivial and stay ahead of the game

 

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Contents

How do you value financial assets?
13
The business cycle and financial markets
29
The Federal Reserve at work the implementation
81
Copyright

6 other sections not shown

Common terms and phrases

About the author (1999)

Brian Kettell, MSc, BSc.Econ has many years' experience working in financial markets and banking. A graduate of the London School of Economics, he has worked for Citibank, American Express, Arab Banking Corporation (Vice President) and Shearson Lehman (Vice President). This experience has since been applied in providing training courses on international financial markets. He has delivered training courses on the markets for a variety of organizations including: Chase Manhattan Bank, Barclays Capital, Nomura, Morgan Stanley, Kleinwort Benson, Banque Indosuez and The Euromoney Institute of Finance. He is now Senior Lecturer at London University and a visiting Professor of Finance at several French business schools.

He has published over 80 articles, in numerous journals, including Central Banking, The Banker and The Securities Journal. His previous books include What Drives Financial Markets and Fed-Watching (both in the Market Fundamentals series), The International Debt Game (with George Magnus, Chief Economist, Warburg Dillon Read), Businessman's Guide to the Foreign Exchange Market, Monetary Economics, The Finance of International Business, Gold and The Foreign Exchange Handbook (with Steve Bell, Chief Economist, Deutsche Bank). In addition he has published a large number of case studies on financial markets.

 

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