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Provides a comprehensive introduction to the subject of financial markets. Covers markets in central trading places like the New York Stock Exchange and the Chicago Board of Trade, and markets in non-central trading such as that in government bonds, foreign currencies, and over-the-counter stocks. Includes unique analyses of pricing of options and features, especially futures in Eurodollars. This is the comprehensive introduction to financial markets from an economic perspective. It assumes a basic understanding of economics. The authors cover both markets that trade in central locations like the New York Stock Exchange and the Chicago Board of Trade, and also markets that trade by phone , computer terminal, etc., like bonds, foreign currency and securities traded on over-the-counter market. Also included are options and future markets, and the authors present and unique way of analysing the prices of these instruments, especially the pricing of futures in Eurodollars.
Hendrik S. Houthakker is Professor of Economics at Harvard University.Peter J. Williamson is Dean of the MBA Program and Professor of Business Policy at the London School of Business.