Money, financial markets, and the economy

목차 (Table of Contents)

• CONTENTS
• Preface = xi
• PART Ⅰ BANKING AND MONETARY CONTROLS
• 1 Introduction to financial Systems = 1
• Interest Rates and Securities prices = 1
• Classification of Financial markets = 5
• Financial Intermediaries = 7
• The Role of Government in Financial markets = 7
• The Organization of This Book = 8
• The Economic growth of the Four asian Tigers = 8
• Summary = 9
• Key Terms and concepts = 9
• Discussion questions and Exercises = 9
• References = 10
• 2 The Economic Role of Financial Institutions = 12
• Saving and Investment in Barter and Monetary Economies = 13
• Money, Debt, Credit, and assets = 14
• The circular flow Diagram with a financial Sector = 17
• Flow of Funds Analysis = 24
• Interest Rate Forecasts and Other Applications = 32
• Gross Domestic Product Date from the Four Asian Tiers = 33
• Summary = 34
• Key Terms and Concepts = 36
• Discussion Questions and Exercises = 36
• References = 37
• 3 The business of Commercial Banking = 38
• Commercial Banking as a Business = 38
• Bank Reserves = 48
• Contemporaneous and lagged Reserve Accounting = 52
• Asset and Liability Management of Reserves = 53
• Banks and Reserve maintenance Requirements in Other Countries = 54
• Summary = 59
• Key Terms and Concepts = 61
• Discussion Questions and Exercises = 61
• References = 61
• 4 Banks and Other Deposit - taking Financial Institutions = 63
• History and introduction = 64
• NOW Accounts, ATS Accounts and Money Market Mutual Funds = 65
• The Court's Reaction = 68
• Money, Creation = 70
• Money creation by Thrifts and money Market Mutual Funds = 73
• Capital Adequacy Ratios = 75
• A Bleak Outlook for Commercial Banks = 80
• Banks in Hong Kong, Korea, Singapore and Taiwan = 81
• Summary = 83
• Key Terms and Concepts = 84
• Discussion Questions and Exercises = 84
• References = 84
• 5 Money and Seigniorage : Definitions and measures = 87
• Defining Money = 87
• Measurement of Money = 90
• Seigniorage = 96
• Measuring Money in the Four Asian Tigers = 103
• Money is Fungible = 105
• The Case of the Missing Currency = 111
• Summary = 112
• Key Terms and Concepts = 112
• Discussion Questions and Exercises = 112
• References = 113
• 6 Commercial and Central Bank Interactions = 114
• Correspondent Banking Relations = 114
• Functions of Central Banks = 116
• Managing Bank Reserves : The Bank's viewpoint = 118
• Reserves = 124
• Tools of control over Money Creation = 125
• A Summary Statement on Tools of Monetary Control = 131
• Summary = 131
• Key Terms and concepts = 132
• Discussion questions and Exercises = 132
• References = 133
• 7 The Monetary Base and Central Banking controls = 134
• The Monetary Base and the Money Supply = 135
• Factors Affecting the Reserves of Depository Institutions = 140
• Monetary Tools of the Federal Reserve System = 142
• Monetary Tools of France, Germany, and the united Kingdom = 143
• Monetary Tools of Japan = 150
• Monetary Tools of the Asian Tigers = 152
• Summary = 156
• Key Terms and concepts = 157
• Discussion questions and exercises = 157
• References = 158
• PART Ⅱ FINANCIAL MARKETS
• 8 The Money Market = 160
• Money Market Instruments = 161
• Interest Rates on Money Market Instruments = 176
• Money Markets in the Asian Tigers = 176
• Summary = 182
• Key Terms and Concepts = 182
• Discussion Questions and Exercises = 183
• References = 183
• 9 Capital Markets = 185
• The Long-term Government Securities Market = 185
• Zero Coupon Bonds = 190
• Government agency and Similar Bonds = 191
• Corporate Bonds = 192
• Eurobonds = 196
• Municipal Bonds = 197
• Corporate Stocks = 200
• Capital Markets in Asia = 201
• Summary = 207
• Key Terms and Concepts = 208
• Discussion Questions and Exercises = 208
• References = 209
• 10 Mortgage and Other Securitized Asset Markets = 211
• Deductible Interest and Other Support for Housing = 211
