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The economics background investors need to interpret global economic news distilled to the essential elements: A tool of choice for investment decision-makers. Written by a distinguished academics and practitioners selected and guided by CFA Institute, the world's largest association of finance professionals, Economics for Investment Decision Makers is unique in presenting microeconomics and macroeconomics with relevance to investors and investment analysts constantly in mind. The selection of fundamental topics is comprehensive, while coverage of topics such as international trade, foreign…mehr
The economics background investors need to interpret global economic news distilled to the essential elements: A tool of choice for investment decision-makers. Written by a distinguished academics and practitioners selected and guided by CFA Institute, the world's largest association of finance professionals, Economics for Investment Decision Makers is unique in presenting microeconomics and macroeconomics with relevance to investors and investment analysts constantly in mind. The selection of fundamental topics is comprehensive, while coverage of topics such as international trade, foreign exchange markets, and currency exchange rate forecasting reflects global perspectives of pressing investor importance. * Concise, plain-English introduction useful to investors and investment analysts * Relevant to security analysis, industry analysis, country analysis, portfolio management, and capital market strategy * Understand economic news and what it means * All concepts defined and simply explained, no prior background in economics assumed * Abundant examples and illustrations * Global markets perspective
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CHRISTOPHER D. PIROS, PhD, CFA, is the Managing Director of Investment Strategy and Chairman of the Investment Policy Committee at Hawthorn, a member of the PNC Financial Services Group, Inc., which is dedicated to serving the needs of individuals and families with investable assets in excess of $20 million. Prior to joining PNC, Mr. Piros served on the team responsible for the curriculum underlying the Chartered Financial Analyst® designation. He also has served as Director of Investment Strategy & Portfolio Management at Prudential Investments LLC, the wealth management services arm of Prudential Financial. He was a global fixed-income portfolio manager and head of fixed-income quantitative analysis at MFS Investment Management. JERALD E. PINTO, PhD, CFA, is Director, Curriculum Projects, in the education division of the CFA Institute. Prior to joining CFA Institute, he consulted with corporations, foundations, and partnerships in investment planning, portfolio analysis, valuation, and quantitative analysis. Pinto also worked in the investment and banking industries in New York, and taught finance at NYU Stern School of Business. He holds an MBA from Baruch College, a PhD in finance from the Stern School, and is a member of CFA Virginia. CFA INSTITUTE is a global, not-for-profit organization comprising the world's largest association of investment professionals. With over 100,000 members, and regional societies around the world, CFA Institute is dedicated to developing and promoting the highest educational, ethical, and professional standards in the investment industry. CFA Institute offers a range of educational and career resources, including the Chartered Financial Analyst (CFA) and the Certificate in Investment Performance Measurement (CIPM) designations, and is a leading voice on global issues of fairness, market efficiency, and investor protection.
Inhaltsangabe
Foreword xiii Acknowledgments xvii About the CFA Institute Investment Series xix CHAPTER 1 Demand and Supply Analysis: Introduction 1 Learning Outcomes 1 1. Introduction 2 2. Types of Markets 3 3. Basic Principles and Concepts 4 4. Demand Elasticities 40 5. Summary 51 Practice Problems 53 CHAPTER 2 Demand and Supply Analysis: Consumer Demand 59 Learning Outcomes 59 1. Introduction 59 2. Consumer Theory: From Preferences to Demand Functions 60 3. Utility Theory: Modeling Preferences and Tastes 60 4. The Opportunity Set: Consumption, Production, and Investment Choice 70 5. Consumer Equilibrium: Maximizing Utility Subject to the Budget Constraint 75 6. Revisiting the Consumer's Demand Function 78 7. Summary 86 Practice Problems 87 CHAPTER 3 Demand and Supply Analysis: The Firm 89 Learning Outcomes 89 1. Introduction 89 2. Objectives of the Firm 90 3. Analysis of Revenue, Costs, and Profits 96 4. Summary 135 Practice Problems 136 ftoc 12 February 2013; 18:11:42 CHAPTER 4 The Firm and Market Structures 143 Learning Outcomes 143 1. Introduction 143 2. Analysis of Market Structures 144 3. Perfect Competition 149 4. Monopolistic Competition 163 5. Oligopoly 169 6. Monopoly 179 7. Identification of Market Structure 188 8. Summary 191 Practice Problems 192 CHAPTER 5 Aggregate Output, Prices, and Economic Growth 197 Learning Outcomes 197 1. Introduction 198 2. Aggregate Output and Income 198 3. Aggregate Demand, Aggregate Supply, and Equilibrium 217 4. Economic Growth and Sustainability 256 5. Summary 270 Practice Problems 273 CHAPTER 6 Understanding Business Cycles 279 Learning Outcomes 279 1. Introduction 279 2. Overview of the Business Cycle 280 3. Theories of the Business Cycle 294 4. Unemployment and Inflation 303 5. Economic Indicators 319 6. Summary 327 Practice Problems 328 CHAPTER 7 Monetary and Fiscal Policy 333 Learning Outcomes 333 1. Introduction 334 2. Monetary Policy 335 3. Fiscal Policy 374 4. The Relationship between Monetary and Fiscal Policy 392 5. Summary 396 Practice Problems 397 CHAPTER 8 International Trade and Capital Flows 403 Learning Outcomes 403 1. Introduction 403 2. International Trade 404 3. Trade and Capital Flows: Restrictions and Agreements 424 4. The Balance of Payments 436 5. Trade Organizations 451 6. Summary 457 Practice Problems 459 CHAPTER 9 Currency Exchange Rates 465 Learning Outcomes 465 1. Introduction 465 2. The Foreign Exchange Market 467 3. Currency Exchange Rate Calculations 484 4. Exchange Rate Regimes 500 5. Exchange Rates, International Trade, and Capital Flows 511 6. Summary 521 Practice Problems 524 CHAPTER 10 Currency Exchange Rates: Determination and Forecasting 527 Learning Outcomes 527 1. Introduction 528 2. Foreign Exchange Market Concepts 530 3. A Long-Term Framework for Exchange Rates 547 4. The Carry Trade 569 5. The Impact of Balance of Payments Flows 573 6. Monetary and Fiscal Policies 585 7. Exchange Rate Management: Intervention and Controls 597 8. Currency Crises 602 9. Shorter-Term Forecasting Tools 605 10. Summary 611 11. Appendix: Currency Codes Used in This Chapter 615 Practice Problems 615 CHAPTER 11 Economic Growth and the Investment Decision 621 Learning Outcomes 621 1. Introduction 622 2. Growth in the Global Economy: Developed versus Developing Countries 622 3. Why Potential Growth Matters to Investors 631 4. Determinants of Economic Growth 635 5. Theories of Growth 663 6. Growth in an Open Economy 684 7. Summary 694 Practice Problems 696 CHAPTER 12 Economics of Regulation 703 Learning Outcomes 703 1. Introduction 703 2. Overview of Regulation 704 3. Regulation of Commerce 715 4. Regulation of Financial Markets 719 5. Cost-Benefit Analysis of Regulation 720 6. Analysis of Regulation 722 7. Summary 728 Practice Problems 729 Glossary 731 References 745 About the Editors 751 About the CFA Program 753 Index 755
