Principles of Money, Banking, and Financial Markets / Edition 9

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Overview

In the revision of this leading text, the authors incorporate the latest data and research while taking stock of sweeping changes in the international financial landscape produced by financial innovation, deregulation, and geopolitical considerations. With their proven casual, conversational style, the authors make accessible sophisticated concepts such as asset pricing, financial contracting, and rational expectations.

NEW TO THIS EDITION

  • In addition to providing an overview of the entire text, Chapter 1 links the field of money, banking, and financial markets to specific careers so that readers can see the connection to life after graduation.
  • A new emphasis on the consolidation of the financial services industry is most evident in substantially revised sections of Chapter 11, "The Nature of Financial Institutions," and Chapter 15, "The Regulation of Markets and Institutions."
  • New developments in global markets, including the Asian financial crisis and the newly created European Central Bank, are addressed in Chapter 10, "Understanding Foreign Exchange."
  • Pedagogical features such as Going Out on a Limb and Off the Record engage students, while Reading the Financial News and In the News boxes encourage reading of financial newspapers.

WEB SITE

The tenth edition comes with a powerful new learning tool, an online course companion Web site at www.awlonline.com/ritter. For each text chapter, the Web site offers multiple-choice quizzes as well as numerous links. In addition, PowerPoint slides of all the text's figures and tables are available for downloading, and an online syllabusbuilder allows instructors to create a calendar of assignments for each class.

STUDY GUIDE

The Study Guide, prepared by Fred C. Graham of The American University, sharpens and tests understanding of key concepts. Features include chapter synopses, essay questions and problems, multiple-choice, completion, and true-false questions. Contact your campus bookstore for ordering information.

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Product Details

  • ISBN-13: 9780673980533
  • Publisher: Addison-Wesley Educational Publishers, Inc.
  • Publication date: 2/28/1997
  • Series: Addison-Wesley Series in Economics
  • Edition description: Older Edition
  • Edition number: 9
  • Pages: 606
  • Product dimensions: 7.55 (w) x 9.47 (h) x 1.14 (d)

Read an Excerpt

PREFACE:

PREFACE

Never has the field of money, banking, and financial markets been more exciting. Financial innovation, deregulation, and geopolitical considerations have produced sweeping changes in the international financial landscape. By its very nature this is a big picture topic: an exploration of the institutions and markets that define the global financial system and how economic policy making influences these institutions and markets. A distinguishing feature of Principles of Money, Banking, and Financial Markets is making sophisticated concepts such as asset pricing, financial contracting, and rational expectations accessible to undergraduates. The tenth edition continues a tradition that readers have come to expect – a focus on modern analytical perspectives presented in a casual, conversational style.

New to this Edition

We have made a number of key changes in this tenth edition, beginning with Chapter 1. In addition to providing an overview of the entire text, the first chapter links the field of money, banking, and financial markets to specific careers so that readers can see the connection between the topics covered and life after graduation. Reflecting the dramatic changes that have recently become part of our daily news diet, we have introduced a new emphasis on the consolidation of the financial services industry. While this emphasis may be seen in many chapters, it is most evident in substantially revised sections of Chapter 11, The Nature of Financial Institutions, and Chapter 15, The Regulation of Markets and Institutions. New developments in global markets, including the Asian financial crisis and recentdevelopments in the European Union (Chapter 10, Understanding Foreign Exchange), are also addressed in this edition. The recent revamping of the Federal Reserve's FOMC announcements has simplified the discussion of Fed policy in Chapter 22. Finally, as we discuss in detail below, new and exciting supplementary materials have been developed for the tenth edition.

Organization

Part I briefly introduces the role of money, markets, and institutions within the framework of the overall economy. Part II launches an intensive examination of financial instruments and markets, including an analysis of the level and structure of interest rates (Chapters 4 and 5), the pricing of risky assets (Chapter 7), and an overview of derivatives (Chapter 9) and foreign exchange (Chapter 10). We then turn in Part III to a discussion of financial institutions, including how asymmetric information explains the fundamental nature of financial intermediation (Chapter 11).

