Financial markets, banking, and monetary policy:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, NJ
Wiley
2014
|
| Schriftenreihe: | Wiley finance series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVIII, 366 S. graph. Darst. |
| ISBN: | 9781118872239 |
Internformat
MARC
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| 035 | |a (OCoLC)895346175 | ||
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| 040 | |a DE-604 |b ger |e rakwb | ||
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| 100 | 1 | |a Simpson, Thomas D. |d 1942- |e Verfasser |0 (DE-588)170321215 |4 aut | |
| 245 | 1 | 0 | |a Financial markets, banking, and monetary policy |c Thomas D. Simpson |
| 264 | 1 | |a Hoboken, NJ |b Wiley |c 2014 | |
| 300 | |a XVIII, 366 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Wiley finance series | |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-027261448 | ||
Datensatz im Suchindex
| _version_ | 1804152144418308096 |
|---|---|
| adam_text | Preface xvfl
ourran
ι
What You Will Learn in This Chapter
1
Overview
1
Where We Are Going in This Book
2
Contributions Made by the Financial System
4
Transfers of Resources from Surplus to Deficit Units
4
Other Contributions
8
Recurring Themes in the Chapters Ahead
11
Resources
12
CNAPTBIZ
Overview of the
maneta!
Syttem
17
What You Will Learn in This Chapter
17
Introduction
17
Features of an Effective Financial System
17
Direct Methods of Finance
18
Investment Banks
19
Debt versus Equity
20
Money versus Capital Markets
21
Asymmetric Information
21
Adverse Selection
21
Moral Hazard
22
Indirect Methods of Finance
22
Primary versus Secondary Markets
27
Primary-Market Transactions
27
Secondary-Market Transactions
28
Trading Platforms
29
Brokers
29
сядртаз
The SbbcI^
Hiél
tf
CsBBHfcłflf
Bibes
S3
What You Will Learn in This Chapter
33
Background
33
Commercial Bank Balance Sheet
34
Assets
35
liabilities
35
Net Worth (Capital)
36
CONTENTS
Payment System and Money
36
Commercial Banks and the Payment System
36
Payment System Infrastructure
40
Credit and Stored Value Cards
40
Payments Media in the Money Stock
41
Velocity (Turnover of Money)
42
Liquidity Provision
44
Dealing with Asymmetric Information
46
Maturity Transformation
46
The Safety Net and Regulatory Policy
47
CHAPTBM
ΤΊ»
Prtetag of
НвапсШ
Asseti
бб
What You Will Learn in This Chapter
55
Background
55
Present Value
56
Value of a Single Future Payment
57
Value of a Coupon Security
58
Other
Applications
59
Solving for Yield to Maturity
59
Solving for Fixed Payments
60
The Special Case of
a Consol
61
Maturity and Price Sensitivity
61
Holding Periods versus Maturities
63
Return versus Yield
63
Duration
64
Nominal versus Real Yields
66
Appendix A: Variations of the Valuation Relationship
69
Appendix B: Solutions Using a Financial Calculator
70
Future Value
70
Future Value
—
A Higher Interest Rate
70
Present Value of Single Cash Flow
71
Lottery Choice
71
Current Price of a Coupon Security
71
Price of an Aasset Providing Uneven
Cash Flows
71
Yield to Maturity
72
СНЛРТШб
Factars
АПасИпя
YWtft
75
What You Will Learn in This Chapter
75
Background
75
The Term Structure of Interest Rates
76
The Expectations Hypothesis
77
The Term Premium Hypothesis
81
Market Segmentation Hypothesis
