LEADER 13381oam 2200625 450 001 9910154953503321 005 20210426235653.0 010 $a1-292-09419-2 035 $a(MiAaPQ)EBC5174869 035 $a(MiAaPQ)EBC5176296 035 $a(MiAaPQ)EBC5138441 035 $a(MiAaPQ)EBC5832919 035 $a(MiAaPQ)EBC6398899 035 $a(Au-PeEL)EBL5138441 035 $a(OCoLC)1015869524 035 $a(PPN)198606605 035 $a(EXLCZ)993710000000479759 100 $a20210426d2016 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 14$aThe economics of money, banking, and financial markets /$fFrederic S. Mishkin 205 $aEleventh edition, Global edition. 210 1$aBoston :$cPearson,$d[2016] 210 4$d©2016 215 $a1 online resource (744 pages) $cillustrations 225 1 $aPearson Series in Economics 300 $aIncludes index. 311 08$a1-292-09418-4 327 $aCover -- Title Page -- Copyright Page -- Brief Contents -- Contents in Detail -- Preface -- Acknowledgments -- About the Author -- Part 1: Introduction -- Chapter 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 we will Study Money, Banking, and Financial Markets -- Concluding Remarks -- Appendix to Chapter 1: Defining Aggregate Output, Income, the Price Level, and the Inflation Rate -- Aggregate Output and Income -- Real Versus Nominal Magnitudes -- Aggregate Price Level -- Growth Rates and the Inflation Rate -- Chapter 2: An Overview of the Financial System -- Function of Financial Markets -- Structure of Financial Markets -- Financial Market Instruments -- Following the Financial News: Money Market Rates -- Following the Financial News: Capital Market Interest Rates -- Internationalization of Financial Markets -- Global: Are U.S. Capital Markets Losing their Edge? -- Function of Financial Intermediaries: Indirect Finance -- Following the Financial News: Foreign Stock Market Indexes -- Global: The Importance of Financial Intermediaries Relative to Securities Markets: An International Comparison -- Types of Financial Intermediaries -- Regulation of the Financial System -- Chapter 3: What Is Money? -- Meaning of Money -- Functions of Money -- Evolution of the Payments System -- FYI: Are We Headed for a Cashless Society? -- APPLICATION: Will Bitcoin Become the Money of the Future? -- Measuring Money -- Following the Financial News: The Monetary Aggregates -- FYI: Where Are All the U.S. Dollars? -- Part 2: Financial Markets -- Chapter 4: The Meaning of Interest Rates -- Measuring Interest Rates -- APPLICATION: Simple Present Value -- APPLICATION: How Much Is That Jackpot Worth?. 327 $aAPPLICATION: Yield to Maturity on a Simple Loan -- APPLICATION: Yield to Maturity and the Yearly Payment on a Fixed-Payment Loan -- APPLICATION: Yield to Maturity and Bond Price for a Coupon Bond -- APPLICATION: Yield to Maturity on a Perpetuity -- APPLICATION: Yield to Maturity on a Discount Bond -- The Distinction Between Interest Rates And Returns -- The Distinction Between Real And Nominal Interest Rates -- APPLICATION: Calculating Real Interest Rates -- Chapter 5: The Behavior of Interest Rates -- Determinants of Asset Demand -- Supply and Demand in the Bond Market -- Changes in Equilibrium Interest Rates -- APPLICATION: Changes in the Interest Rate Due to Expected Inflation: The Fisher Effect -- APPLICATION: Changes in the Interest Rate Due to a Business Cycle Expansion -- APPLICATION: Explaining Low Japanese Interest Rates -- Supply And Demand in the Market For Money: The Liquidity Preference Framework -- Changes in Equilibrium Interest Rates in the Liquidity Preference Framework -- APPLICATION: Changes in the Equilibrium Interest Rate Due to Changes in Income, the Price Level, or the Money Supply -- Money and Interest Rates -- APPLICATION: Does a Higher Rate of Growth of the Money Supply Lower Interest Rates? -- Chapter 6: The Risk and Term Structure of Interest Rates -- Risk Structure of Interest Rates -- FYI: Conflicts of Interest at Credit-Rating Agencies and the Global Financial Crisis -- APPLICATION: The Global Financial Crisis and the Baa-Treasury Spread -- APPLICATION: Effects of the Obama Tax Increase on Bond Interest Rates -- Term Structure of Interest Rates -- Following the Financial News: Yield Curves -- FYI: The Yield Curve as a Forecasting Tool for Inflation and the Business Cycle -- APPLICATION: Interpreting Yield Curves, 1980-2014. 