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米什金新版：金融市场与金融机构（英文版·原书第9版） 
定 价：119 元 丛书名：高等学校经济管理英文版教材
适用读者:金融专业以及相关经济专业的师生，或社会上的金融专业人士
9 7 6 8 7 7 0 1 0 1 7 1 0 
本书是米什金教授的经典著作和畅销书，系统介绍了当今金融市场与金融机构的运作机制，超越了本领域其他教科书所提供的描述和定义，是一本实用的工具手册。作者米什金教授和埃金斯教授在第9版中几乎改写了之前整本书的内容，他们运用基本原理建立了一个研究金融市场与金融机构的统一的分析框架，并通过采用大量的真实案例，巧妙地将理论与现实应用结合起来。本书注重对金融危机的解读，为成就读者在金融服务业的事业或寻找与金融机构相关的工作提供了更加国际化的视角。
出版说明
作者简介 前言 术语表 第一部分 绪论 第1章 为什么研究金融市场与金融机构 1 1.1 为什么研究金融市场 2 1.2 为什么研究金融机构 6 1.3 应用管理视角 8 1.4 如何研究金融市场与金融机构 9 1.5 网络练习 10 1.6 结语 12 本章小结 12 关键术语 13 简答题 13 计算题 14 网络练习 14 第2章 金融体系概览 15 2.1 金融市场的功能 16 2.2 金融市场的结构 18 2.3 金融市场国际化 20 2.4 金融中介的功能：间接融资 22 2.5 金融中介的类型 27 2.6 金融体系的监管 31 本章小结 34 关键术语 35 简答题 35 网络练习 36 第二部分 金融市场基础 第3章 利率的含义及其在定价中的作用 37 3.1 利率的衡量 38 3.2 实际利率和名义利率的区别 48 3.3 利率和收益率的区别 51 本章小结 62 关键术语 63 简答题 63 计算题 63 网络练习 65 第4章 为什么利率会变动 66 4.1 资产需求的决定因素 67 4.2 债券市场的供求 70 4.3 均衡利率的变动 74 本章小结 86 关键术语 86 简答题 86 计算题 87 网络练习 88 网络附录 88 第5章 利率的风险结构和期限结构 89 5.1 利率的风险结构 90 5.2 利率期限结构 97 本章小结 113 关键术语 114 简答题 114 计算题 115 网络练习 116 第6章 金融市场是否有效 117 6.1 有效市场假说 118 6.2 有效市场假说的例证 121 6.3 有效市场假说的局限性 130 6.4 行为金融 131 本章小结 132 关键术语 133 简答题 133 计算题 134 网络练习 134 第三部分 金融机构基础 第7章 金融机构的成立 135 7.1 全球金融结构的基本事实 136 7.2 交易成本 139 7.3 信息不对称：逆向选择和道德风险 140 7.4 次品问题：逆向选择对金融机构的影响 141 7.5 道德风险对债务合约和股权合约选择的影响 147 7.6 道德风险对债务市场金融结构的影响 150 7.7 利益冲突 157 本章小结 162 关键术语 163 简答题 163 计算题 164 网络练习 165 第8章 金融危机的出现及其对经济的危害 166 8.1 什么是金融危机 167 8.2 金融危机的动态发展 167 本章小结 182 关键术语 183 简答题 183 网络练习 183 网络资料 184 第四部分 中央银行与货币政策传导 第9章 中央银行和联邦储备系统 185 9.1 联邦储备系统的起源 186 9.2 联邦储备系统的结构 187 9.3 联邦储备系统的独立性 196 9.4 美联储应该独立吗 198 9.5 欧洲央行的结构和独立性 202 9.6 其他国家中央银行的结构和独立性 204 本章小结 206 关键术语 207 简答题 207 网络练习 207 第10章 货币政策传导 208 10.1 美联储如何影响银行体系的准备金 209 10.2 银行准备金市场与联邦基金利率 211 10.3 传统货币工具 218 10.4 非传统货币政策工具和量化宽松政策 222 10.5 欧洲央行货币政策工具 229 10.6 物价稳定性目标与名义锚 230 10.7 货币政策的其他目标 232 10.8 物价稳定是否为货币政策的首要目标 234 10.9 通货膨胀目标 236 10.10 央行是否应对资产价格泡沫做出反应：全球金融危机的教训 239 本章小结 244 关键术语 245 简答题 246 计算题 247 网络练习 247 第五部分 金融市场 第11章 货币市场 249 11.1 货币市场的界定 250 11.2 货币市场的目标 252 11.3 货币市场的参与者 253 11.4 货币市场工具 256 11.5 货币市场证券的比较 267 本章小结 270 关键术语 270 简答题 270 计算题 271 网络练习 271 第12章 债券市场 272 12.1 资本市场的目标 273 12.2 资本市场的参与者 273 12.3 资本市场的交易 274 12.4 债券的类型 274 12.5 中长期国债 274 12.6 市政债券 279 12.7 公司债券 281 12.8 债券的财务担保 287 12.9 债券市场的监管 288 12.10 当期收益率的计算 288 12.11 息票债券的价值 290 12.12 债券投资 293 本章小结 294 关键术语 295 简答题 295 计算题 295 网络练习 296 第13章 股票市场 297 13.1 股票投资 298 13.2 普通股的价格计算 303 13.3 证券价格的市场决定 307 13.4 估值误差 308 13.5 股票市场指数 311 13.6 购买国外股票 314 13.7 股票市场监管 314 本章小结 315 关键术语 316 简答题 316 计算题 316 网络练习 317 第14章 抵押贷款市场 318 14.1 抵押贷款的定义 319 14.2 抵押贷款的特点 320 14.3 抵押贷款的类型 325 14.4 抵押贷款的机构 328 14.5 贷款服务 329 14.6 次级抵押贷款市场 330 14.7 抵押贷款证券化 331 本章小结 336 关键术语 336 简答题 336 计算题 337 网络练习 338 第15章 外汇市场 339 15.1 外汇市场介绍 340 15.2 长期汇率 342 15.3 短期汇率：供求分析 347 15.4 汇率变动解析 349 本章小结 360 关键术语 360 简答题 360 计算题 361 网络练习 362 附录15A 利率平价条件 363 第16章 国际金融体系 367 16.1 外汇市场干预 368 16.2 国际收支平衡表 372 16.3 国际金融体系的汇率机制 373 16.4 资本管制 384 16.5 国际货币基金组织的作用 385 本章小结 386 关键术语 386 简答题 387 计算题 388 网络练习 388 第六部分 金融机构 第17章 银行业和金融机构管理 389 17.1 银行的资产负债表 390 17.2 银行的基本业务 393 17.3 银行管理的一般原则 396 17.4 表外业务行为 404 17.5 银行绩效的衡量 407 本章小结 412 关键术语 413 简答题 413 计算题 413 网络练习 414 第18章 金融监管 415 18.1 金融监管的理论基础：信息不对称 416 18.2 金融监管的类型 421 18.3 世界范围内的银行业危机 435 18.4 《多德–弗兰克法案》和2010年的《消费者保护法案》 436 18.5 “大而不倒”和未来的金融监管 438 本章小结 440 关键术语 440 简答题 440 计算题 441 网络练习 441 网络附录 442 第19章 银行业：结构与竞争 443 19.1 银行体系的发展历史 444 19.2 金融创新和影子银行体系的发展 446 19.3 美国银行业结构 462 19.4 银行合并和全国性银行 465 19.5 银行业和其他金融服务业的分业经营 469 19.6 储蓄行业 472 19.7 国际银行业 473 本章小结 476 关键术语 477 简答题 477 网络练习 478 第20章 共同基金行业 479 20.1 共同基金的成长 480 20.2 共同基金的收益 480 20.3 共同基金的结构 484 20.4 投资目标分类 486 20.5 投资基金的费用结构 492 20.6 共同基金的监管 493 20.7 对冲基金 494 20.8 共同基金行业的利益冲突 497 本章小结 501 关键术语 501 简答题 501 计算题 502 网络练习 503 第21章 保险公司和养老基金 504 21.1 保险公司 505 21.2 保险公司的基本原则 505 21.3 保险公司的组织和发展 508 21.4 保险的种类 508 21.5 养老金 521 21.6 养老金的种类 522 21.7 养老金计划的监管 528 21.8 养老基金的未来发展 530 本章小结 531 关键术语 531 简答题 531 计算题 532 网络练习 533 第22章 投资银行、证券经纪人和经销商以及风险投资公司 534 22.1 投资银行 535 22.2 证券经纪人和经销商 542 22.3 证券公司的监管 546 22.4 证券公司和商业银行的关系 548 22.5 私募股权投资 548 22.6 私募股权收购 553 本章小结 554 关键术语 555 简答题 555 计算题 556 网络练习 557 第七部分 金融机构管理 第23章 金融机构的风险管理 558 23.1 信用风险管理 559 23.2 利率风险管理 563 本章小结 575 关键术语 575 简答题 575 计算题 576 网络练习 578 第24章 利用金融衍生工具避险 579 24.1 套期保值 580 24.2 远期交易市场 580 24.3 金融期货市场 582 24.4 股票指数期货合约 591 24.5 期权 594 24.6 利率互换 601 24.7 信用衍生工具 604 本章小结 608 关键术语 608 简答题 609 计算题 609 网络练习 611 网络附录 611 Contents About the Authors Preface Part One IntrOductIOn Chapter 1 Why Study Financial Markets and Institutions? 