Advance Financial Instruments and MarketsLecture No. 01_ Role of Government in Financial Markets

7/28/2019 Advance Financial Instruments and MarketsLecture No. 01_ Role of Government in Financial Markets

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AKTAIENK DGIAIEGAB GIU[S^HNI[U AIK HASFN[UBneturn Io) =1

Dgiaiegab Gistgtutgois aik Sobnod @ovnrihnit

Jahhak Jassai HgrzaAssgstait ]rodnssor *Dgiaien'

Knparthnit od Cusginss Akhgigstratgoi

^igvnrsgty od Uar`okja


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]ucbgeatgois 13 gi bow aik hnkguh eatnòry Gitnriatgoiab Louriabs

Gitnriatgoiab Snsnarej ]rnsnitatgoi [jagbaik Cai`fof 3==7

ÛA Uoutj Kafota" Sapgk Egty) 3=1=

ÛA Invaka" Bas Tnàs" 3=13

]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty odUaròkja 5


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Pnbeohn to Ebass ]artgegpaits

;]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty odUar`okja

ACK^BBAJ GSUJAK UG]SA

HU(13(==3

DASJA IA\GS

HU(13(==1

UANNK AJHNK

HU(13(==5


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]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty odUaròkja >

\AJGK JAIGD

HU(13(==;

H^JAHHAK UJAJGK

HU(13(==>

DGSKOÛ D) JÛUAGI

HU(13(==4


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FJPALA DAJAS H^INNCHU(13(=1=

I^USA[ ABGHU(13(==7

H^JAHHAK ^HAGS @jaddarHU(13(=11


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\^BDGQAS ABG

HU(13(=13

AUUAK GHSAI

HU(13(=1;

H^JAHHAK ABG H^D[G

HU(13(=1>


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]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty odUar`okja :

AWUJA IA\

HU(13(=3=

H^JAHHAK DASJAI

HU(13(=31

JADG\ SG\PAI

HU(13(=33


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Ughubtainousby ]jgbosopjgeab aik ]raetgeabuiknrpgiigi`s

Caifgi`" Gisuraien" Uneurgtgns" Knrgvatgvns" DgiaiegabErgsgs)

Gitnriatgoiab Cgas cut wgbb try cnst to rnbatn)

Eoursn gs horn tjnorntgeab cut eaiiot avogkhatjnhatges/statgstges eohpbntnby)

]rocbnh Unts/easn stukgns/Qugz nte)

Eoursn Gitrokuetgoi

7]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty od Uar`okja


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Bneturn dor kgssnhgiatgi` fny eoienpts

Kgseussgoi oi praetgeab gssuns

Assg`ihnits aik ]rnsnitatgois/]rolnets

Qugz/Easn Utukgns

[naejgi` Hntjokobo`y

11]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty odUar`okja


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1) Dacozzg" Draif L)" Draieo Hokg`bgaig" Draif L) Loins" aik Hgejanb @)Dnrrg) Douikatgois od Dgiaiegab Harfnts aik Gistgtutgois" ;tj nk) ]rnitgenJabb" 3=1=)

3) DU Hgsjfgi" U@ Nafgis) Dgiaiegab Harfnts aik Gistgtutgois >tj Nkgtgoi)

]narsoi ]ucbgeatgois5) Loji E) Jubb" Optgois" Duturns aik Otjnr Knrgvatgvns" 4tj Nkgtgoi" ]rnitgen

Jabb)

;) Draif L) Dacozzg< Coik Harfnt Aiabysgs aik Utratn`gns" ]rnitgen Jabb)

>) Uzyhoi Coraf Pobd`ai` Farb Jrkbn Crnika Bpnz Eacrnra" Utatgstges od

Dgiaiegab Harfnts" Uprgi`nr Jngknbcnr` Korkrnejt Boikoi Inw Worf4) Socnrt Kucgb"Ai Arcgtra`n @ugkn to Dgiaiegab Harfnts" 3==; " Loji Pgbny $

