Money and capital markets: financial institutions and instruments in a global marketplace
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston [u.a.]
McGraw-Hill
2009
|
| Edition: | 10. ed., internat. ed. |
| Series: | The McGraw-Hill/Irwin series in finance, insurance and real estate
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XXXVIII, 767, 12, 21 S. graph. Darst. |
| ISBN: | 9780071268813 |
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MARC
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| 245 | 1 | 0 | |a Money and capital markets |b financial institutions and instruments in a global marketplace |c Peter S. Rose ; Milton H. Marquis |
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Record in the Search Index
| _version_ | 1804138662881918976 |
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| adam_text | MONEY AND CAPITAL MARKETS FINANCIAL INSTITUTIONS AND INSTRUMENTS IN A
GLOBAL MARKETPLACE I J ; : ,._ ; :: - *J=R_T.-.--;--_^- . * CONTENTS
PART1 THE GLOBAL FINANCIAL SYSTEM IN PERSPECTIVE 1 1 FUNCTIONS AND ROLES
OF THE FINANCIAL SYSTEM IN THE ECONOMY 2 1.1 INTRODUCTION TO THE
FINANCIAL SYSTEM 3 1.2 THE GLOBAL ECONOMY AND THE FINANCIAL SYSTEM 3
FLOWS WITHIN THE GLOBAL ECONOMIC SYSTEM 3 THE ROLE OF MARKETS IN THE
GLOBAL ECONOMIC SYSTEM 4 TYPES OF MARKETS 5 THE FINANCIAL MARKETS AND
THE FINANCIAL SYSTEM: CHANNEL FOR SAVINGS AND INVESTMENT 5 NATURE OF
SAVINGS 6 NATURE OF INVESTMENT 6 1.3 ECONOMIC FUNCTIONS PERFORMED BY THE
GLOBAL FINANCIAL SYSTEM AND THE FINANCIAL MARKETS 7 SAVINGS FUNCTION 7
WEALTH FUNCTION 8 LIQUIDITY FUNCTION 9 CREDIT FUNCTION 9 PAYMENTS
FUNCTION 9 RISK PROTECTION FUNCTION 10 POLICY FUNCTION 11 1.4 TYPES OF
FINANCIAL MARKETS WITHIN THE GLOBAL FINANCIAL SYSTEM 11 THE MONEY MARKET
VERSUS THE CAPITAL MARKET 12 DIVISIONS OF THE MONEY AND CAPITAL MARKETS
12 OPEN VERSUS NEGOTIATED MARKETS 14 PRIMARY VERSUS SECONDARY MARKETS 14
SPOT VERSUS FUTURES, FORWARD, AND OPTION MARKETS 14 1.5 FACTORS TYING
ALL FINANCIAL MARKETS TOGETHER 15 CREDIT, THE COMMON COMMODITY 16
SPECULATION AND ARBITRAGE 16 1.6 THE DYNAMIC FINANCIAL SYSTEM 16 1.7 THE
PLAN OF THIS BOOK 17 SUMMARY OF THE CHAPTER S MAIN POINTS 19 KEY TERMS
APPEARING IN THIS CHAPTER 20 PROBLEMS AND ISSUES 20 WEB-BASED PROBLEMS
22 SELECTED REFERENCES TO EXPLORE 23 FINANCIAL ASSETS, MONEY, FINANCIAL
TRANSACTIONS, AND FINANCIAL INSTITUTIONS 25 2.1 INTRODUCTION: THE ROLE
OF FINANCIAL ASSETS 26 2.2 THE NATURE AND CHARACTERISTICS OF FINANCIAL
ASSETS 26 CHARACTERISTICS OF FINANCIAL ASSETS 26 TYPES OF FINANCIAL
ASSETS 27 2.3 HOW FINANCIAL ASSETS ARE CREATED 27 2.4 FINANCIAL ASSETS
AND THE FINANCIAL SYSTEM 31 2.5 LENDING AND BORROWING IN THE FINANCIAL
SYSTEM 33 2.6 MONEY AS A FINANCIAL ASSET 36 WHAT IS MONEY? 36 THE
FUNCTIONS OF MONEY 37 THE VALUE OF MONEY AND OTHER FINANCIAL ASSETS AND
INFLATION 38 XXII CONTENTS 2.7 THE EVOLUTION OF FINANCIAL TRANSACTIONS
40 DIRECT FINANCE 40 SEMIDIRECT FINANCE 41 INDIRECT FINARITE
AND-FINANCIAL INTERMEDIATION 42 2.8 RELATIVE SIZES AND TYPES OF MAJOR
FINANCIAL INSTITUTIONS 44 COMPARATIVE SIZES OF KEY FINANCIAL- SERVICE
PROVIDERS 44 CLASSIFYING FINANCIAL INSTITUTIONS 45 PORTFOLIO
(FINANCIAL-ASSET) DECISIONS BY FINANCIAL INSTITUTIONS 46 2.9 THE
DISINTERMEDIATION OF FUNDS 47 NEW TYPES OF DISINTERMEDIATION 47 2.10
BANK-DOMINATED VERSUS MARKET- DOMINATED FINANCIAL SYSTEMS 48 SUMMARY OF
THE CHAPTER S MAIN POINTS 49 KEY TERMS APPEARING IN THIS CHAPTER 50
PROBLEMS AND ISSUES 51 WEB-BASED PROBLEMS 53 SELECTED REFERENCES TO
EXPLORE 53 THE FINANCIAL INFORMATION MARKETPLACE 55 3.1 INTRODUCTION:
THE IMPORTANCE OF INFORMATION IN THE FINANCIAL MARKETPLACE 56 3.2 THE
GREAT DEBATE OVER EFFICIENT MARKETS AND ASYMMETRIC INFORMATION 56 THE
EFFICIENT MARKETS HYPOTHESIS (EMH) 57 WHAT IS AN EFFICIENT MARKET? 57
DIFFERENT FORMS OF THE EMH 58 INSIDERS AND INSIDER TRADING 59 WHAT IS
INSIDER TRADING ? 59 WHEN IS INSIDER TRADING LEGAL OR ILLEGAL? 59 THE
ASYMMETRIC INFORMATION HYPOTHESIS (AIH) 60 PROBLEMS ASYMMETRIES CAN
CREATE: LEMONS AND PLUMS 61 PROBLEMS ASYMMETRIES CAN CREATE: ADVERSE
SELECTION 62 PROBLEMS ASYMMETRIES CAN CREATE: MORAL HAZARD 63 ASYMMETRY,
EFFICIENCY, AND REAL- WORLD MARKETS 64 INFORMATIONAL ASYMMETRIES AND THE
LAW 65 3.3 DEBT SECURITY PRICES AND YIELDS: SOURCES OF INFORMATION 68
BONDS AND NOTES 68 BID AND ASKED PRICES AND PRICING INFORMATION 68 3.4
STOCK PRICES AND DIVIDEND YIELDS: SOURCES OF INFORMATION 69 PRICE AND
YIELD INFORMATION 70 STOCK PRICE INDEXES AND FOREIGN STOCK PRICES 70 3.5
INFORMATION ON SECURITY ISSUERS 71 MOODY S AND STANDARD & POOR S REPORTS
71 SECURITIES AND EXCHANGE COMMISSION (SEC) REPORTS 72 COMPANY HISTORIES
72 DUN & BRADSTREET RATINGS AND RISK MANAGEMENT 72 FINANCIAL
INSTITUTIONS 73 CREDIT BUREAUS 73 3.6 GENERAL ECONOMIC AND FINANCIAL
CONDITIONS 73 THE FEDERAL RESERVE SYSTEM 73 OTHER DOMESTIC AND
INTERNATIONAL SOURCES OF INFORMATION 74 SUMMARY OF THE CHAPTER S MAIN
POINTS 75 KEY TERMS APPEARING IN THIS CHAPTER 76 PROBLEMS AND ISSUES 76
WEB-BASED PROBLEMS 78 SELECTED REFERENCES TO EXPLORE 79 APPENDIX 3A: THE
FLOW OF FUNDS IN THE FINANCIAL SYSTEM 80 THE FUTURE OF THE FINANCIAL
SYSTEM AND TRENDS IN THE MONEY AND CAPITAL MARKETS 88 4.1 INTRODUCTION:
THE FINANCIAL MARKETS IN CHANGE 89 XXIV CONTENTS 4.2 FINANCIAL FORCES
RESHAPING THE MONEY AND CAPITAL MARKETS TODAY 89 4.3 ECONOMIC AND
DEMOGRAPHIC FORCES RESHAPING THE FINANCIAL SYSTEM 91 4.4 THE CHALLENGES
AND OPPORTUNITIES PRESENTED BY RECENT TRENDS 94 DEALING WITH RISK IN THE
FINANCIAL SYSTEM: ENSURING THE STRENGTH OF FINANCIAL INSTITUTIONS AND
INCREASING PUBLIC CONFIDENCE 95 THE CONSEQUENCES OF REDUCED PUBLIC
CONFIDENCE 95 WAYS TO PROMOTE PUBLIC CONFIDENCE IN FINANCIAL