1 PrevIeW 1 Why Study Financial Markets? 2 Debt Markets and Interest Rates 2 The Stock Market 3 The Foreign Exchange Market 4 Why Study Financial Institutions? 6 Structure of the Financial System 6 Financial Crises 6 Central Banks and the Conduct of Monetary Policy 7 The International Financial System 7 Banks and Other Financial Institutions 7 Financial Innovation 7 Managing Risk in Financial Institutions 8 Applied Managerial Perspective 8 How We Will Study Financial Markets and Institutions 9 Exploring the Web 9 Collecting and Graphing Data 10 Web Exercise 10 Concluding Remarks 12 summary 12 key terms 13 QuestIOns 13 QuantItatIve PrOBlems 14 weB exercIses 14 Chapter 2 Overview of the Financial System 15 PrevIeW 15 Function of Financial Markets 16 Structure of Financial Markets 18 Debt and Equity Markets 18 Primary and Secondary Markets 18 Exchanges and Over-the-Counter Markets 19 Money and Capital Markets 20 Internationalization of Financial Markets 20 International Bond Market, Eurobonds, and Eurocurrencies 20 GLOBAL Are U.S. Capital Markets Losing Their Edge? 21 World Stock Markets 22 Function of Financial Intermediaries: Indirect Finance 22 FOllOwIng the FInancIal news Foreign Stock Market Indexes 23 glOBal The Importance of Financial Intermediaries Relative to Securities Markets: An International Comparison 23 Transaction Costs 23 Risk Sharing 24 Asymmetric Information: Adverse Selection and Moral Hazard 25 Economies of Scope and Conflicts of Interest 26 Types of Financial Intermediaries 27 Depository Institutions 27 Contractual Savings Institutions 28 Investment Intermediaries 30 Regulation of the Financial System 31 Increasing Information Available to Investors 32 Ensuring the Soundness of Financial Intermediaries 32 Financial Regulation Abroad 33 SUMMARY 34 KEY TERMS 35 QUESTIONS 35 WEB exercIses 36 PART TWO FUNDAMENTALS OF FINANCIAL MARKETS Chapter 3 What Do Interest Rates Mean and What Is Their Role in Valuation? 37 PREVIEW 37 Measuring Interest Rates 38 Present Value 38 Four Types of Credit Market Instruments 40 Yield to Maturity 41 GLOBAl Negative Interest Rates? Japan First, Then the United States, Then Europe 47 The Distinction Between Real and Nominal Interest Rates 48 MInI-case With TIPS, Real Interest Rates Have Become Observable in the United States 51 The Distinction Between Interest Rates and Returns 51 Maturity and the Volatility of Bond Returns: Interest-Rate Risk 54 mInI-case Helping Investors Select Desired Interest-Rate Risk 55 Reinvestment Risk 55 Summary 56 the PractIcIng manager Calculating Duration to Measure Interest-Rate Risk 56 Calculating Duration 57 Duration and Interest-Rate Risk 61 summary 62 key terms 63 QuestIOns 63 QuantItatIve PrOBlems 63 weB exercIses 65 Chapter 4 Why Do Interest Rates Change?66 PrevIeW 66 Determinants of Asset Demand 67 Wealth 67 Expected Returns 67 Risk 68 Liquidity 70 Theory of Portfolio Choice 70 Supply and Demand in the Bond Market 70 Demand Curve 71 Supply Curve 72 Market Equilibrium 73 Supply-and-Demand Analysis 74 Changes in Equilibrium Interest Rates 74 Shifts in the Demand for Bonds 75 Shifts in the Supply of Bonds 78 case Changes in the Interest Rate Due to Expected Inflation: The Fisher Effect 80 case Changes in the Interest Rate Due to a Business Cycle Expansion 82 case Explaining the Current Low Interest Rates in Europe, Japan, and the United States 83 the PractIcIng manager Profiting from Interest-Rate Forecasts 84 FOllOwIng the FInancIal news Forecasting Interest Rates 86 summary 86 key terms 86 QuestIOns 86 QuantItatIve PrOBlems 87 weB exercIses 88 weB aPPendIces 88 Chapter 5 How Do Risk and Term Structure Affect Interest Rates? 89 PrevIeW 89 Risk Structure of Interest Rates 90 Default Risk 90 Liquidity 93 case The Global Financial Crisis and the Baa-Treasury Spread 93 Income Tax Considerations 94 Summary 95 case Effects of the Bush Tax Cut and the Obama Tax Increase on Bond Interest Rates 96 Term Structure of Interest Rates 97 FOllOwIng the FInancIal news Yield Curves 98 Expectations Theory 99 Market Segmentation Theory 103 Liquidity Premium Theory 104 Evidence on the Term Structure 107 Summary 108 mInI-case The Yield Curve as a Forecasting Tool for Inflation and the Business Cycle 109 case Interpreting Yield Curves, 1980–2016 109 the PractIcIng manager Using the Term Structure to Forecast Interest Rates 110 summary 113 key terms 114 QuestIOns 114 QuantItatIve PrOBlems 115 weB exercIses 116 Chapter 6 Are Financial Markets Efficient? 