The economics of money, banking and financial markets
Author(s)
Bibliographic Information
The economics of money, banking and financial markets
Pearson, 2013
European ed
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The economics of money, banking & financial markets
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Note
Includes bibliographical references and index
Description and Table of Contents
Description
Were you looking for the book with access to MyEconLab? This product is the book alone, and does NOT come with access to MyEconLab.
This European adaptation takes Mishkin's market leading text The Economics of Money, Banking and Financial Markets a step further placing the central themes in context for European students. It provides an in-depth overview and comparison of the structures, goals, tools and strategies of the European Central Bank, the Bank of England and the US Federal Reserve.
Mishkin's application of a unified analytical framework to the models makes theory intuitive for students whilst the rich array of current, real-world events keeps students motivated. Authoritative, comprehensive, and flexible, the text is easy to integrate into a wide variety of syllabi, and its ancillaries provide complete support when teaching the course.
Frederic Mishkinstudied at MIT and has taught at Columbia Business School since 1983. He was a member of the Board of Governors of the Federal Reserve System from 2006 to 2008 and has been a consultant to the World Bank, the Inter-American Development Bank, and the International Monetary Fund, as well as to numerous central banks throughout the world
Kent Matthewsis the Sir Julian Hodge Professor of Banking and Finance at the Cardiff Business School. He is a graduate of the London School of Economics, Birkbeck and Liverpool University and has held research posts at the LSE, National Institute of Economic & Social Research and Bank of England.
Massimo Giuliodori took his first degree at the University of Ancona (Italy) and his MSc in Economics and Finance at the University of Glasgow. After obtaining his PhD from the Scottish Doctoral Programme, he moved to the Amsterdam School of Economics of the University of Amsterdam, where he is now Associate Professor.
Table of Contents
Preface
Guided tour
Authors' acknowledgements
Publisher's acknowledgements
Introduction
Part 1 Introduction
1 Why study money, banking and financial markets?
Why study financial markets?
Why study financial institutions and banking?
Why study money and monetary policy?
Why study international finance?
How will we study money, banking and financial markets?
Web exercises
Concluding remarks
Summary
Key terms
Questions and problems
Web exercises
Notes
Web references
Appendix to Chapter 1 Defining aggregate output, income, the price level and the inflation rate
2 An overview of the financial system
Function of financial markets
Structure of financial markets
Financial market instruments
Internationalization of financial markets
Function of financial intermediaries: indirect finance
Types of financial intermediaries
Regulation of the financial system
Summary
Key terms
Questions and problems
Web exercises
Notes
Web references
3 What is money? A comparative approach to measuring money
Meaning of money
Functions of money
Evolution of the payments system
Measuring money
Which is the most accurate monetary aggregate?
Summary
Key terms
Questions and problems
Web exercises
Notes
Web references
Part 2 Financial markets
4 Understanding interest rates
Measuring interest rates
The distinction between interest rates and returns
The distinction between real and nominal interest rates
Summary
Key terms
Questions and problems
Web exercises
Notes
Web references
5 The behaviour of interest rates
Determinants of asset demand
Supply and demand in the bond market
Changes in equilibrium interest rates
Supply and demand in the market for money: the liquidity preference framework
Changes in equilibrium interest rates in the liquidity preference framework
Summary
Key terms
Questions and problems
Web exercises
Notes
Web references
6 The risk and term structure of interest rates
Risk structure of interest rates
Term structure of interest rates
Summary
Key terms
Questions and problems
Web exercises
Notes
Web references
7 The stock market, the theory of rational expectations and the efficient market hypothesis
Computing the price of common stock
How the market sets stock prices
The theory of rational expectations
The efficient market hypothesis: rational expectations in financial markets
Behavioural finance
Summary
Key terms
Questions and problems
Web exercises
Notes
Web references
Part 3 Financial institutions
8 An economic analysis of financial structure
Basic facts about financial structure throughout the world
Transaction costs
Asymmetric information: adverse selection and moral hazard
The lemons problem: how adverse selection influences financial structure
How moral hazard affects the choice between debt and equity contracts
How moral hazard influences financial structure in debt markets
Conflicts of interest
Summary
Key terms
Questions and problems
Web exercises
Notes
Web references
9 Financial crises and the subprime meltdown
Factors causing financial crises
Dynamics of past financial crises in developed countries
The subprime finan
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