83
Implicit Forward Rates
84
The Role of the Term Structure
85
Contents
ЇХ
Credit Risk
85
Credit Rating Agencies
86
Investment-Grade versus Below-Investment-Grade Debt
87
Cyclical Behavior of Credit Risk and Spreads
88
Credit Default Swaps (CDSs)
89
Changing Investor Tolerance ior Risk
90
Liquidity
90
Taxation
91
Embedded Options
91
Flights to Safety
92
CHAPTBłB
Prtncfctoi oi Pertleio Selection «id BlWert
Martin
87
What You Will Learn in This Chapter
97
Overview
91
Uncertainty, Expected Return, and Risk
98
Selecting a Portfolio
99
Expected Return
99
Risk
99
Interpreting the Expression for Risk
100
An Illustration
101
These Principles in Practice
102
Efficient Portfolios and Risk-Return Trade-Offs
103
Efficient Markets Hypothesis
104
Implications for a Random Walk
106
Other Implications
106
Asset Bubbles
106
Evidence
107
CHAP7W7
TfetMtwyMaHut
111
What You Will Learn in This Chapter 111
Background and Basic Features of the
Money Market 111
Pricing
112
Treasury Bills
114
Auction Procedures
114
The Role of Primary Dealers
114
Purpose for Issuing Bills
115
Commercial Paper
115
Credit Quality
115
Maturities
116
Asset-Backed Commercial Paper (ABCP)
116
Retreat of the ABCP Market
116
Commercial Paper Placement
117
The Role of
Commerciai
Banks in the Money Market
117
Letters of Credit and Bankers Acceptances
119
Monetary Policy Effects on the Money Market
120
CONTENTS
ouvrais
Пи
BMd
Market 12S
What You Will Learn in This Chapter
125
Background
125
Treasury Notes and Bonds
126
Maturities
126
Features of TIPS
127
Placement
127
When-Issued Trading
127
STRIPS
128
Secondary-Market Trading
128
Reopening
128
Purposes for Issuing Coupon Securities
129
Credit Quality
129
Corporate Bonds
129
Placements
130
Tension between Bond and Shareholders
130
Indentures and the Role of Covenants
131
Credit Default Swaps (CDSs)
132
BelowTnvestment-Grade Market
132
Private Placements
133
Secondary-Market Trading
133
Munis
133
Tax Considerations
134
Credit Risk and Liquidity Differences
134
General Obligation versus Revenue Bonds
134
Placement
135
Indentures
135
Ratings
135
Government-Sponsored Enterprises (GSEs)
135
Fannie Mae and Freddie Mac
136
Federal Home Loan Banks
136
Features of GSE Bonds
136
The Impact of Monetary Policy on the Bond Market
136
«Arras
МСЯРНИЯОВН
I ło
What You Will Learn in This Chapter
143
Background
143
Obstacles to Overcome
144
Asymmetric Information and Adverse Selection
144
Corrective Measures
145
Regulatory Capital on Ordinary Loans
145
Beginnings of Securitization
—
MBSs
146
Ginnie Mae
146
Illustration of the Process
146
Fannie Mae and Freddie Mac
147
Secondary-Market Trading
148
Other Mortgage Pools
148
Contents
Other Securitized Loans
—
Consumer ABSs
148
Auto ABSs
148
Credit Card ABSs
149
Other Consumer ABSs
149
Common Features
149
The Effects of the Financial Crisis
150
ABSs Involving Business Credit
—
CDOs and
Structured Securities
150
Standard Types of Pools
—
CLOs, CBOs,
and CMBSs
150
Structured Securities
150
CMOs
151
Senior-Subordinated Securities
152
Effects of the Financial Crisis
152
Securitization and the Integration of Credit Markets
152
Monetary Policy and Securitization
152
СНАРТБИО
Пи Мм-т·
Mark*
166
What You Will Learn in This Chapter
155
Background
155
Home Mortgages
156
