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Table of Contents
About the Author
Acknowledgments
Preface
1
Introduction to Money, Banking, and Financial Markets
1.1
What Are Financial Markets?
1.2
Depository Institutions: Commercial Banks and Thrift Institutions
1.3
Financial Institution Regulators
1.4
Monetary Policy: Why Is Money Important?
1.5
Careers in Banking
1.6
Chapter Summary and Study Questions
2
The Financial System
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2.1
Financial Market Functions
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2.2
Financial Market Components
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2.3
Instruments of the Money Market
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2.4
Instruments of the Capital Market
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2.5
Financial Intermediary Services
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2.6
Financial Intermediary Categories
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2.7
Investing in the Stock Market
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2.8
Chapter Summary and Study Questions
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3
Understanding Money
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3.1
The Meaning of Money
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3.2
The U.S. Money Supply
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3.3
Measuring the Money Supply
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3.4
Fiat Money: What Backs the Money Supply?
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3.5
Bitcoin and Other Cryptocurrencies
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3.6
Chapter Summary and Study Questions
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4
Understanding Interest Rates
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4.1
What Is Interest?
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4.2
Time Value of Money
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4.3
Debt Instruments and Interest Rates
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4.4
Market Interest Rates, Bond Prices, and Bond Yields
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4.5
Interest Rate Applications
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4.6
Fighting Inflation Risk with TIPS and I-Bonds
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4.7
Chapter Summary and Study Questions
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5
Interest Rate Determination
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5.1
Constructing an Investment Portfolio
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5.2
The Bond Market Model and Interest-Rate Determination
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5.3
Bond Market Model Applications
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5.4
The Loanable Funds Model and Interest-Rate Determination
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5.5
Loanable Funds Market Applications
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5.6
Chapter Summary and Study Questions
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6
Risk Structure and Term Structure of Interest Rates
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6.1
Risk Structure of Interest Rates
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6.2
Term Structure of Interest Rates
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6.3
Chapter Summary and Study Questions
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6.4
Appendix 6.1: What Explains the Slope of a Yield Curve?
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7
Credit Cards and Debit Cards: Interest Rates in Action
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7.1
What Is a Credit Card?
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7.2
Why Are Credit Card Rates So High?
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7.3
Debit Cards
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7.4
Do You Want a Crypto Credit Card? How About a Crypto Debit Card?
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7.5
Chapter Summary and Study Questions
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8
Economic Shocks and Economic Stability
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8.1
The Business Cycle
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8.2
Economic Shock: How an Asset Bubble Can Cause a Recession
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8.3
Economic Crisis Examples
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8.4
Chapter Summary and Study Questions
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8.5
Appendix 8.1: The Aggregate Demand–Aggregate Supply Framework
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9
The Business of Commercial Banking
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9.1
What Is a Commercial Bank?
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9.2
Analyzing the Balance Sheet of a Commercial Bank
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9.3
Asset Transformation and Banks
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9.4
Fractional Reserve Banking Principle
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9.5
Check Processing and Collection
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9.6
Managing a Bank’s Operations
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9.7
Chapter Summary and Study Questions
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10
The Commercial Banking Industry
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10.1
A Brief History of Commercial Banking
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10.2
Features of the Commercial Banking System
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10.3
Bank Mergers
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10.4
The Birth and Death of Regulation Q
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10.5
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
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10.6
Commercial Banking and Investment Banking
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10.7
Government-Sponsored Enterprises
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10.8
Shadow Banking
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10.9
Foreign Banks in the United States
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10.10
Chapter Summary and Study Questions
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10.11
Appendix 10.1: Profit Maximization and Consumer Surplus
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11
Deposit Insurance
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11.1
Events Leading Up to the FDIC’s Creation
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11.2
Breaking Down the FDIC
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11.3
Bank Examinations: The CAMELS System
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11.4
FDIC Insurance Premiums: Risk-Based Premiums
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11.5
Resolving Bank Failures: Deposit Payoffs versus Purchase-and-Assumption Transactions
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11.6
National Credit Union Administration and Deposit Insurance
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11.7
Chapter Summary and Study Questions
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12
The Federal Reserve System
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12.1
Origins of the Federal Reserve System
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12.2
Designing the Federal Reserve System: Checks and Balances
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12.3
Structure of the Federal Reserve System
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12.4
Meeting Financial Needs of the Public and Governments
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12.5
The Federal Reserve’s Dual Mandate, Independence, and Accountability
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12.6
Chapter Summary and Study Questions
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13
The Monetary Base and Money Creation
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13.1
The Federal Reserve Banks’ Consolidated Balance Sheet
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13.2
The Rise and Fall of Federal Reserve Float
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13.3
The Monetary Base
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13.4
How Banks Create Money: The Money Multiplier
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13.5
Chapter Summary and Study Questions
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14
Monetary Policy
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14.1
The Evolution of U.S. Monetary Policy
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14.2
Monetary Policy Tools
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14.3
The Market for Bank Reserves and the Federal Funds Rate
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14.4
Monetary Policy with Limited Reserves: Open Market Operations and the Federal Funds Rate
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14.5
Monetary Policy with Ample (Superabundant) Reserves: The Interest-on-Reserve-Balance Rate
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14.6
The Federal Reserve’s Stabilization of the Economy: Five Case Studies
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14.7
The Margin Requirement and Stock Market Speculation
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14.8
Strengths and Weaknesses of Monetary Policy
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14.9
Conduct of Monetary Policy: Discretion or Rules
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14.10
Chapter Summary and Study Questions
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15
Foreign Exchange Market and International Banking
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15.1
The Foreign Exchange Market
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15.2
Understanding Currency Quotations
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15.3
Hedging and the Foreign Exchange Market
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15.4
Speculation and the Foreign Exchange Market
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15.5
Exchange Rate Determination
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15.6
Forecasting Exchange Rates
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15.7
International Banking
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15.8
Chapter Summary and Study Questions
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16
Exchange Rate Systems
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16.1
Choosing an Exchange Rate System
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16.2
Floating Exchange Rates
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16.3
Managed Floating Exchange Rates
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16.4
Fixed Exchange Rates
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16.5
Exchange Rate Systems: Three Case Studies
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16.6
Currency Crisis
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16.7
Monetary Policy in an Open Economy
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16.8
Chapter Summary and Study Questions
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