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Financial Institutions, Markets, and Money provides a balanced introduction to the operation, mechanics, and structure of the U.S. financial system emphasizing its institutions, markets, and financial instruments. The authors stress the mastery of fundamental material, placing an emphasis on how things really work in a market context. The book has balanced coverage of the U.S. financial system with a strong emphasis on both institutions and markets.
Special attention is given to the Federal Reserve System and its conduct of monetary policy. The authors also stress the risks that the financial institutions face (i.e. interest rate risk, credit risk, liquidity risk, foreign exchange risk) and how they can manage those risks in financial markets. Furthermore, the authors recognize the impact that technology and globalization have on the operations and structure of the financial system. The book is also written with a strong historical perspective with attention given to the historical development of financial institutions and markets with discussion of important historical events.
Part I: The Financial System.
Chapter 1. An Overview of Financial Markets and Institutions.
Chapter 2. The Federal Reserve and Its Powers.
Chapter 3. The Fed and Interest rates.
Part II: How Interest rates Are Determined.
Chapter 4. The Level of Interest Rates.
Chapter 5. Bond Prices and Interest Rate Risk.
Chapter 6. The Structure of Interest Rates.
Part III Financial Markets.
Chapter 7. Money Markets.
Chapter 8. Bond Markets.
Chapter 9. Mortgage Markets.
Chapter 10. Equity Markets.
Chapter 11. Derivatives Markets.
Chapter 12. International Markets.
Part IV: Commercial Banking.
Chapter 13. Commercial Bank Operations.
Chapter 14. Bank Management and Profitability.
Chapter 15. International Banking.
Chapter 16. Regulation of Financial Institutions.
Part V: Financial Institutions.
Chapter 17. Thrift Institutions and Finance Companies.
Chapter 18. Insurance Companies and Pension Funds.
Chapter 19. Investment Banking.
Chapter 20. Investment Companies.
Credits and Acknowledgments.