INSTITUTIONS AND REDUCE RISK IN THE FINANCIAL SYSTEM 95 DEVELOPING
BETTER MANAGEMENT TOOLS TO DEAL WITH RISK 97 THE INFORMATION PROBLEM 98
THE EFFECT OF NEW TECHNOLOGY ON THE DESIGN AND DELIVERY OF FINANCIAL
SERVICES 99 THE INFORMATION REVOLUTION 99 RECENT TECHNOLOGICAL ADVANCES
99 PUBLIC ATTITUDES AND COST 100 THE CHANGING MIX OF FINANCIAL-SERVICE
SUPPLIERS IN THE FINANCIAL SYSTEM . 101 PRICE SENSITIVITY AND LOCAL
COMPETITION 101 IMPORTANCE OF ESTABLISHED DELIVERY SYSTEMS 101 NEW
FINANCIAL INSTITUTIONS AND INSTRUMENTS 101 SECURITIZATION 102
CONSOLIDATIONS AND CONVERGENCES WITHIN THE FINANCIAL SYSTEM 102 4.5 A
NEW ROLE FOR REGULATION IN AN AGE OF FINANCIAL- SERVICES: CONSOLIDATION
AND CONVERGENCE 104 4.6 THE PAYMENTS SYSTEM: CURRENT AND FUTURE 107 4.7
THE CURRENT AND FUTURE NEED FOR REGULATION OF FINANCIAL INSTITUTIONS 108
FINANCIAL SERVICE REGULATIONS THAT COULD GROW 109 FINANCIAL DISCLOSURE
109 PRIVACY PROTECTION AND IDENTITY THEFT 110 SOCIAL RESPONSIBILITY 111
PROMOTING A LEVEL PLAYING FIELD 111 SUMMARY OF THE CHAPTER S MAIN POINTS
112 KEY TERMS APPEARING IN THIS CHAPTER 113 PROBLEMS AND ISSUES 113
WEB-B ASED PROBLEMS 114 SELECTED REFERENCES TO EXPLORE 115 PART 2
INTEREST RATES AND THE PRICES OF FINANCIAL ASSETS 117 5 THE DETERMINANTS
OF INTEREST RATES: COMPETING IDEAS 118 5.1 INTRODUCTION: INTEREST RATES
AND THE PRICE OF CREDIT 119 5.2 FUNCTIONS OF THE RATE OF INTEREST IN THE
ECONOMY 119 5.3 THE CLASSICAL THEORY OF INTEREST RATES 120 SAVING BY
HOUSEHOLDS 120 SAVING BY BUSINESS FIRMS 121 SAVING BY GOVERNMENT 122 THE
DEMAND FOR INVESTMENT FUNDS 122 THE INVESTMENT DECISION-MAKING PROCESS
122 INVESTMENT DEMAND AND THE RATE OF INTEREST 124 THE EQUILIBRIUM RATE
OF INTEREST IN THE CLASSICAL THEORY OF INTEREST 124 LIMITATIONS OF THE
CLASSICAL THEORY OF INTEREST 125 5.4 THE LIQUIDITY PREFERENCE OR CASH
BALANCES THEORY OF INTEREST RATES 126 THE DEMAND FOR LIQUIDITY 126
MOTIVES FOR HOLDING MONEY (CASH BALANCES) 127 TOTAL DEMAND FOR MONEY
(CASH BALANCES) 128 CONTENTS XXV THE SUPPLY OF MONEY (CASH BALANCES) 130
THE EQUILIBRIUM RATE OF INTEREST IN LIQUIDITY PREFERENCE THEORY 130
LIMITATIONS OF THE LIQUIDITY PREFERENCE THEORY 131 5.5 THE LOANABLE
FUNDS THEORY OF INTEREST 132 THE DEMAND FOR LOANABLE FUNDS 132 CONSUMER
(HOUSEHOLD) DEMAND FOR LOANABLE FUNDS 132 DOMESTIC BUSINESS DEMAND FOR
LOANABLE FUNDS 132 GOVERNMENT DEMAND FOR LOANABLE FUNDS 132 FOREIGN
DEMAND FOR LOANABLE FUNDS 132 TOTAL DEMAND FOR LOANABLE FUNDS 133 THE
SUPPLY OF LOANABLE FUNDS 133 DOMESTIC SAVING 133 DISHOARDING OF MONEY
BALANCES 134 CREATION OF CREDIT BY THE DOMESTIC BANKING SYSTEM 134
FOREIGN LENDING TO THE DOMESTIC FUNDS MARKET 134 TOTAL SUPPLY OF
LOANABLE FUNDS 135 THE EQUILIBRIUM RATE OF INTEREST IN THE LOANABLE
FUNDS THEORY 135 5.6 THE RATIONAL EXPECTATIONS THEORY OF INTEREST 137
SUMMARY OF THE CHAPTER S MAIN POINTS 141 KEY TERMS APPEARING IN THIS
CHAPTER 142 PROBLEMS AND ISSUES 142 WEB-BASED PROBLEMS 144 SELECTED
REFERENCES TO EXPLORE 145 MEASURING AND CALCULATING INTEREST RATES AND
FINANCIAL ASSET PRICES 147 6.1 INTRODUCTION TO INTEREST RATES AND ASSET
PRICES 148 6.2 UNITS OF MEASUREMENT FOR INTEREST RATES 148 CALCULATING
AND QUOTING INTEREST RATES 148 BASIS POINTS 148 6.3 INTEREST RATES IN
THE WHOLESALE MONEY MARKETS 149 COMPUTING INTEREST RATES ON MONEY MARKET
ASSETS THAT ARE SOLD AT A DISCOUNT 149 HOLDING-PERIOD YIELD ON MONEY
MARKET ASSETS SOLD AT A DISCOUNT 150 INTEREST RATE QUOTATIONS ON U.S.
TREASURY BILLS 151 6.4 INTEREST RATES ON BONDS AND OTHER LONG-TERM DEBT
SECURITIES 152 YIELD TO MATURITY (YTM) 152 HOLDING-PERIOD YIELD ON BONDS
AND OTHER LONG-TERM DEBT SECURITIES 153 UNDERSTANDING THE CONCEPTS OF
YIELD TO MATURITY AND HOLDING-PERIOD YIELD 154 PRICE QUOTATIONS ON U.S.
TREASURY NOTES AND BONDS 155 PRICE QUOTATIONS ON CORPORATE BONDS 156 6.5
INTEREST RATES AND THE PRICES OF DEBT SECURITIES 157 6.6 RATES OF RETURN
ON A PERPETUAL FINANCIAL INSTRUMENT 160 THE RATE OF RETURN ON
FIXED-INCOME PERPETUITIES 160 INTEREST RATES AND STOCK PRICES 161
CALCULATING THE HOLDING-PERIOD YIELD ON STOCK 162 PRICE QUOTATIONS IN
CORPORATE STOCK 162 6.7 INTEREST RATES CHARGED BY INSTITUTIONAL LENDERS
164 THE SIMPLE INTEREST METHOD 164 ADD-ON RATE OF INTEREST 165 DISCOUNT
LOAN METHOD 165 HOME MORTGAGE INTEREST RATE 165 ANNUAL PERCENTAGE RATE
(APR) 167 COMPOUND INTEREST 168 THE ANNUAL PERCENTAGE YIELD (APY) ON
DEPOSITS 169 SUMMARY OF THE CHAPTER S MAIN POINTS 170 KEY TERMS
APPEARING IN THIS CHAPTER 171 PROBLEMS AND ISSUES 172 CONTENTS
WEB-RELATED PROBLEMS 173 SELECTED REFERENCES TO EXPLORE 174 INFLATION,
YIELD CURVES, AND DURATION: IMPACT ON INTEREST RATES AND ASSET PRICES
175 7.1 INTRODUCTION 176 7.2 INFLATION AND INTEREST RATES 176 THE
CORRELATION BETWEEN INFLATION AND INTEREST RATES 176 NOMINAL AND REAL
INTEREST RATES 177 THE FISHER EFFECT 178 ALTERNATIVE VIEWS ABOUT
INFLATION AND INTEREST RATES 178 THE HARROD-KEYNES EFFECT OF INFLATION
178 ANTICIPATED VERSUS UNANTICIPATED INFLATION 179 THE INFLATION-RISK
PREMIUM 180 THE INFLATION-CAUSED INCOME TAX EFFECT 180 CONCLUSIONS FROM
RECENT RESEARCH ON . INFLATION AND INTEREST RATES 181 7.3 INFLATION AND
STOCK PRICES 182 7.4 THE DEVELOPMENT OF INFLATION- ADJUSTED SECURITIES
184 7.5 THE MATURITY OF A LOAN 188 THE YIELD CURVE AND THE TERM
STRUCTURE OF INTEREST RATES 188 TYPES OF YIELD CURVES 189 THE UNBIASED
EXPECTATIONS HYPOTHESIS 189 ASSUMPTIONS OF THE EXPECTATIONS HYPOTHESIS
191 POLICY IMPLICATIONS OF THE UNBIASED EXPECTATIONS HYPOTHESIS 191 THE
LIQUIDITY PREMIUM VIEW OF THE YIELD CURVE 192 7.6 THE SEGMENTED-MARKETS
AND PREFERRED HABITAT ARGUMENTS 193 THE POSSIBLE IMPACT OF SEGMENTED
MARKETS ON THE YIELD CURVE 193 POLICY IMPLICATIONS OF THE SEGMENTED-
