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The Investor's Guide to Economic Fundamentals


What drives markets? During the 1990s Western stock markets enjoyed a long boom while Asian markets slumped. Starting in mid-2000 stocks fell back everywhere while property and government bonds surged. Whats next? Will stocks resume their upward march along with a stronger world economy or will deflation take hold extending the bond rally but hurting stocks and threatening property?

The Investors Guide to Economic Fundamentals
* examines key market fundamentals such as interest rates, inflation and the business cycle and how they impact on the main areas of investment: money markets, bonds, equities, commodities, currencies, property and emerging markets.
* gives practical advice on how to predict and manage market risk and how to allocate assets for best performance under different market conditions.
* will be beneficial for both the market practitioner and individual investor as well as the MBA student.

Written by a leading authority in the field, this book covers both the theory and practice of this often-complicated subject and gives readers both a comprehensive and reliable source of market information.

"John Calverley has performed an invaluable service for investors and all those who wish to understand the relationship between economic fundamentals and financial markets. He has demystified the apparently complex and made it simple. The book is written in a clear, engaging style. I strongly recommend it." Roger Bootle, Managing Director, Capital Economics Limited

"John Calverleys Investors Guide to Economic Fundamentals combines a clear explanation of the forces shaping the worlds economic landscape with a valuable insiders perspective on the impact they can have on financial markets. It offers private investors and students of financial markets alike a fascinating insight into the complex world of economics and finance while acting as a useful reference tool for the seasoned market practitioner." Michael B Zelouf CFA, Director of International Investments - Western Asset Management

John Calverley is Chief Economist and Strategist at American Express Bank, responsible for providing fundamental economic input to the Banks Treasury, Asset Management and Credit functions world-wide as well as to senior management. He edits the Banks suite of publications on economic and market trends, Economics for Investment. He also writes for various journals and magazines and appears frequently on CNN, CNBC, BBC and other TV stations. He is currently Chairman of the Society of Business Economists. He was educated at the universities of Cambridge and Washington and is the author of Economics for Investors (Probus, 1995) and Country Risk Analysis (Butterworths, 1990).
List of Figures.

List of Tables.




Why Economic Growth Matters.

Business Cycle Fundamentals.

Is Inflation Dead?

The New Economy: Myth or Reality.

Understanding Central Banks.

Fiscal Policy.

Asset Prices and the Economy.

Globalisation and Capital Flows.

International Linkages.

Emerging Economies.


Money Markets.

Bond Markets.

Stock Markets.

Currency Markets.

Property Markets.

Emerging Markets Investments.

Commodity Markets.


Summary: Economic Fundamentals and Market Performance.

Economic Fundamentals and the Investment Process.

Ten Years of Changing Fundamentals.

Useful Websites.