Homeowner Choices
156
Standard Features of Home Mortgages
159
Commercial Mortgages
163
The Mortgage Market and Monetary Policy
163
СНМЧНШ
Τ*·
upity
Martot
187
What You Will Learn in This Chapter
167
Backgroun
d
167
Equities as a Source
oř
Corporate Finance
168
Preferred versus Common Shares
168
Types of Preferred
169
Primary and Secondary Markets
169
Valuation of Individual Shares
170
Basic Model
170
Dividend Growth
170
Price-Earnings
171
Some Implications
172
Extending These Principles to the Stock Market
173
Monetary Policy and the Stock Market
178
Indexes of Stock Prices
178
СМПВ12
смм
tail« mi
шшшпшшпш до
What You Will Learn in This Chapter
183
Background
183
Origins of Central Banks
184
Xl CONTENTS
Constitutional Foundations
184
The Century and a Quarter without a
Central Bank
185
Creation of the Federal Reserve
186
Early Years of the Federal Reserve
188
Reforms of the
1930s 189
Fed Independence
190
Central Bank Accountability and Transparency
191
Central Bank Responsibilities
193
Monetary Operations
196
The Demand for Reserves
196
The Supply of Reserves
196
Market Equilibrium
198
Setting the Federal Funds Rate through Open
Market Operations
198
Permanent versus Temporary Transactions
200
Payment of Interest on Excess Reserves
201
The Effect of the Financial Crisis on the
Reserves Market
201
Interaction of Policy Instruments in the
Reserves Market
202
СНАРТБЛЗ
Monetary
Połcy:
Ли
Bastos
211
What You Will Learn in This Chapter
211
Background
211
Effects of Monetary Policy on Output
and Prices
212
The Goal of Price Stability
212
The Dual Mandate in the United States
212
The Operational Counterparts to Maximum
Employment and Price Stability
213
Maximum Employment
213
Price Stability
214
Aggregate Demand and Aggregate Supply
215
Aggregate Supply
215
Aggregate Demand
216
Monetary Policy and Aggregate Demand
218
The Model
219
Steady Inflation
219
Rismg Inflation
220
Falling Inflation
220
The Important Role of Inflation Expectations
220
Actuai
and Potential Output
m
Practice
221
Addressing Inflation
221
Addressing a Shortfall in Output
223
Okun s Law
224
Contents
ХИ
CHAPTBÍ14
Monetary Polcy:
Chalungos
Faced by Polcymakers
231
What You Will Learn in This Chapter
231
Background
231
Other Forces Affecting Output and Inflation
232
Lags and Other Complications
234
Need to Be Forward Looking
234
Importance of the Expected Path of Short-Term Rates
235
Forward Guidance
236
Policy Rules
237
Money Stock Rule
237
Taylor Rule
237
Expectations and Central Bank Credibility
239
Inflation Targeting
240
The Zero-Bound Constraint and the Slow Recovery
from the Great Recession
241
CHAPTER
16
RnancM Crtett
247
What You Will Learn in This Chapter
247
Background
247
Classic Banking Panics
248
The Nightmare of the Great Depression
250
Gold Standard Restraints
250
The Stock Market Crash
251
Bank Runs
251
Massive Damage
252
Broader Financial Crises
252
Big Drop in Asset Values
253
Runs on Suspected Institutions
253
Fire Sales
253
The Financial Crisis
254
Background Factors
255
Proliferation of
Nonstandard
Mortgages
255
Growing Exposures of Key Financial Institutions
256
The Unraveling
257
Shadow Banking Stress
257
Major Credit Crunch
258
Policy Responses
258
Dodd-Frank
259
Common Threads
259
СНАРТНМв
Till
ГИ
lip Till
■■■!!
