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• COVER
• TITLE PAGE
• PREFACE
• WHY READ THIS BOOK?
• WHY THIS EDITION IS BETTER THAN PREVIOUS ONES
• ORGANIZATION OF THE BOOK
• ANCILLARY PACKAGE
• ACKNOWLEDGMENTS
• ABOUT THE AUTHORS
• DAVID S. KIDWELL
• DAVID W. BLACKWELL
• DAVID A. WHIDBEE
• RICHARD W. SIAS
• PART 1: THE FINANCIAL SYSTEM
• CHAPTER ONE: AN OVERVIEW OF FINANCIAL MARKETS AND INSTITUTIONS
• 1.1 THE FINANCIAL SYSTEM
• 1.2 FINANCIAL MARKETS AND DIRECT FINANCING
• 1.3 TYPES OF FINANCIAL MARKETS
• 1.4 THE MONEY MARKETS
• 1.5 THE CAPITAL MARKETS
• 1.6 FINANCIAL INTERMEDIARIES AND INDIRECT FINANCING
• 1.7 TYPES OF FINANCIAL INTERMEDIARIES
• 1.8 THE RISKS FINANCIAL INSTITUTIONS MANAGE
• 1.9 REGULATION OF THE FINANCIAL SYSTEM
• 1.10 ETHICS AND THE FINANCIAL SYSTEM
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER TWO: THE FEDERAL RESERVE AND ITS POWERS
• 2.1 ORIGINS OF THE FEDERAL RESERVE SYSTEM
• 2.2 THE CURRENT STRUCTURE OF THE FED
• 2.3 MONETARY POWERS OF THE BOARD OF GOVERNORS
• 2.4 THE FED’S REGULATORY POWERS
• 2.5 INDEPENDENCE OF THE FED
• 2.6 THE FED’S BALANCE SHEET
• 2.7 THE FED’S ROLE IN CHECK CLEARING AND THE GROWTH OF ELECTRONIC PAYMENTS
• 2.8 FEDERAL RESERVE TOOLS OF MONETARY POLICY
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER THREE: THE FED AND INTEREST RATES
• 3.1 FEDERAL RESERVE CONTROL OF THE MONEY SUPPLY
• 3.2 THE FED’S INFLUENCE ON INTEREST RATES
• 3.3 THE TREASURY DEPARTMENT AND FISCAL POLICY
• 3.4 GOALS OF MONETARY POLICY
• 3.5 THE FED AND THE ECONOMY
• 3.6 COMPLICATIONS OF MONETARY POLICY
• 3.7 ANATOMY OF A FINANCIAL CRISIS
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• PART 2: HOW INTEREST RATES ARE DETERMINED
• CHAPTER FOUR: THE LEVEL OF INTEREST RATES
• 4.1 WHAT ARE INTEREST RATES?
• 4.2 THE REAL RATE OF INTEREST
• 4.3 LOANABLE FUNDS THEORY OF INTEREST
• 4.4 PRICE EXPECTATIONS AND INTEREST RATES
• 4.5 A RESTATEMENT OF THE FISHER EQUATION
• 4.6 FORECASTING INTEREST RATES
• 4.7 INTEREST RATES AND CURRENCY VALUES
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER FIVE: BOND PRICES AND INTEREST RATE RISK
• 5.1 THE TIME VALUE OF MONEY
• 5.2 BOND PRICING
• 5.3 BOND YIELDS
• 5.4 IMPORTANT BOND PRICING RELATIONSHIPS
• 5.5 INTEREST RATE RISK AND DURATION
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER SIX: THE STRUCTURE OF INTEREST RATES
• 6.1 THE TERM STRUCTURE OF INTEREST RATES
• 6.2 DEFAULT RISK
• 6.3 TAX TREATMENT
• 6.4 MARKETABILITY
• 6.5 OPTIONS ON DEBT SECURITIES
• 6.6 BEHAVIOR OF INTEREST RATES OVER THE BUSINESS CYCLE
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• PART 3: FINANCIAL MARKETS