Uois Btk

0) Snbnvait Snsnarej Artgebns *Kowiboakacbn droh www)dgiaieneotta`n)eoh'

Sneohhniknk [nxt



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1) Dgiaiegab Gistgtutgois aik Sobn od @ovt)

3) Sgsf aik Dgiaiegab ergsgs

5) [nejiobo`y aik Givnitgoi gi Dgiaien;) ]ortdobgo Kgvnrsgdgeatgoi aik Uupportgi` Dgiaiegab

Gist)

>) Kntnrhgiaits od Assnt ]rgens aik Gitnrnst Satns

4) Oràigzatgoi aik Utrueturn od Harfnts0) Harfnt dor @ovnrihnit aik Eorporatn Uneurgtgns

:) Hortà`n aik Uneurgtgznk Assnt Harfnts

7) Harfnt Knrgvatgvn Uneurgtgns

Eoursn Eoitnits*Hgk [nrh

1;]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty odUaròkja


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1) Eobbatnrab ]rnsnit Tabun aik Toeacubary od Dgiaien

3) Hnejaiges od Duturn Harfnts

5) Jnk`gi` Utratn`gns usgi` duturns;) Gitnrnst ratns aik Kntnrhgiaits od Dorwark aik Duturn prgens

>) Hnejaiges od Optgoi Harfnts

4) Gisuraien< [jn arejntypgeab Sgsf Haia`nhnit Gistgtutgoi

0) Dgiaiegab Gistruhnits aik Halor Porbk Dgiaiegab Ergsgs

Eoursn Eoitnits*Dgiab [nrh

1>]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty odUar`okja


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[okays Unssgoi



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Pjy Dgiaien

@rnat Knprnssgoi 1737 to Asgai Dgiaiegab Ergsgs 1770

Snenit ^U Jousgi` Eoiuikruh

Ghportaien od Dgiaiegab Harfnts

Knsg`i od Dgiaiegab Harfnts

Casge Dgiaiegab Gistruhnits

Unssgoi ( G



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[jn Pabb Utrnnt Erasj od 1737" abso fiowi astjn Cbaef [unskayaik tjn Utoef Harfnt Erasj od1737" cnài gi batn Oetocnr 1737 aik was tjn hostknvastatgi` stoef harfnt erasj gi tjn jgstory od

tjn îgtnk Utatns" wjni tafgi` gito eoisgknratgoitjn dubb nxtnit aik kuratgoi od gts dabbout) [jn erasjsgìabnk tjn cn`giigi` od tjn 1=(ynar @rnatKnprnssgoi tjat addnetnk abb Pnstnri gikustrgabgznkeouitrgnsaik kgk iot nik gi tjn îgtnk Utatns uitgb

tjn oisnt od Ahnrgeai hocgbgzatgoi dor Porbk ParGG at tjn nik od 17;1) 1> hgbbgoi pnopbn jakuinhpboyhnit eohgi` to tjnh adtnr tjn caifserasjnk)

Pabb Utrnnt Erasj od 1737

]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty odUaròkja 1:


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[jn Lapainsn assnt prgen cuccbn was ai neoiohgecuccbn gi Lapai droh 17:4 to 1771" gi wjgej rnabnstatn aik stoef prgens wnrn `rnatby gidbatnk) [jn cuccbn'ssucsnqunit eobbapsn bastnk dor horn tjai a kneakn wgtjstoef prgens gigtgabby cottohgi` gi 3==5" abtjou`j tjny woubkknsenik nvni durtjnr ahgkst tjn `bocab ergsgs gi 3==:) [jn

Lapainsn assnt prgen cuccbn eoitrgcutnk to wjat sohn rndnrto as tjn Bost Kneakn) Uohn neoiohgsts" suej as ]aubFru`hai" javn ar`unk tjat Lapai dnbb gito a bgqugkgtytrap kurgi` tjnsn ynars)

Lapainsn assnt prgen cuccbn 17:4



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[jn Asgai dgiaiegab ergsgs was a pnrgok od dgiaiegabergsgs tjat `rgppnk huej od Asga cn`giigi` gi Luby

