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TABLE OF CONTENTS……………………………………………………………………………….. 3
PREFACE……………………………………………………………………………………………….. 9
1. MONEY AND THE FINANCIAL SYSTEM …………………………………………….. 10
Financial Markets ………………………………………………………………………. 10
Central Banks ……………………………………………………………………………. 11
Barter and Functions of Money…………………………………………………….. 13
Forms of Money ………………………………………………………………………… 15
Bitcoins ……………………………………………………………………………………. 17
Money Supply Definitions…………………………………………………………… 19
Key Terms………………………………………………………………………………… 21
Chapter Questions………………………………………………………………………. 21
2. OVERVIEW OF THE U.S. FINANCIAL SYSTEM…………………………………….. 23
Financial Intermediation ……………………………………………………………… 23
Financial Instruments………………………………………………………………….. 26
The United States Banking System ……………………………………………….. 28
The Glass Steagall Banking Act……………………………………………………. 30
Financial Innovation …………………………………………………………………… 32
Websites…………………………………………………………………………………… 34
Key Terms………………………………………………………………………………… 34
The Common Financial Instruments………………………………………………. 35
Chapter Questions………………………………………………………………………. 35
3. MULTINATIONAL ENTERPRISES ……………………………………………………… 37
Forms of Business Organizations………………………………………………….. 37
Corporations……………………………………………………………………………… 38
Corporate Fraud…………………………………………………………………………. 41
Expanding into Foreign Countries…………………………………………………. 43
The Law of Comparative Advantage……………………………………………… 45
Key Terms………………………………………………………………………………… 47
Chapter Questions………………………………………………………………………. 48
4. INTERNATIONAL BANKS……………………………………………………………….. 49
Functions of International Banks…………………………………………………… 49
Becoming an International Bank …………………………………………………… 50
Exchange Rate Risk ……………………………………………………………………. 51
International Financial Securities………………………………………………….. 53
Regulatory Oversight ………………………………………………………………….. 55
Key Terms………………………………………………………………………………… 57
Chapter Questions………………………………………………………………………. 57
5. FINANCIAL INSTITUTIONS……………………………………………………………… 59
Securities Market Institutions……………………………………………………….. 59
Investment Institutions………………………………………………………………… 62
Contractual Saving……………………………………………………………………… 63
Depository Institutions………………………………………………………………… 66
Government Financial Institutions ………………………………………………… 67
Key Terms………………………………………………………………………………… 68
Chapter Questions………………………………………………………………………. 68
6. FINANCIAL STATEMENTS AND THE VALUE OF MONEY ……………………….. 70
The Financial Statements…………………………………………………………….. 70
Single Investment ………………………………………………………………………. 75
Multiple Investments ………………………………………………………………….. 77
Compounding Frequency…………………………………………………………….. 78
Annuities and Mortgages…………………………………………………………….. 80
Foreign Investments……………………………………………………………………. 83
Key Terms………………………………………………………………………………… 85
Chapter Questions………………………………………………………………………. 85
7. VALUATION OF STOCKS AND BONDS ………………………………………………. 87
Overview of Bonds…………………………………………………………………….. 87
The Valuation of Bonds………………………………………………………………. 88
Yield to Maturity and Rate of Return …………………………………………….. 92
The Valuation of Stocks………………………………………………………………. 94
Key Terms………………………………………………………………………………… 98
Chapter Questions………………………………………………………………………. 98
8. DETERMINING THE MARKET INTEREST RATES ………………………………… 100
The Supply and Demand for Bonds……………………………………………… 100
Interest Rates and the Business Cycle ………………………………………….. 106
The Fisher Effect ……………………………………………………………………… 107
Bond Prices in an Open Economy……………………………………………….. 109
Key Terms………………………………………………………………………………. 110
Chapter Questions…………………………………………………………………….. 111
9. RISK AND TERM STRUCTURE OF INTEREST RATES……………………………. 112
Default Risk and Bond Prices……………………………………………………… 112
Liquidity and Bond Prices………………………………………………………….. 113
Information Costs and Bond Prices……………………………………………… 114
Taxes and Bond Prices………………………………………………………………. 115
Term Structure of Interest Rates………………………………………………….. 115
Key Terms………………………………………………………………………………. 119
Chapter Questions…………………………………………………………………….. 119
10. THE BANKING BUSINESS…………………………………………………………….. 120
A Bank’s Balance Sheet…………………………………………………………….. 120
A Bank Failure…………………………………………………………………………. 123
The Interest Rate Risk……………………………………………………………….. 127
Securitization and the 2008 Financial Crisis………………………………….. 129
Key Terms………………………………………………………………………………. 131
Chapter Questions…………………………………………………………………….. 131
11. THE MONEY SUPPLY PROCESS …………………………………………………….. 133
The Fed’s Balance Sheet……………………………………………………………. 133
Multiple Deposit Expansion and Contraction ………………………………… 135
The Money Supply Multipliers …………………………………………………… 139
Key Terms………………………………………………………………………………. 143
Chapter Questions…………………………………………………………………….. 143
12. THE FED’S BALANCE SHEET………………………………………………………… 145