MARKETS THEORY 194 THE PREFERRED HABITAT OR COMPOSITE THEORY OF THE
YIELD CURVE 194 RESEARCH EVIDENCE ON THE YIELD CURVE 194 7.7 USES OF THE
YIELD CURVE 197 FORECASTING INTEREST RATES 197 USES FOR FINANCIAL
INTERMEDIARIES 197 DETECTING OVERPRICED AND UNDERPRICED FINANCIAL ASSETS
198 INDICATING TRADE-OFFS BETWEEN MATURITY AND YIELD 198 RIDING THE
YIELD CURVE 198 7.8 DURATION: A DIFFERENT APPROACH TO MATURITY 199 THE
PRICE ELASTICITY OF A BOND OR OTHER DEBT SECURITY 199 THE IMPACT OF
VARYING COUPON RATES 200 AN ALTERNATIVE MATURITY INDEX FOR A FINANCIAL
ASSET: DURATION 201 THE CONVEXITY FACTOR 203 USES OF DURATION 204
ESTIMATING ASSET PRICE CHANGES 204 PORTFOLIO IMMUNIZATION 205
LIMITATIONS OF DURATION 207 SUMMARY OF THE CHAPTER S MAIN POINTS 208 KEY
TERMS APPEARING IN THIS CHAPTER 210 PROBLEMS AND ISSUES 210 WEB-B ASED
PROBLEMS 213 SELECTED REFERENCES TO EXPLORE 214 THE RISK STRUCTURE OF
INTEREST RATES: DEFAULTS, PREPAYMENTS, TAXES, AND OTHER RATE-DETERMINING
FACTORS 216 8.1 INTRODUCTION 217 8.2 MARKETABILITY 217 8.3 LIQUIDITY 218
8.4 DEFAULT RISK AND INTEREST RATES 218 THE PREMIUM FOR DEFAULT RISK 219
THE EXPECTED RATE OF RETURN OR YIELD ON A RISKY ASSET 219 ANTICIPATED
LOSS AND DEFAULT-RISK PREMIUMS 220 FACTORS INFLUENCING DEFAULT-RISK
PREMIUMS 221 INFLATION AND DEFAULT-RISK PREMIUMS 223 YIELD CURVES FOR
RISKY SECURITIES 224 CONTENTS THE VOLATILE HISTORY OF JUNK BONDS 224 THE
JUNK-BOND SPREAD AND THE ECONOMY 226 8.5 NEW WAYS OFDEALING WITH DEFAULT
RISK: CREDIT DERIVATIVES 227 A SUMMARY OF THE DEFAULT RISK* INTEREST
RATE RELATIONSHIP 229 8.6 CALL PRIVILEGES AND CALL RISK 229 CALCULATING
THE YIELDS ON CALLED FINANCIAL ASSETS 229 ADVANTAGES AND DISADVANTAGES
OF THE CALL PRIVILEGE 231 THE CALL PREMIUM AND INTEREST RATE
EXPECTATIONS 231 RESEARCH EVIDENCE ON CALL PRIVILEGES AND CALL RISK 231
8.7 PREPAYMENT RISK AND THE YIELDS ON LOAN-BACKED SECURITIES 232 8.8
TAXATION OF RETURNS ON FINANCIAL ASSETS 235 TAX-EXEMPT SECURITIES 235
THE EFFECT OF MARGINAL TAX RATES ON AFTER-TAX YIELDS 236 COMPARING
TAXABLE AND TAX-EXEMPT SECURITIES 237 TREATMENT OF CAPITAL LOSSES AND
CAPITAL GAINS 238 8.9 CONVERTIBLE SECURITIES 238 ADVANTAGES FOR THE
CONVERTIBLE BOND ISSUER 239 ADVANTAGES FOR THE INVESTOR IN CONVERTIBLE
BONDS 240 8.10 THE STRUCTURE OF INTEREST RATES IN THE FINANCIAL SYSTEM
240 SUMMARY OF THE CHAPTER S MAIN POINTS 242 KEY TERMS APPEARING IN THIS
CHAPTER 243 PROBLEMS AND ISSUES 243 WEB-BASED PROBLEMS 245 SELECTED
REFERENCES TO EXPLORE 246 INTEREST RATE FORECASTING AND HEDGING: SWAPS,
FINANCIAL FUTURES, AND OPTIONS 248 9.1 INTRODUCTION 249 9.2 IMPLICIT
INTEREST RATE FORECASTS AND ASSET PRICES 249 9.3 INTEREST RATE SWAPS 250
WHAT ARE SWAPS? 250 HOW SWAPS WORK 251 THE RISKS OF SWAPPING 253 9.4
FINANCIAL FUTURES CONTRACTS 255 THE NATURE OF FUTURES TRADING 255
EXAMPLES OF DAILY PRICE QUOTATIONS FOR U.S. TREASURY FUTURES 255 WHY
HEDGING WITH FUTURES CAN BE EFFECTIVE 256 TYPES OF HEDGES IN FUTURES 258
THE LONG (OR BUYING) HEDGE 258 THE SHORT (OR SELLING) HEDGE 259 CROSS
HEDGING 260 EXECUTING A TRADE, THE CASH MARGIN, AND THE SETTLEMENT OF
THE CONTRACT 261 PAYOFF DIAGRAMS FOR LONG AND SHORT FUTURES CONTRACTS
262 FUTURES CONTRACTS OFFERED ON EXCHANGES TODAY 262 9.5 OPTION
CONTRACTS 264 BASIC TYPES OF OPTION CONTRACTS AND PRICE QUOTATIONS 264
EXAMPLES OF PRICE QUOTES ON OPTIONS CONTRACTS 265 USES OF OPTIONS 266
PROTECTING AGAINST DECLINING INVESTMENT YIELDS 267 PROTECTING AGAINST
RISING INTEREST RATES 267 PAYOFF DIAGRAMS FOR VALUING OPTIONS 267
OPTIONS OFFERED ON EXCHANGES TODAY 270 9.6 EXCHANGES WHERE FUTURES AND
OPTIONS CONTRACTS ARE TRADED 270 9.7 RISKS, COSTS, AND RULES FOR TRADING
IN DERIVATIVES 271 RISKS AND COSTS ASSOCIATED WITH FUTURES AND OPTIONS
271 ACCOUNTING RULES FOR TRANSACTIONS INVOLVING DERIVATIVES 271 SUMMARY
OF THE CHAPTER S MAIN POINTS 272 KEY TERMS APPEARING IN THIS CHAPTER 273
CONTENTS PROBLEMS AND ISSUES 274 WEB-BASED PROBLEMS 276 SELECTED
REFERENCES TO EXPLORE 276 APPENDIX 9A: THE BLACK-SCHOLES MODEL FOR
VALUING OPTIONS 278 V PART 3 THE MONEY MARKET AND CENTRAL BANKING 281 10
INTRODUCTION TO THE MONEY MARKET AND THE ROLES PLAYED BY GOVERNMENTS AND
SECURITY DEALERS 282 10.1 INTRODUCTION: THE MARKET FOR SHORT-TERM CREDIT
283 10.2 CHARACTERISTICS OF THE MONEY MARKET 283 WHAT THE MONEY MARKET
DOES 283 THE NEED FOR A MONEY MARKET 284 KEY BORROWERS AND LENDERS IN
THE MONEY MARKET 284 THE GOALS OF MONEY MARKET INVESTORS 286 TYPES OF
INVESTMENT RISK THAT INVESTORS FACE 287 MONEY MARKET MATURITIES 289
DEPTH AND BREADTH OF THE MONEY MARKET 289 THE SPEED OF MONEY MARKET
PAYMENTS: FEDERAL FUNDS VERSUS CLEARINGHOUSE FUNDS 289 A MARKET FOR
LARGE BORROWERS AND LENDERS 291 10.3 GOVERNMENT INVOLVEMENT IN THE MONEY
MARKET 291 THE ROLES THAT GOVERNMENTS PLAY IN THE MONEY MARKET 291
SELLING TREASURY BILLS TO MONEY MARKET INVESTORS: THE ANCHOR OF THE
MONEY MARKET 292 VOLUME OF BILLS OUTSTANDING 292 TYPES OF TREASURY BILLS
292 HOW BILLS ARE SOLD 293 RESULTS OF A RECENT BILL AUCTION 295 MARKET
INTEREST RATES ON TREASURY BILLS 295 INVESTORS IN TREASURY BILLS 297
10.4 PRIMARY DEALERS IN GOVERNMENT SECURITIES 297 10.5 DEALER BORROWING
AND LENDING ACTIVITIES IN THE MONEY MARKET 299 DEMAND LOANS FOR DEALERS
299 REPURCHASE AGREEMENTS (RPS) FOR DEALERS AND OTHER MONEY MARKET
PARTICIPANTS 300 A NEW TYPE OF RP: THE GCF REPO 301 SOURCES OF DEALER
INCOME 302 DEALER POSITIONS IN SECURITIES 303 DEALER TRANSACTIONS AND
GOVERNMENT SECURITY BROKERS 304 SUMMARY OF THE CHAPTER S MAIN POINTS 306
KEY TERMS APPEARING IN THIS CHAPTER 307 PROBLEMS AND ISSUES 307
WEB-BASED PROBLEMS 308 SELECTED REFERENCES TO EXPLORE 309 11 COMMERCIAL