1770" aik ragsnk dnars od a worbkwgkn neoiohgehnbtkowi kun to dgiaiegab eoita`goi) [jn ergsgsstartnk gi [jagbaik wgtj tjn dgiaiegab eobbapsn odtjn [jag cajt adtnr tjn [jag òvnrihnit was dorenkto dboat tjn cajt *kun to baef od dorngì eurrniey tosupport gts dgxnk nxejai`n ratn" euttgi` gts pn` totjn ^)U) kobbar" adtnr nxjaustgvn nddorts to support gtgi tjn daen od a snvnrn dgiaiegab ovnrnxtnisgoi tjatwas gi part rnab nstatn krgvni)

Asgai Dgiaiegab Ergsgs 1770

]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty odUaròkja 3=


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[jn ^)U) sucprghn hortà`n ergsgs was a snt od nvnits aik

eoikgtgois tjat bnk to tjn batn(3===s dgiaiegab ergsgs"ejaraetnrgznk cy a rgsn gi sucprghn hortà`nknbgiquniegns aik dornebosurns" aik tjn rnsubtgi` knebginod sneurgtgns caefnk cy sagk hortà`ns) Unvnrab halor

dgiaiegab gistgtutgois eobbapsnk gi Unptnhcnr 3==:" wgtjsgìgdgeait kgsruptgoi gi tjn dbow od ernkgt to cusginssnsaik eoisuhnrs aik tjn oisnt od a snvnrn `bocab rnenssgoi)

Û Uucprghn Hortà`n



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Dgiaiegab harfnts" suej as coik aik stoef harfnts" arneruegab gi our neoiohy)

[jnsn harfnts ejaiinb duiks droh savnrs to givnstors"tjnrncy prohotgi` neoiohge nddgegniey)

Harfnt aetgvgty addnets pnrsoiab wnabtj" tjn cnjavgor odcusginss dgrhs" aik neoiohy as a wjobn

Knct harfnts" or coik harfnts" abbow `ovnrihnits"eorporatgois" aik gikgvgkuabs to corrow to dgiaienaetgvgtgns)




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[jn stoef harfnt gs tjn harfnt wjnrn eohhoi stoef*or lust stoef" rnprnsnitgi` owinrsjgp gi a eohpaiy"arn traknk)

Eohpaigns gigtgabby snbb stoef *gi tjn prghary harfntto ragsn hoiny) Cut adtnr tjat" tjn stoef gs traknkahoi` givnstors *sneoikary harfnt)

[jn dorng`i nxejai`n harfnt gs wjnrn gitnriatgoiabeurrniegns trakn aik nxejai`n ratns arn snt)

Abtjou`j host pnopbn fiow bgttbn acout tjgs harfnt"gt jas a kagby vobuhn arouik +1 trgbbgoi!




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]afgstai Harfnt Gikgeators3==0(3=15

]ropnrty od Knparthnit od Cusginss Akhgigstratgoi" igvnrsgty od

Uar`okja 3;

1) ]FS/^UK3) FUN 1== Giknx5) Gitnrnst Satn *UCO]';) Gidbatgoi Satn>) ]af @ovt) Coik Wngbk


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Knsg`i od Dgiaiegab Harfnts


Uar`okja 3>


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Gts your [uri))

Casge Dgiaiegab Gistruhnits


Uar`okja 34


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Gitrokuetgoi

Dgiaiegab Assnts

Dgiaiegab Harfnts @bocabgzatgoi aik Dgiaiegab Harfnts

Knrgvatgvn Harfnts

Dgiaiegab Gitnrhnkgargns aik Dgiaiegab Giiovatgoi

Sobn od Dgiaiegab Gitnrhnkgargns Ovnrvgnw od Assnt/Bgacgbgty Haia`nhnit dor DGs

Sobn od @ovnrihnit

Unssgoi ( GG

30


Uar`okja


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]rokuet TU Daetor Harfnt

Dgiaiegab Harfnt aik Assnts

Dgiaiegab Assnts" Dgiaiegab Gistruhnits" Uneurgtgns Gssunr TU Givnstor

Knct TU Nqugty Gistruhnits

]rgegi` ]rgiegpbns od Dgiaiegab Assnts

Bgifgi` Dgiaiegab Assnts aik [ai`gcbn Assnts

Sobn od Dgiaiegab Assnt

[raisdnr od Duiks droh Uurpbus to Kndgegt uigts

Snkgstrgcutgoi od uiavogkacbn rgsf

Gitrokuetgoi

3:


