The economics of money, banking, and financial markets:
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston ; Munich [u.a.]
Pearson Addison-Wesley
2010
|
| Edition: | 9. ed., global ed. |
| Series: | The Addison-Wesley series in economics
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | Getr. Zählung Ill., graph. Darst., Kt. 1 Beil. |
| ISBN: | 0321649362 9780321649362 |
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| 245 | 1 | 0 | |a The economics of money, banking, and financial markets |c Frederic S. Mishkin |
| 246 | 1 | 3 | |a Money, banking, and financial markets |
| 250 | |a 9. ed., global ed. | ||
| 264 | 1 | |a Boston ; Munich [u.a.] |b Pearson Addison-Wesley |c 2010 | |
| 300 | |a Getr. Zählung |b Ill., graph. Darst., Kt. |e 1 Beil. | ||
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| 490 | 0 | |a The Addison-Wesley series in economics | |
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| 650 | 4 | |a Banks and banking | |
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CONTENTS
PART
1
Introduction
1
CHAPTER
1
Why Study Money, Banking, and Financial Markets?
3
Why Study Financial Markets?
.
The Bond Market and Interest Rates
.
The Stock Market
.
Why Study Financial Institutions and Banking?
.
.3
.3
.5
.5
Structure of the Financial System
.6
Financial Crises
.7
Banks and Other Financial Institutions
.7
Financial Innovation
.7
Why Study Money and Monetary Policy?
.8
Money and Business Cycles
.8
Money and Inflation
.8
Money and Interest Rates
.10
Conduct of Monetary Policy
.10
Fiscal Policy and Monetary Policy
.12
Why Study International Finance?
.13
The Foreign Exchange Market
.13
The International Financial System
.14
How We Will Study Money, Banking, and Financial Markets
.14
Exploring the Web
.15
Collecting and Graphing Data
.15
Web Exercises
.16
Concluding Remarks
.17
Summary
18 ·
Key Terms
19 ·
Questions and Problems
19 ·
Web Exercises
20 ·
Web References
20
APPENDIX TO CHAPTER
1
Defining Aggregate Output, Income, the Price Level,
and the Inflation Rate
21
Aggregate Output and Income
.21
Real Versus Nominal Magnitudes
.21
Aggregate Price Level
.22
Growth Rates and the Inflation Rate
.23
CHAPTER
2
An Overview of the Financial System
25
Function of Financial Markets
.25
Structure of Financial Markets
.27
ix
CONTENTS
Debt and Equity Markets
.27
Primary and Secondary Markets
.28
Exchanges and Over-the-Counter Markets
.29
Money and Capital Markets
.29
Financial Market Instruments
.30
Money Market Instruments
.30
Following the Financial News Money Market Rates
31
Capital Market Instruments
.33
Following the Financial News Capital Market Interest Rates
34
Internationalization of Financial Markets
.36
Global Are U.S. Capital Markets Losing Their Edge?
36
International Bond Market, Eurobonds, and Eurocurrencies
.37
World Stock Markets
.37
Following the Financial News Foreign Stock Market Indexes
38
Function of Financial Intermediaries: Indirect Finance
.39
Transaction Costs
.39
Global The Importance of Financial Intermediaries Relative to Securities Markets:
An International Comparison
40
Risk Sharing
.40
Asymmetric Information: Adverse Selection and Moral Hazard
.41
Types of Financial Intermediaries
.42
Depository Institutions
.43
Contractual Savings Institutions
.44
Investment Intermediaries
.45
Regulation of the Financial System
.46
Increasing Information Available to Investors
.46
Ensuring the Soundness of Financial Intermediaries
.47
Financial Regulation Abroad
.49
Summary
49 ·
Key Terms
50 ·
Questions and Problems
51 ·
Web Exercises
51 ·
Web References
52
CHAPTER
3
What Is Money?: A Comparative Approach
to Measuring Money
53
Meaning of Money
.53
Functions of Money
.54
Medium of Exchange
.54
Unit of Account
.55
Store of Value
.56
Evolution of the Payments System
.57
Commodity Money
.57
Fiat Money
.57
Checks
.57
CONTENTS xi
Electronic
Payment.
58
Е
-Money
.58
FYI Are
We Headed for a Cashless Society?
59
Measuring Money
.60
Definitions of Monetary Aggregates
.60
Following the Financial News How the U.K. Monetary Aggregates Differ
from Those of the ECB
6
f
FYI Where Are All the U.S. Dollars and the Euros?
63
Which is the Most Accurate Monetary Aggregate?
.63
Summary
64 ·
Key Terms
65 ·
Questions and Problems
65 ·
Web Exercises
66 ·
Web References
66
PART
2
Financial Markets
67
CHAPTER
4
Understanding Interest Rates
69
Measuring Interest Rates
.69
Present Value
.69
Application Simple Present Value
.71
Application How Much is That Jackpot Worth?