117 PrevIeW 117 The Efficient Market Hypothesis 118 Rationale Behind the Hypothesis 120 Evidence on the Efficient Market Hypothesis 121 Evidence in Favor of Market Efficiency 121 mInI-case An Exception That Proves the Rule: Raj Rajaratnam and Galleon 122 case Should Foreign Exchange Rates Follow a Random Walk? 124 Evidence Against Market Efficiency 125 Overview of the Evidence on the Efficient Market Hypothesis 127 he PractIcIng manager Practical Guide to Investing in the Stock Market 127 How Valuable Are Published Reports by Investment Advisers? 127 mInI-case Should You Hire an Ape as Your Investment Adviser? 128 Should You Be Skeptical of Hot Tips? 128 Do Stock Prices Always Rise When There Is Good News? 129 Efficient Markets Prescription for the Investor 129 Why the Efficient Market Hypothesis Does Not Imply That Financial Markets Are Efficient 130 case What Do Stock Market Crashes Tell Us About the Efficient Market Hypothesis? 131 Behavioral Finance 131 summary 132 key terms 133 QuestIOns 133 QuantItatIve PrOBlems 134 weB exercIses 134 Part three Fundamentals OF FInancIal InstItutIOns Chapter 7 Why Do Financial Institutions Exist? 135 PrevIeW 135 Basic Facts About Financial Structure Throughout The World 136 Transaction Costs 139 How Transaction Costs Influence Financial Structure 139 How Financial Intermediaries Reduce Transaction Costs 139 Asymmetric Information: Adverse Selection and Moral Hazard 140 The Lemons Problem: How Adverse Selection Influences Financial Structure 141 Lemons in the Stock and Bond Markets 142 Tools to Help Solve Adverse Selection Problems 142 mInI-case The Enron Implosion 144 How Moral Hazard Affects the Choice Between Debt and Equity Contracts 147 Moral Hazard in Equity Contracts: The Principal–Agent Problem 147 Tools to Help Solve the Principal–Agent Problem 148 How Moral Hazard Influences Financial Structure in Debt Markets 150 Tools to Help Solve Moral Hazard in Debt Contracts 150 Summary 152 case Financial Development and Economic Growth 154 mInI-case The Tyranny of Collateral 155 case Is China a Counter-Example to the Importance of Financial Development? 156 Conflicts of Interest 157 What Are Conflicts of Interest and Why Do We Care? 157 Why Do Conflicts of Interest Arise? 157 mInI-case The Demise of Arthur Andersen 159 mInI-case Credit-Rating Agencies and the 2007–2009 Financial Crisis 160 What Has Been Done to Remedy Conflicts of Interest? 160 mInI-case Has Sarbanes-Oxley Led to a Decline in U.S. Capital Markets? 162 summary 162 key terms 163 QuestIOns 163 QuantItatIve PrOBlems 164 weB exercIses 165 Chapter 8 Why Do Financial Crises Occur and Why Are They So Damaging to the Economy? 166 PrevIeW 166 What Is a Financial Crisis? 167 Agency Theory and the Definition of a Financial Crisis 167 Dynamics of Financial Crises 167 Stage One: Initial Phase 167 Stage Two: Banking Crisis 170 Stage Three: Debt Deflation 171 case The Mother of All Financial Crises: The Great Depression 171 Stock Market Crash 171 Bank Panics 171 Continuing Decline in Stock Prices 172 Debt Deflation 173 International Dimensions 173 case The Global Financial Crisis of 2007–2009 174 Causes of the 2007–2009 Financial Crisis 174 mInI-case Collateralized Debt Obligations (CDOs) 175 Effects of the 2007–2009 Financial Crisis 176 InsIde the Fed Was the Fed to Blame for the Housing Price Bubble? 177 glOBal The European Sovereign Debt Crisis 180 Height of the 2007–2009 Financial Crisis 181 summary 182 key terms 183 QuestIOns 183 weB exercIses 183 weB reFerences 184 Part FOur central BankIng and the cOnduct OF mOnetary POlIcy Chapter 9 Central Banks and the Federal Reserve System 185 PrevIeW 185 Origins of the Federal Reserve System 186 InsIde the Fed The Political Genius of the Founders of the Federal Reserve System 186 Structure of the Federal Reserve System 187 Federal Reserve Banks 188 InsIde the Fed The Special Role of the Federal Reserve Bank of New York 189 Member Banks 190 Board of Governors of the Federal Reserve System 191 Federal Open Market Committee (FOMC) 192 InsIde the Fed The Role of the Research Staff 193 Why the Chair of the Board of Governors Really Runs the Show 193 InsIde the Fed The FOMC Meeting 194 InsIde the Fed Green, Blue, Teal, and Beige: What Do These Colors Mean at the Fed? 195 InsIde the Fed Styles of Federal Reserve Chairs: Bernanke and Yellen Versus Greenspan 195 How Independent Is the Fed? 196 Should the Fed Be Independent? 