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Money and Financial Markets
By Niti Bhasin

First Published : 2020
ISBN : 9788177085051
Pages : 298
Binding : Hardbound
Size : 7 x 9
Price : US$ 109

Money is the pivot around which an economy revolves. A modern economy, characterized by acute specialisation and exchange, is unthinkable without money, financial intermediaries, financial markets and financial instruments.

In recent years, there has been a gradual switchover from the use of paper-based payment mediums to those based on electronics. E-money is one such new product which has appeared on Indian horizon recently. Crypto currency is another instrument which is a type of digital token that relies on cryptography for chaining together digital signatures of token transfers, peer-to-peer networking and decentralization.

Similarly, complex financial products, such as derivatives, have proliferated in the financial markets. These products have become highly popular with banks and financial institutions as they allow them to hedge their risks and manage their regulatory and economic capital more efficiently.

This book provides a comprehensive description of the theory and functioning of modern monetary and financial systems with reference to India.

It is spread over 33 chapters which have been organized into 5 theme parts.

Part I (chapters 1 to 2) is titled An Introduction to Money. Apart from explaining the meaning, kinds and functions of money (including e-money, digital money, virtual currency and crypto currency), it also discusses the theories of money supply determination.

Part II (chapters 3 to 17) is titled Financial Institutions, Markets, Instruments and Innovations. It deals with discussion on financial system, financial institutions, financial markets and their integration, asymmetric information, adverse selection, moral hazard, financial crisis, money market in India, capital market in India, modernization of stock exchanges, depository system, and financial derivatives.

Part III (chapters 18 to 21) is titled Interest Rates. It covers determination of interest rates, causes of interest rate differentials, theories of term structure of interest rates, and interest rates in India.

Part IV (chapters 22 to 26) is titled Banking System. It focuses on functions of a commercial bank, balance sheet and portfolio management of a bank, structure and changing role of banks in India, banking sector reforms in India since 1991, and digital technology in the banking sector.

Part V (chapters 27 to 33) is titled Central Banking and Monetary Policy. It delves into functions of central bank, balance sheet of central bank, instruments of monetary control, monetary management in an open economy, Reserve Bank of India, monetary policy of India, and inflation targeting in India.

Part I: An Introduction to Money
1. Meaning, Kinds and Functions of Money
1.1 Meaning of Money
1.2 Metallic Money, Paper Money and Fiduciary Money
1.3 Electronic Money (E-Money)
1.4 Digital Money (or Digital Currency)
1.5 Virtual Currency
1.6 Crypto Currency
1.7 Functions of Money

2. Theories of Money Supply Determination
2.1 What is Money Supply?
2.2 Why is Money Supply Important?
2.3 Relationship between Money and Prices: The Equation of Exchange
2.4 Four Measures of Money Supply
2.5 Determinants of Money Supply
2.6 Fiscal Deficits and Monetary Expansion
2.7 Money Supply in Open Economy
2.8 Measures of Money Supply in India

Part II: Financial Institutions, Markets, Instruments and Innovations

3. Financial System and Financial Institutions
3.1 Meaning, Importance and Functions of Financial System
3.2 Role of Government in Financial Development
3.3 Determinants of Access to Financial Services
3.4 Regulation and Supervision of Financial System
3.5 Financial Neutrality versus Financial Activism
3.6 Financial Volatility versus Financial Stability
3.7 Financial Globalisation

4. Classification, Regulation and Supervision of Financial Institutions in India
4.1 Classification of Financial Institutions in India
4.2 Regulation and Supervision of Financial Institutions in India

5. Financial Institutions in India at a Glance
5.1 Commercial Banks
5.2 Regional Rural Banks (RRBs)
5.3 Urban Co-operative Banks (UCBs)
5.4 Rural Co-operative Credit Institutions
5.5 Development Finance Institutions (DFIs)
5.6 Non-banking Financial Companies (NBFCs)
5.7 Mutual Funds
5.8 Pension Funds
5.9 Insurance Organisations

6. Role of Financial Markets
6.1 Importance of Financial Markets
6.2 Types of Financial Markets
6.3 Regulation and Supervision of Financial Markets in India
6.4 Financial Markets and Monetary Policy of the RBI
6.5 Reforms in the Financial Markets

7. Integration of Financial Markets
7.1 Integration of Financial Markets: Conceptual Framework
7.2 Need for Integration of Domestic Financial Markets
7.3 Measures Taken for Integration of Financial Markets in India
7.4 Segment-wise Integration
7.5 Regional Financial Integration (Asia)
7.6 International Financial Integration