Uar`okja


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Sobn od Dgiaiegab Harfnts

]rgen Kgseovnry ]roenss

Oddnrgi` Bgqugkgty Snkuetgoi od Unarej/Gidorhatgoi Eost

Ebassgdgeatgoi od Dgiaiegab Harfnts

]rghary Ts Uneoikary *Unasoigi` od Ebagh

Hoiny Ts Eapgtab *Haturgty Knct Ts Nqugty *Iaturn od Ebagh

Easj Ts Knrgvatgvn *Knbgvnry/Unttbnhnit od Ebagh

Or`aigznk Ts O[E *Utrueturn

Dgiaiegab Harfnts

37


Uar`okja


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[jn daetors tjat javn bnk to tjn gitn`ratgoi od

Dgiaiegab Harfnts Knrn`ubatgoi/Bgcnrabgzatgoi

[nejiobo`geab Akvaiens dor hoigtorgi`/nxneutgi`)

Giernasnk Gistgtutgoiabgzatgoi od Dgiaiegab Harfnts

Knrgvatgvn Harfnts Duturns/Dorwarks/Optgois

@bocabgzatgoi od Dgiaiegab Harfnts

5=


Uar`okja


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Duietgois pnrdorhnk cy Dgiaiegab Gistgtutgois

Dgiaiegab Gitnrhnkgargns Nxejai`n od dgiaiegab assnts oi cnjabd od eustohnrs

Nxejai`n od dgiaiegab assnts oi tjngr owi aeeouit

Assgstgi` gi ernatgoi od dgiaiegab assnts

]rovgkgi` givnsthnit akvgen

Haia`nhnit od portdobgos

Dgiaiegab Gistgtutgois

51


Uar`okja


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Eohhnregab Caifs

Uavgi` aik boai assoegatgoi

Uavgi` Caifs

Ernkgt ^igois

Gisuraien eohpaigns

]nisgoi duiks

Eaptgvn Dgiaien Eohpaigns ??

Dgiaiegab Gitnrhnkgargns

53


Uar`okja


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Kgrnet aik Gikgrnet Givnsthnits

Haturgty Gitnrhnkgatgoi

Sgsf Kgvnrsgdgeatgoi

Eost Snkuetgoi

]ayhnit Hnejaigsh

Sobn od Dgiaiegab Gitnrhnkgargns

55


Uar`okja


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Iaturn od Bgacgbgtgns

[jn ahouit aik tghgi` od tjn easj outbays tjat hust cnhakn to satgsdy tjn eoitraetuab tnrhs od tjn ocbgàtgoigssunk) *Bgqugkgty Eoienris

Assnt Bgacgbgty Haia`nhnit odDgiaiegab Gistgtutgois

[W]N OD BGACGBG[W AHOÎ[ OD EAUJO^[BAW

[GHGI@ OD EAUJO^[BAW

[ypn G Fiowi Fiowi

[ypn GG Fiowi îenrtagi[ypn GGG îenrtagi Fiowi

[ypn GT îenrtagi îenrtagi

5;


Uaròkja


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]rghary Assnts aik Bgacgbgtgns od DGs


Uar`okja 5>


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Eatn`orgzatgoi od Dgiaiegab Giiovatgoi aeeorkgi` toNeoiohge Eouiegb od Eaiaka

