상세정보
Export to Refworks부가기능
상세 프로파일
| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | Money, the financial system, and the economy / R. Glenn Hubbard |
| 개인저자 | Hubbard, R.Glenn |
| 판사항 | 3rd ed. |
| 발행사항 | Boston : Addison-Wesley, 2000 |
| 형태사항 | xxx, 778, 52 p. : ill. ; 24 cm |
| 총서사항 | The Addison-Wesley series in economics |
| ISBN | 020147381X |
| 서지주기 | Includes bibliographical references and index. |
| 비통제주제어 | Finance/,Money |
| 분류기호 | 327.1 |
| 언어 | 영어 |
소장정보
- 소장정보
캠퍼스간대출
소재불명도서
자료배달서비스
인쇄
| No. | 등록번호 | 청구기호 | 소장처 | 도서상태 | 반납예정일 | 예약 | 서비스 | 매체정보 |
|---|---|---|---|---|---|---|---|---|
| 1 | M0197559 | 327.1 H876m3 | 삼성캠퍼스/단행본서고(5층)/ | 대출가능 |
|
false|true|true|false |true|true |
|
목차
- 목차
목차 일부
CONTENTS
PART Ⅰ Introduction ... 1
CHAPTER 1 Introducing Money and the Financial System ... 2
Getting Started ... 3
The Financial System and the Economy ... 4
Financial Markets ...
목차 전체
CONTENTS
PART Ⅰ Introduction ... 1
CHAPTER 1 Introducing Money and the Financial System ... 2
Getting Started ... 3
The Financial System and the Economy ... 4
Financial Markets ... 6
Financial Institutions ... 7
Money ... 9
Economic Analysis as a Tool ... 10
Developing an Economic Approach ... 10
Applying an Economic Approach ... 11
Review Questions ... 12
Analytical Problems, Data Question ... 13
Other times, other places…The Only Thing constant in the Financial System Is Change ... 6
Consider this…Is the Financial System Truly Global? ... 7
CHAPTER 2 Money and the Payments System ... 14
Meeting the Needs of Exchange with Money ... 15
Barter ... 15
Government Allocation ... 16
Money ... 16
What Can Serve as Money? ... 20
The Payments System ... 21
Commodity Money ... 21
Fiat Money ... 21
Checks ... 23
Electronic Funds ... 23
Measuring the Money Supply ... 25
Measuring Monetary Aggregates ... 25
Selecting Monetary Aggregates ... 28
Review Questions, Analytical Problems ... 32
Data Questions ... 33
Appendix : Calculating Price Indexes ... 34
Consider this…Did the CIA Damage Irag's Currency? ... 20
Other times, other places…What's Money? Ask a Taxi Driver! ... 22
Using the news…Finding Up-to-Date Information on Money ... 27
Moving from theory to practice…Keep the Change, The Economist, 11／21／98 ... 30
CHAPTER 3 Overview of the Financial System ... 35
What Is the Purpose of the Financial System? ... 36
Key Services Provided by the Financial System ... 38
Risk Sharing ... 39
Liquidity ... 39
Information ... 40
Financial Markets in the Financial System ... 41
Matching Savers and Borrowers : Debt and Equity ... 41
Providing Risk-Sharing, Liquidity, and Information Services ... 43
Financial Intermediaries in the Financial System ... 45
Matching Savers and Borrowers ... 46
Providing Risk-Sharing, Liquidity, and Information Services ... 46
Competition and Change in the Financial System ... 48
Financial Innovation ... 48
Changes in Financial Integration and Globalization ... 49
Financial Regulation ... 51
Provision of Information ... 52
Maintenance of Financial stability ... 52
Advancement of Other Policy Objectives 53
Effects of Regulation ... 54
Review Questions, Analytical Problems ... 58
Data Question ... 59
Appendix : Financial Instruments ... 59
Case Study Where Do Households Put Their Savings? ... 47
Consider this…Financial Innovation : Home Mortgages or Rock Star Bonds? ... 49
Other times, other places…The Growth of International Bond and Stock Markets ... 51
Moving from theory to practice…Stuffing Yen into a Drawer, The Wall Street Journal, 7／21／98 ... 56
PART Ⅱ Interest Rates ... 65
CHAPTER 4 Interest Rates and Rates of Return ... 66
Comparing Debt Instruments ... 66
Timing of Payments ... 67
Present Value ... 70
Using Yield to Maturity as a Yardstick ... 73
Bond Yields and Prices ... 78
Why Can Price and Face Value Differ? ... 78
How Are Bond Yields and Prices Related? ... 80
Finding the Total Rate of Return ... 84
Real versus Nominal Interest Rates ... 85
Review Questions ... 89
Analytical Problems ... 92
Data Questions ... 93
Consider this…Can They STRIP? Creating New Financial Instruments ... 69
Consider this…Who Will Buy Those Fabulous Fifties? ... 80