MM lilt
Mrt
ΓΐΐΓίΜΙΠΙ
ПіЇЇ ПіЩіїТ
288
What You Will Learn in This Chapter
263
Background
263
Features of the Market
264
The Relation between Spot and Forward Exchange Rates
266
CONTENTS
Long-Run Exchange Rate Relationships
267
The Real Exchange Rate
269
Exchange Rate Determination in the Shorter Run
269
Demand Schedule
270
Supply Schedule
271
Equilibrium
272
Floating Exchange Rate Regime
273
Fixed Exchange Rate Regime
275
An Undervalued Exchange Rate
275
The Dynamics of an Undervalued Currency
276
An Overvalued Currency
278
Variations on Fixed Exchange Rate Regimes
280
СИАР7БП7
Depository tastltiitton*
286
What You Will Learn
m
This Chapter
285
Background
285
Organization of Commercial Banks and Other
Depository Institutions
286
Commercial Banks
287
Savings Institutions
291
Credit Unions
292
Economic Functions of Depository Institutions
293
Payment Services
293
Liquidity Provision
293
Providing Credit When There Is Asymmetric Information
293
Maturity Transformation
293
The Balance Sheet of the Commercial Banking System
294
The Balance Sheet of Savings Institutions
295
The Balance Sheet of Credit Unions
296
Deposit Insurance
296
Regulation and Supervision of Depository Institutions
297
The Regulators
297
The Focus of Regulation and Supervision
298
Capital Standards
298
Liquidity Standards
299
Depository Institutions and Monetary Policy
300
СНЛРТВН8
MutmiFunts
806
What You Will Learn in This Chapter
305
Background
305
History
306
SEC Regulation
307
Role of Mutual Fund Complexes
307
Types of Funds
309
Open-End Funds
309
Exchange-Traded Funds
314
Closed-End Funds
314
Mutual Funds and Monetary Policy
315
Contents KV
СНЛРТВИ8
He**, Venus*« Capttd, and Privat· Eirtty
Finis
818
What You Will Learn
m
This Chapter
319
Background
319
Commonalities in Structure
320
Hedge Funds
321
Role of the Prime Broker
322
leverage
322
Entry and Redemption
322
Types of Hedge Funds
322
Economic Value and Hedge Fund Risk
323
Venture Capital Funds
324
Types of Firms Selected for Financing
324
Risks Involved
324
Size and Stages of Financing
325
Exit
326
Economic Value Provided by VC Funds
326
Private Equity Funds
326
Leverage
327
Exit
328
Economic Value Provided by Private Equity Firms
328
Alternative Investment Funds and Monetary Policy
328
GHNTRZO
What You Will Learn in This Chapter
333
Background
333
Pension Funds
334
Defined Benefit
(DB)
Plans
335
Defined Contribution (DC) Plans
336
Social Security
338
State and Local Government Pension Funds
338
Federal Government Retirement Funds
339
Life Insurance
Compames
339
life Insurance
339
Annuities
340
LICO
Assets
340
Reinsurance
341
Property and Casualty Insurance Companies
341
Large
Instituţional
Investors and Monetary Policy
342
847
848
|
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| id | DE-604.BV041816210 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T01:06:02Z |
| institution | BVB |
| isbn | 9781118872239 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027261448 |
| oclc_num | 895346175 |
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| physical | XVIII, 366 S. graph. Darst. |
| publishDate | 2014 |
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| publisher | Wiley |
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| series2 | Wiley finance series |
| spelling | Simpson, Thomas D. 1942- Verfasser (DE-588)170321215 aut Financial markets, banking, and monetary policy Thomas D. Simpson Hoboken, NJ Wiley 2014 XVIII, 366 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley finance series Geldpolitik (DE-588)4019902-2 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 s Geldpolitik (DE-588)4019902-2 s b DE-604 Erscheint auch als Online-Ausgabe, EPUB 978-1-118-87205-5 Erscheint auch als Online-Ausgabe, PDF 978-1-118-87246-8 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027261448&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Simpson, Thomas D. 1942- Financial markets, banking, and monetary policy Geldpolitik (DE-588)4019902-2 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| subject_GND | (DE-588)4019902-2 (DE-588)4073788-3 |
| title | Financial markets, banking, and monetary policy |
| title_auth | Financial markets, banking, and monetary policy |
| title_exact_search | Financial markets, banking, and monetary policy |
| title_full | Financial markets, banking, and monetary policy Thomas D. Simpson |
| title_fullStr | Financial markets, banking, and monetary policy Thomas D. Simpson |
| title_full_unstemmed | Financial markets, banking, and monetary policy Thomas D. Simpson |
| title_short | Financial markets, banking, and monetary policy |
| title_sort | financial markets banking and monetary policy |
| topic | Geldpolitik (DE-588)4019902-2 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| topic_facet | Geldpolitik Kreditmarkt |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027261448&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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