BANKS, MAJOR CORPORATIONS, AND FEDERAL CREDIT AGENCIES IN THE MONEY
MARKET 311 11.1 INTRODUCTION 312 11.2 THE ROLES PLAYED BY BANKS IN THE
MONEY MARKET 312 11.3 FEDERAL FUNDS PROVIDED BY THE BANKING SYSTEM 313
THE NATURE OF FEDERAL FUNDS AND THEIR USES 313 USE OF THE FEDERAL FUNDS
MARKET TO MEET RESERVE REQUIREMENTS 314 MECHANICS OF FEDERAL FUNDS
TRADING 314 VOLUME OF BORROWINGS IN THE FUNDS MARKET 316 INTEREST RATES
ON FEDERAL FUNDS 316 FEDERAL FUNDS AND GOVERNMENT ECONOMIC POLICY 316
11.4 NEGOTIABLE CERTIFICATES OF DEPOSIT (CDS) ISSUED BY BANKS 318 TERMS
ATTACHED TO CDS AND WHO BUYS THEM 318 BUYERS OF CDS 320 NEW TYPES OF CDS
321 11.5 EUROCURRENCY DEPOSITS IN INTERNATIONAL BANKS 322 WHAT IS A
EURODOLLAR? 322 THE CREATION OF EUROCURRENCY DEPOSITS 323 CONTENTS
EUROCURRENCY MATURITIES AND RISKS 326 THE SUPPLY OF EUROCURRENCY
DEPOSITS 326 ~ EURODOLLARS IN U.S DOMESTIC BANK OPERATIONS 327 RECENT
INNOVATIONS IN THE EUROCURRENCY MARKETS 328 BENEFITS AND COSTS OF THE
EUROCURRENCY MARKETS 328 11.6 BANKERS ACCEPTANCES 328 HOW BANKERS
ACCEPTANCES ARE USED IN INTERNATIONAL TRADE 328 BANKERS ACCEPTANCES AS
INVESTMENT INSTRUMENTS 329 THE DECLINE IN BANKERS ACCEPTANCES 330 11.7
EVALUATING THE MONEY MARKET COSTS OF FUNDS NEEDED BY BANKERS 331 11.8
CONCLUDING COMMENT ON BANK ACTIVITY IN THE MONEY MARKET 332 11.9 MAJOR
CORPORATIONS IN THE MONEY MARKET: COMMERCIAL PAPER 333 THE NATURE OF
COMMERCIAL PAPER 333 TYPES OF COMMERCIAL PAPER 333 THE RECENT TRACK
RECORD OF COMMERCIAL PAPER 335 COMMERCIAL PAPER AS INVESTMENT
INSTRUMENTS 336 ADVANTAGES OF ISSUING COMMERCIAL PAPER 338 POSSIBLE
DISADVANTAGES FROM ISSUING COMMERCIAL PAPER 339 WHO BUYS COMMERCIAL
PAPER? 339 CONTINUING INNOVATIONS IN THE PAPER MARKET 340 COMMERCIAL
PAPER RATINGS AND DEALER OPERATIONS 341 DEALERS IN PAPER 341 11.10
CREDIT AGENCIES IN THE MONEY MARKET 342 TYPES OF FEDERAL CREDIT AGENCIES
342 GROWTH OF THE AGENCY SECURITY MARKET 343 CHARACTERISTICS AND
MARKETING OF AGENCY SECURITIES 346 SUMMARY OF THE CHAPTER S MAIN POINTS
346 KEY TERMS APPEARING IN THIS CHAPTER 348 PROBLEMS AND ISSUES 348
WEB-BASED PROBLEMS 351 SELECTED REFERENCES TO EXPLORE 352 12 ROLES AND
SERVICES OF THE FEDERAL RESERVE AND OTHER CENTRAL BANKS AROUND THE WORLD
354 12.1 INTRODUCTION TO CENTRAL BANKING 355 12.2 THE ROLES OF CENTRAL
BANKS IN THE ECONOMY AND FINANCIAL SYSTEM 355 CONTROL OF THE MONEY
SUPPLY TO AVOID SEVERE INFLATION 355 STABILIZING THE MONEY AND CAPITAL
MARKETS 356 LENDER OF LAST RESORT AND SUPERVISOR OF THE BANKING SYSTEM
357 MAINTAINING AND IMPROVING THE PAYMENTS MECHANISM 357 12.3 THE GOALS
AND CHANNELS OF CENTRAL BANKING 357 CENTRAL BANKS GOALS 357 CHALLENGES
IN ACHIEVING CENTRAL BANK GOALS 358 THE CHANNELS THROUGH WHICH CENTRAL
BANKS WORK 359 12.4 HISTORY OF THE FEDERAL RESERVE SYSTEM*CENTRAL BANK
OF THE UNITED STATES 362 PROBLEMS IN THE EARLY U.S. BANKING SYSTEM 362
CREATION OF THE FEDERAL RESERVE SYSTEM 363 THE EARLY STRUCTURE OF THE
FEDERAL RESERVE 364 GOALS AND POLICY TOOLS OF THE FED 364 12.5 HOW THE
FED IS ORGANIZED TODAY 365 THE BOARD OF GOVERNORS 366 THE FEDERAL OPEN
MARKET COMMITTEE 367 THE FEDERAL RESERVE BANKS 368 THE MEMBER BANKS OF
THE FEDERAL RESERVE SYSTEM 370 XXX CONTENTS 13 12.6 ROLES OF THE FEDERAL
RESERVE SYSTEM TODAY 372 THE CLEARING AND COLLECTION OF CHECKS AND OTHER
PAYMENTS MEDIA 372 ISSUING CURRENCY AND COIN AND RELATED SERVICES 373
MAINTAINING A SOUND BANKING AND FINANCIAL SYSTEM 373 SERVING AS THE
FEDERAL GOVERNMENT S FISCAL AGENT 373 PROVIDING INFORMATION TO THE
PUBLIC 374 CARRYING OUT MONETARY POLICY 374 12.7 THE KEY FOCUS OF
CENTRAL BANK MONETARY POLICY: INTEREST RATES, RESERVES, AND MONEY 374
12.8 RESERVE COMPOSITION AND THE DEPOSIT AND MONEY MULTIPLIERS 375 THE
DEPOSIT MULTIPLIER 376 THE MONEY MULTIPLIER 378 SUMMARY OF THE CHAPTER S
MAIN POINTS 380 KEY TERMS APPEARING IN THIS CHAPTER 381 PROBLEMS AND
ISSUES 381 WEB-BASED PROBLEMS 382 SELECTED REFERENCES TO EXPLORE 383 THE
TOOLS AND GOALS OF CENTRAL BANK MONETARY POLICY 384 13.1 INTRODUCTION TO
THE TOOLS AND GOALS OF MONETARY POLICY 385 13.2 GENERAL VERSUS SELECTIVE
CREDIT CONTROLS 385 13.3 GENERAL CREDIT CONTROLS IN CENTRAL BANKING 385
OPEN MARKET OPERATIONS 385 EFFECTS OF OPEN MARKET OPERATIONS ON INTEREST
RATES 385 EFFECTS OF OPEN MARKET OPERATIONS ON RESERVES 386 HOW OPEN
MARKET OPERATIONS ARE CONDUCTED IN THE UNITED STATES 387 TYPES OF OPEN
MARKET OPERATIONS 389 GOALS OF OPEN MARKET OPERATIONS: DEFENSIVE AND
DYNAMIC 392 CHANGES IN THE FEDERAL RESERVE S DISCOUNT RATE 394 BORROWING
AND REPAYING DISCOUNT WINDOW LOANS 396 EFFECTS OF A DISCOUNT RATE CHANGE
397 RESERVE REQUIREMENTS 398 EFFECTS OF A CHANGE IN DEPOSIT RESERVE
REQUIREMENTS 399 AN ILLUSTRATION 400 CURRENT LEVELS OF RESERVE
REQUIREMENTS 400 13.4 SELECTIVE CREDIT CONTROLS USED IN CENTRAL BANKING
403 MORAL SUASION BY CENTRAL BANK OFFICIALS 403 MARGIN REQUIREMENTS 403
13.5 INTEREST RATE TARGETING 404 THE FEDERAL FUNDS RATE 404 FED FUNDS
TARGETING AND LONG-TERM INTEREST RATES 407 13.6 THE FEDERAL RESERVE AND
ECONOMIC GOALS 408 THE GOAL OF CONTROLLING INFLATION 408 CENTRAL BANK
TARGETING OF INFLATION 410 DEFLATION 411 HYPERINFLATION 411 THE GOALS OF
FULL EMPLOYMENT AND STABLE ECONOMIC GROWTH 412 THE NATURAL RATE OF
UNEMPLOYMENT 412 THE OUTPUT GAP 413 13.7 THE CONFLICTING GOALS AND THE
LIMITATIONS OF MONETARY POLICY 414 SUMMARY OF THE CHAPTER S MAIN POINTS
416 KEY TERMS APPEARING IN THIS CHAPTER 418 PROBLEMS AND ISSUES 418
WEB-BASED PROBLEMS 419 SELECTED REFERENCES TO EXPLORE 419 CONTENTS PART
4 FINANCIAL INSTITUTIONS:,ORGANIZATION, ACTIVITIES, AND REGULATION ^ 421
14 THE COMMERCIAL BANKING INDUSTRY: STRUCTURE, PRODUCTS, AND MANAGEMENT
422 14.1 INTRODUCTION TO BANKING 423 14.2 THE STRUCTURE OF U.S.
