Money, Banking, and Financial Markets
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This textbook is organized around five principles: time has value, risk requires compensation, information is the basis for decisions, markets set prices and allocate resources, and stability improves welfare. Five sections cover money and the financial system; interest rates, financial instruments, and financial markets; financial institutions; central banks, monetary policy, and financial stability; and modern monetary economics. Cecchetti (international economics and finance, International Business School) incorporates the discussion of international issues throughout the text, emphasizing when national borders are important to bankers and when they are not. Annotation ©2004 Book News, Inc., Portland, OR
Ch. 1An introduction to money and the financial system2Ch. 2Money and the payments system13Ch. 3Financial instruments, financial markets, and financial institutions35Ch. 4Future value, present value, and interest rates62Ch. 5Understanding risk90Ch. 6Bonds, bond prices, and the determination of interest rates119Ch. 7The risk and term structure of interest rates149Ch. 8Stocks, stock markets, and market efficiency177Ch. 9Derivatives : futures, options, and swaps202Ch. 10Foreign exchange228Ch. 11The economics of financial intermediation259Ch. 12Depository institutions : banks and bank management286Ch. 13Financial industry structure317Ch. 14Regulating the financial system349Ch. 15Central Banks in the world today376Ch. 16The structure of Central Banks : the federal reserve and the European Central Bank401Ch. 17The Central Bank balance sheet and the money supply process426Ch. 18Monetary policy : using interest rates to stabilize the domestic economy460Ch. 19Exchange-rate policy and the Central Bank489Ch. 20Money growth, money demand, and modern monetary policy519Ch. 21Modern monetary policy and aggregate demand550Ch. 22Understanding business cycles584Ch. 23Monetary policy, output, and inflation in the short run618
