金融市場與機構

前言

　　自教育部在《關于加強高等學校本科教學工作提高教學質量的若干意見》【教高（2001）4號】中提出雙語教學的要求后，各地高校相繼開設了一系列雙語教學課程。這對提高學生的學科和外文水平，開闊國際視野，培養(yǎng)創(chuàng)新型人才起到了重要的作用；一大批教師也逐漸熟悉了外文授課，自身的教學水平和能力得到較大提高，具備國際學術思維的中青年教師脫穎而出。同時，經過近幾年的雙語教學實踐，國外原版教材量大、邏輯不夠清晰、疏離中國現(xiàn)實等問題也影響了雙語教學的效果。因此，對外版教材進行本土化的精簡改編，使之更加適合我國的雙語教學已提上教材建設日程?！　榱藵M足高等學校經濟管理類雙語課程本土化教學的需要，在教育部高等教育司的指導和支持下，高等教育出版社同Thomson Leaming等國外著名出版公司通力合作，在國內首次推出了金融、會計、經濟學等專業(yè)的英文原版改編教材。本套教材的遴選、改編和出版嚴格遵循了以下幾個原則：　　1.擇優(yōu)選取權威的新版本。在各專業(yè)選書論證會上，我們要求入選改編的教材不僅是在國際上多次再版的經典之作的最新版本，而且是近年來已在國內被試用的優(yōu)秀教材。　　2.改編后的教材力求內容規(guī)范簡明，邏輯更加清晰，語言原汁原味，適合中國的雙語教學。選擇的改編人既熟悉原版教材內容又具有本書或本門課程雙語教學的經驗；在改編過程中，高等教育出版社組織了知名專家學者召開了數(shù)次改編和審稿會議，改編稿征求了眾多教師的意見?！　?.改編后的教材配有較豐富的輔助教學支持資源，教師可在網上免費獲取。同時，改編后的教材厚度適中，定價標準較低?！　∮捎谠髡咚巼业恼?、經濟和文化背景等與我國不同，對書中所持觀點，敬請廣大讀者在閱讀過程中注意加以分析和鑒別?！　〈舜斡⑽母木幗滩牡某霭?，得到了很多專家學者的支持和幫助，在此深表謝意！我們期待這批英文改編教材的出版能對我國經濟管理類專業(yè)的教學能有所幫助，歡迎廣大讀者給我們提出寶貴的意見和建議。

內容概要

　　《金融市場與機構》從討論金融市場的資金流動、利率的決定和利率結構出發(fā)，系統(tǒng)闡述了金融市場的運作全貌，不僅全面介紹了債務證券市場、權益證券市場、衍生證券市場，而且深入分析了各種金融工具、衍生工具的估價與風險，《金融市場與機構》還著重描述了金融機構對各類金融市場的利用及其在金融市場上所扮演的角色?！督鹑谑袌雠c機構》適合作為金融、經濟、工商管理專業(yè)本科生、研究生和MBA“金融市場學”或“金融市場與機構”課程的教材。對于金融業(yè)的研究人員和從業(yè)人員，《金融市場與機構》也是一本難得的專業(yè)參考書。

作者簡介

　　杰夫·馬杜拉（Jeff Madura），美國佛羅里達亞特蘭大大學金融系教授，他在《金融與數(shù)量分析》、《貨幣、信貸與銀行》、《風險與保險》等眾多一流刊物上發(fā)表了有關銀行與金融市場研究方面的學術論文。杰夫·馬杜拉教授因其在教學和研究方面的突出貢獻而多次獲獎，并曾擔任商業(yè)銀行、證券公司的顧問，還曾任美國南方金融協(xié)會與東方金融協(xié)會的理事以及南方金融協(xié)會會長。