The Fed’s Balance Sheet……………………………………………………………. 145
The Check Clearing Process……………………………………………………….. 147
Changes in the Monetary Base ……………………………………………………. 149
Does U.S. Treasury Affect the Monetary Base? …………………………….. 150
A Central Bank Intervenes with its Currency Exchange Rate …………… 153
Key Terms………………………………………………………………………………. 155
Chapter Questions…………………………………………………………………….. 155
13. THE CENTRAL BANKS OF EUROPE AND THE UNITED STATES ……………… 157
Why the U.S. Government Created Federal Reserve System……………. 157
The Federal Reserve System’s Structure ………………………………………. 158
The European Central Bank ……………………………………………………….. 160
Is the Federal Reserve Independent of the U.S. Government? ………….. 162
Key Terms………………………………………………………………………………. 164
Chapter Questions…………………………………………………………………….. 164
14. MONETARY POLICY TOOLS …………………………………………………………. 166
Open-Market Operations……………………………………………………………. 166
Federal Open Market Committee ………………………………………………… 168
Discount Policy………………………………………………………………………… 169
Reserve Requirements……………………………………………………………….. 172
Monetary Policy Goals………………………………………………………………. 174
Time Lags and Targets………………………………………………………………. 175
Key Terms………………………………………………………………………………. 177
Chapter Questions…………………………………………………………………….. 178
15. THE INTERNATIONAL FINANCIAL SYSTEM ……………………………………… 180
Balance of Payments…………………………………………………………………. 180
The Exchange Rate Regimes………………………………………………………. 183
Financing Balance-of-Payments Deficits and Surpluses………………….. 188
Hegemony ………………………………………………………………………………. 191
Key Terms………………………………………………………………………………. 192
Chapter Questions…………………………………………………………………….. 192
16. THE FOREIGN-CURRENCY EXCHANGE RATE MARKETS…………………….. 194
Foreign Exchange Rates…………………………………………………………….. 194
Demand and Supply for Foreign Currencies………………………………….. 196
Factors that Shift Demand and Supply Functions…………………………… 199
Fixed Exchange Rates……………………………………………………………….. 202
Key Terms………………………………………………………………………………. 205
Chapter Questions…………………………………………………………………….. 205
17. INTERNATIONAL PARITY CONDITIONS …………………………………………… 207
A Random Walk ………………………………………………………………………. 207
Purchasing Power Parity (PPP) Theory ………………………………………… 208
Quantity Theory of Money…………………………………………………………. 213
International Fisher Effect………………………………………………………….. 214
Interest Rate Parity Theorem………………………………………………………. 217
Key Terms………………………………………………………………………………. 221
Chapter Questions…………………………………………………………………….. 221
18. DERIVATIVE SECURITIES AND DERIVATIVE MARKETS………………………. 223
Forward and Spot Transactions…………………………………………………… 223
Futures and Forward Contracts …………………………………………………… 224
Options Contract………………………………………………………………………. 227
Special Derivatives…………………………………………………………………… 231
Evaluating Currency Swaps ……………………………………………………….. 234
Key Terms………………………………………………………………………………. 235
Chapter Questions…………………………………………………………………….. 236
19. TRANSACTION AND ECONOMIC EXPOSURES……………………………………. 238
Exposure Types ……………………………………………………………………….. 238
Measuring and Protecting against Transaction Exposure …………………. 239
Measuring and Protecting against Economic Exposure……………………. 246
Key Terms………………………………………………………………………………. 249
Chapter Questions…………………………………………………………………….. 249
20. POLITICAL, COUNTRY, AND GLOBAL SPECIFIC RISKS……………………….. 251
Political, Country, and Global Specific Risks………………………………… 251
Measuring Country Risk ……………………………………………………………. 257
International Credit Rating Agencies……………………………………………. 260
Key Terms………………………………………………………………………………. 261
Chapter Questions…………………………………………………………………….. 263
ANSWERS TO CHAPTER QUESTIONS ………………………………………………………… 264
Answers to Chapter 1 Questions …………………………………………………. 264
Answers to Chapter 2 Questions …………………………………………………. 265
Answers to Chapter 3 Questions …………………………………………………. 267
Answers to Chapter 4 Questions …………………………………………………. 268
Answers to Chapter 5 Questions …………………………………………………. 269
Answers to Chapter 6 Questions …………………………………………………. 270
Answers to Chapter 7 Questions …………………………………………………. 272
Answers to Chapter 8 Questions …………………………………………………. 273
Answers to Chapter 9 Questions …………………………………………………. 274
Answers to Chapter 10 Questions………………………………………………… 275
Answers to Chapter 11 Questions………………………………………………… 276
Answers to Chapter 12 Questions………………………………………………… 277
Answers to Chapter 13 Questions………………………………………………… 278
Answers to Chapter 14 Questions………………………………………………… 279
Answers to Chapter 15 Questions………………………………………………… 281
Answers to Chapter 16 Questions………………………………………………… 282
Answers to Chapter 17 Questions………………………………………………… 284
Answers to Chapter 18 Questions………………………………………………… 285
Answers to Chapter 19 Questions………………………………………………… 287
Answers to Chapter 20 Questions………………………………………………… 288
REFERENCES ………………………………………………………………………………………. 290