• CHAPTER SEVEN: MONEY MARKETS
• 7.1 HOW THE MONEY MARKETS WORK
• 7.2 ECONOMIC ROLE OF THE MONEY MARKETS
• 7.3 FEATURES OF MONEY MARKET INSTRUMENTS
• 7.4 TREASURY BILLS
• 7.5 FEDERAL AGENCY SECURITIES
• 7.6 FEDERAL FUNDS
• 7.7 OTHER MAJOR MONEY MARKET INSTRUMENTS
• 7.8 MONEY MARKET PARTICIPANTS
• 7.9 THE IMPACT OF THE 2007–2008 FINANCIAL CRISIS ON THE MONEY MARKETS
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER EIGHT: BOND MARKETS
• 8.1 FUNCTIONS OF THE CAPITAL MARKETS
• 8.2 THE U.S. GOVERNMENT AND AGENCY SECURITIES
• 8.3 STATE AND LOCAL GOVERNMENT BONDS
• 8.4 CORPORATE BONDS
• 8.5 FINANCIAL GUARANTEES
• 8.6 SECURITIZED CREDIT INSTRUMENTS
• 8.7 CAPITAL MARKET REGULATORS
• 8.8 BOND MARKETS AROUND THE WORLD ARE INCREASINGLY LINKED
• 8.9 THE IMPACT OF THE 2007–2008 FINANCIAL CRISIS ON THE BOND MARKETS
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER NINE: MORTGAGE MARKETS AND MORTGAGE‐BACKED SECURITIES
• 9.1 THE UNIQUE NATURE OF MORTGAGE MARKETS
• 9.2 TYPES OF MORTGAGES
• 9.3 MORTGAGE QUALIFYING
• 9.4 MORTGAGE‐BACKED SECURITIES
• 9.5 MORTGAGE PREPAYMENT RISK AND OTHER MBS
• 9.6 PARTICIPANTS IN THE MORTGAGE MARKETS
• 9.7 RELATIONSHIP BETWEEN MORTGAGE MARKETS AND THE CAPITAL MARKETS
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER TEN: EQUITY MARKETS
• 10.1  WHAT ARE EQUITY SECURITIES?
• 10.2  EQUITY MARKETS
• 10.3  EQUITY TRADING
• 10.4  GLOBAL STOCK MARKETS
• 10.5  LARGE‐SCALE AND HIGH FREQUENCY TRADING
• 10.6  REGULATION OF EQUITY MARKETS
• 10.7  STOCK MARKET INDEXES
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER ELEVEN: DERIVATIVES MARKETS
• 11.1  THE NATURE OF DERIVATIVE SECURITIES
• 11.2  FORWARD MARKETS
• 11.3  FUTURES MARKETS
• 11.4  USES OF THE FINANCIAL FUTURES MARKETS
• 11.5  RISKS IN THE FUTURES MARKETS
• 11.6  OPTIONS MARKETS
• 11.7  SWAP MARKETS
• KEY TERMS
• SUMMARY OF LEARNING OBJECTIVES
• QUESTIONS AND PROBLEMS
• CHAPTER TWELVE: INTERNATIONAL MARKETS
• 12.1 THE DIFFICULTIES OF INTERNATIONAL TRADE
• 12.2 EXCHANGE RATES
• 12.3 BALANCE OF PAYMENTS
• 12.4 FOREIGN EXCHANGE MARKETS
• 12.5 SPOT AND FORWARD TRANSACTIONS
• 12.6 CAPITAL FLOWS AND EXCHANGE RATES
• 12.7 GOVERNMENT INTERVENTION IN FOREIGN EXCHANGE MARKETS
• 12.8 FINANCING INTERNATIONAL TRADE
• 12.9 INTERNATIONAL MONEY AND CAPITAL MARKETS
• 12.10 THE GLOBALIZATION OF FINANCIAL MARKETS
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• PART 4: COMMERCIAL BANKING
• CHAPTER THIRTEEN: COMMERCIAL BANK OPERATIONS
• 13.1 AN OVERVIEW OF THE BANKING INDUSTRY
• 13.2 BALANCE SHEET FOR A COMMERCIAL BANK