.71
Four Types of Credit Market Instruments
.72
Yield to Maturity
.72
Application Yield to Maturity on a Simple Loan
.73
Application Yield to Maturity and the Yearly Payment
on a Fixed-Payment Loan
.74
Application Yield to Maturity and the Bond Price for a Coupon Bond
.76
Application Perpetuity
.78
Global Negative
Т
-Bill Rates? It Can Happen
79
The Distinction Between Interest Rates and Returns
.80
Maturity and the Volatility of Bond Returns: Interest-Rate Risk
.82
FYI Helping Investors to Select Desired Interest-Rate Risk
83
Summary
.84
The Distinction Between Real and Nominal Interest Rates
.84
Application Calculating Real Interest Rates
.85
FYI With TIPS, Real Interest Rates Have Become Observable
in the United States
87
Summary
87 ·
Key Terms
87 ·
Questions and Problems
88 ·
Web Exercises
88 ·
Web References
89
xii CONTENTS
CHAPTER
5
The Behavior of Interest Rates
91
Determinants of Asset Demand
.91
Wealth
.92
Expected Returns
.92
Risk
.92
Liquidity
.93
Theory of Asset Demand
.93
Supply and Demand in the Bond Market
.94
Demand Curve
.94
Supply Curve
.95
Market Equilibrium
.96
Supply and Demand Analysis
.97
Changes in Equilibrium Interest Rates
.97
Shifts in the Demand for Bonds
.97
Shifts in the Supply of Bonds
.101
Application Changes in the Interest Rate Due to Expected Inflation:
The Fisher Effect
.103
Application Changes in the Interest Rate Due to a Business Cycle Expansion
. . . 104
Application Explaining Low Japanese Interest Rates
.106
Application Reading the Wall Street Journal "Credit Markets" Column
.107
Following the Financial News The "Credit Markets" Column
108
Supply and Demand in the Market for Money: The Liquidity Preference Framework
.109
Changes in Equilibrium Interest Rates in the Liquidity Preference Framework
. 111
Shifts in the Demand for Money
.
Ill
Shifts in the Supply of Money
.
Ill
Application Changes in the Equilibrium Interest Rate Due to Changes
in Income, the Price Level, or the Money Supply
.112
Changes in Income
.113
Changes in the Price Level
.113
Changes in the Money Supply
.113
Application Money and Interest Rates
.114
Does a Higher Rate of Growth of the Money Supply Lower Interest Rates?
.115
Summary
119 ·
Key Terms
119 ·
Questions and Problems
119 ·
Web Exercises
120 ·
Web References
121
CHAPTER
6
The Risk and Term Structure of Interest Rates
123
Risk Structure of Interest Rates
.123
Default Risk
.123
Application The
Subprime
Collapse and the Baa-Treasury Spread
.127
Liquidity
.127
Income Tax Considerations
.128
Summary
.129
CONTENTS xiii
Application Effects of the Bush Tax Cut and Its Possible Repeal
on Bond Interest Rates
.130
Term Structure of Interest Rates
.130
Following the Financial News Yield Curves
131
Expectations Theory
.132
Segmented Markets Theory
.135
Liquidity Premium and Preferred Habitat Theories
.136
Evidence on the Term Structure
.140
Summary
.140
FYI The Yield Curve as a Forecasting Tool for Inflation and the Business Cycle
141
Application Interpreting Yield Curves,
1980-2009 .141
Summary
142 ·
Key Terms
143 ·
Questions and Problems
143 ·
Web Exercises
144 ·
Web References
144
CHAPTER
7
The Stock Market, the Theory of Rational Expectations,
and the Efficient Market Hypothesis
147
Computing the Price of Common Stock
.147
The One-Period Valuation Model
.148
The Generalized Dividend Valuation Model
.149
The Gordon Growth Model
.149
How the Market Sets Stock Prices
.150
Application Monetary Policy and Stock Prices
.151
Application The
Subprime
Financial Crisis and the Stock Market
.152
The Theory of Rational Expectations
.152
Formal Statement of the Theory
.154
Rationale Behind the Theory
.154
Implications of the Theory
.155
The Efficient Market Hypothesis: Rational Expectations in Financial Markets
. 155
Rationale Behind the Hypothesis
.157
Stronger Version of the Efficient Market Hypothesis
.158
Application Practical Guide to Investing in the Stock Market
.158
How Valuable Are Published Reports by Investment Advisers?
.158
Should You Be Skeptical of Hot Tips?
.159
FYI Should You Hire an Ape as Your Investment Adviser?
160
Do Stock Prices Always Rise When There Is Good News?
.160
Efficient Market Prescription for the Investor
.160
Application What Do the Black Monday Crash of
1987
and the Tech Crash
of
2000
Tell Us About Rational Expectations and Efficient Markets?
.161
Behavioral Finance
.162
Summary
163 ·
Key Terms
164 ·
Questions and Problems
164 ·
Web Exercises
165 ·
Web References
165
xiv CONTENTS
PART
3
Financial Institutions
167
CHAPTER
8
An Economic Analysis of Financial Structure
169
Basic Facts about Financial Structure Throughout the World
.169
Transaction Costs
.172
How Transaction Costs Influence Financial Structure
.172
How Financial Intermediaries Reduce Transaction Costs
.173
Asymmetric Information: Adverse Selection and Moral Hazard
.174
The Lemons Problem: How Adverse Selection Influences Financial Structure
. 174
Lemons in the Stock and Bond Markets
.175
Tools to Help Solve Adverse Selection Problems
.176
FYI The Enron Implosion
177
How Moral Hazard Affects the Choice Between Debt and Equity Contracts
.180
Moral Hazard in Equity Contracts: The Principal-Agent Problem
.180
Tools to Help Solve the Principal-Agent Problem
.181
How Moral Hazard Influences Financial Structure in Debt Markets
.183
Tools to Help Solve Moral Hazard in Debt Contracts
.183
Summary
.185
Application Financial Development and Economic Growth
.186
FYI Should We Kill AH the Lawyers?
