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Financial Markets, Institutions and Money, 3rd Edition


Financial Markets, Institutions and Money, 3rd edition, introduces students to the financial system and its operations and participants. The text offers a fresh, succinct analysis of the financial markets and discusses how the many participants in the financial system interrelate. This includes coverage of regulators, regulations and the Reserve Bank of Australia (RBA), which together ensure the system’s smooth running.

The text has been significantly revised to take into account changes in the financial world. The global financial crisis GFC) of 2007–09 and its impact on the efficiency of the financial system has refocused the attention of the third edition of Financial Markets, Institutions and Money on the critical role that financial systems play in an economy.


  • A brand new chapter on financial mathematics.
  • ‘In Focus’ vignettes have been updated and now conclude with a series of questions, making them ideal for case study and group work.
  • The GFC is considered in terms of the risk it posed to financial system stability and its impact on financial market participants.
  • The RBA’s determination and implementation of monetary policy during crisis and recovery is discussed.

MARK BRIMBLE is an associate professor in fi nance in the Department of Accounting, Finance and Economics at Griffi th Business School. He has a PhD in capital markets and has active research interests in fi nancial markets, sustainable fi nance, personal fi nance and finance education. He also has publications in various national and international journals including Accounting and Finance, Corporate Governance: An International Perspective , The Griffi th Law Review , The International Journal of Learning , and Higher Education Research and Development . Mark has a number of years experience in teaching and learning leadership roles, with seven years as the Program Director of a bachelor of commerce program and numerous teaching and learning grants, citations and awards, including being part of the team that won the 2010 Business and Higher Education Round Table Award for the best higher education and training collaboration. Mark is also the Foundation Director of the Centre for Financial Independence and Education, a centre that engages in community programs on financial capability/literacy. Mark is also a CPA, a Fellow of the Finsia and a foundation member of the Financial Planning Association’s Future Financial Planners Council.

LIAM LENTEN is a senior lecturer in the School of Economics and Finance at La Trobe University where he has been since 1997. Liam has been teaching fi nancial markets, institutions and instruments at La Trobe since 2000 and in 2005 Liam completed his PhD which centred on exchange rate determination models, macroeconomic cycles and forecasting. Although more of his more recent research is on sports economics, Liam still publishes in the forecasting area. Liam has previously held visiting positions at Monash University, as well as Lancaster University and University of Exeter in the United Kingdom.

Paul Docherty is a senior lecturer in the Newcastle Business School at the University of Newcastle, where he has been a member of faculty since 2007. Paul’s research interests lie in empirical fi nance and capital markets, focusing primarily on asset pricing. His research has been published in various national and international journals and has been disseminated through several international conference presentations. Paul has also been awarded competitive research grants and continues to work collaboratively with professionals in the funds management industry to inform his teaching and research practices. His teaching excellence has been recognised through a number of awards, most notably by the Faculty of Business and Law and the Newcastle University Post-graduate Student Association.

PAUL MAZZOLA is a lecturer in banking and fi nance in the Faculty of Business at the University of Wollongong. Before he joined the university, Paul had a career in banking, spanning over 20 years covering the Australian, European and Asian–Pacifi c markets holding senior executive and regional management positions. Paul’s experience has involved corporate and investment banking, project and international trade fi nance, investment management and mergers and acquisitions. His research interests include banking and financial markets, risk management, and banking history. Paul has presented at domestic and international conferences and seminars and has extensive experience in teaching and learning leadership roles with numerous teaching awards, including the ‘Lecture of the
Year’ award for 2011/2012. Paul regularly contributes to a national radio program on money and fi nance and is frequently interviewed as an expert on banking by the media. In addition, Paul has consulted domestic and international organisations on strategy and organisational restructuring, has been a past State Chairman of the Turnaround Management Association of Australia and is a Fellow CPA and Senior Associate of FINSIA.

ANUP BASU is a senior lecturer and finance major subject area coordinator at Queensland University of Technology (QUT). Prior to joining academia, he served in management positions with large banking and fi nancial services organisations in India and the United States for more than eight years. Anup’s research has been published in renowned peerreviewed journals and covered by international media including the Financial Times . His work has been cited at the joint public hearing on target date funds conducted by the United States Government Department of Labor and Securities Exchange Commission
(SEC). Anup also serves as an advisor to Australian superannuation funds and corporations on investment management issues. Apart from lecturing in undergraduate and postgraduate classes at the School of Economics and Finance, he is involved with the MBA and Executive MBA program run by the Brisbane Graduate School of Business (BGSB). Anup is a certifi cated associate and life member of the Indian Institute of Bankers, and a member of Financial Management Association (USA) and Brisbane Executive Club.

About the authors xiii
Preface xv
Acknowledgements xvii

1 Overview 1

2 The monetary authorities 63

3 The Reserve Bank of Australia and interest rates 101

4 The level of interest rates 131

5 Financial mathematics 157

6 Bond prices and interest rate risk 217

7 The structure of interest rates 257

8 Money markets 285

9 Bond markets 319

10 Equity markets 351

11 Derivatives markets 391

12 Foreign exchange markets 431

13 Regulation of financial institutions 475

14 Commercial bank operations 533

15 Nonbank financial institutions 601

16 International banking 641

17 Insurance, investment companies and superannuation 681

18 Investment banking and venture capital 733

19 Sustainability and the finance sector 771

Glossary 805

Index 825