The focus in Part II on markets and in Part III on intermediaries sets the stage for our unique analysis of financial system architecture in Part IV. It begins with an analysis of how financial contracts address the information problems presented by small and large businesses (Chapter 14). This analysis explains why small firms are dependent on financial intermediaries for external financing while large firms have access to the publicly traded securities markets. This discussion sets up another distinguishing feature of our text: an examination of the regulatory structure of the United States that compares and contrasts the regulation of financial intermediaries and the regulation of the securities markets (Chapter 15). We then turn to an international comparison of financial system design that takes into account alternative regulatory structures (Chapter 16). Japan and Germany illustrate how intermediary-dominated systems work, while the United States and United Kingdom represent how markets-dominated systems function. We next look at financial innovation and how it can change a financial system (Chapter 17).

In the final two parts of the book, we return to the traditional macroeconomic framework as we consider the art of central banking (Part V) and monetary theory (Part VI). We have updated all of these chapters. The last chapter of the book (Chapter 30) ties everything together by showing how to combine observations on institutions, markets, and the overall economy to understand current financial sector developments, including the ups and downs of the stock and bond markets.

Exactly how you organize this course depends on what you want to accomplish. With this in mind, we have written the chapters so that for the most part they are self-contained, thereby permitting maximum flexibility. Nevertheless, the ordering of chapters reflects the fact that most instructors now teach a financial-markets and institutions-oriented course, with central banking as the backdrop. Thus, there are good reasons for following the book chapter by chapter, with omissions reflecting your own particular emphasis. For example, it is possible to omit Chapters 6 through 8 to avoid capital market theory and performance and to drop the discussion of derivatives in Chapter 9 without sacrificing continuity. On the other hand, Chapter 10 on foreign exchange should appear early in the course because international discussions are interspersed throughout the text. Similarly, for a course focused on monetary theory and policy, it is possible to jump to Part V (the art of central banking) and Part VI (monetary theory and policy) right after completing Part I and Chapters 4, 5, and 10 from Part II.

Pedagogical Aids

The text is augmented by a number of pedagogical aids that expand upon and clarify important topics. The chapters are liberally spiced with extracts from current articles in the financial press that highlight key issues. These appear as In the News boxes. Sometimes we like to take a deeper look at a topic mentioned in the text. We do so in a separate section labeled Off the Record. Sometimes we just can't contain ourselves and feel compelled to offer our own opinion in boxes called Going Out on a Limb. Finally, we offer straightforward, no-nonsense help in interpreting financial charts and tables in our Reading the Financial News boxes.

Each chapter concludes with a summary recapping the key points. A list of key terms follows the summary to help students with the language of money, banking, and financial markets. And we also provide a set of questions for each chapter that students can use to test their grasp of the material.

Supplements to Accompany Principles of Money, Banking, and Financial Markets

The tenth addition is accompanied by a wide array of supplementary materials. These items are available to qualified domestic adopters but in some cases may not be available to international adopters.

Print Supplements: The Instructor's Manual, by Fred C. Graham of the American University, contains teaching tips, sample essay and discussion questions, and answers to all of the end-of-chapter text questions. A Study Guide, also prepared by Fred C. Graham, includes chapter synopses, a review of the central themes, problems, essay questions, true-false, and multiple-choice questions. The Test Bank by Andrew J. Dane of Angelo State University consists of multiple-choice questions that are sorted by difficulty.

Technology Supplements: The tenth edition comes with two powerful new teaching tools: an Instructor's Resource CD-ROM and an Online Course Companion Web site. Fully compatible with the Windows 95 platform and Macintosh computers, the Instructor's Resource CD-ROM contains PowerPoint slides of all the figures and tables, word processing files for the entire contents of the Instructor's Manual, and Computerized Test Bank files. The Computerized Test Bank software (TestGen-EQ with QuizMaster-EQ for Windows) is a valuable test-preparation tool that allows professors to view, edit, and add questions. The text's Online Course Companion Web site is available at ...