Using the news…Keeping Up with Bond Prices and Yields ... 82
Other times, other places…Principal Derailed : Inflation and Long-Term Bond Prices ... 86
Moving from theory to practice…Sweet Fifteen : Shorter Mortgages Are Gaining Support, The Wall Street Journal, 9／17／98 ... 90
CHAPTER 5 The Theory of Portfolio Allocation ... 94
Determinants of Portfolio Choice ... 95
Wealth ... 96
Expected Returns on Assets ... 97
Risk Associated with Asset Returns ... 98
Liquidity of Assets ... 101
Costs of Acquiring Information ... 101
Advantages of Diversification ... 102
Putting It All Together : Explaining Portfolio Allocation ... 107
Review Questions ... 109
Analytical Problems ... 112
Data Questions ... 113
Case Study How Much Risk Should You Tolerate in Your Portfolio? ... 100
Case Study Modeling Risk Premiums in Financial Markets ... 105
Other times, other places…Are Investors (Globally) Well Diversified? ... 107
Moving from theory to practice…Getting Europeans to Invest in Stocks, The New York Times, 3／1／98 ... 110
CHAPTER 6 Determining Market Interest Rates ... 114
Supply and Demand in the Bond Market and Loanable Funds ... 115
The Demand Curve ... 115
The Supply Curve ... 117
Market Equilibrium ... 117
Explaining Changes in Equilibrium Interest Rates ... 120
Shifts in Bond Demand ... 120
Shifts in Bond Supply ... 127
Using the Model to Explain Changes in Interest Rates ... 131
Back to the Bond Market's Votes ... 134
The International Capital Market and the Interest Rate ... 136
Small Open Economy ... 137
Large Open Economy ... 138
Review Questions, Analytical Problems ... 143
Data Question ... 145
Consider this…Where Do Savings Come from? ... 123
Other times, other places…Do Interest Rates Rise During Wartime? ... 130
Moving from theory to practice…The Bond Market's Star Turn, The New York Times, 8／23／98 ... 140
CHAPTER 7 Risk Structure and Term Structure of Interest Rates ... 146
Risk Structure of Interest Rates ... 147
Default Risk ... 147
Liquidity ... 153
Information Costs ... 154
Taxation ... 155
Using the Risk Structure for Forecasting ... 159
Term Structure of Interest Rates ... 160
Segmented Markets Theory ... 162
Expectations Theory ... 163
Preferred Habitat Theory ... 167
Using the Term Structure for Forecasting ... 169
Review Questions, Analytical Problems ... 175
Data Question ... 177
Using the news…Using Bond Yields to Assess Risk ... 148
Consider this…Will Consumption Tax Kill Munis' Allure? ... 159
Other times, other places…Asian Flu for European Bonds? ... 160
Using the news…How to Read the Yield Curve ... 161
Consider this…Can the Treasury Change the Shape of the Yield Curve? ... 171
Moving from theory to practice…A Successful Bet on Inflation Bonds, The Wall Street Journal, 7／13／98 ... 172
PART Ⅲ Financial Markets ... 179
CHAPTER 8 The Foreign-Exchange Market and Exchange Rates ... 180
Exchange Rates and Trade ... 181
Nominal versus Real Exchange Rates ... 182
Foreign-Exchange Markets ... 184
Determining Long-Run Exchange Rates ... 185
Supply and Demand ... 185
Economic Fundamentals and Long-Run Exchange Rate Trends ... 187
The Law of One Price and the Purchasing Power Parity Theory ... 189
Does the Theory Match Reality? ... 190
Determining Short-Run Exchange Rates ... 191
Comparing Expected Returns on Domestic and Foreign Assets ... 192
Foreign-Exchange Market Equilibrium ... 195
Interest Rate Parity ... 197
Exchange Rate Fluctuations ... 200
Changes in Domestic Real Interest Rates ... 200
Changes in Domestic Expected Inflation ... 200
Changes in Foreign Interest Rates ... 202
Changes in the Expected Future Exchange Rate ... 204
Currency Premiums in Foreign-Exchange Markets ... 206
A (Big) New kid on the Block : The Euro ... 207
Review Questions ... 210
Analytical Problems ... 211
Data Question ... 212
Using the news…Reading Exchange Rates ... 186
Case Study Should You Bank on International Investments? ... 199
Other times, other places…Interest and Exchange Rates in the 1980s ... 205
Moving from theory to practice…Rate Cut for the Euro, The Wall Street Journal, 12／4／98 ... 208