書籍目錄

PART I1 Overview of the FinancialEnvironment2 Chapter 1Role of Financial Markets and InstitutionsOverview of Financial MarketsMoney versus Capital MarketsPrimary versus Secondary MarketsOrganized versus Over-the-Counter MarketsSecurities Traded in Financial MarketsMoney Market SecuritiesCapital Market SecuritiesDerivative SecuritiesValuation of Securities in Financial MarketsMarket Pricing of SecuritiesMarket EfficiencyFinancial Market RegulationDisclosureOther RegulationsFinancial Market GlobalizationRole of the Foreign Exchange MarketForeign Exchange RatesRole of Financial Institutions in Financial MarketsRole of Depository Institutions 11Role of Nondepository financial InstitutionsComparison of Roles among Financial InstitutionsOverview of Financial Institutions 19Competition between Financial InstitutionsConsolidation of Financial InstitutionsParticipation in Financial MarketsGlobal Expansion by Financial Institutions30 Chapter 2Determination of Interest RatesLoanable Funds Theory 30Household Demand for Loanable FundsBusiness Demand for Loanable FundsGovernment Demand for Loanable FundsForeign Demand for Loanable FundsAggregate Demand for Loanable Fund~Supply of Loanable Funds 34Equilibrium Interest Rate 36Economic Forces That Affect Interest RatesImpact of Economic Growth on Interest RatesImpact of Inflation on Interest Rates 39Impact of the Money Supply on Interest RatesImpact of the Budget Deficit on Interest RatesImpact of Foreign Flows of Funds on Interest RatesSummary of Forces That Affect Interest RatesEvaluation of Interest Rates over TimeForecasting Interest Rates53 ChapterStructure of Interest RatesCharacteristics of Debt Securities That Cause Their Yields　to VaryCredit (Default) RiskLiquidityTax StatusTerm to MaturitySpecial ProvisionsExplaining Actual Yield DifferentialsYield Differentials of Money Market SecuritiesYield Differentials of Capital Market SecuritiesEstimating the Appropriate YieldA Closer Look at the Term StructurePure Expectations TheoryLiquidity Premium TheorySegmented Markets TheoryResearch on Term Structure TheoriesIntegrating the Theories of the Term StructureUses of the Term StructureImpact of Debt Management on Term StructureImpact of September 11 on the Term StructureHistorical Review of the Term StructureInternational Structure of Interest RatesInteg rative Problem: Interest Rate Forecasts and Investment　DecisionsPART II85 The Fed and Monetary Policy86 Chapter 4Functions of the FedOrganization of the FedFederal Reserve District BanksMember BanksBoard of GovernorsFederal Open Market Committee (FOMC)Advisory CommitteesIntegration of FederaI Reserve ComponentsMonetary Policy ToolsOpen Market OperationsAdjusting the Discount RateAdjusting the Reserve Requirement RatioComparison of Monetary Policy ToosImpact of Technical Factors on FundsFed Contr01 of the Money SupplyLimitations of Controlling Money SupplyMonetary Control Act of 1980G10bal Monetary PolicyA Single Euro Zone Monetary PolicyGlobal Central Bank CoordinationSummaryQuestions and Applications107 ChapterMonetary Theory and PolicyMonetary TheoryPure Keynesian TheoryQuantity Theory and the Monetarist ApproachTheory of Rational ExpectationsWhichTheoryisCorrect？Tradeoff Faced bv山e FedImpact ofOther Forces on the Trade offEconomic Indicators Monitored by the FedIndicators of Economic GrowthIndicators of InflationHow the Fed Uses IndicatorsLags in Monetary PolicyAssessing the Impact of Monetary PolicyForecasting Money Supp~MovementsForecasting the Impact ofMonetary PolicyIntegrating Monetary and Fiscal PoliciesHistoryMonetizing the DebtMarket Assessment ofIntegrated PoliciesG1obal Etiects of Monetary PolicyImpact of the DollarImpact of Global Economic ConditionsTransmission ofInterest RatesFed Policy during the Asian CrisisSummary 133·Questions and ApplicationsIntegrative Problem：Fed WatchingPART Ⅲ139 Debt Security Markets140 ChapterMoney MarketsMoney Market SecuritiesTreasury BillsCommercialPaperNegotiable Certificates of DepositRepurchase AgreementsFederal FundsBanker~AcceptancesInstitutional Use of Money Marketsvaluation of Money Market SecuritiesExplaining Money Market Price MovementsIndicators ofFuture Money Market Security PricesRisk of Money Market SecuritiesMeasuringRiskInteraction among Money Market YieldsGlobalization of Money MarketsEurodollar Deposits and EuronotesEuro-CommerciaI PaperPerformance ofForeign Money Market SecuritiesSummary 155-Questions and ApplicationsProblems162 ChapterBond MarketsBackground on BondsBondYieldsTreasury and Federal Agency BondsTreasury Bond AuctionTrading Treasury BondsTreasury Bond QuotationsStripped Treasury BondsInflation-Indexed Treasury BondsBrady BondsFederalAgency BondsMunicipal BondsTradingand QuotationsCorporate BondsPrivate Placements ofCorporate BondsCharacteristics of Corporate BondsTradingCorporateBondsCorporate Bond QuotationsJunk BondsHow Corporate Bonds Facilitate RestructuringInstitutional Use of Bond MarketsGlobalization of Bond MarketsEurobond MarketTax EgectsSummaryQuestions and Applications182ChapterBond Valuation and RiskBond Valuation ProcessBondValuationwith aPresentValue TableImpact of the Discount Rate on Bond ValuationImpact oftheTimingofPayments on Bond ValuationValuation ofBonds with Semiannual PaymentsUse ofAnnulty Tables for ValuationRelationships Between Coupon Rate，Required Return，and Bond PriceImplications for Financial InstitutionsExplaining Bond Price MovementsFactors That Affectthe Risk-Free RatePART ⅣG-1 Glossary

章節(jié)摘錄

　　Forward contracts are contracts typically negotiated with a commercial bank that allow the purchase or sale of a specified amount of a particular foreign currency at a specified exchange rate on a specified future date.There is a forward market that facilitates the trading of forward contracts.This market is not in one visible place，but is essentially a telecommunicanbns network through which large Commercial banks match participants who wish to buy a currency forward with other participants who wish to sell a currency forward.　　Many of the commercial banks that offer foreign exchange on a spot basis also offer forward transactions for the widely trade,d currencies.By enabling a corporation to lock in the price to be paid for a foreign currency，forward purchases can hedge the corporatioffs risk that the currencys value may appreciate over time. St.Louis Insurance Company plans to invest about$20 million in Mexican stocks two months from now.Because the Mexican stocks are denominated in pesos，the amount of stock that can be purchased is dependent on the pesos value at the time of the purchase. If St.Louis Insurance Company is concerned that the peso will appreciate by the time of the purchase，it can buy pesos forward to lock in the exchange rate.　　A corporation receiving payments denominated in a particular foreign currency in the future can lock in the price at which the currency can be sold by selling that currency forward.

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