188
Application Is China a Counter-Example to the Importance
of Financial Development?
.188
Conflicts of Interest
.189
What Are Conflicts of Interest and Why Do We Care?
.190
Why Do Conflicts of Interest Arise?
.190
What Has Been Done to Remedy Conflicts of Interest?
.192
FYI The Demise of Arthur Andersen
192
FYI Credit-Rating Agencies and the Subprime Financial Crisis
193
FYI Has Sarbanes-Oxley Led to a Decline in U.S. Capital Markets?
195
Summary
195 ·
Key Terms
196 ·
Questions and Problems
196 ·
Web Exercises
197 ·
Web References
197
CHAPTER
9
Financial Crises and the Subprime Meltdown
199
Factors Causing Financial Crises
.199
Asset Market Effects on Balance Sheets
.200
Deterioration in Financial Institutions' Balance Sheets
.201
Banking Crisis
.201
Increases in Uncertainty
.201
Increases in Interest Rates
.201
Government Fiscal Imbalances
.202
CONTENTS xv
Dynamics
of Past U.S. Financial Crises
.202
Stage One: Initiation of Financial Crisis
.202
Stage Two: Banking Crisis
'.205
Stage Three: Debt Deflation
.206
Application The Mother of all Financial Crises: The Great Depression
.206
The
Subprime
Financial Crisis of
2007-2008 .207
Financial Innovations Emerge in the Mortgage Markets
.207
Housing Price Bubble Forms
.208
Agency Problems Arise
.208
Information Problems Surface
.209
Housing Price Bubble Bursts
.209
Crisis Spreads Globally
.209
Banks' Balance Sheets Deteriorate
.210
High-Profile Firms Fail
.210
Bailout Package Debated
.211
Recovery in Sight?
.211
Global The Treasury Asset Relief Plan and Government Bailouts
212
Dynamics of Financial Crises in Emerging Market Economies
.212
Stage One: Initiation of Financial Crisis
.212
Stage Two: Currency Crisis
.215
Stage Three: Full-Fledged Financial Crisis
.216
Application Financial Crises in Mexico,
1994-1995;
East Asia,
1997-1998;
and Argentina,
2001-2002.217
Global The Perversion of the Financial Liberalization/Globalization Process
219
Summary
222 ·
Key Terms
222 ·
Questions and Problems
223 ·
Web Exercise
223 ·
Web References
224
CHAPTER
10
Banking and the Management of Financial Institutions
225
The Bank Balance Sheet
.'.225
Liabilities
.225
Assets
.228
Basic Banking
.229
General Principles of Bank Management
.232
Liquidity Management and the Role of Reserves
.232
Asset Management
.235
Liability Management
.236
Capital Adequacy Management
.237
Application Strategies for Managing Bank Capital
.239
Application How a Capital Crunch Caused a Credit Crunch
in
2008 .240
Managing Credit Risk
.241
Screening and Monitoring
Λ
.241
Long-Term Customer Relationships
.242
xvi CONTENTS
Loan Commitments
.243
Collateral and Compensating Balances
.243
Credit Rationing
.244
Managing Interest-Rate Risk
.245
Gap and Duration Analysis
.245
Application Strategies for Managing Interest-Rate Risk
.247
Off-Balance-Sheet Activities
.247
Loan Sales
.247
Generation of Fee Income
.248
Trading Activities and Risk Management Techniques
.248
Global Barings, Daiwa, Sumitomo, and
Société Générale:
Rogue Traders
and the Principal-Agent Problem
249
Summary
250 ·
Key Terms
251 ·
Questions and Problems
251 ·
Web Exercises
252 ·
Web References
253
CHAPTER
11
Economic Analysis of Financial Regulation
255
Asymmetric Information and Financial Regulation
.255
Government Safety Net
.255
Global The Spread of Government Deposit Insurance Throughout the World:
Is This a Good Thing?
257
Restrictions on Asset Holdings
.260
Capital Requirements
.260
Prompt Corrective Action
.261
Global Basel
2:
How Well Will It Work?
262
Financial Supervision: Chartering and Examination
.263
Assessment of Risk Management
.264
Disclosure Requirements
.265
Consumer Protection
.266
FYI Mark-to-Market Accounting and the
Subprime
Financial Crisis
266
Restrictions on Competition
.267
Summary
.267
FYI The
Subprime
Mortgage Crisis and Consumer Protection Regulation
268
Global International Financial Regulation
269
The
1980s
Savings and Loan and Banking Crisis
.271
Banking Crises Throughout the World
.273
"Déjà vu
All Over Again"
.273
Whither Financial Regulation After the
Subprime
Financial Crisis?
