1. (a) The Eurocurrency market offers considerable benefits and opportunities for borrowers and lenders. Describe in detail what institutional investors seeking to use the market can expect, including its drawbacks. [15 marks]
(b) What are the necessary conditions for an efficient market? Comment on the extent to which these conditions exist in the stock markets of G7 economies and, if so, whether stocks traded on these markets, follow a random walk, citing empirical evidence to support your answer. [25 marks]
(c) In an order-driven stock market trading system, stock prices are determined by supply and demand, whereas in a quote-driven system, market makers quote prices at which they are willing to sell. Compare and contrasts these trading systems and explain how the bid-offer spread is determined. [10 marks]
(d) Outline the factors giving rise to speculative bubbles and explain how rational bubbles evolve and grow with time. [20 marks]
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