Description - Economics for Professional Investors by Tim Lee
The intention of this work is to provide investors and those interested in economic and financial affairs with a coherent explanation of the economic forces that shape the behaviour of the financial markets; and to explain the meaning and statistical composition of the important macro-economic aggregates and concepts, as well as the relationships between them. The first four chapters are concerned with developing and explaining the accounting relationships between the various macro-economic concepts - GNPl and its components, income, savings, public sector deficit, balance of payments and money supply. Chapters five to nine are concerned more with economic relationships rather than accounting definitions and identities. These chapters offer an explanation of the behaviour of the economic variables of importance to the financial markets, in particular liquidity, interest rates and exchange rates. Chapter sx to eight deal with money and monetary policy, and include a discussion of the theoretical background to issues such as commodity standards, managed exchange rates, and the European monetary system and European Monetary Union.
The exposition and analysis are presented from a perspective within the monetarist tradition of economics. In chapter 10, the best-known and most widely used model of stock market valuation is developed and explained. There is extensive discussion of how a stock market should be expected to behave in different economic circumstances, important distinctions being made between open and closed economies and differing exchange rate regimes. Chapter 11 concludes the book with a discussion of the specific problems the analyst encounters when analyzing economic data, in particular, monetary data.
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