.275
Increased Regulation of Mortgage Brokers
.276
Fewer
Subprime
Mortgage Products
.276
Regulation Compensation
.276
Higher Capital Requirements
.276
CONTENTS xvii
Additional
Regulation
of Privately Owned Government-Sponsored Enterprises
.277
Heightened Regulation to Limit Financial Institutions' Risk Taking
.277
Increased Regulation of Credit-Rating Agencies
.277
Additional Regulation of Derivatives
.277
The Danger of Overregulation
.278
Summary
278 ·
Key Terms
278 ·
Questions and Problems
278 ·
Web Exercises
279 ·
Web References
279
CHAPTER
12
Banking Industry: Structure and Competition
281
Historical Development of the Banking System
.281
Multiple Regulatory Agencies
.283
Financial Innovation and the Growth of The "Shadow Banking System"
.284
Responses to Changes in Demand Conditions: Interest-Rate Volatility
.285
Responses to Changes in Supply Conditions: Information Technology
.286
FYI Will "Clicks" Dominate "Bricks" in the Banking Industry?
288
Avoidance of Existing Regulations
.289
FYI Brace Bent and the Money Market Mutual Fund Panic of
2008 291
Financial Innovation and the Decline of Traditional Banking
.292
Structure of the U.S. Commercial Banking Industry
.295
Restrictions on Branching
.296
Response to Branching Restrictions
.297
Bank Consolidation and Nationwide Banking
.298
The Riegle-Neal Interstate Banking and Branching Efficiency Act of
1994 .300
What Will the Structure of the U.S. Banking Industry Look Like
in the Future?
.300
Global Comparison of Banking Structure in the United States
and Abroad
301
Are Bank Consolidation and Nationwide Banking Good Things?
.301
Separation of the Banking and Other Financial Service Industries
.302
Erosion of Glass-Steagall
.302
The Gramm-Leach-Bliley Financial Services Modernization Act of
1999:
Repeal of Glass-Steagall
.303
Implications for Financial Consolidation
.303
Reparation of Banking and Other Financial Services Industries Throughout
the World
.303
FYI The
Subprime
Financial Crisis and the Demise of Large, Free-Standing
Investment Banks
304
Thrift Industry: Regulation and Structure
.304
Savings and Loan Associations
.304
Mutual Savings Banks
.305
Credit Unions
.305
International Banking
.306
Eurodollar Market
.306
xviii CONTENTS
Global Ironie
Birth of the Eurodollar Market
307
Structure of U.S. Banking Overseas
.307
Foreign Banks in the United States
.308
Summary
309 ·
Key Terms
310 ·
Questions and Problems
310 ·
Web Exercises
311 ·
Web References
311
PART
4
Central Banking and the
Conduct of Monetary Policy
313
CHAPTER
13
Central Banks: A Global Perspective
315
The Price Stability Goal and the Nominal Anchor
.315
The Role of a Nominal Anchor
.316
The Time-Inconsistency Problem
.316
Other Goals of Monetary Policy
.317
High Employment
.317
Economic Growth
.318
Stability of Financial Markets
.318
Interest-Rate Stability
.318
Stability in Foreign Exchange Markets
.319
Should Price Stability Be the Primary Goal of Monetary Policy?
.319
Hierarchical Versus Dual Mandates
.319
Price Stability as the Primary, Long-Run Goal of Monetary Policy
.320
Origins of the Federal Reserve System
.320
Structure of the Federal Reserve System
.321
Federal Reserve Banks
.321
Member Banks
.323
Board of Governors of the Federal Reserve System
.323
Federal Open Market Committee (FOMC)
.324
How Independent is the Fed?
.324
Inside the Fed How Bernanke's Style Differs from Greenspan's
325
Structure and Independence of the European Central Bank
.326
Governing Council Executive Board and General Council
.328
Central Banks Round the World
.331
Bank of Canada
.331
Bank of England
.331
Bank of Japan
.332
Central Banks in Transition Economies
.332
Central Banks in Developing Countries and Emerging Economies
.333
Global Will the Monetary Union of the Six-Nation Arab Gulf Cooperation Council
be Achieved?
334
CONTENTS xix
People's Bank of
China .335
Multinational Central Banks in
Developing Countries .
335
Central Bank
Reforms in
South America.336
Currency Unions in Developing Nations
.336
The Trend Toward Greater Independence
.336
Explaining Central Bank Behavior
.337
Should the Central Banks Be Independent?
