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Unit 1Money MarketThis chapter examines the money rket in which short-term creditinstruments such as Treasury Bills are bought and sold.This is the rket inwhich commercial bank sand other business adjust their liquidity,the Feder-al Reserve conducts its monetary policy,and the Federal govemment fi-nances its day-to-day operations.The reason most people are unaware ofthis large and important rket is that the general public rarely invests di-rectly in it.This chapter focuses on the morley rket participants and mon-ey rket instrunlents.General Nature Of The Money MarketIn the money rkets,businesses,govemnlents,and,sometimes,in-dividuals borrow or lend funds for short periods of time usually 1 to 120days.Actually,the money rket consists of a collection of rkets,eachtrading a distinctly different financial instrument.There is no forl organi-zation,such as the New York Stock Exchange for the equity rkets.Centralto the activity of the money rkets are the dealers and brokers who special-ize in one or more money rket instruments.The money rkets are also distinct from other financial rkets in thatthey are wholesale rkets because of the large transactions involved.Thoughsome all transactions do take place,most involve $1 millicn or more.Money rket transactions are called open rket transactions because oftheir impersonal and competitive nature.There are no established "consumerrelationships”.Economic Role Of The Money MarketThe most important economic function of the money rket is to providean efficient means for economic units to adjust their liquidity positions.Al-most every economic unit-financial institution,business corporation,orgovemment body-has a recurrlng problem of liquidity nagement.Theproblems recurs because rarely is the timing of cash receipts and cash expen-ditures perfectly synchronized.Money rket instruments allow economic u-nits to bridge the gap between cash receipts and cash expenditures,there bysolving their liquidity problems.Characteristics Of Money Market InstrumentsGiven the economic role of money rkets-to provide liquidity adjust-ments-it is not difficult to establish the general characteristics of moneyrket instruments.First,if you have money to invest temporarily,youwould want to purchase the financial claims of firms having the highest creditstanding,and thus minimize any loss of principal due to default.Second,you would not want to hold long-term securities because of their greaterprice risk relative to short-term securities.Finally,temporary investmentust be rketable in the event that you unexpectedly need the funds beforeturityMoney Market Participants Commercial BanksCommercial Banks are by far the most important class of buyers andsellers of money rket instruments.Banks engage actively in almost all themoney rkets.They are continuously in the process of adjusting their liq-uidity because of the short-term nature of their liabilities,wide variationsin loan dend,and legal reserve requirements imposed upon banks by reg-