8. Asymmetric Information, Adverse Selection and Moral Hazard
8.1 Asymmetric Information
8.2 Adverse Selection
8.3 Moral Hazard

9. Financial Crisis
9.1 Types of Financial Crisis
9.2 Asian Financial Crisis, 1997
9.3 Financial (Sub-prime) Crisis, 2007-08

10. Money Market
10.1 Meaning and Functions of Money Market
10.2 Reserve Bank of India (RBI) and the Money Market
10.3 Evolution of Money Market in India
10.4 Developments in the Money Market since 1991
10.5 Component-wise Analysis of Money Market in India
10.6 Report of the Technical Group on Money Market
10.7 Areas of Concern

11. Capital Market Evolution and Reforms in India
11.1 Meaning and Importance of Capital Market
11.2 Capital Market in the Pre-reforms (i.e. Pre-1991) Period
11.3 Capital Market Reforms since 1991
11.4 Introduction of Free Pricing
11.5 Strengthening of Disclosure Norms
11.6 Transparency and Efficiency
11.7 Shortening of Settlement Cycle
11.8 Growth of Service Providers
11.9 Protection of Investors
11.10 Issues and Concerns

12. Legal Framework for Capital Market in India
12.1 Securities and Exchange Board of India (SEBI) Act, 1992
12.2 Securities Contracts (Regulation) Act (SCRA), 1956
12.3 Depositories Act, 1996 and Depositories and Participants Regulations, 2018
12.4 Companies Act, 2013: Main Provisions
12.5 Limited Liability Partnership (LLP) Act, 2008
12.6 Insolvency and Bankruptcy Code (IBC), 2016
13. Modernisation of Stock Exchanges

13.1 Stock Market
13.2 Trading Infrastructure in Stock Exchanges
13.3 Bombay Stock Exchange (BSE) Ltd.
13.4 National Stock Exchange (NSE) of India Ltd.
13.5 Demutualisation and Corporatisation of Stock Exchanges

14. Depository System, Dematerialization (Demat) and Rematerialization (Remat)
14.1 Depository System
14.2 Depositories Act, 1996 and Depositories and Participants Regulations, 2018
14.3 Dematerialization (Demat)
14.4 Rematerialization (Remat)
14.5 National Securities Depository Ltd. (NSDL)
14.6 National Securities Clearing Corporation Ltd. (NSCCL)

15. Emergence and Popularity of Financial Derivatives
15.1 Emergence of Complex Financial Products
15.2 Meaning of Derivatives
15.3 Reasons for the Popularity of Derivatives
15.4 Variants (or Types) of Derivative Contracts
15.5 Participants in the Derivatives Market
15.6 Economic Role of Derivatives
15.7 History of Derivatives
15.8 International Experience of Derivatives

16. Forwards, Futures and Options
16.1 Forwards/Forward Contracts
16.2 Futures/Future Contracts
16.3 Options
16.4 Currency Futures
16.5 Forward Markets Commission (FMC)

17. Derivative Instruments in India
17.1 L.C. Gupta Committee on Derivatives Trading in India
17.2 Amendment of Securities Contract Regulation Act (SCRA)
17.3 Measures to Protect the Rights of Investors in the Derivatives Market
17.4 Recent Developments in the Derivatives Market
17.5 Credit Derivatives
17.6 Credit Derivatives in India
17.7 Traders and Trading System of Derivatives

Part III: Interest Rates

18. Determination of Interest Rates
18.1 Significance of Interest Rate
18.2 Types of Rate of Interest
18.3 Loanable Fund Theory of the Rate of Interest
18.4 Liquidity Preference Theory of the Rate of Interest

19. Causes of Interest Rate Differentials
19.1 How Are Interest Rates Determined?
19.2 What is an Interest Rate Differential?
19.3 Causes of Differences in Interest Rates
19.4 Types of Credit: Based on Repayment and Interest Options

20. Theories of Term Structure of Interest Rates
20.1 What is Term Structure of Interest Rates?
20.2 Shapes and Uses of Yield Curve
20.3 Three Theories to Explain Yield Curve

21. Interest Rates in India
21.1 Interest Rate Policy: Pre-reforms Period (Before 1991)
21.2 Interest Rate Policy: Post-reforms Period (i.e. since 1991)
21.3 Current Interest Rate Policy of RBI
21.4 Competitive Financial Saving Rates