.337
The Case for Independence
.338
The Case Against Independence
.339
Central Bank Independence and
Macroeconomic
Performance Throughout the World
. . 339
Summary
340 ·
Key Terms
341 ·
Questions and Problems
341 ·
Web Exercises
342 ·
Web References
342
CHAPTER
14
The Money Supply Process
345
Three Players in the Money Supply Process
.345
The Fed's Balance Sheet
.345
Liabilities
.346
Assets
.347
Control of the Monetary Base
.347
Federal Reserve Open Market Operations
.348
Shifts from Deposits into Currency
.351
Discount Loans
.352
Other Factors That Affect the Monetary Base
.353
Overview of the Fed's Ability to Control the Monetary Base
.353
Multiple Deposit Creation: A Simple Model
.354
Deposit Creation: The Single Bank
.354
Deposit Creation: The Banking System
.355
Deriving the Formula for Multiple* Deposit Creation
.358
Critique of the Simple Model
.359
Factors that Determine the Money Supply
.360
Changes in the Nonborrowed Monetary Base,
МВ„
.360
Changes in Borrowed Reserves,
ВЌ,
from the Fed
.360
Changes in the Required Reserve Ratio,
r
.360
Changes in Currency Holdings
.361
Changes in Excess Reserves
.361
Overview of the Money Supply Process
.361
The Money Multiplier
.362
Deriving the Money Multiplier
.362
Intuition Behind the Money Multiplier
.364
Money Supply Response to Changes in the Factors
.365
Application The Great Depression Bank Panics,
1930-1933 .366
xx CONTENTS
Summary
369 · Key
Terms
370 ·
Questions and Problems
370
Web Exercises
371 ·
Web References
372
CHAPTER
15
Tools of Monetary Policy
373
The Market for Reserves and the Federal Funds Rate
.373
Demand and Supply in the Market for Reserves
.373
Inside the Fed Why Does the Fed Need to Pay Interest on Reserves?
375
How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate
.376
Application How the Federal Reserve's Operating Procedures
Limit Fluctuations in the Federal Funds Rate
.380
Open Market Operations
.381
A Day at the Trading Desk
.381
Advantages of Open Market Operations
.383
Discount Policy
.384
Operation of the Discount Window
.384
Lender of Last Resort
.384
Inside the Fed Using Discount Policy to Prevent a Financial Panic
386
Inside the Fed Federal Reserve Lender-of-Last-Resort Facilities During
the
Subprime
Financial Crisis
387
Advantages and Disadvantages of Discount Policy
.388
Reserve Requirements
.389
Disadvantages of Reserve Requirements as a Policy Tool
.389
Monetary Policy Tools of the European Central Bank
.390
Open Market Operations
.390
Lending to Banks
.390
Reserve Requirements
.391
Summary
391 ·
Key Terms
391 ·
Questions and Problems
392 ·
Web Exercises
392 ·
Web References
393
CHAPTER
16
The Conduct of Monetary Policy: Strategy and Tactics
395
Monetary Targeting
.395
Monetary Targeting in the United States, Japan, and Germany
.395
Global The European Central Bank's Monetary Policy Strategy
398
Advantages of Monetary Targeting
.399
Disadvantages of Monetary Targeting
.399
Inflation Targeting
.399
Inflation Targeting in New Zealand, Canada, and the United Kingdom
.400
Advantages of Inflation Targeting
.402
Disadvantages of Inflation Targeting
.403
Monetary Policy With an Implicit Nominal Anchor
.405
CONTENTS xxi
Advantages of the "Just Do It" Approach
.406
Disadvantages of the "Just Do It" Approach
.406
Inside the Fed Chairman
Bernanke
and Inflation Targeting
407
Tactics: Choosing the Policy Instrument
.408
Criteria for Choosing the Policy Instrument
.410
Tactics: The Taylor Rule
.412
Inside the Fed Fed Watchers
414
Central Banks' Response to Asset-Price Bubbles: Lessons from the
Subprime
Crisis
415
Two Types of Asset-Price Bubbles
.415
Should Central Banks Respond to Bubbles?
.416
Should Monetary Policy Try to Prick Asset-Price Bubbles?
.417
Are Other Types of Policy Responses Appropriate?
.417
Fed Policy Procedures: Historical Perspective
.418
The Early Years: Discount Policy as the Primary Tool
.418
Discovery of Open Market Operations
.419
The Great Depression
.419
Inside the Fed Bank Panics of
1930-1933:
Why Did the Fed Let Them Happen?
420
Reserve Requirements as a Policy Tool
.420
War Finance and the Pegging of Interest Rates:
1942-1951 .421
Targeting Money Market Conditions: the
1950s
and
1960s .421
Targeting Monetary Aggregates: the
1970s .422
New Fed Operating Procedures: October 1979-October
1982 .423
De-Emphasis of Monetary Aggregates: October 1982-Early
1990s .424
Federal Funds Targeting Again: Early
1990s
and Beyond
.425
Preemptive Strikes Against Inflation
.425
Preemptive Strikes Against Economic Downturns and Financial Disruptions:
LTCM, Enron, and the
Subprime
Meltdown
.425
International Considerations
.426
Summary
427 ·
Key Terms
428 ·
Questions and Problems
428 ·
Web Exercises
429 ·
Web References
429
PART
5
International Finance and Monetary Policy
431
CHAPTER
17
The Foreign Exchange Market: Exchange Rates
and Applications
433
Foreign Exchange Market
.433
What Are Foreign Exchange Rates?
.434
Following the Financial News Foreign Exchange Rates
435
Why Are Exchange Rates Important?
.436
How Is Foreign Exchange Traded?
