Principles of Money, Banking & Financial Markets
by Ritter, Lawrence S.; Silber, William L.; Udell, Gregory F.Edition: 12th
Format: Hardcover
Pub. Date: 2008-09-17
Publisher(s): Pearson
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Summary
Well-known for its engaging, conversational style, this text makes sophisticated concepts accessible, introducing students to how markets and institutions shape the global financial system and economic policy.Principles of Money, Banking, & Financial Marketsincorporates current research and data while taking stock of sweeping changes in the international financial landscape produced by financial innovation, deregulation, and geopolitical considerations. The Basics:Introducing Money, Banking, and Financial Markets; The Role of Money in the Macroeconomy; Financial Instruments, Markets, and Institutions.Financial Instruments and Markets:Interest Rate Measurement and Behavior; The Term and Risk Structure of Interest Rates; The Structure and Performance of Securities Markets; The Pricing of Risky Financial Assets; Money and Capital Markets; Demystifying Derivatives; Understanding Foreign Exchange.Banks and Other Intermediaries:The Nature of Financial Intermediation; Depository Financial Institutions; Nondepository Financial Institutions.Financial System Architecture:Understanding Financial Contracts; The Regulation of Markets and Institutions; Financial System Design.The Art of Central Banking:Who's In Charge Here?; Bank Reserves and the Money Supply; The Instruments of Central Banking; Understanding Movements in Bank Reserves; Monetary Policy Strategy.Monetary Theory:The Classical Foundations; The Keynesian Framework; TheISLMWorld; Money and Economic Stability in theISLMWorld; An Aggregate Supply and Demand Perspective on Money and Economic Stability; Rational Expectations: Theory and Policy Implications; Empirical Evidence on the Effectiveness of Monetary Policy.Grand Finale:Tying It All Together. For all readers interested in money, banking, and financial markets.
Author Biography
Lawrence S. Ritter (late) was Professor of Finance and Economics Emeritus at the Stern School of Business of New York University. A former Chief of the Domestic Research Division of the Federal Reserve Bank of New York, he served as a consultant to the U.S. Treasury, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the American Bankers Association, the Association of Reserve City Bankers, and the Garvin Guy Butler Corporation. He was an editor of the Journal of Finance and was a past President of the American Finance Association. Professor Ritter was also the author of numerous articles in professional journals and of The Glory of Their Times, a best-selling book about the early days of baseball.
William L. Silber is the Marcus Nadler Professor of Finance and Economics and Director, Glucksman Institute for Research in Securities Markets at the Stern School of Business of New York University. A former Senior Staff Economist with the President’s Council of Economic Advisers and a former Senior Vice President at Lehman Brothers Kuhn Loeb, he has served as a consultant to the Board of Governors of the Federal Reserve System, the President’s Commission on Financial Structure and Regulation, the U.S. Senate Committee on the Budget, the House Committee on Banking and Financial Services, the Justice Department, the Federal Home Loan bank Board, the National Commission on Electronic Fund Transfers, and the Department of Housing and Urban Development. He is on the Economic Advisory Panel of the Federal Reserve Bank of New York and is the author of five books and numerous articles in professional journals.
Gregory F. Udell is the Bank One Chair of Banking and Finance at the Kelley School of Business of Indiana University. He was formerly a banker and commercial loan officer in Chicago specializing in lending to small and midsized Midwestern companies. Currently, his academic research focuses on banking and financial contracting. He has published numerous articles in academic journals including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Monetary Economics, and the Journal of Business. He is an associate editor of six journals, including the Journal of Money, Credit, and Banking, the Journal of Banking and Finance, and the Journal of Financial Services Research. Professor Udell has been a visiting economist and consultant to the Board of Governors of the Federal Reserve System.
