11377nam a22005053i 4500 EBC6685796 MiAaPQ 20260706084519.0 m o d | cr cnu|||||||| 260706s2021 xx o ||||0 eng d 9781292409566 (electronic bk.) 9781292409481 (MiAaPQ)EBC6685796 (Au-PeEL)EBL6685796 (OCoLC)1262374026 MiAaPQ eng rda pn MiAaPQ MiAaPQ HG1601 .M574 2022 332 Mishkin, Frederic. Economics of Money, Banking and Financial Markets, the, Global Edition. 13th ed. Harlow : Pearson Education, Limited, 2021. �2021. 1 online resource (720 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier Cover -- Applying Theory to the Real World: Applications and Boxes -- Title Page -- Copyright -- Dedication -- About the Author -- Brief Contents -- Contents in Detail -- Additional Contents on MyLab Economics -- Preface -- Part 1: Introduction -- Chapter 1: Why Study Money, Banking, and Financial Markets? -- 1.1 Why Study Financial Markets? -- Debt Markets and Interest Rates -- The Stock Market -- 1.2 Why Study Financial Institutions and Banking? -- Structure of the Financial System -- Banks and Other Financial Institutions -- Financial Innovation -- Financial Crises -- 1.3 Why Study Money and Monetary Policy? -- Money and Business Cycles -- Money and Inflation -- Money and Interest Rates -- Conduct of Monetary Policy -- Fiscal Policy and Monetary Policy -- 1.4 Why Study International Finance? -- The Foreign Exchange Market -- The International Financial System -- 1.5 Money, Banking, and Financial Markets and Your Career -- 1.6 How We Will Study Money, Banking, and Financial Markets -- Concluding Remarks -- Summary -- Key Terms -- Questions -- Applied Problems -- Data Analysis Problems -- 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 -- 2.1 Function of Financial Markets -- 2.2 Structure of Financial Markets -- Debt and Equity Markets -- Primary and Secondary Markets -- Exchanges and Over-the-Counter Markets -- Money and Capital Markets -- 2.3 Financial Market Instruments -- Money Market Instruments -- Following the Financial News Money Market Rates -- Capital Market Instruments -- Following the Financial News Capital Market Interest Rates -- 2.4 Internationalization of Financial Markets. Global Are U.S. Capital Markets Losing Their Edge? -- International Bond Market, Eurobonds, and Eurocurrencies -- World Stock Markets -- 2.5 Function of Financial Intermediaries: Indirect Finance -- Following the Financial News Foreign Stock Market Indexes -- Transaction Costs -- Global The Importance of Financial Intermediaries Relative to Securities Markets: An International Comparison -- Risk Sharing -- Asymmetric Information: Adverse Selection and Moral Hazard -- Economies of Scope and Conflicts of Interest -- 2.6 Types of Financial Intermediaries -- Depository Institutions -- Contractual Savings Institutions -- Investment Intermediaries -- 2.7 Regulation of the Financial System -- Increasing Information Available to Investors -- Ensuring the Soundness of Financial Intermediaries -- Financial Regulation Abroad -- Summary -- Key Terms -- Questions -- Applied Problems -- Data Analysis Problems -- Chapter 3: What Is Money? -- 3.1 Meaning of Money -- 3.2 Functions of Money -- Medium of Exchange -- Unit of Account -- Store of Value -- 3.3 Evolution of the Payments System -- Commodity Money -- Fiat Money -- Checks -- Electronic Payment -- E-Money -- FYI Are We Headed for a Cashless Society? -- Application Will Bitcoin or Other Cryptocurrencies Become the Money of the Future? -- 3.4 Measuring Money -- The Federal Reserve's Monetary Aggregates -- Following the Financial News The Monetary Aggregates -- FYI Where Are All the U.S. Dollars? -- Summary -- Key Terms -- Questions -- Applied Problems -- Data Analysis Problems -- Part 2: Financial Markets -- Chapter 4: The Meaning of Interest Rates -- 4.1 Measuring Interest Rates -- Present Value -- Application Simple Present Value -- Application How Much Is That Jackpot Worth? -- Four Types of Credit Market Instruments -- Yield to Maturity -- Application 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 -- 4.2 The Distinction Between Interest Rates and Returns -- Global Negative Interest Rates? Japan First, Then the United States, Then Europe -- Maturity and the Volatility of Bond Returns: Interest-Rate Risk -- Summary -- 4.3 The Distinction Between Real and Nominal Interest Rates -- Application Calculating Real Interest Rates -- Summary -- Key Terms -- Questions -- Applied Problems -- Data Analysis Problems -- Chapter 5: The Behavior of Interest Rates -- 5.1 Determinants of Asset Demand -- Wealth -- Expected Returns -- Risk -- Liquidity -- Theory of Portfolio Choice -- 5.2 Supply and Demand in the Bond Market -- Demand Curve -- Supply Curve -- Market Equilibrium -- Supply and Demand Analysis -- 5.3 Changes in Equilibrium Interest Rates -- Shifts in the Demand for Bonds -- Shifts in the Supply of Bonds -- Application Changes in the Interest Rate Due to a Change in Expected Inflation: The Fisher Effect -- Application Changes in the Interest Rate Due to a Business Cycle Expansion -- Application Explaining Current Low Interest Rates in Europe, Japan, and the United States: Low Inflation and Secular Stagnation -- 5.4 Supply and Demand in the Market for Money: The Liquidity Preference Framework -- 5.5 Changes in Equilibrium Interest Rates in the Liquidity Preference Framework -- Shifts in the Demand for Money -- Shifts in the Supply of Money -- Application Changes in the Equilibrium Interest Rate Due to Changes in Income, the Price Level, or the Money Supply -- Changes in Income -- Changes in the Price Level -- Changes in the Money Supply -- 5.6 Money and Interest Rates. Application Does a Higher Rate of Growth of the Money Supply Lower Interest Rates? -- Summary -- Key Terms -- Questions -- Applied Problems -- Data Analysis Problems -- Chapter 6: The Risk and Term Structure of Interest Rates -- 6.1 Risk Structure of Interest Rates -- Default Risk -- FYI Conflicts of Interest at Credit-Rating Agencies and the Global Financial Crisis -- Application The Coronavirus Pandemic and the Baa-Treasury Spread -- Liquidity -- Income Tax Considerations -- Summary -- Application Effects of the Trump Tax Cuts on Bond Interest Rates -- 6.2 Term Structure of Interest Rates -- Following the Financial News Yield Curves -- Expectations Theory -- Segmented Markets Theory -- Liquidity Premium and Preferred Habitat Theories -- Evidence on the Term Structure -- FYI The Yield Curve as a Forecasting Tool for Inflation and the Business Cycle -- Summary -- Application Interpreting Yield Curves, 1980-2020 -- Summary -- Key Terms -- Questions -- Applied Problems -- Data Analysis Problems -- Chapter 7: The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis -- 7.1 Computing the Price of Common Stock -- The One-Period Valuation Model -- The Generalized Dividend Valuation Model -- The Gordon Growth Model -- 7.2 How the Market Sets Stock Prices -- Application Monetary Policy and Stock Prices -- Application The Coronavirus Stock Market Crash of 2020 -- 7.3 The Theory of Rational Expectations -- Formal Statement of the Theory -- Rationale Behind the Theory -- Implications of the Theory -- 7.4 The Efficient Market Hypothesis: Rational Expectations in Financial Markets -- Rationale Behind the Hypothesis -- Random-Walk Behavior of Stock Prices -- Global Should Foreign Exchange Rates Follow a Random Walk? -- Application Practical Guide to Investing in the Stock Market. How Valuable Are Reports Published by Investment Advisers? -- Should You Be Skeptical of Hot Tips? -- FYI Should You Hire an Ape as Your Investment Adviser? -- Do Stock Prices Always Rise When There Is Good News? -- Efficient Market Prescription for the Investor -- 7.5 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? -- 7.6 Behavioral Finance -- Summary -- Key Terms -- Questions -- Applied Problems -- Data Analysis Problems -- Part 3: Financial Institutions -- Chapter 8: An Economic Analysis of Financial Structure -- 8.1 Basic Facts About Financial Structure Throughout The World -- 8.2 Transaction Costs -- How Transaction Costs Influence Financial Structure -- How Financial Intermediaries Reduce Transaction Costs -- 8.3 Asymmetric Information: Adverse Selection and Moral Hazard -- 8.4 The Lemons Problem: How Adverse Selection Influences Financial Structure -- Lemons in the Stock and Bond Markets -- Tools to Help Solve Adverse Selection Problems -- FYI The Enron Implosion -- 8.5 How Moral Hazard Affects the Choice Between Debt and Equity Contracts -- Moral Hazard in Equity Contracts: The Principal-Agent Problem -- Tools to Help Solve the Principal-Agent Problem -- 8.6 How Moral Hazard Influences Financial Structure in Debt Markets -- Tools to Help Solve Moral Hazard in Debt Contracts -- Summary -- Application Financial Development and Economic Growth -- FYI The Tyranny of Collateral -- Application Is China a Counterexample to the Importance of Financial Development? -- Summary -- Key Terms -- Questions -- Applied Problems -- Data Analysis Problems -- Chapter 9: Banking and the Management of Financial Institutions -- 9.1 The Bank Balance Sheet -- Liabilities -- Assets. 9.2 Basic Banking. Teach your students the principles of economics and give them a practical foundation The Economics of Money, Banking and Financial Markets, 13th edition, teaches your students basic economic principles and shows them how to apply them in their professional and personal lives with a flexible teaching structure. This title is available with MyLab�. Description based on publisher supplied metadata and other sources. Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2026. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries. Banks and banking. Money-Economic aspects. Electronic books. Print version: Mishkin, Frederic Economics of Money, Banking and Financial Markets, the, Global Edition Harlow : Pearson Education, Limited,c2021 9781292409481 ProQuest (Firm) https://ebookcentral.proquest.com/lib/ppks/detail.action?docID=6685796 Click to View lcc EB 3035 3035