高等学校金融学类英文版教材：金融市场与机构
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
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
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。
《金融市场与机构》从讨论金融市场的资金流动、利率的决定和利率结构出发，系统阐述了金融市场的运作全貌，不仅全面介绍了债务证券市场、权益证券市场、衍生证券市场，而且深入分析了各种金融工具、衍生工具的估价与风险，《金融市场与机构》还着重描述了金融机构对各类金融市场的利用及其在金融市场上所扮演的角色。《金融市场与机构》适合作为金融、经济、工商管理专业本科生、研究生和MBA“金融市场学”或“金融市场与机构”课程的教材。对于金融业的研究人员和从业人员，《金融市场与机构》也是一本难得的专业参考书。
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