198 The Case for Independence 198 The Case Against Independence 199 Central Bank Independence and Macroeconomic Performance Throughout the World 200 Explaining Central Bank Behavior 200 InsIde the Fed The Evolution of the Fed’s Communication Strategy 201 Structure and Independence of the European Central Bank 202 Differences Between the European System of Central Banks and the Federal Reserve System 202 Governing Council 203 How Independent Is the ECB? 204 Chapter 10 Structure and Independence of Other Foreign Central Banks 204 Bank of Canada 204 Bank of England 204 Bank of Japan 205 The Trend Toward Greater Independence 206 summary 206 key terms 207 QuestIOns and PrOBlems 207 weB exercIses 207 Conduct of Monetary Policy 208 PrevIeW 208 How Fed Actions Affect Reserves in the Banking System 209 Open Market Operations 209 Discount Lending 210 The Market for Reserves and the Federal Funds Rate 211 Demand and Supply in the Market for Reserves 211 How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate 213 case How the Federal Reserve’s Operating Procedures Limit Fluctuations in the Federal Funds Rate 217 Conventional Monetary Policy Tools 218 Open Market Operations 218 InsIde the Fed A Day at the Trading Desk 219 Discount Policy and the Lender of Last Resort 219 Reserve Requirements 222 Interest on Reserves 222 Nonconventional Monetary Policy Tools and Quantitative Easing 222 Liquidity Provision 223 InsIde the Fed Fed Lending Facilities During the Global Financial Crisis 224 Large-Scale Asset Purchases 225 Quantitative Easing Versus Credit Easing 225 Forward Guidance 227 Negative Interest Rates on Banks’ Deposits 228 Monetary Policy Tools of the European Central Bank 229 Open Market Operations 229 Lending to Banks 229 Interest on Reserves 230 Reserve Requirements 230 The Price Stability Goal and the Nominal Anchor 230 The Role of a Nominal Anchor 231 The Time-Inconsistency Problem 231 Other Goals of Monetary Policy 232 High Employment and Output Stability 232 Economic Growth 233 Stability of Financial Markets 233 Interest-Rate Stability 233 Stability in Foreign Exchange Markets 234 Should Price Stability Be the Primary Goal of Monetary Policy? 234 Hierarchical vs. Dual Mandates 234 Price Stability as the Primary, Long-Run Goal of Monetary Policy 235 glOBal The European Central Bank’s Monetary Policy Strategy 236 Inflation Targeting 236 Advantages of Inflation Targeting 236 InsIde the Fed Ben Bernanke and the Federal Reserve’s Adoption of Inflation Targeting 237 Disadvantages of Inflation Targeting 238 Should Central Banks Respond to Asset-Price Bubbles? Lessons from the Global Financial Crisis 239 Two Types of Asset-Price Bubbles 240 The Debate over Whether Central Banks Should Try to Pop Bubbles 241 THE PRACTICING MANAGER Using a Fed Watcher 243 SUMMARY 244 KEY TERMS 245 QUESTIONS 246 QUANTITATIVE PROBLEMS 247 WEB EXERCISES 247 The Money Markets Part FIVE FINANCIAL MARKETS Chapter 11 the PractIcIng manager 249 PREVIEW 249 The Money Markets Defined 250 Why Do We Need the Money Markets? 250 Money Market Cost Advantages 251 The Purpose of the Money Markets 252 Who Participates in the Money Markets? 253 U.S. Treasury Department 253 Federal Reserve System 253 Commercial Banks 254 Businesses 254 Investment and Securities Firms 255 Individuals 255 Money Market Instruments 256 Treasury Bills 256 case Discounting the Price of Treasury Securities to Pay the Interest 256 mInI-case Treasury Bill Auctions Go Haywire 259 Federal Funds 260 Repurchase Agreements 261 Negotiable Certificates of Deposit 262 Commercial Paper 263 Banker’s Acceptances 265 Eurodollars 266 glOBal Ironic Birth of the Eurodollar Market 266 Comparing Money Market Securities 267 Interest Rates 267 Liquidity 268 How Money Market Securities Are Valued 269 summary 270 key terms 270 QuestIOns 270 QuantItatIve PrOBlems 271 weB exercIses 271 Chapter 12 The Bond Market 272 PrevIeW 272 Purpose of the Capital Market 273 Capital Market Participants 273 Capital Market Trading 274 Types of Bonds 274 Treasury Notes and Bonds 274 Treasury Bond Interest Rates 275 Treasury Inflation-Protected Securities (TIPS) 277 Treasury STRIPS 277 Agency Bonds 277 case The 2007–2009 Financial Crisis and the Bailout of Fannie Mae and Freddie Mac 278 Municipal Bonds 279 Risk in the Municipal Bond Market 281 Corporate Bonds 281 Characteristics of Corporate Bonds 282 Types of Corporate Bonds 284 Financial Guarantees for Bonds 287 