.436
Exchange Rates in the Long Run
.437
Law of One Price
.437
Theory of Purchasing Power Parity
.437
xxii CONTENTS
Why the Theory of Purchasing Power Parity Cannot Fully Explain Exchange Rates
.439
Factors That Affect Exchange Rates in the Long Run
.439
Exchange Rates in the Short Run: A Supply and Demand Analysis
.440
Supply Curve for Domestic Assets
.442
Demand Curve for Domestic Assets
.442
Equilibrium in the Foreign Exchange Market
.443
Explaining Changes in Exchange Rates
.443
Shifts in the Demand for Domestic Assets
.443
Recap: Factors That Change the Exchange Rate
.446
Application Changes in the Equilibrium Exchange Rate: Two Examples
.448
Changes in Interest Rates
.448
Changes in the Money Supply
.449
Exchange Rate Overshooting
.*.450
Application Why Do Some Nations Peg Their Currencies?
.452
Application The Euro Foreign Exchange Rate and Oil Prices
.452
Application The Global Financial Crisis and the Euro
.454
Application Reading the Financial Times: The "LEX" Column
.454
Following the Financial News The "LEX" Column
455
Summary
456 ·
Key Terms
456 ·
Questions and Problems
457 ·
Web Exercises
457 ·
Web References
458
APPENDIX TO CHAPTER
17
The Interest Parity Condition
459
Comparing Expected Returns on Domestic and Foreign Assets
.459
Interest Parity Condition
.461
CHAPTER
18
The International Financial System
463
Intervention in the Foreign Exchange Market
.463
Foreign Exchange Intervention and the Money Supply
.463
Inside the Fed A Day at the Federal Reserve Bank of New York's
Foreign Exchange Desk
464
Unsterilized Intervention
.466
Sterilized Intervention
.467
Balance of Payments
.468
Global Why the Large U.S. Current Account Deficit Worries Economists
469
Exchange Rate Regimes in the International Financial System
.470
Gold Standard
.470
The
Bretton
Woods System
.470
Global The Euro's Challenge to the Dollar
471
How a Fixed Exchange Rate Regime Works
.472
CONTENTS xxiii
Application How Did China Accumulate Over
$2
Trillion
of International Reserves?
.474
Managed Float
.475
European Monetary System (EMS)
.476
Application The Foreign Exchange Crisis of September
1992.477
Application
Recent Foreign Exchange Crises in Emerging Market Countries:
Mexico
1994,
East Asia
1997,
Brazil
1999,
and Argentina
2002 .478
Capital Controls
.480
Controls on Capital Outflows
.480
Controls on Capital Inflows
.480
The Role of the IMF
.481
Should the IMF Be an International Lender of Last Resort?
.481
How Should the IMF Operate?
.482
Global The
Subprime
Financial Crisis and the IMF
484
International Considerations and Monetary Policy
.484
Direct Effects of the Foreign Exchange Market on the Money Supply
.484
Balance-of-Payments Considerations
.485
Exchange Rate Considerations
.485
To Peg or Not to Peg: Exchange-Rate Targeting as an Alternative
Monetary Policy Strategy
.486
Advantages of Exchange-Rate Targeting
.486
Disadvantages of Exchange-Rate Targeting
.487
When Is Exchange-Rate Targeting Desirable for Industrialized Countries?
.489
When Is Exchange-Rate Targeting Desirable for Emerging Market Countries?
.489
Currency Boards
.490
Dollarization
.490
Global Argentina's Currency Board
491
Summary
492 ·
Key Terms
493 ·
Questions and Problems
493 ·
Web Exercises
494 ·
Web References
495
PART
6
Monetary Theory
497
CHAPTER
19
The Demand for Money
499
Quantity Theory of Money
.499
Velocity of Money and Equation of Exchange
.500
Quantity Theory
.501
Quantity Theory of Money Demand
.501
Is Velocity a Constant?
.502
Keynes's Liquidity Preference Theory
.503
Transactions Motive
.504
Precautionary Motive
.504
xxiv CONTENTS
Speculative
Motive .504
Putting the Three Motives Together
.505
Further Developments in the Keynesian Approach
.507
Transactions Demand
.507
Precautionary Demand
.509
Speculative Demand
.509
Friedman's Modern Quantity Theory of Money
.511
Distinguishing Between the Friedman and Keynesian Theories
.512
Empirical Evidence on the Demand for Money
.515
Interest Rates and Money Demand
.515
Stability of Money Demand
.516
Summary
516 ·
Key Terms
517 ·
Questions and Problems
517 ·
Web Exercises
518 ·
Web References
518
CHAPTER
20
The
ШМ
Model
519
Determination of Aggregate Output
.519
Consumer Expenditure and the Consumption Function
.520
Investment Spending
.522
FYI Meaning of the Word Investment
523
Equilibrium and the Keynesian Cross Diagram
.523
Expenditure Multiplier
.525
Application The Collapse of Investment Spending and the Great Depression
.527
Government's Role
.528
Role of International Trade
.530
Summary of the Determinants of Aggregate Output
.531
The 1S1M Model
.534
Equilibrium in the Goods Market: The IS Curve
.534
Equilibrium in the Market for Money: The LM Curve
.537
ISLM Approach to Aggregate Output and Interest Rates
.539
Summary
541 ·
Key Terms
541 ·
Questions and Problems
541 ·
Web Exercises
542 ·
Web References
542
CHAPTER
21
Monetary and Fiscal Policy in the JSLM Model
543
Factors That Cause The
ÍS
Curve to Shift
.543
Factors That Cause The LM Curve to Shift
.546
Changes in Equilibrium Level of the Interest Rate and Aggregate Output
.548
Response to a Change in Monetary Policy
.548
Response to a Change in Fiscal Policy
.549
Application The Economic Stimulus Act of
2008.550
Effectiveness of Monetary Versus Fiscal Policy
.552
Monetary Policy Versus Fiscal Policy: The Case of Complete Crowding Out
.552
Application Targeting Money Supply Versus Interest Rates
.554
CONTENTS xxv
ÍSLM
Model in
the Long Run
.557
ISLM Model
and the
Aggregate
Demand Curve .
