Human history tells the story of ingenious financial systems and the never-ending quest for economic solutions, from the invention of coins by the ancient Lydians to the 21st-century eurozone. Our global economy is both complex and fascinating. Money and finance are fundamental to your life.

Money affects the decisions of nations and individuals. The growth of nations is driven by our financial institutions. Money and banking are essential to your daily financial transactions and your long-term plans. A working knowledge of money and banking systems is very useful.

• It helps you understand the complex and often bewildering world of finance.
• It helps you to “read” the current economic climate, to make sense of what you see in the media, and to gauge where the economy is headed.
• It gives you key insights into society and the economic issues in life.
• It allows you to comprehend integral aspects of history and the way civilization developed.
• Perhaps most important, it helps you to plan your own life and to make key financial decisions for yourself and your family.

Speaking to all of this. Everyone should know about money and banking. Professor Michael K. Salemi of The University of North Carolina at Chapel Hill leads you in a panoramic exploration of our monetary and financial systems, their inner workings, and their crucial role and presence in your world. He gives a detailed look at the financial institutions that are fundamental to your life and well-being in 36 lectures. You begin with the colorful history of money, including the monetary history of the United States.

• the crucial role of public confidence in the stability of our financial system;
• how money is created by commercial and central banks;
• how “Wall Street” and “Main Street” are inextricably intertwined, each requiring the success of the other;
• the dramatic history and causes of hyperinflation;
• the uses of “local” currencies and nontraditional monetary systems;
• the thorny problem of financial firms that are deemed “too big to fail,” and why being named “TBTF” gives firms an incentive to engage in risky investments;
• the irrational psychology of stock market “bubbles,” in which investing becomes speculative gambling; and
• why the value of the dollar depends on interest rates elsewhere in the world.

Dr. Salemi shows how financial systems came into being, the problems they were designed to solve, and how they have evolved and changed. While those with knowledge of economics will find a lot in these lectures, the course is also a good entry for those with no background in finance.

Explore the Core Institutions of Economic Life

The way in which economies require efficient and evolving financial institutions and markets to fulfill their potential is a guiding theme of the course. In building a full view of our financial system, you look at these vital subjects.

• Central banks and the Federal Reserve: You learn in depth about the roles and functions of central banks, how they oversee economies and control money supply, and what makes the Fed and the European Central Bank the most powerful financial institutions in the world.
• Commercial banks: You study the operation of commercial banks and other depository institutions, their asset structure, the services they perform, and the important benefits they provide for depositors, savers, and borrowers.
• Interest rates and interest rate policy: Five lectures are devoted to the broad subject of interest rates—the economic forces that determine them, their effects in both national and international finance, and how they impact investing and borrowing.
• Bond and stock markets: You investigate what securities markets offer to investors and the issuers of securities, the ins and outs of stock pricing and bond yields, and why these markets play an essential role in economies.
• Monetary policy: You study the function of monetary policy on the part of governments, central banks, and the International Monetary Fund in stabilizing economies, intervening in crises, and overseeing the world financial system.
• Foreign exchange and international banking: You explore topics such as the factors governing currency exchange, how exchange rates affect international trade, and why international banking is a crucial feature of globalization.

Grasp the Workings of a Global System

Key topics that shed light on the functioning of our financial system as a whole are tackled across Money and Banking.

You study the subject of inflation and its relationship to the consumer price index early in the lectures. You look at the causes and implications of the federal deficit. Investment in a nation’s capital stock is related to economic growth.

When a nation imports more than it exports, there are consequences in global economic relationships. The importance of how central banks steer clear of political pressures and the question of monetary policy coordination between nations weighs on the benefits to the global economy of cooperation between central banks.

A Dynamic and Multilayer Resource for Learning

Professor Salemi brings the lectures to life with his flair. He shows you vividly how each economic innovation responds to real-life challenges and dilemmas by communicating the principles of finance as compelling lessons in human ingenuity. You engage with detailed case studies, historical incidents, and current events in order to understand topics ranging from investment decisions and the regulation of financial firms to the system of floating currency exchange rates.

If you are interested in learning more about the mathematical aspects of money and banking, you should study the underlying logic and meaning of financial concepts and the mathematical formulas that express them. Professor Salemi used diagrams, graphs, and animations to show the course content. Audio Listeners can consult and take advantage of the visual aids in the course guidebook.

Essential Knowledge for Living

In. Everyone should know about money and banking. Professor Salemi gives you the chance to gain a grounded understanding of our monetary and financial systems in 36 content-rich lectures. In comprehending economic systems at home and abroad, and in making informed financial choices for yourself, this core knowledge is useful.

Understand the vital elements of finance that directly affect our way of life, our national concerns, and your own life and future.