Oversight of the Bond Markets 288 Current Yield Calculation 288 Current Yield 289 Finding the Value of Coupon Bonds 290 Finding the Price of Semiannual Bonds 291 Investing in Bonds 293 summary 294 key terms 295 QuestIOns 295 QuantItatIve PrOBlems 295 weB exercIse 296 Chapter 13 The Stock Market 297 PrevIeW 297 Investing in Stocks 298 Common Stock vs. Preferred Stock 298 How Stocks Are Sold 299 Computing the Price of Common Stock 303 The One-Period Valuation Model 303 The Generalized Dividend Valuation Model 304 The Gordon Growth Model 305 Price Earnings Valuation Method 306 How the Market Sets Security Prices 307 Errors in Valuation 308 Problems with Estimating Growth 308 Problems with Estimating Risk 309 Problems with Forecasting Dividends 309 case The 2007–2009 Financial Crisis and the Stock Market 310 case The September 11 Terrorist Attack, the Enron Scandal, and the Stock Market 310 Stock Market Indexes 311 mInI-case History of the Dow Jones Industrial Average 311 Buying Foreign Stocks 314 Regulation of the Stock Market 314 The Securities and Exchange Commission 314 summary 315 key terms 316 QuestIOns 316 QuantItatIve PrOBlems 316 weB exercIses 317 Chapter 14 The Mortgage Markets 318 PrevIeW 318 What Are Mortgages? 319 Characteristics of the Residential Mortgage 320 Mortgage Interest Rates 320 case The Discount Point Decision 321 Loan Terms 323 Mortgage Loan Amortization 324 Types of Mortgage Loans 325 Insured and Conventional Mortgages 325 Fixed- and Adjustable-Rate Mortgages 326 Other Types of Mortgages 326 Mortgage-Lending Institutions 328 Loan Servicing 329 e-FInance Borrowers Shop the Web for Mortgages 330 Secondary Mortgage Market 330 Securitization of Mortgages 331 What Is a Mortgage-Backed Security? 331 Types of Pass-Through Securities 333 Subprime Mortgages and CDOs 334 The Real Estate Bubble 335 summary 336 key terms 336 QuestIOns 336 QuantItatIve PrOBlems 337 weB exercIses 338 Chapter 15 The Foreign Exchange Market 339 PrevIeW 339 Foreign Exchange Market 340 What Are Foreign Exchange Rates? 341 Why Are Exchange Rates Important? 341 FOllOwIng the FInancIal news Foreign Exchange Rates 341 How Is Foreign Exchange Traded? 342 Exchange Rates in the Long Run 342 Law of One Price 343 Theory of Purchasing Power Parity 343 Why the Theory of Purchasing Power Parity Cannot Fully Explain Exchange Rates 345 Factors That Affect Exchange Rates in the Long Run 345 Exchange Rates in the Short Run: A Supply and Demand Analysis 347 Supply Curve for Domestic Assets 347 Demand Curve for Domestic Assets 348 Equilibrium in the Foreign Exchange Market 349 Explaining Changes in Exchange Rates 349 Shifts in the Demand for Domestic Assets 349 Recap: Factors That Change the Exchange Rate 352 case Effect of Changes in Interest Rates on the Equilibrium Exchange Rate 354 case Why Are Exchange Rates So Volatile? 356 case The Dollar and Interest Rates 356 case The Global Financial Crisis and the Dollar 358 the PractIcIng manager Profiting from Foreign Exchange Forecasts 359 summary 360 key terms 360 QuestIOns 360 QuantItatIve PrOBlems 361 weB exercIses 362 Chapter 15 Appendix The Interest Parity Condition 363 Comparing Expected Returns on Domestic and Foreign Assets 363 Interest Parity Condition 365 Chapter 16 The International Financial System 367 PrevIeW 367 Intervention in the Foreign Exchange Market 368 Foreign Exchange Intervention and Reserves in the Banking System 368 InsIde the Fed A Day at the Federal Reserve Bank of New York’s Foreign Exchange Desk 369 Unsterilized Intervention 370 Sterilized Intervention 370 Balance of Payments 372 glOBal Why the Large U.S. Current Account Deficit Worries Economists 373 Exchange Rate Regimes in the International Financial System 373 Fixed Exchange Rate Regimes 373 How a Fixed Exchange Rate Regime Works 374 The Policy Trilemma 376 Monetary Unions 377 glOBal Will the Euro Survive? 378 Currency Boards and Dollarization 37 Speculative Attacks 378 glOBal Argentina’s Currency Board 379 Managed Float 379 glOBal Dollarization 380 case The Foreign Exchange Crisis of September 1992 380 the PractIcIng manager Profiting from a Foreign Exchange Crisis 382 case How Did China Accumulate over $3 Trillion of International Reserves? 383 Capital Controls 384 Controls on Capital Outflows 384 Controls on Capital Inflows 384 The Role of the IMF 385 Should the IMF Be an International Lender of Last Resort? 