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1、PrefaceThisbookisaboutwhataspectsofeconomicsitisnecessarytoknowabouttounderstandwhyfinancialmarketsaresovolatile.Itisdesignedtodemonstratethatbehindallthejargonassociatedwiththefinancialmarketstherearesomebasiceconomicideasoperating.Whatthesebasicideasareisnotevidentfr
2、omeitherexistingtextbooksnorfromreadingthefinancialpress.Thetextisnotdesignedasastandardeconomicstextbookasthemarketplaceisfullofexcellenttextbooksforanyoneseekingtounderstandbasiceconomicideas.Priortothepublicationofthistextreadersseekingtounderstandhowtheeconomicswor
3、ldandtherealfinancialmarketplaceinteracthavehadaproblem.Thefinancialmarketsareunundatedwithinformation.Fromallthisinfor-mationhowcanonemakesenseofthistoseethebigfinancialmarketpicture?Certainlynotbyreadingstandardeconomicstextbooks.Thetextisdesignedforabroadreadershipi
4、ncludingstu-dents,bothundergraduateorpostgraduatemajoringineco-nomicsoffinance,practitionersinthemarketsseekingafreshinsightintowhatisgoingonaroundthemeveryday,andfornewcomerstothefinancialmarketswhoneedaclearperspec-tiveonallthedailyupsanddownsinthemarkets.Torepeat,th
5、eseobjectivesarenotachievedbyreadingtheexistingliterature.ThetexttakestheUSeconomyasitsframeofreference.ThisisbasedonthefactthatthesheersizeoftheUSeconomyintheworldfinancialmarketsissolargethatitdwarfsmostotherfinancialmarketplaces.AlsothedominationoftheUSdollarasthewo
6、rld’sglobalcurrencymeansthatwhatmovesthedollarxiiPrefacebasicallymovesalltheotherfinancialmarkets,andclearlywhatevercanmovethevalueofthedollarhastobeunderstood.Howeverthetextisjustasrelevanttoreadersoperatinginotherfinancialmarkets,asoncetheyunderstandtheeconomicimplic
7、ationsofchangesintheUSfinancialmarketplacetheycaneasilyseetheimplicationsfortheirowndomesticeconomy.1Whatdoyouneedtoknowaboutmacroeconomicstomakesenseoffinancialmarketvolatility?Inordertoappreciatetheimpactofeconomicactivityonthefinancialmarketsitisessentialtofirstappr
8、eciatewhatarethemajorconstituentitemsthatdrivetheeconomy.Theseitemsarebestunderstoodbyexaminingwhatisreferredtoasthes
