This document provides an overview of financial markets and institutions. It begins by defining key terms like financial system and financial markets. It then describes the basic structure and functions of financial markets, including the main instruments traded in debt, equity, money, and capital markets. The document also outlines the primary roles and types of financial institutions, with a focus on financial intermediaries. It concludes by discussing some of the key reasons for regulating financial systems, such as increasing information for investors and ensuring the soundness of financial intermediaries.
Financial Market is the market where financial securities like stocks and bonds and commodities like valuable metals are exchanged at efficient market prices. Here, by efficient market prices we mean the unbiased price that reflects belief at collective speculation of all investors about the future prospect. The trading of stocks and bonds in the Financial Market can take place directly between buyers and sellers or by the medium of Stock Exchange. Financial Markets can be domestic or international.
Financial Market is the market where financial securities like stocks and bonds and commodities like valuable metals are exchanged at efficient market prices. Here, by efficient market prices we mean the unbiased price that reflects belief at collective speculation of all investors about the future prospect. The trading of stocks and bonds in the Financial Market can take place directly between buyers and sellers or by the medium of Stock Exchange. Financial Markets can be domestic or international.
Money market pdf that will help you understand further its definition, importance, classification, structure and examples. There are a lot of examples here and it is for everyone that needs to know about money market.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Money market pdf that will help you understand further its definition, importance, classification, structure and examples. There are a lot of examples here and it is for everyone that needs to know about money market.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
4. 4
I. AN OVERVIEW OF FINANCIAL
MARKETS
What is Financial Markets?
Structure of Financial markets?
Instruments traded in Financial markets?
Functions of Financial markets
5. 5
What is Financial system?
Financial system (FS) – a framework for
describing set of markets, organisations, and
individuals that engage in the transaction of
financial instruments (securities), as well as
regulatory institutions.
- the basic role of FS is essentially channelling of
funds within the different units of the economy
– from surplus units to deficit units for
productive purposes.
6. 6
1. What is Financial Markets?
Financial markets perform the essential function of
channeling funds from economic players that have saved
surplus funds to those that have a shortage of funds
At any point in time in an economy, there are individuals or
organizations with excess amounts of funds, and others
with a lack of funds they need for example to consume or
to invest.
Exchange between these two groups of agents is
settled in financial markets
The first group is commonly referred to as lenders, the
second group is commonly referred to as the
borrowers of funds.
7. 7
I.1 What is Financial Markets?
We will start our discussion on financial markets with some
basic definitions:
There exist two different forms of exchange in financial markets.
The first one is direct finance, in which lenders and borrowers
meet directly to exchange securities.
Securities are claims on the borrower’s future income or assets.
Common examples are stock, bonds or foreign exchange
The second type of financial trade occurs with the help of
financial intermediaries and is known as indirect finance. In this
scenario borrowers and lenders never meet directly, but lenders
provide funds to a financial intermediary such as a bank and
those intermediaries independently pass these funds on to
borrowers
8. 8
I.2 Structure of Financial Markets
Financial markets can be categorized as follows:
Debt vs Equity markets
Primary vs Secondary markets
Exchange vs Over the Counter (OTC)
Money vs Capital Markets
9. 9
Debt vs Equity
Financial markets are split into debt and equity markets.
Debt titles are the most commonly traded security. In these arrangements,
the issuer of the title (borrower) earns some initial amount of money
(such as the price of a bond) and the holder (lender) subsequently receives
a fixed amount of payments over a specified period of time, known as
the maturity of a debt title.
Debt titles can be issued on short term (maturity < 1 yr.), long term
(maturity >10 yrs.) and intermediate terms (1 yr. < maturity < 10 yrs.).
The holder of a debt title does not achieve ownership of the borrower’s
enterprise.
Common debt titles are bonds or mortgages.
10. 10
Debt vs Equity
Equity titles are somewhat different from bonds. The most common
equity title is (common) stock.
First and foremost, an equity instruments makes its buyer (lender) an
owner of the borrower’s enterprise.
Formally this entitles the holder of an equity instrument to earn a share of
the borrower’s enterprise’s income, but only some firms actually pay
(more or less) periodic payments to their equity holders known as
dividends. Often these titles, thus, are held primarily to be sold and
resold.
Equity titles do not expire and their maturity is, thus, infinite. Hence
they are considered long term securities.
11. 11
PRIMARY MARKETS Vs SECONDERY MARKETS
Markets are divided into primary and secondary markets
Primary markets are markets in which financial instruments are
newly issued by borrowers.
Secondary markets are markets in which financial instruments
already in existence are traded among lenders.
Secondary markets can be organized as exchanges, in which titles
are traded in a central location, such as a stock exchange, or
alternatively as over-the-counter markets in which titles are sold
in several locations.
12. 12
MONEY MARKETS VS CAPITAL MARKETS
Finally, we make a distinction between money and capital markets.
Money markets are markets in which only short term debt titles
are traded.
Capital markets are markets in which longer term debt and equity
instruments are traded.