385 summary 386 key terms 386 QuestIOns 387 QuantItatIve PrOBlems 388 weB exercIse 388 Part sIx the FInancIal InstItutIOns Industry Chapter 17 Banking and the Management of Financial Institutions 389 PrevIeW 389 The Bank Balance Sheet 390 Liabilities 390 Assets 392 Basic Banking 393 General Principles of Bank Management 396 Liquidity Management and the Role of Reserves 396 Asset Management 399 Liability Management 400 Capital Adequacy Management 401 the PractIcIng manager Strategies for Managing Bank Capital 403 case How a Capital Crunch Caused a Credit Crunch During the Global Financial Crisis 404 Off-Balance-Sheet Activities 404 Loan Sales 405 Generation of Fee Income 405 Trading Activities and Risk Management Techniques 405 cOnFlIcts OF Interest Barings, Daiwa, Sumitomo, Société Générale, and J.P. Morgan Chase: Rogue Traders and the Principal–Agent Problem 406 Measuring Bank Performance 407 Bank’s Income Statement 408 Measures of Bank Performance 410 Recent Trends in Bank Performance Measures 410 summary 412 key terms 413 QuestIOns 413 QuantItatIve PrOBlems 413 weB exercIses 414 Chapter 18 Financial Regulation 415 PrevIeW 415 Asymmetric Information as a Rationale for Financial Regulation 416 Government Safety Net 416 glOBal The Spread of Government Deposit Insurance Throughout the World: Is This a Good Thing? 418 Types of Financial Regulation 421 Restrictions on Asset Holdings 421 Capital Requirements 422 Prompt Corrective Action 423 Financial Supervision: Chartering and Examination 423 glOBal Where Is the Basel Accord Heading After the Global Financial Crisis? 424 Assessment of Risk Management 425 Disclosure Requirements 426 Consumer Protection 427 mInI-case Mark-to-Market Accounting and the Global Financial Crisis 428 Restrictions on Competition 428 mInI-case The Global Financial Crisis and Consumer Protection Regulation 429 Macroprudential Versus Microprudential Supervision 430 e-FInance Electronic Banking: New Challenges for Bank Regulation 430 Summary 431 glOBal International Financial Regulation 432 Banking Crises Throughout the World in Recent Years 435 “Déjà Vu All Over Again” 436 The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 436 Dodd-Frank 436 Too-Big-to-Fail and Future Regulation 438 What Can Be Done About the Too-Big-to-Fail Problem? 438 Other Issues for Future Regulation 439 summary 440 key terms 440 QuestIOns 440 QuantItatIve PrOBlems 441 weB exercIses 441 weB aPPendIx 442 Banking Industry: Structure and Competition 443 PrevIeW 443 Historical Development of the Banking System 444 Multiple Regulatory Agencies 446 Financial Innovation and the Growth of the Shadow Banking System 446 Responses to Changes in Demand Conditions: Interest Rate Volatility 447 Responses to Changes in Supply Conditions: Information Technology 448 e-FInance Will “Clicks” Dominate “Bricks” in the Banking Industry? 450 e-FInance Why Are Scandinavians So Far Ahead of Americans in Using Electronic Payments and Online Banking? 451 e-FInance Are We Headed for a Cashless Society? 452 Securitization and the Shadow Banking System 453 Avoidance of Existing Regulations 455 mInI-case Bruce Bent and the Money Market Mutual Fund Panic of 2008 457 the PractIcIng manager Profiting from a New Financial Product: A Case Study of Treasury Strips 457 Financial Innovation and the Decline of Traditional Banking 459 Structure of the U.S. Banking Industry 462 Restrictions on Branching 463 Response to Branching Restrictions 464 Bank Consolidation and Nationwide Banking 465 e-FInance Information Technology and Bank Consolidation 467 The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 467 What Will the Structure of the U.S. Banking Industry Look Like in the Future? 468 Are Bank Consolidation and Nationwide Banking Good Things? 468 Separation of the Banking and Other Financial Service Industries 469 Erosion of Glass-Steagall 469 The Gramm-Leach-Bliley Financial Services Modernization Act of 1999: Repeal of Glass-Steagall 470 Implications for Financial Consolidation 470 mInI-case The Global Financial Crisis and the Demise of Large, Free-Standing Investment Banks 471 Separation of Banking and Other Financial Services Industries Throughout the World 471 Thrift Industry 472 Savings and Loan Associations 472 Mutual Savings Banks 472 Credit Unions 473 International Banking 473 Eurodollar Market 474 Structure of U.S. Banking Overseas 474 Foreign Banks in the United States 475 summary 476 key terms 477 QuestIOns 477 weB exercIses 478 Chapter 20 The Mutual Fund Industry 479 PrevIeW 479 