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Taylor & Francis
The Financial System and the Economy: Principles of Money and Banking / Edition 5

The Financial System and the Economy: Principles of Money and Banking / Edition 5

by Maureen Burton, Bruce Brown
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This text gives students a unique understanding of the dynamic and evolving nature of the financial system and how it is related to the aggregate economy. It emphasizes the effects of structural change, globalization, financial innovation, and technology on the financial environment. Its highly applied, roots-in-reality approach incorporates numerous real-world applications and Internet features to demonstrate the relevance of topics. The text is written in an informal, conversational style, avoiding complex models and high-level math, making it perfect for the typical business major who may or may not have a strong economics background.

Product Details

ISBN-13: 9780765622464
Publisher: Taylor & Francis
Publication date: 07/15/2009
Edition description: New Edition
Pages: 710
Product dimensions: 7.90(w) x 9.90(h) x 1.40(d)

About the Author

Maureen Burton received a BA from the University of Missouri at Columbia in 1971, an MA from California State University, Fullerton, in 1979, and a Ph.D.from the University of California at Riverside in 1986. All were in economics. She taught at Chaffey College from 1984 to 1987 and at Cal Poly Pomona since 1987 where she is a full professor, has been Coordinator of the Graduate Program, and is currently chair of the Economics Department. In addition to other publications, she co-authored an introductory text Economics (Harper Collins, 1987) with S. Craig Justice. Her main areas of research include monetary theory and financial markets.

Born in Hamden, Connecticut, Ray Lombra received a BA in Economics from Providence College in 1967 and an MA and Ph.D. from Penn State University in 1971. He served as a senior staff economist at the Board of Governors of the Federal Reserve System from 1971-1977 and specialized in financial markets analysis and the formulation and implementation of monetary policy. He joined the faculty of Penn State University in 1977, and has taught money and banking at the undergraduate level and monetary theory and policy at the graduate level for 23 years. He is a winner of the College distinguished teaching award for innovations and instruction and is the author and editor of 5 books and over 80 scholarly publications. Articles on monetary policy, the determination of interest rates, stock prices, and exchange rates, financial innovation, globalization, and expectations formation have appeared in leading journals, including the Quarterly Journal of Economics, the Journal of Money, Credit and Banking, the Journal of Monetary Economics, and the Review of Economics and Statistics.

Table of Contents

PART 1. INTRODUCTION 1. Introduction and Overview 2. Principles of Money 3. The Role of Money and Credit 4. Analysis of the Financial System and the Economy 5. The Overseer: The Federal Reserve System 6. Financial Markets, Instruments, and Market Makers PART 2. FINANCIAL PRICES 7. Interest Rates and Bond Prices 8. The Structure of Interest Rates 9. Market Efficiency 10. How Exchange Rates Are Determined PART 3. FINANCIAL INSTITUTIONS 11. An Introduction to Financial Institutions and Risk 12. The Commercial Banking Industry 13. Financial Innovation 14. Financial Instability 15. Regulation of the Banking System and the Financial Services Industry 16. Other Financial Institutions: Security Firms, Mutual Funds, and Financial Conglomerates PART 4. FINANCIAL MARKETS 17. The Stock Market 18. The Debt Markets 19. Forward, Futures, Option, and Swap Agreements: Managing Risk 20. The International Financial System PART 5. MONETARY THEORY 21. The Fed, Depository Institutions, and the Money Supply Process 22. The Demand for Real Money Balances and Market Equilibrium 23. Financial Aspects of the Household, Firm, Government and Rest of the World Sectors 24. Aggregate Demand and Aggregate Supply PART 6. MONETARY POLICY 25. The Challenges of Monetary Policy 26. The Process of Monetary Policy Formulation 27. Fed Watching and Policy Implementation 28. Monetary Policy: Exchange Rates and Global Coordination

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