Part IV: Banking System

22. Meaning, Importance and Functions of a Commercial Bank
22.1 Meaning and Importance of Commercial Banks
22.2 Functions of a Commercial Bank
22.3 Deposits and Loans

23. Balance Sheet and Portfolio Management of a Bank
23.1 Balance Sheet of a Bank
23.2 Portfolio Management

24. Structure and Changing Role of Banks in India
24.1 Post-Independence History and Developments
24.2 Classification of Commercial Banks in India
24.3 Legal Framework for Banking Sector in India
24.4 Ownership and Governance of Commercial Banks in India
24.5 Deposit Insurance System

25. Banking Sector Reforms in India Since 1991
25.1 Backdrop of Banking Sector Reforms
25.2 Objectives of Banking Sector Reforms
25.3 Contents of Banking Sector Reforms
25.4 Challenges for the Banking Sector

26. Digital Technology in Banking Sector
26.1 Digitization in Banking Sector
26.2 Benefits of Digital Payments
26.3 Card-based Electronic Payment Systems
26.4 Non-card Electronic Payment Systems
26.5 Cyber Security Concerns

Part V: Central Banking and Monetary Policy

27. History, Objectives and Functions of Central Bank
27.1 History of Central Banks
27.2 Changing Objectives of Central Banks
27.3 Functions of a Central Bank

28. Balance Sheet of Central Bank
28.1 Significance of the Balance Sheet of Central Bank
28.2 Frequency and Format of Balance Sheet
28.3 Components of the Balance Sheet
28.4 Balance Sheet of the Reserve Bank of India (RBI)

29. Instruments of Monetary Control
29.1 Enhanced Need for Monetary Control
29.2 Bank Rate Policy
29.3 Cash Reserve Ratio (CRR)
29.4 Open Market Operations
29.5 Moral Suasions
29.6 Macro Prudential Policy
29.7 Additional Tools of Monetary Management in India

30. Monetary Management in an Open Economy
30.1 Closed versus Open Economy
30.2 Monetary Transmission Mechanism in the Open Economy
30.3 Recent Challenges in Monetary Management
30.4 India’s Monetary Management in the Globalized World

31. Reserve Bank of India
31.1 Establishment and Early History of RBI
31.2 Pre-Independence Activities of RBI
31.3 Functions of Reserve Bank of India (RBI)
31.4 Changing Role of RBI in the Financial Sector
31.5 RBI’s Vision Documents for Payments

32. Monetary Policy of India
32.1 Meaning of Monetary Policy
32.2 Objectives of Monetary Policy
32.3 Monetary Policy Framework
32.4 Monetary Policy Process
32.5 Monetary Transmission Mechanism
32.6 Operating Procedures of Monetary Policy
32.7 Constituents of Monetary Reforms
32.8 Instruments of Monetary Policy
32.9 Monetary Policy Assessment

33. Inflation Targeting in India
33.1 What is Inflation (Price Rise)?
33.2 Measurement and Reporting of Inflation
33.3 Price Stability as an Objective of Monetary Policy in India
33.4 What is Inflation Targeting?
33.5 Origin of Inflation Targeting
33.6 Need for Inflation Targeting
33.7 Fixing of Inflation Target
33.8 Monetary Policy Committee (MPC)



Dr. Niti Bhasin is presently Associate Professor in the Department of Commerce, Delhi School of Economics (DSE), University of Delhi, Delhi and has teaching and research experience of about 19 years. A gold medallist in the M. Com. examination of 2000 of University of Delhi, she holds M.Phil. and Ph.D. degrees from the Department of Commerce, University of Delhi. She has published research papers in refereed academic journals including Multinational Business Review (Emerald), Journal of International Trade and Economic Development (Taylor and Francis), and Global Business Review (Sage).

She has been invited to deliver keynote address and share her views at various forums including Mahidol University (Bangkok); National Defence College, Ministry of Defence, New Delhi; PHD Chamber of Commerce and Industry; and Department of Economic Affairs, Ministry of Finance, Government of India.

She has attended and presented papers at various international conferences/seminars including World Finance Conference (Brazil) and Henley Business School, University of Reading (UK). She is the recipient of Best Business Academic of the Year Award (2011) by Indian Commerce Association. Before joining the Department of Commerce, Delhi School of Economics, she taught for about 4 years at Shri Ram College of Commerce (SRCC), University of Delhi, Delhi. Her areas of specialisation include international business, foreign investment, finance and taxation.

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