COMMERCIAL BANKING 423 A TREND TOWARD CONSOLIDATION 424 FALLING INDUSTRY
NUMBERS AS SMALL BANKS ARE TAKEN OVER BY LARGER ONES 424 A COUNTERTREND:
BOTH SMALL AND LARGE BANKS MAY SURVIVE 425 ECONOMIES OF SCALE SUPPORT A
CONSOLIDATING INDUSTRY 425 BRANCH BANKING 425 BANK HOLDING COMPANIES
(BHCS) 426 , FINANCIAL HOLDING COMPANIES (FHCS) 427 INTERNATIONAL
BANKING 427 14.3 THE CONVERGENCE TREND IN BANKING 429 BANK FAILURES 429
CHANGING TECHNOLOGY 430 14.4 PORTFOLIO CHARACTERISTICS OF COMMERCIAL
BANKS 432 BALANCE SHEET ITEMS 432 CASH AND DUE FROM BANKS (PRIMARY
RESERVES) 432 INVESTMENT SECURITY HOLDINGS AND SECONDARY RESERVES 434
LOANS 434 LOAN LOSS ALLOWANCES AND LOAN RISK 435 DEPOSITS 436 NONDEPOSIT
SOURCES OF FUNDS 437 EQUITY CAPITAL 439 INCOME STATEMENT ITEMS 439
REVENUES AND EXPENSES 439 INTEREST AND NONINTEREST MARGINS 440 15 14.5
MANAGING COMMERCIAL BANK PERFORMANCE TODAY 441 MANAGING BANK ASSETS,
LIABILITIES, REVENUES, AND EXPENSES 441 . MONITORING THE PERFORMANCE OF
A BANK 442 14.6 MONEY CREATION AND DESTRUCTION BY BANKS AND BANK
ACCOUNTING METHODS 445 THE CREATION OF MONEY AND CREDIT 446 DESTRUCTION
OF DEPOSITS AND RESERVES 448 IMPLICATIONS OF MONEY CREATION AND
DESTRUCTION 448 SUMMARY OF THE CHAPTER S MAIN POINTS 450 KEY TERMS
APPEARING IN THIS CHAPTER 451 PROBLEMS AND ISSUES 451 WEB-BASED PROBLEMS
453 SELECTED REFERENCES TO EXPLORE 454 NONBANK THRIFT INSTITUTIONS:
SAVINGS AND LOANS, SAVINGS BANKS, CREDIT UNIONS, AND MONEY MARKET FUNDS
456 15.1 INTRODUCTION TO THRIFT INSTITUTIONS 457 15.2 SAVINGS AND LOAN
ASSOCIATIONS (S&LS) 457 ORIGINS OF S&LS 457 HOW FUNDS ARE RAISED AND
ALLOCATED 458 ASSET PORTFOLIOS 458 LIABILITIES OF S&LS 459 TRENDS IN
REVENUES AND COSTS 460 POSSIBLE WAYS TO STRENGTHEN THE S&L INDUSTRY IN
THE FUTURE 462 15.3 SAVINGS BANKS (SBS) 464 NUMBER AND DISTRIBUTION OF
SAVINGS BANKS AND REGULATORY SUPERVISION 464 HOW FUNDS ARE RAISED AND
ALLOCATED 465 CURRENT TRENDS AND FUTURE PROBLEMS 466 CONTENTS 15.4
CREDIT UNIONS (CUS) 467 CREDIT UNION MEMBERSHIP 469 SIZE OF CREDIT
UNIONS 469 NEW SERVICES OFFERED 470 A STRONG COMPETITIVE FORCE 472 15.5
MONEY MARKET FUNDS (MMFS) 472 SUMMARY OF THE CHAPTER S MAIN POINTS 476
KEY TERMS APPEARING IN THIS CHAPTER 477 PROBLEMS AND ISSUES 477
WEB-BASED PROBLEMS 478 SELECTED REFERENCES TO EXPLORE 479 16 MUTUAL
FUNDS, INSURANCE COMPANIES, INVESTMENT BANKS, AND OTHER FINANCIAL FIRMS
481 16.1 INTRODUCTION 482 16.2 MUTUAL FUNDS (OR INVESTMENT COMPANIES)
482 THE BACKGROUND OF INVESTMENT COMPANIES 482 BONDS AND MONEY MARKET
FUNDS 482 STOCK FUNDS 483 INDEX AND EXCHANGE-TRADED FUNDS 483 GLOBAL AND
VULTURE FUNDS 484 SMALL-CAP TO LARGE-CAP FUNDS 485 LIFE-CYCLE FUNDS 485
HEDGE FUNDS 485 TAX AND REGULATORY STATUS OF THE INDUSTRY 485 OPEN-END
AND CLOSED-END INVESTMENT COMPANIES 486 CHANGING INVESTMENT STRATEGIES
487 GOALS AND EARNINGS OF INVESTMENT COMPANIES 487 SCANDAL ENVELOPS THE
MUTUAL FUND INDUSTRY 488 16.3 PENSION FUNDS 489 TYPES OF PENSION FUNDS
489 DEFINED-BENEFIT AND CONTRIBUTION PLANS 490 CASH-BALANCE PENSION
FUNDS 490 GROWTH OF PENSION FUNDS 491 INVESTMENT STRATEGIES OF PENSION
FUNDS 492 PENSION FUND ASSETS 493 FACTORS AFFECTING THE FUTURE GROWTH OF
PENSION FUNDS 495 16.4 LIFE INSURANCE COMPANIES 496 THE INSURANCE
PRINCIPLE 498 INVESTMENTS OF LIFE INSURANCE COMPANIES 498 SOURCES OF
LIFE INSURANCE COMPANY FUNDS 500 STRUCTURE AND GROWTH OF THE LIFE
INSURANCE INDUSTRY 501 NEW SERVICES 502 16.5 PROPERTY-CASUALTY INSURANCE
COMPANIES 503 MAKEUP OF THE PROPERTY-CASUALTY (P/C) INSURANCE INDUSTRY
503 CHANGING RISK PATTERNS IN PROPERTY/ LIABILITY COVERAGE 504
INVESTMENTS BY PROPERTY-CASUALTY (P/C) COMPANIES 506 SOURCES OF INCOME
507 BUSINESS CYCLES, INFLATION, AND COMPETITION 507 16.6 FINANCE
COMPANIES 508 DIFFERENT FINANCE COMPANIES FOR DIFFERENT PURPOSES 508
GROWTH OF FINANCE COMPANIES 510 METHODS OF INDUSTRY FINANCING 510 RECENT
CHANGES IN THE CHARACTER OF THE FINANCE COMPANY INDUSTRY 510
CONSOLIDATION IN THE INDUSTRY 510 NEW TYPES OF FINANCE COMPANIES 511
16.7 INVESTMENT BANKS 511 THE UNDERWRITING FUNCTION OF INVESTMENT BANKS
511 OTHER INVESTMENT BANKING SERVICES 512 LEADING INVESTMENT BANKS AND
THE CONVERGENCE OF COMMERCIAL AND INVESTMENT B ANKING 512 16.8 OTHER
IMPORTANT FINANCIAL INSTITUTIONS 512 16.9 TRENDS AFFECTING ALL FINANCIAL
INSTITUTIONS TODAY 514 SUMMARY OF THE CHAPTER S MAIN POINTS 516 CONTENTS
KEY TERMS APPEARING IN THIS CHAPTER 517 PROBLEMS AND JSSUES 518
WEB-BASED PROBLEMS 519 SELECTED REFERENCES TO EXPLORE 520 17 REGULATION
OF THE FINANCIAL INSTITUTIONS SECTOR 522 17.1 INTRODUCTION TO FINANCIAL
INSTITUTIONS REGULATION 523 17.2 THE REASONS BEHIND THE REGULATION OF
FINANCIAL INSTITUTIONS 523 DOES REGULATION BENEFIT OR HARM FINANCIAL
INSTITUTIONS? 525 17.3 THE REGULATION OF COMMERCIAL BANKS 527 THE
FEDERAL RESERVE SYSTEM (THE FED) 527 OFFICE OF THE COMPTROLLER OF THE
CURRENCY (THE OCC) 527 FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) 529
STATE BANKING COMMISSIONS 530 OPENING COMPETITION ACROSS POLITICAL
BOUNDARIES 530 REGULATION OF THE SERVICES BANKS CAN OFFER 533 THE
GRAMM-LEACH-BLILEY (GLB) ACT 534 THE RISE OF DISCLOSURE AND PRIVACY LAWS
IN BANKING 535 THE GROWING IMPORTANCE OF CAPITAL REGULATION IN BANKING
536 BASEL I 536 BASEL II 538 THE UNFINISHED AGENDA FOR BANKING
REGULATION 539 17.4 THE REGULATION OF THRIFT INSITUTIONS 540 CREDIT
UNIONS 541 SAVINGS AND LOANS 542 SAVINGS BANKS 544 MONEY MARKET FUNDS
544 17.5 THE REGULATION OF INSURANCE COMPANIES 544 17.6 THE REGULATION
OF PENSION FUNDS 545 17.7 THE REGULATION OF FINANCE COMPANIES 546 17.8
THE REGULATION OF INVEST-MENT COMPANIES (MUTUAL FUNDS) 547 17.9 AN
OVERVIEW OF TRENDS IN THE REGULATION OF FINANCIAL INSTITUTIONS 547
SUMMARY OF THE CHAPTER S MAIN POINTS 551 KEY TERMS APPEARING IN THIS
CHAPTER 552 PROBLEMS AND ISSUES 552 WEB-BASED PROBLEMS 553 SELECTED
REFERENCES TO EXPLORE 555 PART 5 GOVERNMENTS AND BUSINESSES IN THE
FINANCIAL MARKETS 557 18 FEDERAL, STATE, AND LOCAL GOVERNMENTS OPERATING
IN THE FINANCIAL MARKETS 558 18.1 INTRODUCTION TO THE ROLE OF
GOVERNMENTS IN THE FINANCIAL MARKETPLACE 559 18.2 FEDERAL GOVERNMENT
ACTIVITY IN THE MONEY AND CAPITAL MARKETS 559 THE TREASURY DEPARTMENT IN
THE FINANCIAL MARKETPLACE 559 THE FISCAL POLICY ACTIVITIES OF THE U.S.