13. 13
I.3 INSTRUMENTS TRADED
IN THE FINANCIAL MARKETS
Principal Money Market Instruments (maturity < 1 yr.)
Source: Miskin
15. 15
I.3 INSTRUMENTS TRADED
IN THE FINANCIAL MARKETS
Most commonly you will encounter:
Corporate stocks are privately issued equity instruments, which
have a maturity of infinity by definition and, thus, are classified as
capital market instruments
Corporate bonds are private debt instruments which have a
certain specified maturity. They tend to be long-run instruments
and are, hence, capital market instruments
The short-run equivalent to corporate bonds are commercial
papers which are issued to satisfy short-run cash needs of private
enterprises.
16. 16
I.3 INSTRUMENTS TRADED
IN THE FINANCIAL MARKETS
Most commonly you will encounter:
On the government side, the most commonly used long-run debt
instruments are Treasury Bonds or T-Bonds. Their maturity exceeds ten
years.
Short-run liquidity needs are satisfied by the issuance of Treasury Bills
or T-Bills, which are short-run debt titles with a maturity of less than one
year.
17. 17
Valuing a Bond
PV
C1
(1 r)1
C2
(1 r)2
...
1,000 CN
(1 r)N
Price of a bond is the sum of the discounted future cash flows.
18. 18
Valuing a Bond
What is the discount rate = market determined,
affected by perceived risk?
As discount rates ↑ the price ↓
Inverse relationship between price and yield
19. 19
Valuing a Bond
Clearly higher rates lead to a fall in price
Also note: Bond price → par
as bond → maturity.
20. 20
Interest Rates
Sensitivity of bond prices to interest rate changes?
Longer dated bonds - more sensitive
Lower coupon bonds - more sensitive
21. 21
What effects bond prices?
1. Interest rates
2. Coupon and Maturity
3. Credit ratings, (Moodys, S&P etc.)
4. Economic Environment
Flight to quality?
22. 22
Functions of Financial markets
Borrowing and Lending
Financial markets channel funds from households, firms,
governments and foreigners that have saved surplus funds to those
who encounter a shortage of funds (for purposes of consumption
and investment)
Price Determination
Financial markets determine the prices of financial assets. The
secondary market herein plays an important role in determining the
prices for newly issued assets
23. 23
Functions of Financial markets
Coordination and Provision of Information
The exchange of funds is characterized by a high amount of incomplete
and asymmetric information. Financial markets collect and provide much
information to facilitate this exchange.
Risk Sharing
Trade in financial markets is partly motivated by the transfer of risk from
borrowers to lenders who use the obtained funds to invest
24. 24
Functions of Financial markets
Liquidity
The existence of financial markets enables the owners of assets to
buy and resell these assets. Generally this leads to an increase in
the liquidity of these financial instruments
Efficiency
The facilitation of financial transactions through financial markets
lead to a decrease in informational cost and transaction costs,
which from an economic point of view leads to an increase in
efficiency.
25. 25
II.FINANCIAL INSTITUTIONS
What are Financial Institutions?
Financial Institutions and their function
Types of Financial Institutions
26. 26
II.1What are Financial Institutions ?
Financial intermediaries are firms that collect the funds from lenders and
channel those funds to borrowers (Mishkin)
Financial intermediaries are firms whose primary business is to provide
customers with financial products and services that can not be obtained
more efficiently by transacting directly in securities markets (Z.Bodie
&Merton)
Any classification of financial institutions is ultimately somewhat
arbitrary, since financial markets are subject to high dynamics and
frequent innovation. Thus, we roughly use four categories:
Brokers
Dealers
Investment banks
Financial intermediaries
Engage in trade in securities
(direct finance)
Engage in financial asset
transformation (indirect
finance)
27. 27
II.1What are Financial Institutions? (Cont)
Brokers are agents who match buyers with sellers for a desired
transaction.
A broker does not take position in the assets she/he trades (i.e. does not
maintain inventories of those assets)
Brokers charge commissions on buyers and/or sellers using their services
Examples: Real estate brokers, stock brokers
28. 28
II.1What are Financial Institutions? (Cont)
Like brokers, dealers match sellers and buyers of financial assets.
Dealers, however, take position in their assets, their trading.
As opposed to charging commission, dealers obtain their profits from
buying assets at low prices and selling them at high prices.
A dealer’s profit margin, the so-called bid-ask spread is the difference
between the price at which a dealer offers to sell an asset (the asked
price) and the price at which a dealer offers to buy an asset (the bid
price)
Examples: Dealers in U.S. government bonds, Nasdaq stock dealers
29. 29
II.1What are Financial Institutions? (Cont)
Investment Banks
Investment banks assist in the initial sale of newly issued securities (e.g.
IPOs)
Investment banks are involved in a variety of services for their customers,
such as advice, sales assistance and underwriting of issuances
Examples: Morgan-Stanley, Goldman Sachs, ...Lehman Brothers
..(Before Crisis 2008)
30. 30
II.1What are Financial Institutions? (Cont)
Financial Intermediaries
Financial intermediaries match sellers and buyers indirectly through the
process of financial asset transformation.