327 $aChapter 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 -- APPLICATION: Monetary Policy and Stock Prices -- APPLICATION: The Global Financial Crisis and the Stock Market -- The Theory of Rational Expectations -- The Efficient Market Hypothesis: Rational Expectations in Financial Markets -- Global: Should Foreign Exchange Rates Follow a Random Walk? -- APPLICATION: Practical Guide to Investing in the Stock Market -- FYI: Should You Hire an Ape as Your Investment Adviser? -- Why the Efficient Market Hypothesis Does Not Imply that Financial Markets are Efficient -- APPLICATION: What Do Stock Market Crashes Tell Us About the Efficient Market Hypothesis and the Efficiency of Financial Markets? -- Behavioral Finance -- Part 3: Financial Institutions -- Chapter 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 -- FYI: The Enron Implosion -- How Moral Hazard Affects the Choice Between Debt and Equity Contracts -- How Moral Hazard Influences Financial Structure in Debt Markets -- APPLICATION: Financial Development and Economic Growth -- FYI: The Tyranny of Collateral -- APPLICATION: Is China a Counterexample to the Importance of Financial Development? -- Chapter 9: Banking and the Management of Financial Institutions -- The Bank Balance Sheet -- Basic Banking -- General Principles of Bank Management -- APPLICATION: Strategies for Managing Bank Capital -- APPLICATION: How a Capital Crunch Caused a Credit Crunch During the Global Financial Crisis -- Managing Credit Risk -- Managing Interest-Rate Risk. 327 $aAPPLICATION: Strategies for Managing Interest-Rate Risk -- Off-Balance-Sheet Activities -- Global: Barings, Daiwa, Sumitomo, Socie?te? Ge?ne?rale, and JP Morgan Chase: Rogue Traders and the Principal-Agent Problem -- Chapter 10: Economic Analysis of Financial Regulation -- Asymmetric Information as a Rationale for Financial Regulation -- Global: The Spread of Government Deposit Insurance Throughout the World: Is This a Good Thing? -- Types of Financial Regulation -- Global: Where Is the Basel Accord Heading After the Global Financial Crisis? -- FYI: Mark-to-Market Accounting and the Global Financial Crisis -- Global: International Financial Regulation -- Chapter 11: Banking Industry: Structure and Competition -- Historical Development of the Banking System -- Financial Innovation and the Growth of the "Shadow Banking System" -- FYI: Will "Clicks" Dominate "Bricks" in the Banking Industry? -- FYI: Bruce Bent and the Money Market Mutual Fund Panic of 2008 -- Structure of the U.S. Commercial Banking Industry -- Bank Consolidation And Nationwide Banking -- Global: Comparison of Banking Structure in the United States and Abroad -- Separation of Banking and Other Financial Service Industries -- FYI: The Global Financial Crisis and the Demise of Large, Free-Standing Investment Banks -- Thrift Industry: Regulation and Structure -- International Banking -- Global: Ironic Birth of the Eurodollar Market -- Chapter 12: Financial Crises in Advanced Economies -- What is a Financial Crisis? -- Dynamics of Financial Crises -- APPLICATION: The Mother of All Financial Crises: The Great Depression -- The Global Financial Crisis of 2007-2009 -- FYI: Collateralized Debt Obligations (CDOs) -- Inside the Fed: Was the Fed to Blame for the Housing Price Bubble? -- Global: The European Sovereign Debt Crisis -- Government Intervention and the Recovery. 