TREASURY 559 SOURCES OF FEDERAL GOVERNMENT FUNDS 560 FEDERAL GOVERNMENT
EXPENDITURES 562 EFFECTS OF GOVERNMENT BORROWING ON THE FINANCIAL SYSTEM
AND THE ECONOMY 562 MANAGEMENT OF THE FEDERAL DEBT 565 THE SIZE AND
GROWTH OF THE PUBLIC DEBT 566 THE COMPOSITION OF THE PUBLIC DEBT 568
CONTENTS MARKETABLE PUBLIC DEBT 568 NONMARKETABLE PUBLIC DEBT 569
INVESTORS IN U.S. GOVERNMENT SECURITIES 569 METHODS OF OFFERING TREASURY
SECURITIES 571 THE AUCTION METHOD 572 TYPES OF TREASURY AUCTIONS 572
MARKETING TECHNIQUES 572 BOOK ENTRY 573 OTHER SERVICES OFFERED INVESTORS
573 ON-THE-RUN AND OFF-THE-RUN TREASURY SECURITIES 573 TREASURY INTEREST
RATES AS GLOBAL BENCHMARKS FOR OTHER INTEREST RATES 573 THE GOALS OF
FEDERAL DEBT MANAGEMENT 574 MINIMIZE INTEREST COSTS 574 ECONOMIC
STABILIZATION 574 THE IMPACT OF FEDERAL DEBT MANAGEMENT ON THE FINANCIAL
MARKETS AND THE ECONOMY 574 18.3 STATE AND LOCAL GOVERNMENTS IN THE
FINANCIAL MARKETS 576 GROWTH OF STATE AND LOCAL GOVERNMENT BORROWING 576
SOURCES OF REVENUE FOR STATE AND LOCAL GOVERNMENTS 578 STATE AND LOCAL
GOVERNMENT EXPENDITURES 579 MOTIVATIONS FOR STATE AND LOCAL GOVERNMENT
BORROWING 581 TYPES OF SECURITIES ISSUED BY STATE AND LOCAL GOVERNMENTS
582 SHORT-TERM SECURITIES 583 LONG-TERM SECURITIES 583 TYPES OF REVENUE
BONDS _ 584 INNOVATIONS IN MUNICIPAL SECURITIES 584 KEY FEATURES OF
MUNICIPAL DEBT 585 TAX EXEMPTION 585 EXEMPTION CONTRIBUTES TO MARKET
VOLATILITY 587 CREDIT RATINGS 588 SERIALIZATION 590 HOW MUNICIPAL BONDS
ARE MARKETED 591 PROBLEMS IN THE MUNICIPAL MARKET 592 SUMMARY OF THE
CHAPTER S MAIN POINTS 594 KEY TERMS APPEARING IN THIS CHAPTER 596
PROBLEMS AND ISSUES 596 WEB-BASED PROBLEMS 598 SELECTED REFERENCES TO
EXPLORE 599 19 BUSINESS BORROWING: CORPORATE BONDS, ASSET-BACKED
SECURITIES, BANK LOANS, AND OTHER FORMS OF BUSINESS DEBT 601 19.1
INTRODUCTION TO BUSINESS BORROWING 602 19.2 FACTORS AFFECTING BUSINESS
ACTIVITY IN THE MONEY AND CAPITAL MARKETS 602 19.3 CHARACTERISTICS OF
CORPORATE NOTES AND BONDS 603 PRINCIPAL FEATURES OF CORPORATE NOTES AND
BONDS 603 RECENT TRENDS IN ORIGINAL MATURITIES OF CORPORATE BONDS 604
CALL PRIVILEGES ATTACHED TO CORPORATE BONDS 604 SINKING FUND PROVISIONS
604 YIELDS AND COSTS OF CORPORATE BONDS 605 SIGNALS CORPORATE BOND
ISSUES MAY SEND TO THE FINANCIAL MARKETPLACE 606 THE MOST COMMON TYPES
OF CORPORATE BONDS 606 DEBENTURES 606 SUBORDINATED DEBENTURES 607
MORTGAGE BONDS 607 INCOME BONDS 607 EQUIPMENT TRUST CERTIFICATES 607
INDUSTRIAL DEVELOPMENT BONDS 607 INNOVATIONS IN CORPORATE DEBT 608
CONTENTS 19.4 ASSET-BACKED SECURITIES ISSUED BY CORPORATIONS 609 19.5
INVESTORS IN CORPORATE DEBT 612 19.6 THE SECONDARY MARKET FOR CORPORATE
DEBT 614 19.7 THE MARKETING OF CORPORATE DEBT 614 PUBLIC SALES 614
PRIVATE PLACEMENTS 617 19.8 THE VOLUME OF BORROWING BY CORPORATIONS 619
19.9 BANK LOANS TO BUSINESS FIRMS 621 THE VOLUME OF BANK CREDIT SUPPLIED
TO BUSINESSES 621 THE PRIME, OR BASE, INTEREST RATE ON BUSINESS LOANS
622 OTHER EXAMPLES OF BASE RATES FOR BUSINESS LOANS 623 19.10 COMMERCIAL
MORTGAGES 623 SUMMARY OF THE CHAPTER S MAIN POINTS 625 KEY TERMS
APPEARING IN THIS , CHAPTER 626 PROBLEMS AND ISSUES 626 WEB-BASED
PROBLEMS 628 SELECTED REFERENCES TO EXPLORE 629 20 THE MARKET FOR
CORPORATE STOCK 630 20.1 INTRODUCTION TO THE STOCK MARKET 631 20.2
CHARACTERISTICS OF CORPORATE STOCK 631 COMMON STOCK 631 PREFERRED STOCK
632 20.3 STOCK MARKET INVESTORS 634 20.4 EQUITY AS A SOURCE OF FUNDING
638 20.5 THE PROCESS OF PRICE DISCOVERY IN THE EQUITY MARKETS 640
ORGANIZED EXCHANGES 640 FOREIGN EXCHANGES 642 CONTRIBUTIONS OF EXCHANGES
642 OVER-THE-COUNTER (OTC) MARKETS 642 EVOLVING TRADING PLATFORMS 643
20.6 THE THIRD MARKET: TRADING IN LISTED SECURITIES OFF THE EXCHANGES
644 20.7 THE PRIVATE EQUITY MARKET 647 20.8 INVESTMENT BANKING AND THE
SALE OF NEW STOCK 647 20.9 THE DEVELOPMENT OF A UNIFIED INTERNATIONAL
MARKET FOR STOCK 649 THE NATIONAL MARKET SYSTEM 649 NASD AND AUTOMATED
PRICE QUOTATIONS 649 THE ADVENT OF SHELF REGISTRATION 650 GLOBAL TRADING
IN EQUITIES 650 THE DEVELOPMENT OF ADRS 65.1 20.10 VALUING STOCKS:
ALTERNATIVE APPROACHES 652 TECHNICAL AND FUNDAMENTAL ANALYSIS 652
PRIVATE INFORMATION 653 SUMMARY OF THE CHAPTER S MAIN POINTS 654 KEY
TERMS APPEARING IN THIS CHAPTER 655 PROBLEMS AND ISSUES 656 WEB-BASED
PROBLEMS 656 SELECTED REFERENCES TO EXPLORE 657 PART 6 CONSUMERS IN THE
FINANCIAL MARKETS 659 21 CONSUMER LENDING AND BORROWING 660 21.1
INTRODUCTION TO CONSUMER LENDING AND BORROWING 661 21.2 CONSUMERS AS
LENDERS OF FUNDS 661 FINANCIAL ASSETS PURCHASED BY CONSUMERS 661 RECENT
INNOVATIONS IN CONSUMER SAVINGS INSTRUMENTS 663 XXXVI CONTENTS 21.3
CONSUMERS AS BORROWERS OF FUNDS 666 IS CONSUMER BORROWING EXCESSIVE? 666
CATEGORIES OF CONSUMER BORROWING 668 21.4 HOME EQUITY LOANS 669 21.5
CREDIT AND DEBIT CARDS 670 CREDIT CARDS 671 DEBIT CARDS 672 21.6 THE
DETERMINANTS OF CONSUMER BORROWING 673 21.7 CONSUMER LENDING
INSTITUTIONS 674 COMMERCIAL BANKS 675 FINANCE COMPANIES 675 OTHER
CONSUMER LENDERS: CREDIT UNIONS, SAVINGS ASSOCIATIONS, AND SMALL LOAN
COMPANIES 675 21.8 FACTORS CONSIDERED IN MAKING CONSUMER LOANS 676 21.9
CREDIT SCORING TECHNIQUES 677 21.10 FINANCIAL DISCLOSURE AND CONSUMER
CREDIT 678 TRUTH IN LENDING 678 FAIR CREDIT BILLING ACT 679 FAIR CREDIT
REPORTING ACT 679 CONSUMER LEASING ACT 680 COMPETITIVE BANKING EQUALITY
ACT 680 FAIR CREDIT AND CHARGE CARD DISCLOSURE ACT 680 TRUTH IN SAVINGS
ACT 680 THE FINANCIAL SERVICES MODERNIZATION (GRAMM-LEACH-B LILEY) ACT
681 IDENTITY THEFT 681 21.11 CREDIT DISCRIMINATION LAWS 682 COMMUNITY
REINVESTMENT ACT AND FINANCIAL INSTITUTIONS REFORM, RECOVERY, AND
ENFORCEMENT ACT 682 EQUAL CREDIT OPPORTUNITY ACT 682 FAIR HOUSING AND
HOME MORTGAGE DISCLOSURE ACTS 682 21.12 BANKRUPTCY LAW CHANGES 683