CHAPTER 9 Derivative Securities and Derivative Markets ... 213
Forward Transactions and Derivatives ... 214
Futures ... 215
Futures Pricing ... 216
Using Futures to Manage Risk ... 217
Options ... 221
Options Pricing ... 222
Using Options to Manage Risk ... 224
Benefits of Derivative Markets for the Financial System ... 225
Standardization and Liquidity ... 227
Anonymous Trading and Information ... 228
Review Questions ... 232
Analytical Problems ... 233
Data Question ... 234
Appendix : Swaps ... 234
Using the news…Reading Financial Futures Listings ... 217
Using the news…Reading Options Listings ... 223
Other times, other places…Futures Trading, Index Arbitrage, and the Stock Market Crash of 1987 ... 224
Case Study Citron Pressed - The Orange County Fiasco ... 225
Case Study Barings Lost - The Queen's Banker Goes Bust ... 226
Moving from theory to practice…A Corporate Bond Future for Europe, Financial Times, 8／3／98 ... 230
CHAPTER 10 Information and Financial Market Efficiency ... 237
Rational Expectations ... 238
The Efficient Markets Hypothesis ... 240
Determining an Asset's Expected Price ... 242
Price Fluctuations ... 243
Investment Strategies ... 244
Actual Efficiency in Financial Markets ... 248
Pricing Anomalies ... 248
Mean Reversion ... 249
Excessive Volatility ... 250
Market Efficiency and the Crash of 1987 ... 250
Value Investing versus Efficient Markets ... 254
Costs of Inefficiency in Financial Markets ... 254
Costs of Excessive Price Fluctuations ... 255
Information Costs ... 258
Review Questions, Analytical Problems ... 259
Data Question ... 260
Consider this…Are Investors Really Rational? ... 246
Other times, other places…Charting the Civil War with the Gold Market ... 247
Case Study What Goes Up… ... 252
Moving from theory to practice…So, Is the Stock Market Overvalued?, The Wall Street Journal, 3／30／98 ... 256
CHAPTER 11 Reducing Transactions Costs and Information Costs ... 261
Obstacles to Matching Savers and Borrowers ... 262
Transactions Costs ... 262
Asymmetric Information and Information Costs ... 263
Adverse Selection ... 264
"Lemons Problems" in Financial Markets ... 264
Reducing Information Costs ... 265
Moral Hazard ... 268
Moral Hazard in Equity Financing ... 268
Moral Hazard in Debt Financing ... 270
Information Costs and Financial Intermediaries ... 273
Financial Intermediaries and Adverse Selection ... 274
Financial Intermediaries and Moral Hazard ... 275
Review Questions ... 279
Analytical Problems, Data Question ... 280
Consider this…Are Stock Market Signals Affected by Adverse Selection? ... 268
Consider this…Can Falling Prices Raise Information Costs? ... 272
Other times, other places…Corporate Raiders Then and Now ... 274
Moving from theory to practice…On the Cutting Edge of Corporate Control in China, The Wall Street Journal, 10／28／98 ... 276
PART Ⅳ Financial Institutions ... 281
CHAPTER 12 What Financial Institutions Do ... 282
Securities Market Institutions ... 284
Information : Investment Banking ... 284
Liquidity and Risk Sharing : Secondary Markets ... 286
Investment Institutions ... 289
Mutual Funds ... 289
Finance Companies ... 292
Contractual Saving : Insurance Companies ... 293
Principles of Insurance Management ... 293
Life Insurance Companies ... 297
Property and Casualty Insurance Companies ... 298
Regulation of Insurance Companies and Recent Trends ... 299
Contractual Saving : Pension Funds ... 299
Ownership of Pension Funds Assets ... 301
Funding of Pension Funds ... 301
Regulation of Private Pension Plans ... 302
Public Pension Plans ... 302
Recent Trends ... 302
Depository Institutions ... 303
Commercial Banks ... 304
Savings Institutions ... 305
Credit Unions ... 305
Government Financial Institutions ... 308
Direct Role : Federal Credit Agencies ... 308
Indirect Role : Loan Guarantees ... 308
Recent Trends ... 305
Financial Institutions : Blurring the Lines ... 309
Review Questions ... 314
Analytical Problems, Data Question ... 315
Using the news…A Tombstone for Something New? ... 287
Consider this…Can Investors Keep "Captives" at Bay? ... 295
Case Study What Kind of Financial Institution Is a Hedge Fund? ... 306