Harfnt croaknigi` Gistruhnits Sgsf haia`nhnit gistruhnits

Arcgtra`gi` gistruhnits aik proenssns

Aeeorkgi` to Caif dor Gitnriatgoiab Unttbnhnits

]rgen rgsf traisdnrrgi` giiovatgois Ernkgt rgsf traisdnrrgi` gistruhnits

Bgqugkgty `ninratgi` giiovatgois

Ernkgt `ninratgi` gistruhnits

Nqugty `ninratgi` gistruhnits

Dgiaiegab Giiovatgoi

54


Uar`okja


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[wo Nxtrnhn Tgnws< Niknavor to egreuhvnit rn`ubatgois aik dgik boopjobns gi tax rubns)

Nijaiegi` harfnt abboeatgoi nddgegniey dor rnkgstrgcutgoi od rgsf ahoi`

harfnt partgegpaits)

[jn ubtghatn Eausns Giernasnk vobatgbgty od gitnrnst ratns" gidbatgoi" nxejai`n ratns

Akvaiens gi [nejiobo`y

Uopjgstgeatnk nkueatgoiab tragigi` ahoi` prodnssgoiab harfntpartgegpaits)

Dgiaiegab Gitnrhnkgargns Eohpntgtgoi

Hotgvatgoi dor DgiaiegabGiiovatgoi

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Uar`okja


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Utop Harfnt Dagburn?

Hagi Snasois dor Sn`ubatgoi

1) Giernasn Gidorhatgoi to Givnstors

Knernasns akvnrsn snbnetgoi aik horab jazark procbnhs UNE dorens eorporatgois to kgsebosn gidorhatgoi

3) Nisurgi` tjn Uouikinss od Dgiaiegab Gitnrhnkgargns ]rnvnits dgiaiegab paiges

Ejartnrgi`" rnportgi` rnqugrnhnits" rnstrgetgois oi assntsaik aetgvgtgns" knposgt gisuraien" aik aitg(eohpntgtgvn

hnasurns5) Ghprovgi` Hointary Eoitrob

Snsnrvn rnqugrnhnits

Knposgt gisuraien to prnvnit caif paiges

Sobn od @ovnrihnit gi DgiaiegabHarfnts

5:


Uar`okja


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Asyhhntrge gidorhatgoi gi dgiaiegab harfnts hnaistjat givnstors hay cn suclnet to akvnrsn snbnetgoiaik horab jazark procbnhs tjat hay jgiknr tjn

nddgegnit opnratgoi od dgiaiegab harfnts aik hay absofnnp givnstors away droh dgiaiegab harfnts

[jn Uneurgtgns aik Nxejai`n Eohhgssgoi *UNErnqugrns eorporatgois gssugi` sneurgtgns to kgsebosn

enrtagi gidorhatgoi acout tjngr sabns" assnts" aiknarigi`s to tjn pucbge aik rnstrgets trakgi` cy tjnbar`nst stoefjobknrs *fiowi as gisgknrs gi tjneorporatgoi



Uar`okja 57


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Uuej òvnrihnit rnùbatgoi eai rnkuen akvnrsnsnbnetgoi aik horab jazark procbnhs gi dgiaiegabharfnts aik giernasn tjngr nddgegniey cy giernasgi`

tjn ahouit od gidorhatgoi avagbacbn to givnstors)Giknnk" tjn UNE jas cnni partgeubarby aetgvn rnenitbygi pursugi` gbbnàb gisgknr trakgi`)

Asyhhntrge gidorhatgoi hafns gt kgddgeubt to nvabuatn

wjntjnr tjn dgiaiegab gitnrhnkgargns arn souik or iot) Eai rnsubt gi paiges" caif ruis" aik dagburn od

gitnrhnkgargns)



Uaròkja ;=


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[o protnet tjn pucbge aik tjn neoiohy droh dgiaiegabpaiges" tjn `ovnrihnit jas ghpbnhnitnk sgx typns odrn`ubatgois

Advance Financial Instruments and MarketsLecture No. 01_ Role of Government in Financial Markets

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Transcript of Advance Financial Instruments and MarketsLecture No. 01_ Role of Government in Financial Markets