William L. Silber is the Marcus Nadler Professor of Finance and Economics and Director, Glucksman Institute for Research in Securities Markets at the Stern School of Business of New York University. A former Senior Staff Economist with the President’s Council of Economic Advisers and a former Senior Vice President at Lehman Brothers Kuhn Loeb, he has served as a consultant to the Board of Governors of the Federal Reserve System, the President’s Commission on Financial Structure and Regulation, the U.S. Senate Committee on the Budget, the House Committee on Banking and Financial Services, the Justice Department, the Federal Home Loan bank Board, the National Commission on Electronic Fund Transfers, and the Department of Housing and Urban Development. He is on the Economic Advisory Panel of the Federal Reserve Bank of New York and is the author of five books and numerous articles in professional journals.
Gregory F. Udell is the Bank One Chair of Banking and Finance at the Kelley School of Business of Indiana University. He was formerly a banker and commercial loan officer in Chicago specializing in lending to small and midsized Midwestern companies. Currently, his academic research focuses on banking and financial contracting. He has published numerous articles in academic journals including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Monetary Economics, and the Journal of Business. He is an associate editor of six journals, including the Journal of Money, Credit, and Banking, the Journal of Banking and Finance, and the Journal of Financial Services Research. Professor Udell has been a visiting economist and consultant to the Board of Governors of the Federal Reserve System.
Table of Contents
| The Basics | |
| Introducing Money, Banking, and Financial Markets | |
| An Overview | |
| Why Study Money, Banking, and Financial Markets? | |
| Careers in Banking and Financial Markets | |
| The Role of Money in the Macroeconomy | |
| Introducing Money | |
| Money, the Economy, and Inflation | |
| Financial Instruments, Markets, and Institutions | |
| Flow of Funds | |
| Financial Instruments and Markets | |
| Financial Intermediaries: Purposes and Profile | |
| Financial Instruments and Markets | |
| Interest Rate Measurement and Behavior | |
| Calculating Interest Rates | |
| What Determines the Level of Interest Rates? | |
| The Term and Risk Structure of Interest Rates | |
| The Term Structure of Rates and the Yield Curve | |
| Risk and Tax Structure of Rates | |
| Appendix: Bond Price Volatility: Duration Versus Maturity | |
| The Structure and Performance of Securities Markets | |
| Nature and Function of Securities Markets | |
| Efficiency of Secondary Market Trading | |
| Efficient Capital Markets and Regulation | |
| The Pricing of Risky Financial Assets | |
| Economic Uncertainty | |
| Principles of Diversification | |
| The Risk Premium on Risky Securities | |
| Money and Capital Markets | |
| The Government Bond Market | |
| Bank-Related Securities: CDs and Eurodollars | |
| Corporate Securities | |
| Municipal Securities | |
| Mortgage Securities | |
| The Stock Market | |
| Demystifying Derivatives | |
| An Overview of Financial Futures | |
| An Overview of Options Contracts | |
| An Overview of Swaps | |
| Understanding Foreign Exchange | |
| What Determines Foreign Exchange Rates? | |
| Fixed Versus Floating Exchange Rates | |
| Banks and Other Intermediaries | |
| The Nature of Financial Intermediation | |
| The Economics of Financial Intermediation | |
| The Evolution of Financial Intermediaries in the United States | |
| Financial Intermediaries: Assets, Liabilities, and Management | |
| Depository Financial Institutions | |
| The Fundamentals of Bank Management | |
| Major Trends in Bank Management | |
| Nonbank Depository Institutions The Thrifts | |
| Nondepository Financial Institutions | |
| Insurance Companies and Pension Funds | |
| Mutual Funds | |
| Finance Companies | |
| Securities Brokers and Dealers and Investment Banks | |