The Growth of Mutual Funds 480 The First Mutual Funds 480 Benefits of Mutual Funds 480 Ownership of Mutual Funds 481 Mutual Fund Structure 484 Open- Versus Closed-End Funds 484 case Calculating a Mutual Fund’s Net Asset Value 485 Organizational Structure 486 Investment Objective Classes 486 Equity Funds 486 Bond Funds 488 Hybrid Funds 489 Money Market Funds 489 Index Funds 491 Fee Structure of Investment Funds 492 Regulation of Mutual Funds 493 Hedge Funds 494 mInI-case The Long Term Capital Debacle 496 Conflicts of Interest in the Mutual Fund Industry 497 Sources of Conflicts of Interest 497 Mutual Fund Abuses 497 cOnFlIcts OF Interest Many Mutual Funds Are Caught Ignoring Ethical Standards 498 cOnFlIcts OF Interest SEC Survey Reports Mutual Fund Abuses Widespread 499 Government Response to Abuses 500 summary 501 key terms 501 QuestIOns 501 QuantItatIve PrOBlems 502 weB exercIses 503 Chapter 21 Insurance Companies and Pension Funds 504 PrevIeW 504 Insurance Companies 505 Fundamentals of Insurance 505 Adverse Selection and Moral Hazard in Insurance 506 Selling Insurance 507 mInI-case Insurance Agent: The Customer’s Ally 507 Growth and Organization of Insurance Companies 508 Types of Insurance 508 Life Insurance 509 Health Insurance 513 Property and Casualty Insurance 515 Insurance Regulation 516 the PractIcIng manager Insurance Management 517 Screening 517 Risk-Based Premium 518 Restrictive Provisions 518 Prevention of Fraud 518 Cancellation of Insurance 519 Deductibles 519 Coinsurance 519 Limits on the Amount of Insurance 519 Summary 520 Credit Default Swaps 520 cOnFlIcts OF Interest The AIG Blowup 521 Pensions 521 cOnFlIcts OF Interest The Subprime Financial Crisis and the Monoline Insurers 522 Types of Pensions 522 Defined-Benefit Pension Plans 522 Defined-Contribution Pension Plans 523 Private and Public Pension Plans 524 mInI-case Power to the Pensions 524 Regulation of Pension Plans 528 Employee Retirement Income Security Act 528 Individual Retirement Plans 530 The Future of Pension Funds 530 summary 531 key terms 531 QuestIOns 531 QuantItatIve PrOBlems 532 weB exercIses 533 Chapter 22 Investment Banks, Security Brokers and Dealers, and Venture Capital Firms 534 PrevIeW 534 Investment Banks 535 Background 535 Underwriting Stocks and Bonds 536 Equity Sales 540 Mergers and Acquisitions 541 Securities Brokers and Dealers 542 Brokerage Services 543 Securities Dealers 545 mInI-case Example of Using the Limit-Order Book 546 Regulation of Securities Firms 546 Relationship Between Securities Firms and Commercial Banks 548 Private Equity Investment 548 Venture Capital Firms 548 e-FInance Venture Capitalists Lose Focus with Internet Companies 553 Private Equity Buyouts 553 Advantages to Private Equity Buyouts 553 Life Cycle of the Private Equity Buyout 554 summary 554 key terms 555 QuestIOns 555 QuantItatIve PrOBlems 556 weB exercIses 557 Part seven the management OF FInancIal InstItutIOns Chapter 23 Risk Management in Financial Institutions 558 PrevIeW 558 Managing Credit Risk 559 Screening and Monitoring 559 Long-Term Customer Relationships 560 Loan Commitments 561 Collateral 561 Compensating Balances 562 Credit Rationing 562 Managing Interest-Rate Risk 563 Income Gap Analysis 564 Duration Gap Analysis 566 Example of a Nonbanking Financial Institution 571 Some Problems with Income Gap and Duration Gap Analyses 573 the PractIcIng manager Strategies for Managing Interest-Rate Risk 574 summary 575 key terms 575 QuestIOns 575 QuantItatIve PrOBlems 576 weB exercIses 578 Chapter 24 Hedging with Financial Derivatives 579 PrevIeW 579 Hedging 580 Forward Markets 580 the PractIcIng manager Hedging Interest-Rate Risk with Forward Contracts 580 Interest-Rate Forward Contracts 580 Pros and Cons of Forward Contracts 581 Financial Futures Markets 582 Financial Futures Contracts 582 FOllOwIng the FInancIal news Financial Futures 583 the PractIcIng manager Hedging with Financial Futures 584 Organization of Trading in Financial Futures Markets 586 Globalization of Financial Futures Markets 586 Explaining the Success of Futures Markets 587 mInI-case The Hunt Brothers and the Silver Crash 589 the PractIcIng manager Hedging Foreign Exchange Risk with Forward and Futures Contracts 590 Hedging Foreign Exchange Risk with Forward Contracts 590 Hedging Foreign Exchange Risk with Futures Contracts 591 Stock Index Futures 591 Stock Index Futures Contracts 592 FOllOwIng the FInancIal news Stock Index Futures 592 