CFA Program
Financial Modeling
Technical Analysis

Understanding of Economics is a key to discern how the financial markets operate. There are intricate linkages between various economic factors and financial variables which can have both direct and indirect impact on the financial markets. An economic perspective facilitates identification of the causes of different economic developments as well as anticipation of the possible impact of changes in policies.
This module aims at providing a basic understanding of various macroeconomic concepts and a glimpse of macroeconomic behavior. Why should one take this course?
  • To have a basic understanding of various macroeconomic concepts
  • To learn about macroeconomic behavior
Who will benefit from this course?
  • Students of Management and Commerce
  • Economists
  • Finance Professionals
  • Stock Analysts
  • Employees with financial institutions
  • Anybody having interest in this subject
Course outline :

Introduction to Macro Economics
  • Introduction
  • Microeconomics and Macroeconomics
  • Why Macroeconomics is important for the financial sector
  • Stock Analysts
  • The concept of equilibrium in economics
  • Broad outline
Inflation and Interest Rates
  • What is inflation?
  • How to measure inflation?
  • Theories of inflation
  • Impact of inflation on macroeconomic variables
  • Controlling inflation
  • Interest Rates
  • Factors affecting the level of Interest Rate
  • Impact of interest rates
  • Concept of Real Interest Rate
National Income Accounting
  • National Income Accounting: Measuring Economic Activity
  • Some other ways to measure National Income
  • Saving and Investment in India
  • The changing composition of India’s economic environment
Government and Fiscal Policy
  • Role of the Government in an Economy
  • Government Expenditure and Revenue: Understanding the Government accounts
  • Bringing together the Revenue and the Expenditure side
  • The Deficit Indicators
  • Financing of deficit by the Government
  • Fiscal Deficit and sustainability of Internal Debt
  • Fiscal policies and their impact on the financial markets
Money and Monetary Policy
  • What is the role of Money?
  • Components of Money in India
  • Demand for Money
  • Supply of Money
  • Different roles of RBI in India
  • Role of Commercial Banks in Money Supply
  • Other Instruments of Money Supply
  • Market Stabilization Scheme
  • Use of Monetary policy
  • Use of Fiscal policy
The External Sector: Open Economy Macroeconomics
  • Why do countries trade?
  • India and International Trade
  • Balance of Payments
  • Foreign Direct Investment
  • Foreign Portfolio Investment
  • Exchange Rates
  • Foreign Exchange Reserves
  • Impact of capital flows on money supply
  • Sterilization of Capital Flows
Financial Markets
  • Basic roles of the financial market
  • Why and how are financial markets different from other markets?
  • Role of different financial systems: Bank based financial systems and Capital Market based financial systems
  • Role and contribution of different segments in India’s Financial Market
  • The Equity Market
  • Derivatives Market in India
  • The Debt Market
Regulatory Institutions in India
  • Role of regulatory institutions in a market-based economy
  • The Reserve Bank of India (RBI)
  • The Securities and Exchange Board of India (SEBI)
  • Insurance Regulatory and Development Authority (IRDA)
  • Pension Fund Regulatory and Development Authority (PFRDA
  • Forward Markets Commission (FMC)
  • Stock Exchanges in India

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