| Venture Capital Funds, Mezzanine Debt Funds, and Hedge Funds | |
| Banks Versus Nondepository Institutions | |
| Financial System Architecture | |
| Understanding Financial Contracts | |
| How Business Obtains Financing | |
| The Economics of Financial Contracting | |
| The Regulation of Markets and Institutions | |
| The Regulation of Financial Markets in the United States | |
| The Regulation of Commercial Banks in the United States | |
| Regulation of Nondepository Financial Intermediaries | |
| Where Securities Market and Banking Regulation Meet: The Glass-Steagall Act, A Collapsing Barrier | |
| Financial System Design | |
| Information and Financial System Design | |
| Financial System Design: A Descriptive Summary of Germany, Japan, the United Kingdom, and the United States | |
| Financial System Design and Conflict Resolution: Germany, Japan, the United Kingdom, and the United States | |
| Financial System Design for Eastern Europe and Other Emerging Economies | |
| The Art of Central Banking | |
| Who's in Charge Here? | |
| Formal Structure of the Federal Reserve System | |
| The Realities of Power | |
| The Problem of Federal Reserve Independence | |
| Bank Reserves and the Money Supply | |
| Check Clearing and Collection | |
| Deposit Expansion: The Single Bank | |
| Deposit Expansion: The Banking System | |
| Deposit Contraction | |
| Appendix: The Complete Money Supply Process | |
| The Instruments of Central Banking | |
| Reserve Requirements | |
| Discounting and the Discount Rate | |
| Open Market Operations | |
| Understanding Movements in Bank Reserves | |
| The Fed's Balance Sheet | |
| The U.S. Treasury's Monetary Accounts | |
| The Bank Reserve Equation | |
| Putting It All to Use | |
| Appendix: Monetary Effects of Treasury Financing | |
| Monetary Policy Strategy | |
| The FOMC Directive | |
| The Fed's Strategy | |
| The Taylor Rule and the Fed's Track Record | |
| Monetary Theory | |
| The Classical Foundations | |
| Classical Economics | |
| Aggregate Demand and Supply: A Summary | |
| Real Versus Nominal Rates of Interest | |
| Modern Modifications: Monetarists and New Classicists | |
| Appendix: GDP Definitions and Relationships | |
| The Keynesian Framework | |
| When Saving Doesn't Equal Investment | |
| Consumption and Simple GDP Determination | |
| Government to the Rescue | |
| Money and the Rate of Interest | |
| Monetary Policy | |
| Aggregate Demand and Supply | |
| The ISLM World | |
| The LM Curve | |
| The IS Curve | |
| The Simultaneous Determination of Income and Interest: IS and LM Together | |
| Monetary and Fiscal Policy | |
| ISLM and Aggregate Demand | |
| Appendix: The Simple Algebra of Income Determination | |
| Money and Economic Stability in the ISLM World | |
| Monetary Policy, Fiscal Policy, and Crowing Out | |
| Is the Private Sector Inherently Stable? | |
| Flexible Prices, the Natural Rate of Interest, and Real Crowding Out | |
| Appendix: Interest Rates Versus the Money Supply Under Uncertainty | |
| An Aggregate Supply and Demand Perspective on Money and Economic Stability | |
| Is the Private Sector Inherently Stable? | |
| Monetary Policy, Fiscal Policy, and Crowding Out | |
| Inflation, Money, and the Phillips Curve | |
| Inflation and Interest Rates | |
| Should a Robot Replace the Federal Reserve? | |
| Rational Expectations: Theory and Policy Implications | |
| When Are Expectations Rational? | |
| Anticipated Versus Unanticipated Monetary Policy | |
| Implications for Stabilization Policy | |
| Inflation, the Phillips Curve, and Credibility | |
| Interest Rates and Anticipated Monetary Policy | |
| Empirical Evidence on the Effectiveness of Monetary Policy | |
| Living with Velocity | |
| The Impact of Monetary Policy on GDP | |
| Grand Finale | |
| Tying It All Together | |
| The Economic Indicators | |
| Valuation, the Fed, and Market Reaction | |
| Putting It All Together | |
| Glossary | |
| Index | |
| Table of Contents provided by Publisher. All Rights Reserved. |
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