As opposed to three above mentioned institutions. they buy a specific
kind of asset from borrowers –usually a long term loan contract – and
sell a different financial asset to savers –usually some sort of highly-
liquid short-run claim.
Although securities markets receive a lot of media attention, financial
intermediaries are still the primary source of funding for businesses.
Even in the United States and Canada, enterprises tend to obtain funds
through financial intermediaries rather than through securities
markets.
Other than historic reasons, this prevalence results from a variety of
factors.
32. 32
II.2 Function of Financial Intermediaries:
Indirect Finance
Lower transaction costs
Economies of scale
Liquidity services
Since transaction costs are reduced, financial intermediaries are able to provide
customers with additional liquidity services, such as checking accounts which can be
used as methods of payment or deposits which can be liquidated any time while still
bearing some interest.
Reduce Risk
Risk Sharing (Asset Transformation)
Diversification
Through the process of asset transformation not only maturities, but also the risk
of an asset can change: A financial intermediary uses funds it acquires (e.g.
through deposits) and often turns them into a more risky asset (e.g. a larger loan).
The risk then is spread out between various borrowers and the financial
intermediary itself.
The process of risk sharing is further augmented through diversification of assets
(portfolio-choice), which involves spreading out funds over a portfolio of assets
33. 33
II.2 Functions of Financial Intermediaries:
Indirect Finance
Reduce Asymmetric Information
Asymmetric Information in financial markets - one party often
does not know enough about the other party to make accurate
decisions.
Adverse Selection (before the transaction)—more likely to
select risky borrower
Moral Hazard (after the transaction)—less likely borrower will
repay loan
=> Financial intermediaries are important in the production of
information. They help reduce informational asymmetries
about some unobservable quality of the borrower for example
through screening, monitoring or rating of borrowers, Net
worth and collateral.
34. 34
II.2 Functions of Financial Intermediaries:
Indirect Finance
Finally, some financial intermediaries specialize on services such as
management of payments for their customers or insurance contracts
against loss of supplied funds.
Through all of these channels financial intermediaries increase market
efficiency from an economic point of view.
35. 35
II.3TYPES OF FINANCIAL
INTERMEDIARIES
There are roughly three classes of financial intermediaries:
Depository institutions accept deposits from savers and transform
them into loans (Commercial banks, savings and loan associations,
mutual savings banks and credit unions)
Contractual savings institutions acquire funds at periodic intervals
on a contractual basis (insurance and pension funds)
Investment intermediaries serve different forms of finance. They
include finance companies, mutual funds and money market
mutual funds.
38. 38
III. FINANCIAL REGULATION
Why regulate financial markets?
Financial markets are among the most regulated
markets in modern economies.
The first reason for this extensive regulation is to
increase the information available to investors (and,
thus, to protect them).
The second reason is to ensure the soundness of the
financial system.
39. 39
III. FINANCIAL REGULATION
1. Increasing information available to investors
As mentioned above, asymmetric information can cause severe
problems in financial markets (Risk behavior, insider trades,....)
Certain regulations are supposed to prohibit agents with superior
information from exploiting less informed agents.
In the U.S. the stock-market crash of 1929 led to the
establishment of the Securities and Exchange Commission
(SEC), which requires companies involved in the issuance of
securities to disclose certain information relevant to their
stockholders. The SEC further prohibits insider trades
40. 40
III. FINANCIAL REGULATION
2. Ensuring the soundness of financial intermediaries
Even more devastating consequences from asymmetric information
manifest themselves in collapses of the entire financial system – so
called financial panics.
Financial panics occur if providers of funds on a large scale withdraw
their funds in a brief period of time from the financial system leading
to a collapse of the system. These panics can produce enormous damage
to an economy.
Examples of some recent panics are the crises in the Asian Tiger states,
Argentina or Russia. The United States, while spared for most of the
second half of 20th century, has a long tradition of financial crises
throughout the 19th century up to the Great Depression.
41. 41
III. FINANCIAL REGULATION
3. Solutions for ensuring the soundness of financial
intermediaries
Restrictions on entry
Disclosure
Restrictions on Assets and Activities
Deposit Insurance
Limits on Competition
Restrictions on Interest Rates
42. 42
Financial regulation
Limits to Competition
An argument of politics rather than economics is that overly hard
competition in the banking sector increases the risk of bank
failure. This belief has (especially in the past) led to some
restrictions in the commercial banking sectors
In the U.S. private banks e.g. were prohibited to open branches in
different states
The empirical evidence for the benefits of limiting competition is
weak and from an economic point of view it appears more as an
obstacle to risk diversification rather than a useful regulation
43. 43
Financial regulation
Restriction of interest rates
The experience of the Great Depression in the U.S. has led to the
widespread belief that interest rate competition paid on deposits
might facilitate bank failure and to strong regulation of interest
rates on bank deposits
Unlike most other developed economies, banks in the U.S. were
prohibited from paying any interest on deposits from 1933. Under
what is known as Regulation Q, the Federal Reserve System had the
power to set the maximum interest rates payable on savings deposits
until 1986.