Moving from theory to practice…Trimming the Hedges, The Economist, 12／5／98 ... 312
CHAPTER 13 The Business of Banking ... 316
How Banks Earn Profits ... 317
Bank Liabilities ... 317
Bank Assets ... 320
Bank Net Worth ... 321
Bank Failure ... 322
Determining Bank Profits ... 322
The Relationship Between Banks and Savers ... 325
Managing Moral Hazard ... 325
Managing Liquidity Risk ... 326
The Relationship Between Banks and Borrowers ... 329
Managing Credit Risk ... 330
Managing Interest Rate Risk ... 335
Expanding the Boundaries of Banking ... 338
Opportunities and Financial Innovation ... 339
Off-Balance-Sheet Lending ... 340
Review Questions ... 347
Analytical Problems ... 348
Data Questions ... 349
Appendix : Measuring the Duration of Bank Assets and Liabilities ... 349
Consider this…How Do Banks Account for Loan Losses? ... 323
Consider this…When Is Credit-Risk Analysis "Discrimination"? ... 331
Case Study Credit Card Lending ... 334
Consider this…Teller Line or On-Line? ... 340
Moving from theory to practice…Scrambling for Lifeboats in Jakarta, The New York Times, 9／23／98 ... 344
CHAPTER 14 The Banking Industry ... 351
Origins of Today's Banking Industry ... 352
Who Regulates Banks ... 353
Chartering and Examination ... 354
Regulating Commercial Banks ... 354
Regulating Savings Institutions ... 355
Regulating Credit Unions ... 355
Why the Banking Industry Is Regulated ... 357
Bank Runs ... 357
The Cost of a Bank Run ... 358
Government Intervention in the Banking Industry ... 359
Lender of Last Resort ... 360
Federal Deposit Insurance ... 361
Restrictions on Banking Industry Competition ... 365
The Banking Industry in Other Countries ... 374
Japanese Banking ... 374
German Banking ... 376
Integration of European Banking ... 377
Review Questions ... 380
Analytical Problems, Data Question ... 381
Other times, other place…Lessons from the Free Banking Period ... 353
Consider this…Is Bank Consolidation Good for Business? ... 366
Case Study Is Banking a Declining Industry? ... 372
Moving from the theory to practice…Banks Better Buck Up, The Economist, 11／28／98 ... 378
CHAPTER 15 Banking Regulation : Crisis and Response ... 382
The Pattern of Regulation ... 383
Lender of Last Resort ... 383
The Great Depression ... 384
Success in Recent Years ... 385
Concluding Remarks ... 387
Anticompetitive Bank Regulation ... 387
The Credit Crunch of 1966 ... 390
Banks' Response ... 390
Regulatory Response ... 392
Concluding Remarks ... 393
The U.S. Deposit Insurance Crisis of the 1980s ... 394
Beginning of the Crisis : Worsening Conditions in S&Ls ... 394
Financial System Response ... 394
Regulatory Response : The S&L Bailout ... 396
The Widening Crisis : Commercial Banks ... 398
Options for Regulatory Reform ... 401
Current issues in Regulatory Reform ... 404
Concluding Remarks ... 405
Lessons from Banking Regulation for Other Institutions ... 406
Insurance Regulation ... 406
Pension Fund Regulation ... 407
Review Questions ... 411
Analytical Problems ... 412
Data Questions ... 413
Consider this…How Does a Lender of Last Resort Protect the Payments System? ... 386
Other times, other place…Money Market Mutual Funds : Japan and the United States ... 389
Consider this…How Severe Is the Deposit Insurance Crisis in Japan? ... 400
Moving from theory to practice…Crisis and Response in Japan, The Financial Times, 11／16／98 ... 408
CHAPTER 16 Banking in the International Economy ... 414
Organization of International Banks ... 415
Overseas Organization of U.S. Banks ... 416
Organization of Foreign Banks in the United States ... 417
Leaders in Global Banking ... 418
Managing Exchange Rate Risk ... 418
Services Provided by International Banks ... 420
Reducing Transactions Costs ... 420
Providing Information Services ... 421
The Rise of Euromarkets ... 423
Euromarket Customers ... 425
Loans in Euromarkets ... 426
Financial Regulation in International Banking ... 427
Capital Requirements ... 428
Deposit Insurance ... 429
Central Bank Intervention ... 430
International Coordination ... 430
Review Questions ... 431