559
Deriving the Aggregate Demand Curve
.560
Factors That Cause the Aggregate Demand Curve to Shift
.561
Summary
563 ·
Key Terms
563 ·
Questions and Problems
563 ·
Web Exercises
564 ·
Web References
564
CHAPTER
22
Aggregate Demand and Supply Analysis
565
Aggregate Demand
.565
Following the Financial News Aggregate Output, Unemployment,
and the Price Level
566
Deriving the Aggregate Demand Curve
.566
Factors That Shift the Aggregate Demand Curve
.567
Aggregate Supply
.568
Long-Run Aggregate Supply Curve
.568
Short-Run Aggregate Supply Curve
.570
Shifts in the Short-Run Aggregate Supply Curve
.571
Factors That Shift the Short-Run Aggregate Supply Curve
.571
Equilibrium in Aggregate Supply and Demand Analysis
.574
Equilibrium in the Short Run
.574
Equilibrium in the Long Run
.575
Changes in Equilibrium Caused by Aggregate Demand Shocks
.577
Changes in Equilibrium Caused by Aggregate Supply Shocks
.578
Shifts in the Long-Run Aggregate Supply Curve: Real Business Cycle Theory
and Hysteresis
. 579
Conclusions
.580
Application Explaining Past Business Cycle Episodes
.580
Vietnam War Buildup,
1964-1970.580
Negative Supply Shocks,
1973-1975
and
1978-1980 .581
Favorable Supply Shocks,
1995-1999 .582
Negative Demand Shocks,
2001-2*004.582
The Perfect Storm of
2007-2008:
Negative Supply Shocks and the Subprime
Financial Crisis
.583
Summary
584 ·
Key Terms
584 ·
Questions and Problems
585 ·
Web Exercises
585 ·
Web References
586
CHAPTER
23
Transmission Mechanisms of Monetary Policy: The Evidence
587
Framework for Evaluating Empirical Evidence
.587
Structural Model Evidence
.588
Reduced-Form Evidence
.588
Advantages and Disadvantages of Structural Model Evidence
.589
Advantages and Disadvantages of Reduced-Form Evidence
.589
FYI Perils of Reverse Causation: A Russian Folk Tale
590
Conclusions
.590
xxvi CONTENTS
FYI
Perils of Ignoring an Outside Driving Factor:
How to Lose a Presidential Election
591
Application The Debate on the Importance of Monetary Policy
to Economic Fluctuations
.591
Early Keynesian Evidence on the Importance of Money
.591
Objections to Early Keynesian Evidence
.592
Early Monetarist Evidence on the Importance of Money
.594
Overview of the Monetarist Evidence
.599
FYI Real Business Cycle Theory and the Debate on Money and Economic Activity
600
Transmission Mechanisms of Monetary Policy
.600
Traditional Interest-Rate Channels
.601
Other Asset Price Channels
.602
Credit View
.605
FYI Consumers' Balance Sheets and the Great Depression
608
Why Are Credit Channels Likely to Be Important?
.609
Application The
Subprime
Recession
.609
Lessons for Monetary Policy
.610
Application Applying the Monetary Policy Lessons to Japan
.612
Summary
613 ·
Key Terms
613 ·
Questions and Problems
614 ·
Web Exercises
614 ·
Web References
615
CHAPTER
24
Money and Inflation
617
Money and Inflation: Evidence
.617
German Hyperinflation,
1921-1923 .618
Recent Episodes of Rapid Inflation
.618
Meaning of Inflation
.619
Views of Inflation
.620
How Money Growth Produces Inflation
.620
Can Other Factors Besides Money Growth Produce a Sustained Inflation?
.621
Summary
.624
Origins of Inflationary Monetary Policy
.624
High Employment Targets and Inflation
.624
Budget Deficits and Inflation
.627
Application Explaining the Rise in U.S. Inflation,
1960-1980 .630
The Discretionary/Nondiscretionary Policy Debate
.634
Responses to High Unemployment
.635
Discretionary and Nondiscretionary Positions
.636
Expectations and the Discretionary/Nondiscretionary Debate
.637
Discretionary Versus Nondiscretionary: Conclusions
.638
Application Importance of Credibility to Volcker's Victory
Over Inflation
.639
Summary
640 ·
Key Terms
640 ·
Questions and Problems
640 ·
Web Exercises
641 ·
Web References
641
CONTENTS xxvii
CHAPTER
25
Rational Expectations: Implications for Policy
643
The Lucas Critique of Policy Evaluation
.644
Econometric Policy Evaluation
.644
Example: The Term Structure of Interest Rates
.644
New Classical Macroeconomic Model
.645
Effects of Unanticipated and Anticipated Policy
.646
FYI Proof of the Policy Ineffectiveness Proposition
648
Can an Expansionary Policy Lead to a Decline in Aggregate Output?