he PractIcIng manager Hedging with Stock Index Futures 593 Options 594 Option Contracts 594 Profits and Losses on Option and Futures Contracts 595 Factors Affecting the Prices of Option Premiums 598 Summary 599 the PractIcIng manager Hedging with Futures Options 599 Interest-Rate Swaps 601 Interest-Rate Swap Contracts 601 the PractIcIng manager Hedging with Interest-Rate Swaps 602 Advantages of Interest-Rate Swaps 603 Disadvantages of Interest-Rate Swaps 603 Financial Intermediaries in Interest-Rate Swaps 604 Credit Derivatives 604 Credit Options 605 Credit Swaps 605 Credit-Linked Notes 606 case Lessons from the Global Financial Crisis: When Are Financial Derivatives Likely to Be a Worldwide Time Bomb? 606 SUMMARY 608 KEY TERMS 608 QUESTIONS 609 QUANTITATIVE PROBLEMS 609 WEB EXERCISE 611 WEB APPENDICES 611 Contents on the Web the following updated chapters and appendices are available on our companion website at www.pearsonhighered.com/mishkin_eakins. Chapter 25 Financial Crises in Emerging Market Economies W-1 PrevIeW W-1 Dynamics of Financial Crises in Emerging Market Economies W-2 Stage One: Initial Phase W-3 Stage Two: Currency Crisis W-5 Stage Three: Full-Fledged Financial Crisis W-6 case Crisis in South Korea, 1997–1998 W-7 Financial Liberalization/Globalization Mismanaged W-7 Perversion of the Financial Liberalization/Globalization Process: Chaebols and the South Korean Crisis W-9 Stock Market Decline and Failure of Firms Increase Uncertainty W-10 Adverse Selection and Moral Hazard Problems Worsen and the Economy Contracts W-10 Currency Crisis Ensues W-11 Final Stage: Currency Crisis Triggers Full-Fledged Financial Crisis W-11 Recovery Commences W-13 case The Argentine Financial Crisis, 2001–2002 W-13 Severe Fiscal Imbalances W-13 Adverse Selection and Moral Hazard Problems Worsen W-14 Bank Panic Begins W-14 Currency Crisis Ensues W-14 Currency Crisis Triggers Full-Fledged Financial Crisis W-16 Recovery Begins W-17 Preventing Emerging Market Financial Crises W-18 Beef Up Prudential Regulation and Supervision of Banks W-18 glOBal When an Advanced Economy Is Like an Emerging Market Economy: The Icelandic Financial Crisis of 2008 W-19 Encourage Disclosure and Market-Based Discipline W-20 Limit Currency Mismatch W-20 Sequence Financial Liberalization W-20 SUMMARY W-21 KEY TERMS W-21 QUESTIONS W-21 Chapter 26 Savings Associations and Credit Unions W-22 PrevIeW W-22 Mutual Savings Banks W-23 Savings and Loan Associations W-24 Mutual Savings Banks and Savings and Loans Compared W-24 Savings and Loans in Trouble: The Thrift Crisis W-25 Later Stages of the Crisis: Regulatory Forbearance W-26 Competitive Equality in Banking Act of 1987 W-27 Political Economy of the Savings and Loan Crisis W-28 Principal–Agent Problem for Regulators and Politicians W-28 case Principal–Agent Problem in Action: Charles Keating and the Lincoln Savings and Loan Scandal W-29 Savings and Loan Bailout: Financial Institutions Reform, Recovery, and Enforcement Act of 1989 W-30 The Savings and Loan Industry Today W-32 Number of Institutions W-32 S&L Size W-32 S&L Assets W-33 S&L Liabilities and Net Worth W-35 Capital W-35 Profitability and Health W-35 The Future of the Savings and Loan Industry W-36 Credit Unions W-37 History and Organization W-38 Sources of Funds W-42 Uses of Funds W-44 Advantages and Disadvantages of Credit Unions W-44 The Future of Credit Unions W-45 summary W-46 key terms W-47 QuestIOns W-47 weB exercIses W-48 Chapter 27 Finance Companies W-49 PrevIeW W-49 History of Finance Companies W-50 Purpose of Finance Companies W-50 Risk in Finance Companies W-51 Types of Finance Companies W-52 Business (Commercial) Finance Companies W-52 Consumer Finance Companies W-54 Sales Finance Companies W-56 Regulation of Finance Companies W-56 Finance Company Balance Sheet W-57 Assets W-57 Liabilities W-57 Income W-58 Finance Company Growth W-58 summary W-59 key terms W-60 QuestIOns W-60 weB exercIses W-60 chaPter aPPendIces Chapter 4 Appendix 1: Models of Asset Pricing W-1 Chapter 4 Appendix 2: Applying the Asset Market Approach to a Commodity Market: The Case of Gold W-11 Chapter 4 Appendix 3: Loanable Funds Framework W-15 Chapter 4 Appendix 4: Supply and Demand in the Market for Money: The Liquidity Preference Framework W-19 Chapter 18 Appendix: Banking Crises Throughout the World W-31 Chapter 24 Appendix: More on Hedging with Financial Derivatives W-37
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