Analytical Problems, Data Question ... 434
Consider this…Why Did Closing BCCI Takes So Long? ... 419
Consider this…Will Europe Kill the Eurobond? ... 426
Other times, other places…Do Sovereigns Default? ... 428
Moving from theory to practice…A Lack of Leadership? The Financial Times, 10／7／98 ... 432
PART Ⅴ The Money Supply Process and Monetary Policy ... 435
CHAPTER 17 The Money Supply Process ... 436
The Fed and the Monetary Base ... 437
The Fed's Liabilities ... 438
The Fed's Assets ... 439
How the Fed Changes the Monetary Base ... 439
Comparing Open Market Operations and Discount Loans ... 444
The Simple Deposit Multiplier ... 445
Multiple Deposit Expansion ... 445
Multiple Deposit Contraction ... 451
The Money Multiplier and Decisions of the Nonbank Public ... 452
Determinants of Portfolio Choice ... 454
Concluding Remarks ... 456
Bank Behavior : Excess Reserves and Discount Loans ... 457
Excess Reserves ... 457
Discount Loans ... 458
Deriving the Money Multiplier and the Money Supply ... 459
Review Questions ... 467
Analytical Problems ... 470
Data Question ... 472
Appendix : The Money Supply Process for M2 ... 472
Consider this…What Are the Origins of Multiple Deposit Expansion? ... 447
Other times, other places…The Money Multiplier and Money Supply During the Early 1930s ... 462
Case Study Using the Money Supply Equation to Predict Money Growth ... 464
Moving from theory to practice…The Fed, the Monetary Base, and Economic Recovery, The Financial Times, 11／18／98 ... 468
CHAPTER 18 Changes in the Monetary Base ... 474
Balance Sheet of the Federal Reserve System ... 474
The Fed's Assets ... 475
The Fed's Liabilities ... 476
Determining the Monetary Base ... 477
Changes in the Monetary Base ... 478
Determinants That Increase the Monetary Base ... 479
Determinants That Decrease the Monetary Base ... 482
Concluding Remarks ... 483
The Federal Budget Deficit and the Monetary Base ... 484
Alternative Strategies ... 486
The Government Budget Constraint and the Monetary Base ... 488
Review Questions, Analytical Problems ... 492
Data Questions ... 493
Using the news…Federal Reserve Data and Change in the Monetary Base ... 480
Other times, other places…Dealing with the Debt : The Treasury-Federal Reserve Accord ... 485
Moving from theory to practice…The Budger Deficit and the Monetary Base in Russia, The Financial Times, 12／9／98 ... 490
CHAPTER 19 Organization of Central Banks ... 494
Power Sharing in the Federal Reserve System ... 495
Creation of the System ... 495
Federal Reserve Banks ... 496
Member Banks ... 498
Board of Governors ... 499
Federal Open Market Committee ... 499
Power and Authority Within the Fed ... 500
How the Fed Operates ... 502
Handling External Pressure ... 502
Examples of Treasury-Fed Conflict ... 504
Factors That Motivate the Fed ... 505
Fed Independence ... 506
Central Bank Independence in Other Countries ... 508
Organization and Independence of the European Central Bank ... 509
Review Question ... 511
Analytical Problem ... 514
Data Questions ... 515
Considers this…Importance of Selecting a Fed Chairman ... 503
Other times, other places…Conflicts Between the Treasury and the Central Bank in Japan over Independence ... 507
Moving from theory to practice…A Team for the ECB, The Financial Times, 10／17-18／98 ... 512
CHAPTER 20 Monetary Policy Tools ... 516
Open Market Operations ... 516
Implementing Open Market Operations ... 517
Open Market Operations versus Other Policy Tools ... 520
Fed Watching and FOMC Directives ... 520
Open Market Operations in Other Countries ... 522
Discount Policy ... 522
Using the Discount Window ... 523
Policing the Discount Window ... 523
Benefits of Discount Policy ... 525
Drawbacks of Discount Policy as a Monetary Policy Tool ... 526
Discount Policy in Other Countries ... 526
Reserve Requirements ... 527
Changes in Reserve Requirements ... 527
Measurement and Compliance ... 528
Criticism of Reserve Requirements ... 528
Reserve Requirements in Other Countries ... 531
Fed Watching : Analyzing the Policy Tools
태그
- 태그
태그저장 중 오류가 발생하였습니다. 재시도 하십시오.
나의 태그
나의 태그 (0)모든 이용자 태그
모든 이용자 태그 (0)