.648
Implications for Policymakers
.649
New Keynesian Model
.650
Effects of Unanticipated and Anticipated Policy
.651
Implications for Policymakers
.653
Comparison of the Two New Models With the Traditional Model
.653
Short-Run Output and Price Responses
.653
Stabilization Policy
.656
Anti-inflation Policies
.656
Credibility in Fighting Inflation
.659
Global Ending the Bolivian Hyperinflation: A Successful Anti-inflation Program
660
Application Credibility and the Reagan Budget Deficits
.660
Impact of the Rational Expectations Revolution
.661
Summary
662 ·
Key Terms
663 ·
Questions and Problems
663 ·
Web Exercises
664 ·
Web References
664
Glossary
.
G-l
Credits
.
C-l
Index
.1-1 |
| any_adam_object | 1 |
| author | Mishkin, Frederic S. 1951- |
| author_GND | (DE-588)123920108 |
| author_facet | Mishkin, Frederic S. 1951- |
| author_role | aut |
| author_sort | Mishkin, Frederic S. 1951- |
| author_variant | f s m fs fsm |
| building | Verbundindex |
| bvnumber | BV035830611 |
| callnumber-first | H - Social Science |
| callnumber-label | HG173 |
| callnumber-raw | HG173 |
| callnumber-search | HG173 |
| callnumber-sort | HG 3173 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 000 QK 300 QL 200 |
| classification_tum | WIR 150f |
| ctrlnum | (OCoLC)845635307 (DE-599)BVBBV035830611 |
| dewey-full | 332 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332 |
| dewey-search | 332 |
| dewey-sort | 3332 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 9. ed., global ed. |
| format | Book |
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| id | DE-604.BV035830611 |
| illustrated | Illustrated |
| indexdate | 2025-01-27T13:01:56Z |
| institution | BVB |
| isbn | 0321649362 9780321649362 |
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| physical | Getr. Zählung Ill., graph. Darst., Kt. 1 Beil. |
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| record_format | marc |
| series2 | The Addison-Wesley series in economics |
| spelling | Mishkin, Frederic S. 1951- Verfasser (DE-588)123920108 aut The economics of money, banking, and financial markets Frederic S. Mishkin Money, banking, and financial markets 9. ed., global ed. Boston ; Munich [u.a.] Pearson Addison-Wesley 2010 Getr. Zählung Ill., graph. Darst., Kt. 1 Beil. txt rdacontent n rdamedia nc rdacarrier The Addison-Wesley series in economics Bank Banks and banking Finance Money Geld (DE-588)4019889-3 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Kreditwesen (DE-588)4032950-1 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Geldwirtschaft (DE-588)4129419-1 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Geldtheorie (DE-588)4121333-6 s Kreditwesen (DE-588)4032950-1 s DE-604 Geldwirtschaft (DE-588)4129419-1 s Kreditmarkt (DE-588)4073788-3 s Geldpolitik (DE-588)4019902-2 s 1\p DE-604 Geld (DE-588)4019889-3 s 2\p DE-604 Digitalisierung UB Bamberg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018689151&sequence=000002&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 |
| spellingShingle | Mishkin, Frederic S. 1951- The economics of money, banking, and financial markets Bank Banks and banking Finance Money Geld (DE-588)4019889-3 gnd Kreditmarkt (DE-588)4073788-3 gnd Kreditwesen (DE-588)4032950-1 gnd Geldtheorie (DE-588)4121333-6 gnd Geldpolitik (DE-588)4019902-2 gnd Geldwirtschaft (DE-588)4129419-1 gnd |
| subject_GND | (DE-588)4019889-3 (DE-588)4073788-3 (DE-588)4032950-1 (DE-588)4121333-6 (DE-588)4019902-2 (DE-588)4129419-1 (DE-588)4123623-3 |
| title | The economics of money, banking, and financial markets |
| title_alt | Money, banking, and financial markets |
| title_auth | The economics of money, banking, and financial markets |
| title_exact_search | The economics of money, banking, and financial markets |
| title_full | The economics of money, banking, and financial markets Frederic S. Mishkin |
| title_fullStr | The economics of money, banking, and financial markets Frederic S. Mishkin |
| title_full_unstemmed | The economics of money, banking, and financial markets Frederic S. Mishkin |
| title_short | The economics of money, banking, and financial markets |
| title_sort | the economics of money banking and financial markets |
| topic | Bank Banks and banking Finance Money Geld (DE-588)4019889-3 gnd Kreditmarkt (DE-588)4073788-3 gnd Kreditwesen (DE-588)4032950-1 gnd Geldtheorie (DE-588)4121333-6 gnd Geldpolitik (DE-588)4019902-2 gnd Geldwirtschaft (DE-588)4129419-1 gnd |
| topic_facet | Bank Banks and banking Finance Money Geld Kreditmarkt Kreditwesen Geldtheorie Geldpolitik Geldwirtschaft Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018689151&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT mishkinfrederics theeconomicsofmoneybankingandfinancialmarkets AT mishkinfrederics moneybankingandfinancialmarkets |