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| 杰夫·马杜拉(Jeff Madura),美国佛罗里达亚特兰大大学金融系教授,他在《金融与数量分析》、《货币、信贷与银行》、《风险与保险》等众多一流刊物上发表了有关银行与金融市场研究方面的学术论文。杰夫·马杜拉教授因其在教学和研究方面的突出贡献而多次获奖,并曾担任商业银行、证券公司的顾问,还曾任美国南方金融协会与东方金融协会的理事以及南方金融协会会长。 |
| PART I 1 Overview of the Financial Environment 2 Chapter 1 Role of Financial Markets and Institutions Overview of Financial Markets Money versus Capital Markets Primary versus Secondary Markets Organized versus Over-the-Counter Markets Securities Traded in Financial Markets Money Market Securities Capital Market Securities Derivative Securities Valuation of Securities in Financial Markets Market Pricing of Securities Market Efficiency Financial Market Regulation Disclosure Other Regulations Financial Market Globalization Role of the Foreign Exchange Market Foreign Exchange Rates Role of Financial Institutions in Financial Markets Role of Depository Institutions 11 Role of Nondepository financial Institutions Comparison of Roles among Financial Institutions Overview of Financial Institutions 19 Competition between Financial Institutions Consolidation of Financial Institutions Participation in Financial Markets Global Expansion by Financial Institutions 30 Chapter 2 Determination of Interest Rates Loanable Funds Theory 30 Household Demand for Loanable Funds Business Demand for Loanable Funds Government Demand for Loanable Funds Foreign Demand for Loanable Funds Aggregate Demand for Loanable Fund~ Supply of Loanable Funds 34 Equilibrium Interest Rate 36 Economic Forces That Affect Interest Rates Impact of Economic Growth on Interest Rates Impact of Inflation on Interest Rates 39 Impact of the Money Supply on Interest Rates Impact of the Budget Deficit on Interest Rates Impact of Foreign Flows of Funds on Interest Rates Summary of Forces That Affect Interest Rates Evaluation of Interest Rates over Time Forecasting Interest Rates 53 Chapter Structure of Interest Rates Characteristics of Debt Securities That Cause Their Yields to Vary Credit (Default) Risk Liquidity Tax Status Term to Maturity Special Provisions Explaining Actual Yield Differentials Yield Differentials of Money Market Securities Yield Differentials of Capital Market Securities Estimating the Appropriate Yield A Closer Look at the Term Structure Pure Expectations Theory Liquidity Premium Theory Segmented Markets Theory Research on Term Structure Theories Integrating the Theories of the Term Structure Uses of the Term Structure Impact of Debt Management on Term Structure Impact of September 11 on the Term Structure Historical Review of the Term Structure International Structure of Interest Rates Integ rative Problem: Interest Rate Forecasts and Investment Decisions PART II 85 The Fed and Monetary Policy 86 Chapter 4 Functions of the Fed Organization of the Fed Federal Reserve District Banks Member Banks Board of Governors Federal Open Market Committee (FOMC) Advisory Committees Integration of FederaI Reserve Components Monetary Policy Tools Open Market Operations Adjusting the Discount Rate Adjusting the Reserve Requirement Ratio Comparison of Monetary Policy Toos Impact of Technical Factors on Funds Fed Contr01 of the Money Supply Limitations of Controlling Money Supply Monetary Control Act of 1980 G10bal Monetary Policy A Single Euro Zone Monetary Policy Global Central Bank Coordination Summary Questions and Applications 107 Chapter Monetary Theory and Policy Monetary Theory Pure Keynesian Theory Quantity Theory and the Monetarist Approach Theory of Rational Expectations WhichTheoryisCorrect? Tradeoff Faced bv山e Fed Impact ofOther Forces on the Trade off Economic Indicators Monitored by the Fed Indicators of Economic Growth Indicators of Inflation How the Fed Uses Indicators Lags in Monetary Policy Assessing the Impact of Monetary Policy Forecasting Money Supp~Movements Forecasting the Impact ofMonetary Policy Integrating Monetary and Fiscal Policies History Monetizing the Debt Market Assessment ofIntegrated Policies G1obal Etiects of Monetary Policy Impact of the Dollar Impact of Global Economic Conditions Transmission ofInterest Rates Fed Policy during the Asian Crisis Summary 133·Questions and Applications Integrative Problem:Fed Watching PART Ⅲ 139 Debt Security Markets 140 Chapter Money Markets Money Market Securities Treasury Bills CommercialPaper Negotiable Certificates of Deposit Repurchase Agreements Federal Funds Banker~Acceptances Institutional Use of Money Markets valuation of Money Market Securities Explaining Money Market Price Movements Indicators ofFuture Money Market Security Prices Risk of Money Market Securities MeasuringRisk Interaction among Money Market Yields Globalization of Money Markets Eurodollar Deposits and Euronotes Euro-CommerciaI Paper Performance ofForeign Money Market Securities Summary 155-Questions and Applications Problems 162 Chapter Bond Markets Background on Bonds BondYields Treasury and Federal Agency Bonds Treasury Bond Auction Trading Treasury Bonds Treasury Bond Quotations Stripped Treasury Bonds Inflation-Indexed Treasury Bonds Brady Bonds FederalAgency Bonds Municipal Bonds Tradingand Quotations Corporate Bonds Private Placements ofCorporate Bonds Characteristics of Corporate Bonds TradingCorporateBonds Corporate Bond Quotations Junk Bonds How Corporate Bonds Facilitate Restructuring Institutional Use of Bond Markets Globalization of Bond Markets Eurobond Market Tax Egects Summary Questions and Applications 182Chapter Bond Valuation and Risk Bond Valuation Process BondValuationwith aPresentValue Table Impact of the Discount Rate on Bond Valuation Impact oftheTimingofPayments on Bond Valuation Valuation ofBonds with Semiannual Payments Use ofAnnulty Tables for Valuation Relationships Between Coupon Rate,Required Return,and Bond Price Implications for Financial Institutions Explaining Bond Price Movements Factors That Affectthe Risk-Free Rate PART Ⅳ G-1 Glossary |
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