Read More Show Less

Table of Contents

Contents
Notes to the Instructor
Acknowledgements
About the Authors
Ch. 1 Introducing Money, Banking, and Financial Markets 3
Ch. 2 The Role of Money in the Macroeconomy 6
Ch. 3 Financial Instruments, Markets, and Institutions 23
Ch. 4 Interest Rate Measurement and Behavior 43
Ch. 5 The Risk and Term Structure of Interest Rates 66
Ch. 6 The Structure and Performance of Securities Markets 83
Ch. 7 The Pricing of Risky Financial Assets 98
Ch. 8 Money and Capital Markets 109
Ch. 9 Demystifying Derivatives 137
Ch. 10 Understanding Foreign Exchange 159
Ch. 11 The Nature of Financial Intermediation 179
Ch. 12 Depository Financial Institutions 199
Ch. 13 Nondepository Financial Institutions 225
Ch. 14 Understanding Financial Contracts 243
Ch. 15 The Regulation of Markets and Institutions 265
Ch. 16 Financial System Design 285
Ch. 17 Financial Innovation 303
Ch. 18 Who's in Charge Here? 315
Ch. 19 Bank Reserves and the Money Supply 326
Ch. 20 The Instruments of Central Banking 347
Ch. 21 Understanding Movements in Bank Reserves 362
Ch. 22 Monetary Policy Strategy 383
Ch. 23 The Classical Foundations 399
Ch. 24 The Keynesian Framework 421
Ch. 25 The ISLM World 452
Ch. 26 Money and Economic Stability in the ISLM World 486
Ch. 27 An Aggregate Supply and Demand Perspective on Money and Economic Stability 501
Ch. 28 Rational Expectations: Theory and Policy Implications 531
Ch. 29 Empirical Evidence on the Effectiveness of Monetary Policy 531
Ch. 30 Tying It All Together 547
Epilogue: Careers in Banking and Financial Markets 559
Glossary 565
Index 583
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Preface

PREFACE:

PREFACE

Never has the field of money, banking, and financial markets been more exciting. Financial innovation, deregulation, and geopolitical considerations have produced sweeping changes in the international financial landscape. By its very nature this is a big picture topic: an exploration of the institutions and markets that define the global financial system and how economic policy making influences these institutions and markets. A distinguishing feature of Principles of Money, Banking, and Financial Markets is making sophisticated concepts such as asset pricing, financial contracting, and rational expectations accessible to undergraduates. The tenth edition continues a tradition that readers have come to expect – a focus on modern analytical perspectives presented in a casual, conversational style.

New to this Edition

We have made a number of key changes in this tenth edition, beginning with Chapter 1. In addition to providing an overview of the entire text, the first chapter links the field of money, banking, and financial markets to specific careers so that readers can see the connection between the topics covered and life after graduation. Reflecting the dramatic changes that have recently become part of our daily news diet, we have introduced a new emphasis on the consolidation of the financial services industry. While this emphasis may be seen in many chapters, it is most evident in substantially revised sections of Chapter 11, The Nature of Financial Institutions, and Chapter 15, The Regulation of Markets and Institutions. New developments in global markets, including the Asian financial crisis andrecentdevelopments in the European Union (Chapter 10, Understanding Foreign Exchange), are also addressed in this edition. The recent revamping of the Federal Reserve's FOMC announcements has simplified the discussion of Fed policy in Chapter 22. Finally, as we discuss in detail below, new and exciting supplementary materials have been developed for the tenth edition.

Organization

Part I briefly introduces the role of money, markets, and institutions within the framework of the overall economy. Part II launches an intensive examination of financial instruments and markets, including an analysis of the level and structure of interest rates (Chapters 4 and 5), the pricing of risky assets (Chapter 7), and an overview of derivatives (Chapter 9) and foreign exchange (Chapter 10). We then turn in Part III to a discussion of financial institutions, including how asymmetric information explains the fundamental nature of financial intermediation (Chapter 11).

