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Money Banking Essay

631 words - 3 pages

Bonds

A debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing. The Federal government, states, cities, corporations, and many other types of institutions sell bonds.
Generally, a bond is a promise to repay the principal along with interest on a specified date (maturity). Some bonds do not pay interest, but all bonds require a repayment of principal. When an investor buys a bond, becomes a creditor of the issuer. However, the buyer does not gain any kind of ownership rights to the issuer. On the hand, a bond holder has a greater claim on an issuer's income than a shareholder in the case of financial distress. Bonds are often divided into different categories based on tax status, credit quality, issuer type, maturity and secured/unsecured . U.S. Treasury bonds are generally considered the safest unsecured bonds, since the possibility of the Treasury defaulting on payments is almost zero. The yield from a bond ...view middle of the document...

Stocks

An instrument that signifies an ownership position (called equity) in a corporation, and represents a claim on its proportional share in the corporation's assets and profits. Ownership in the company is determined by the number of shares a person owns divided by the total number of shares outstanding. For example, if a company has 1000 shares of stock outstanding and a person owns 50 of them, then he/she owns 5% of the company. Most stock also provides voting rights, which give shareholders a proportional vote in certain corporate decisions. Only a certain type of company called a corporation has stock; other types of companies such as sole proprietorships and limited partnerships do not issue stock. also called equity or equity securities or corporate stock.

European Ceantral Bank Structure

The European Central Bank (ECB) is one of the EU institutions. Its main purpose is to:
* keep prices stable (keep inflation under control), especially in countries that use the euro.
* keep the financial system stable – by making sure financial markets and institutions are properly supervised.
The Bank works with the central banks in all 27 EU countries. Together they form the European System of Central Banks (ESCB).
It also leads the close cooperation between central banks in the euro area – the 17 EU countries that have adopted the euro, also known as the eurozone. The cooperation between this smaller, tighter group of banks is referred to as the ‘Eurosystem’.

Central Bank Structure

In contrast to the Federal Reserve System, which is decentralized into 12 privately owned district banks, central banks in other industrialized countries consist of one centralized unit that is owned by the government. Here we examine the structure and degree of independence of four of the most important foreign central banks: the Bank of Canada, the Bank of England, the Bank of Japan, and the European Central Bank.

Federal Reserve Structure

The Federal Reserve is the central bank of the United States. Its unique structure includes a federal government agency, the Board of Governors, in Washington, D.C., and 12 regional Reserve Banks: Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philladelphia, Richmond, San Francisco, St. Louis.

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