• 13.3 THE SOURCE OF BANK FUNDS
• 13.4 BANK USES OF FUNDS: BANK INVESTMENTS AND CASH ASSETS
• 13.5 BANK USES OF FUNDS: LOANS AND LEASES
• 13.6 LOAN PRICING
• 13.7 ANALYSIS OF LOAN CREDIT RISK
• 13.8 FEE‐BASED SERVICES
• 13.9 OFF‐BALANCE‐SHEET BANKING
• 13.10 BANK EARNINGS
• 13.11 BANK PERFORMANCE
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER FOURTEEN: INTERNATIONAL BANKING
• 14.1 DEVELOPMENT OF INTERNATIONAL BANKING
• 14.2 REGULATION OF OVERSEAS BANKING ACTIVITIES
• 14.3 DELIVERY OF OVERSEAS BANKING SERVICES
• 14.4 INTERNATIONAL LENDING
• 14.5 FOREIGN BANKS IN THE UNITED STATES
• 14.6 FUTURE DIRECTIONS OF INTERNATIONAL BANKING
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER FIFTEEN: REGULATION OF FINANCIAL INSTITUTIONS
• 15.1 REASONS FOR REGULATION
• 15.2 BANK FAILURES AND REGULATION
• 15.3 SAFETY AND SOUNDNESS REGULATION: DEPOSIT INSURANCE
• 15.4 DEPOSIT INSURANCE ISSUES
• 15.5 SAFETY AND SOUNDNESS REGULATION: CAPITAL REQUIREMENTS
• 15.6 BANK EXAMINATIONS
• 15.7 STRUCTURE AND COMPETITION REGULATIONS
• 15.8 CONSUMER PROTECTION REGULATIONS
• 15.9 BANK REGULATORS
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• PART 5: FINANCIAL INSTITUTIONS
• CHAPTER SIXTEEN: THRIFT INSTITUTIONS AND FINANCE COMPANIES
• 16.1 HISTORICAL DEVELOPMENT OF SAVINGS INSTITUTIONS
• 16.2 OPERATIONS OF SAVINGS INSTITUTIONS
• 16.3 CREDIT UNIONS
• 16.4 THRIFT INSTITUTIONS AROUND THE GLOBE
• 16.5 FINANCE COMPANIES
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER SEVENTEEN: INSURANCE COMPANIES AND PENSION FUNDS
• 17.1 INSURANCE
• 17.2 THE INSURANCE INDUSTRY
• 17.3 LIFE AND HEALTH INSURANCE PRODUCTS
• 17.4 PROPERTY AND LIABILITY INSURANCE PRODUCTS
• 17.5 PENSIONS
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER EIGHTEEN: INVESTMENT BANKING
• 18.1 THE RELATIONSHIP BETWEEN COMMERCIAL AND INVESTMENT BANKING
• 18.2 PRIMARY SERVICES OF AN INVESTMENT BANK
• 18.3 PRIVATE EQUITY
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER NINETEEN: INVESTMENT COMPANIES
• 19.1 INVESTMENT COMPANIES
• 19.2 OPEN‐END MUTUAL FUNDS
• 19.3 CLOSED‐END MUTUAL FUNDS
• 19.4 EXCHANGE‐TRADED FUNDS
• 19.5 HEDGE FUNDS
• 19.6 REAL ESTATE INVESTMENT TRUSTS
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• CHAPTER TWENTY: RISK MANAGEMENT IN FINANCIAL INSTITUTIONS
• 20.1 THE DILEMMA: PROFITABILITY VERSUS SAFETY
• 20.2 LIQUIDITY MANAGEMENT
• 20.3 MANAGING CREDIT RISK
• 20.4 MEASURING AND ASSESSING INTEREST RATE RISK
• 20.5 HEDGING INTEREST RATE RISK
• SUMMARY OF LEARNING OBJECTIVES
• KEY TERMS
• QUESTIONS AND PROBLEMS
• GLOSSARY
• INDEX
• END USER LICENSE AGREEMENT