The focus in Part II on markets and in Part III on intermediaries sets the stage for our unique analysis of financial system architecture in Part IV. It begins with an analysis of how financial contracts address the information problems presented by small and large businesses (Chapter 14). This analysis explains why small firms are dependent on financial intermediaries for external financing while large firms have access to the publicly traded securities markets. This discussion sets up another distinguishing feature of our text: an examination of the regulatory structure of the United States that compares and contrasts the regulation of financial intermediaries and the regulation of the securities markets (Chapter 15). We then turn to an international comparison of financial system design that takes into account alternative regulatory structures (Chapter 16). Japan and Germany illustrate how intermediary-dominated systems work, while the United States and United Kingdom represent how markets-dominated systems function. We next look at financial innovation and how it can change a financial system (Chapter 17).

In the final two parts of the book, we return to the traditional macroeconomic framework as we consider the art of central banking (Part V) and monetary theory (Part VI). We have updated all of these chapters. The last chapter of the book (Chapter 30) ties everything together by showing how to combine observations on institutions, markets, and the overall economy to understand current financial sector developments, including the ups and downs of the stock and bond markets.

Exactly how you organize this course depends on what you want to accomplish. With this in mind, we have written the chapters so that for the most part they are self-contained, thereby permitting maximum flexibility. Nevertheless, the ordering of chapters reflects the fact that most instructors now teach a financial-markets and institutions-oriented course, with central banking as the backdrop. Thus, there are good reasons for following the book chapter by chapter, with omissions reflecting your own particular emphasis. For example, it is possible to omit Chapters 6 through 8 to avoid capital market theory and performance and to drop the discussion of derivatives in Chapter 9 without sacrificing continuity. On the other hand, Chapter 10 on foreign exchange should appear early in the course because international discussions are interspersed throughout the text. Similarly, for a course focused on monetary theory and policy, it is possible to jump to Part V (the art of central banking) and Part VI (monetary theory and policy) right after completing Part I and Chapters 4, 5, and 10 from Part II.

Pedagogical Aids

The text is augmented by a number of pedagogical aids that expand upon and clarify important topics. The chapters are liberally spiced with extracts from current articles in the financial press that highlight key issues. These appear as In the News boxes. Sometimes we like to take a deeper look at a topic mentioned in the text. We do so in a separate section labeled Off the Record. Sometimes we just can't contain ourselves and feel compelled to offer our own opinion in boxes called Going Out on a Limb. Finally, we offer straightforward, no-nonsense help in interpreting financial charts and tables in our Reading the Financial News boxes.

Each chapter concludes with a summary recapping the key points. A list of key terms follows the summary to help students with the language of money, banking, and financial markets. And we also provide a set of questions for each chapter that students can use to test their grasp of the material.

Supplements to Accompany Principles of Money, Banking, and Financial Markets

The tenth addition is accompanied by a wide array of supplementary materials. These items are available to qualified domestic adopters but in some cases may not be available to international adopters.

Print Supplements: The Instructor's Manual, by Fred C. Graham of the American University, contains teaching tips, sample essay and discussion questions, and answers to all of the end-of-chapter text questions. A Study Guide, also prepared by Fred C. Graham, includes chapter synopses, a review of the central themes, problems, essay questions, true-false, and multiple-choice questions. The Test Bank by Andrew J. Dane of Angelo State University consists of multiple-choice questions that are sorted by difficulty.

Technology Supplements: The tenth edition comes with two powerful new teaching tools: an Instructor's Resource CD-ROM and an Online Course Companion Web site. Fully compatible with the Windows 95 platform and Macintosh computers, the Instructor's Resource CD-ROM contains PowerPoint slides of all the figures and tables, word processing files for the entire contents of the Instructor's Manual, and Computerized Test Bank files. The Computerized Test Bank software (TestGen-EQ with QuizMaster-EQ for Windows) is a valuable test-preparation tool that allows professors to view, edit, and add questions. The text's Online Course Companion Web site is available at ...

Read More Show Less

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