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Basic knowledge in economics is very imperative for bankers, at least in a basic understanding form that should be available in every other profession.
Students who understand these principles will have a much better ability to ... These basic principles apply to all aspects of economics; however, it is important to ... The opportunity cost of choosing to put money into a bank savings account .
I don't think so economics is important for bankers because I'm also a banker and I hate economics,
In every profession/career, there has to be a foundation of knowledge of the industry. Without the basic knowledge, decision making is delayed at best. Specifically the banking sector is extremely dynamic and stochastic. Money/investment decisions have to be based on solid ground/knowledge and has to be done fast.
To calculate the supply and demand of the company. Also, to know the company situation in terms of the economy.
Banking sector stability appears to be an important driver of GDP growth in subsequent quarters highlights the need for greater attention to be paid to banking sector soundness in the implementation of monetary policy. Some authors have already pointed out that bank related information can be used to improve macro forecasts. For example, several studies have shown that incorporating confidential supervisory information about bank health improves central bank forecasts of both unemployment and inflation (Peek et al. 1999, 2003; Romer and Romer 2000). The empirical link between banking sector stability and output growth suggests that policymakers can exploit information embedded in our measure of financial sector stability to improve their economic forecasts, and hence their policy decisions.
Economic literacy contributes to a second class of knowledge. For some economic decisions, such as buying a home or investing in the stock market, it is possible to hire professional or technical help when making a choice, but in most cases it is neither economical nor practical for an individual to hire a skilled professional every time an economic decision needs to be made. Even when such advice is given, the final choice must be made by the individual, not the adviser. What this means is that each person must ultimately serve as his or her own economist in making many economic choices, whether those choices involve buying a product, getting a loan, voting on candidates and economic issues, or something else. Economic literacy improves the competence of each individual for making personal and social decisions about the multitude of economic issues that will be encountered over a lifetime.
It is Import for any person to know economics as to understand the cycle. The Bankers especially need to understand the demand and supply existing in the market in relation to certain industry. Especially when they are trying to advance any funds to any particular company. Commercial sense does prevail and win on the most prudent estimates of future which has a great base on the economic sense. Especially when the local and international rules changes, economic climate changes, demand and supply changes etc.
Because that can help them take decisions in their career and also enable them to give better advices to their clients in field of bank services which makes them more trustworthy to their clients
banks basically make money by lending money at rates higher than the cost of the money they lend. More specifically, banks collect interest on loans and interest payments from the debt securities they own, and pay interest on deposits, CDs, and short-term borrowings. and so many others are required for bankers.
Banking sector is a mechanism for nearly all economic activity. The most important indicators were based on the economic factors. It is important to note that for an economy banks are most important financial intermediary in the economy as it connects surplus and deficit economic agent.