327 $aGlobal: Latvia's Different and Controversial Response: Expansionary Contraction -- Stabilizing the Global Financial System: Longterm Responses -- FYI: The LIBOR Scandal -- Future Regulations and Policy Areas at the International Level -- Chapter 13: Financial Crises in Emerging Economies -- Dynamics of Financial Crises in Emerging Market Economies -- APPLICATION: Crisis in South Korea, 1997-1998 -- APPLICATION: The Argentine Financial Crisis, 2001-2002 -- Global: When an Advanced Economy Is Like an Emerging Market Economy: The Icelandic Financial Crisis of 2008 -- Preventing Emerging Market Financial Crises -- Part 4: Central Banking and the Conduct of Monetary Policy -- Chapter 14: Central Banks: A Global Perspective -- Origins of the Federal Reserve System -- Structure of the Federal Reserve System -- Inside the Fed: The FOMC Meeting -- How Independent Is the Fed? -- Inside the Fed: Styles of Federal Reserve Chairs: Bernanke and Yellen Versus Greenspan -- Should the Fed be Independent? -- Explaining Central Bank Behavior -- Structure and Independence of the European Central Bank -- Central Banks Round the World -- Global: Islamic Finance: Alternative Ethical Solutions to Financial Stability -- Structure and Independence of Other Foreign Central Banks -- Chapter 15: The Money Supply Process -- Three Players in the Money Supply Process -- The Fed's Balance Sheet -- Control of the Monetary Base -- Multiple Deposit Creation: A Simple Model -- Factors That Determine the Money Supply -- Overview of the Money Supply Process -- The Money Multiplier -- APPLICATION: Quantitative Easing and the Money Supply, 2007-2014 -- Chapter 16: Tools of Monetary Policy -- The Market for Reserves and the Federal Funds Rate -- APPLICATION: How the Federal Reserve's Operating Procedures Limit Fluctuations in the Federal Funds Rate -- Conventional Monetary Policy Tools. 327 $aInside the Fed: A Day at the Trading Desk. 330 $aFor courses in Money and Banking or General Economics.     An Analytical Framework for Understanding Financial Markets   The Economics of Money, Banking and Financial Markets brings a fresh perspective to today's major questions surrounding financial policy. Influenced by his term as Governor of the Federal Reserve, Frederic Mishkin offers students a unique viewpoint and informed insight into the monetary policy process, the regulation and supervision of the financial system, and the internationalization of financial markets.     Continuing to set the standard for money and banking courses, the Eleventh Edition provides a unifying, analytic framework for learning that fits a wide variety of syllabi. Core economic principles organize students' thinking, while current real-world examples keep them engaged and motivated.     MyEconLab is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.   Please note that the product you are purchasing does not include MyEconLab.   MyEconLab   Join over 11 million students benefiting from Pearson MyLabs.   This title can be supported by MyEconLab, an online homework and tutorial system designed to test and build your understanding. Would you like to use the power of MyEconLab to accelerate your learning?  You need both an access card and a course ID to access MyEconLab.   These are the steps you need to take:   1.  Make sure that your lecturer is already using the system Ask your lecturer before purchasing a MyLab product as you will need a course ID from them before you can gain access to the system. 2. 330 8 $a Check whether an access card has been included with the book at a reduced cost If it has, it will be on the inside back cover of the book. 3. If you have a course ID but no access code, you can benefit from MyEconLab at a reduced price by purchasing a pack containing a copy of the book and an access code for MyEconLab (ISBN:9781292094304) 4.  If your lecturer is using the MyLab and you would like to purchase the product... Go to  www.myeconlab.com to buy access to this interactive study programme.   For educator access, contact your Pearson representative. To find out who your Pearson representative is, visit www.pearsoned.co.uk/replocator. 410 0$aPearson series in economics. 606 $aBanks and banking 606 $aFinance 606 $aMoney 615 0$aBanks and banking. 615 0$aFinance. 615 0$aMoney. 676 $a332.1 700 $aMishkin$b Frederic S.$0115649 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bUtOrBLW 906 $aBOOK 912 $a9910154953503321 996 $aEconomics of money, banking, and financial markets$9967120 997 $aUNINA