SUMMARY OF THE CHAPTER S MAIN POINTS 684 KEY TERMS APPEARING IN THIS
CHAPTER 685 PROBLEMS AND ISSUES 686 WEB-BASED PROBLEMS 687 SELECTED
REFERENCES TO EXPLORE 688 22 THE RESIDENTIAL MORTGAGE MARKET 690 22.1
INTRODUCTION TO THE RESIDENTIAL MORTGAGE MARKET 691 22.2 RECENT TRENDS
IN NEW HOME PRICES AND THE TERMS OF MORTGAGE LOANS 691 22.3 THE
STRUCTURE OF THE MORTGAGE MARKET 693 VOLUME OF MORTGAGE LOANS 693
RESIDENTIAL VERSUS NONRESIDENTIAL MORTGAGE LOANS 693 22.4
MORTGAGE-LENDING INSTITUTIONS 694 22.5 THE ROLES PLAYED BY LEADING
FINANCIAL INSTITUTIONS IN THE MORTGAGE MARKET 696 SAVINGS AND LOAN
ASSOCIATIONS 697 COMMERCIAL BANKS 697 LIFE INSURANCE COMPANIES 697
SAVINGS BANKS 698 MORTGAGE BANKERS 698 22.6 GOVERNMENT ACTIVITY IN THE
MORTGAGE MARKET 698 THE IMPACT OF THE GREAT DEPRESSION ON GOVERNMENT
INVOLVEMENT IN THE MORTGAGE MARKET 698 LAUNCHING THE FEDERAL HOME LOAN
BANK SYSTEM 699 SETTING UP THE FEDERAL HOUSING ADMINISTRATION (FHA) AND
THE VETERANS ADMINISTRATION (VA) 699 THE CREATION OF FANNIE MAE*A
GOVERNMENT-SPONSORED ENTERPRISE (GSE) 700 THE CREATION OF GINNIE MAE
(GNMA) 700 GNMA MORTGAGE-BACKED SECURITIES 701 THE FEDERAL HOME LOAN
MORTGAGE CORPORATION*ANOTHER GOVERNMENT- SPONSORED ENTERPRISE (GSE) 701
CONTENTS XXXVI I FHLMC MORTGAGE-BACKED SECURITIES 701 FREDDIE AND FANNIE
FACE NEW PROBLEMS 701 COLLATERALIZED MORTGAGE OBLIGATIONS (CMOS) AND
REAL ESTATE MORTGAGE INVESTMENT CONDUITS (REMICS) 702 IMPACT OF
SECURITIZED MORTGAGES 702 22.7 INNOVATIONS IN MORTGAGE INSTRUMENTS 703
FIXED-RATE HOME MORTGAGES*THE OLDEST FORM OF HOME LOAN 703 VARIABLE-RATE
AND ADJUSTABLE MORTGAGE INSTRUMENTS 704 INTEREST-ONLY MORTGAGES 704
REVERSE-ANNUITY MORTGAGES 705 EPILOGUE ON THE FIXED-RATE MORTGAGE 705
22.8 PRICING AND OTHER ISSUES IN HOME MORTGAGE LENDING 705 PRICING HOME
MORTGAGES AND THE TREASURY SECURITY MARKET 705 MORTGAGE LOCK-INS, LOAN
MODIFICATIONS, AND FORECLOSURES 707 REFINANCING HOME MORTGAGES AND CASH
OUTS 707 PREDATORY LENDING 708 SUMMARY OF THE CHAPTER S MAIN POINTS 709
KEY TERMS APPEARING IN THIS CHAPTER 711 PROBLEMS AND ISSUES 711
WEB-BASED PROBLEMS 712 SELECTED REFERENCES TO EXPLORE 713 PART 7 THE
INTERNATIONAL FINANCIAL SYSTEM 715 23 INTERNATIONAL TRANSACTIONS AND
CURRENCY VALUES 716 23.1 INTRODUCTION TO INTERNATIONAL TRANSACTIONS AND
CURRENCY VALUES 717 23.2 THE BALANCE-OF-PAYMENTS (BOP) ACCOUNTS 717 THE
U.S. BALANCE OF INTERNATIONAL PAYMENTS 718 THE CURRENT ACCOUNT 719 THE
MERCHANDISE TRADE BALANCE IN THE CURRENT ACCOUNT 719 THE SERVICE BALANCE
IN THE CURRENT ACCOUNT 720 INVESTMENT INCOME RECEIPTS AND PAYMENTS IN
THE CURRENT ACCOUNT 721 COMPENSATION OF EMPLOYEES IN THE CURRENT ACCOUNT
721 UNILATERAL TRANSFERS IN THE CURRENT ACCOUNT 721 THE BALANCE ON
CURRENT ACCOUNT 721 THE CAPITAL AND FINANCIAL ACCOUNTS 722 OFFICIAL
TRANSACTIONS 722 DISEQUILIBRIUM IN THE BALANCE OF PAYMENTS 723 23.3 THE
PROBLEM OF DIFFERENT MONETARY UNITS IN INTERNATIONAL TRADE AND FINANCE
724 THE GOLD STANDARD 724 THE GOLD EXCHANGE STANDARD 725 THE MODIFIED
EXCHANGE STANDARD 725 THE MANAGED FLOATING CURRENCY STANDARD 726 23.4
DETERMINING FOREIGN CURRENCY VALUES 728 ESSENTIAL FEATURES OF THE
FOREIGN EXCHANGE MARKET 729 EXCHANGE RATE QUOTATIONS 729 FACTORS
AFFECTING FOREIGN EXCHANGE RATES 731 BOP POSITION 731 SPECULATION 731
DOMESTIC POLITICAL AND ECONOMIC CONDITIONS 731 PURCHASING POWER PARITY
731 CENTRAL BANK INTERVENTION 732 SUPPLY AND DEMAND FOR FOREIGN EXCHANGE
732 XXXVIII CONTENTS 24 23.5 THE FORWARD MARKET FOR CURRENCIES 735
METHODS OF QUOTING FORWARD EXCHANGE RATES 735 23.6 FUNCTIONS OF THE
FORWARD EXCHANGE MARKET 736 COMMERCIAL COVERING 736 HEDGING AN
INVESTMENT POSITION 737 SPECULATION ON FUTURE CURRENCY PRICES 737
COVERED INTEREST ARBITRAGE 737 THE PRINCIPLE OF INTEREST RATE PARITY 738
23.7 THE MARKET FOR FOREIGN CURRENCY FUTURES 739 THE BUYING HEDGE 740
THE SELLING HEDGE 740 23.8 OTHER INNOVATIVE METHODS FOR DEALING WITH
CURRENCY RISK 740 23.9 GOVERNMENT INTERVENTION IN THE FOREIGN EXCHANGE
MARKETS 742 SUMMARY OF THE CHAPTER S MAIN POINTS 743 KEY TERMS APPEARING
IN THIS CHAPTER 744 PROBLEMS AND ISSUES 745 WEB-BASED PROBLEMS 746
SELECTED REFERENCES TO EXPLORE 747 INTERNATIONAL BANKING 748 24.1
INTRODUCTION TO INTERNATIONAL BANKING 749 24.2 THE SCOPE OF
INTERNATIONAL BANKING ACTIVITIES 749 MULTINATIONAL BANKING CORPORATIONS
749 TYPES OF FACILITIES OPERATED BY BANKS ABROAD 749 CHOOSING THE RIGHT
KIND OF FACILITY TO SERVE FOREIGN MARKETS 750 24.3 SERVICES OFFERED BY
INTERNATIONAL BANKS 751 ISSUING LETTERS OF CREDIT 751 BUYING AND SELLING
FOREIGN EXCHANGE (FOREX) 751 ACCEPTING EUROCURRENCY DEPOSITS AND MAKING
EUROCURRENCY LOANS 751 MARKETING AND UNDERWRITING OF BOTH DOMESTIC AND
EUROCURRENCY BONDS, NOTES, AND EQUITY SHARES 751 SECURITIZING LOANS 753
ADVISORY SERVICES PROVIDED BY INTERNATIONAL BANKS 753 UNIVERSAL BANKING
SERVICES AND ONE-STOP SHOPPING 754 24.4 FOREIGN BANKS OPERATING IN THE
UNITED STATES 754 THE GROWTH OF FOREIGN BANK ACTIVITY IN THE UNITED
STATES 755 FEDERAL REGULATION OF FOREIGN BANK ACTIVITY 755 24.5
REGULATION OF THE INTERNATIONAL BANKING ACTIVITIES OF U.S. BANKS 756
24.6 THE FUTURE OF INTERNATIONAL BANKING 757 THE RISKS OF INTERNATIONAL
LENDING 757 POLITICAL AND CURRENCY RISK 757 GEOGRAPHIC DISTRIBUTION OF
INTERNATIONAL BANK LENDING 759 PUBLIC CONFIDENCE AND PROTECTING AGAINST
BANK FAILURES 759 THE SPREAD OF DEREGULATION: HOW FAST SHOULD WE GO? 761
24.7 PROSPECTS AND CHALLENGES FOR THE TWENTY-FIRST CENTURY 762 SUMMARY
OF THE CHAPTER S MAIN POINTS 763 KEY TERMS APPEARING IN THIS CHAPTER 765
PROBLEMS AND ISSUES 765 WEB-BASED PROBLEMS 766 SELECTED REFERENCES TO
EXPLORE 767 MONEY AND CAPITAL MARKETS DICTIONARY D-1 INDEX 1-1
|
| any_adam_object | 1 |
| author | Rose, Peter S. 1940- Marquis, Milton H. 1948- |
| author_GND | (DE-588)128709030 (DE-588)137274939 |