• Secondary Markets for Mortgage loans = 215
• Secondary Markets : Good Economics or Good Politics? = 217
• Collateralized Mortgage obligations (CMOs) and Real Estate Mortgage Investment Conduits (REMICs) = 222
• Collateralized Securities : A Growth Industry = 225
• Summary = 227
• Key Terms and Concepts = 228
• Discussion Questions and Exercises = 228
• References = 229
• 11 Futures, Options, and Swap markets = 230
• Risk and Uncertainty = 230
• Hedging Bets = 232
• Futures Markets = 233
• Stock Market Index Futures contracts = 239
• Options Markets = 243
• Swap markets = 245
• An Exploding Swap market = 246
• New Products in Futures and Options = 248
• Financial Derivatives in the Asian Tigers = 249
• Summary = 250
• Key Terms and concepts = 251
• Discussion Questions and Exercises = 251
• References = 252
• PART Ⅲ INTEREST RATE THEORY
• 12 Determining the General Level of Interest Rates = 254
• Introduction to the Present Value of bonds and Stocks = 255
• Classical and Neoclassical Theories of Interest Rates = 258
• The Loanable funds Approach = 259
• Expected Inflation and the level of Interest Rates = 266
• Inflation in the Loanable funds Model = 269
• Theory in the Asian Tigers = 271
• Summary = 271
• Key Terms and Concepts = 273
• Discussion questions and exercises = 273
• References = 274
• 13 Interest Rate Theory = 275
• The Equation of Exchange = 276
• The Modern Quantity Theory of Money = 279
• A Theory of the Demand for Assets = 283
• The Fisherian Time - preference Model = 287
• Summary = 294
• Key Terms and Concepts = 296
• Discussion questions and Exercises = 296
• References = 297
• 14 The Term Structure of Interest Rates = 298
• Yield curves = 299
• The Segmented Markets Approach = 303
• The Pure Expectations Approach = 306
• Liquidity Premium, Risk Premium, Term Premium = 311
• The Accuracy of the Market's Forecasts = 315
• Summary = 316
• Key Terms and concepts = 317
• Discussion questions and Exercises = 317
• References = 318
• PART Ⅳ REGULATION AND POLICY
• 15 Regulation and Efficiency = 320
• The Theory of Regulation = 320
• Regulations to Promote Competition, Stability and Efficiency 325
• Efficiency = 328
• A Formal Statement of the EMH and Evidence against it = 330
• On the Failure of Banks and Thrift Institutions = 333
• A new Organizational Structure for Bank Regulation = 336
• Summary = 336
• Key Terms and Concepts = 336
• Discussion questions and Exercises = 336
• References = 337
• 16 Formulating and Implementing Monetary Policy = 340
• Meetings of the Federal Open market Committee = 340
• Open Market Operations : Targets and Details = 343
• Summary Statement of Procedures = 349
• Open Market churning of Accounts = 350
• Intervention in Foreign Exchange markets = 351
• Pegging Interest Rates and the "Bills - only" Policy = 355
• A Broadside Approach to Open market Operations : A proposal = 358
• Debate over Reserve Requirements = 361
• Monetary Policy Concerns = 361
• Summary = 362
• Key Terms and Concepts = 362
• Discussion questions and Exercises = 362
• References = 363
• 17 Implementing Fiscal and Debt Management Policies = 366
• Fiscal Policy = 367
• Debt Management Policy = 373
• Economic Impact of Changes in Debt Structure = 376
• Effectiveness of Debt Management = 377
• Holding interest Cost Down = 378
• Debt Management Techniques = 379
• Politics and Debt management = 380
• Debt Management Operations and Financial markets = 381
• Summary = 383
• Key Terms and concepts = 384
• Discussion questions and Exercises = 384
• References = 384
• 18 Monetary Policy in the Asian Tigers = 386
• Monetary and Fiscal Policies in Hong Kong = 386
• Monetary and Fiscal Policies in Singapore = 397
• Monetary and Fiscal Policies in Korea = 401
• Monetary and Fiscal Policies in Taiwan = 403
• summary = 406
• Key Terms and concepts = 406
• Discussion questions and Exercises = 406
• References = 407
• Author Index = 411
• Subject Index = 415