| author_facet | Rose, Peter S. 1940- Marquis, Milton H. 1948- |
| author_role | aut aut |
| author_sort | Rose, Peter S. 1940- |
| author_variant | p s r ps psr m h m mh mhm |
| building | Verbundindex |
| bvnumber | BV035344873 |
| callnumber-first | H - Social Science |
| callnumber-label | HG181 |
| callnumber-raw | HG181 |
| callnumber-search | HG181 |
| callnumber-sort | HG 3181 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 010 |
| ctrlnum | (OCoLC)551821556 (DE-599)BVBBV035344873 |
| dewey-full | 332.0973 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.0973 |
| dewey-search | 332.0973 |
| dewey-sort | 3332.0973 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 10. ed., internat. ed. |
| format | Book |
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| genre_facet | Lehrbuch |
| geographic | USA USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV035344873 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T21:31:45Z |
| institution | BVB |
| isbn | 9780071268813 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-017149119 |
| oclc_num | 551821556 |
| open_access_boolean | |
| owner | DE-945 |
| owner_facet | DE-945 |
| physical | XXXVIII, 767, 12, 21 S. graph. Darst. |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | McGraw-Hill |
| record_format | marc |
| series2 | The McGraw-Hill/Irwin series in finance, insurance and real estate |
| spelling | Rose, Peter S. 1940- Verfasser (DE-588)128709030 aut Money and capital markets financial institutions and instruments in a global marketplace Peter S. Rose ; Milton H. Marquis 10. ed., internat. ed. Boston [u.a.] McGraw-Hill 2009 XXXVIII, 767, 12, 21 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The McGraw-Hill/Irwin series in finance, insurance and real estate Includes bibliographical references and index Bankenpolitik stw Finanzmarkt stw Finanzsektor stw Geldmarkt stw Geldpolitik stw Internationaler Finanzmarkt stw Internationales Währungssystem stw USA stw Welt stw Finance United States Money market United States Capital market United States Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Kreditwesen (DE-588)4032950-1 gnd rswk-swf Finanzwirtschaft (DE-588)4017214-4 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Internationaler Geldmarkt (DE-588)4122220-9 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Finanzwirtschaft (DE-588)4017214-4 s DE-604 Internationaler Geldmarkt (DE-588)4122220-9 s USA (DE-588)4078704-7 g Geldpolitik (DE-588)4019902-2 s Kreditwesen (DE-588)4032950-1 s Kapitalmarkt (DE-588)4029578-3 s 1\p DE-604 Kreditmarkt (DE-588)4073788-3 s 2\p DE-604 Internationaler Kreditmarkt (DE-588)4120506-6 s 3\p DE-604 Marquis, Milton H. 1948- Verfasser (DE-588)137274939 aut GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017149119&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Rose, Peter S. 1940- Marquis, Milton H. 1948- Money and capital markets financial institutions and instruments in a global marketplace Bankenpolitik stw Finanzmarkt stw Finanzsektor stw Geldmarkt stw Geldpolitik stw Internationaler Finanzmarkt stw Internationales Währungssystem stw USA stw Welt stw Finance United States Money market United States Capital market United States Kreditmarkt (DE-588)4073788-3 gnd Kreditwesen (DE-588)4032950-1 gnd Finanzwirtschaft (DE-588)4017214-4 gnd Geldpolitik (DE-588)4019902-2 gnd Kapitalmarkt (DE-588)4029578-3 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Internationaler Geldmarkt (DE-588)4122220-9 gnd |
| subject_GND | (DE-588)4073788-3 (DE-588)4032950-1 (DE-588)4017214-4 (DE-588)4019902-2 (DE-588)4029578-3 (DE-588)4120506-6 (DE-588)4122220-9 (DE-588)4078704-7 (DE-588)4123623-3 |
| title | Money and capital markets financial institutions and instruments in a global marketplace |
| title_auth | Money and capital markets financial institutions and instruments in a global marketplace |
| title_exact_search | Money and capital markets financial institutions and instruments in a global marketplace |
| title_full | Money and capital markets financial institutions and instruments in a global marketplace Peter S. Rose ; Milton H. Marquis |
| title_fullStr | Money and capital markets financial institutions and instruments in a global marketplace Peter S. Rose ; Milton H. Marquis |
| title_full_unstemmed | Money and capital markets financial institutions and instruments in a global marketplace Peter S. Rose ; Milton H. Marquis |
| title_short | Money and capital markets |
| title_sort | money and capital markets financial institutions and instruments in a global marketplace |
| title_sub | financial institutions and instruments in a global marketplace |
| topic | Bankenpolitik stw Finanzmarkt stw Finanzsektor stw Geldmarkt stw Geldpolitik stw Internationaler Finanzmarkt stw Internationales Währungssystem stw USA stw Welt stw Finance United States Money market United States Capital market United States Kreditmarkt (DE-588)4073788-3 gnd Kreditwesen (DE-588)4032950-1 gnd Finanzwirtschaft (DE-588)4017214-4 gnd Geldpolitik (DE-588)4019902-2 gnd Kapitalmarkt (DE-588)4029578-3 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Internationaler Geldmarkt (DE-588)4122220-9 gnd |
| topic_facet | Bankenpolitik Finanzmarkt Finanzsektor Geldmarkt Geldpolitik Internationaler Finanzmarkt Internationales Währungssystem USA Welt Finance United States Money market United States Capital market United States Kreditmarkt Kreditwesen Finanzwirtschaft Kapitalmarkt Internationaler Kreditmarkt Internationaler Geldmarkt Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017149119&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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