Preface Guided tour Authors’ acknowledgements Publisher’s acknowledgements Introduction   Part 1   Introduction   1 Why study money, banking and financial markets? Why study financial markets? Why study financial institutions and banking? Why study money and monetary policy? Why study international finance? How will we study money, banking and financial markets? Web exercises Concluding remarks Summary Key terms Questions and problems Web exercises Notes Web references Appendix to Chapter 1 Defining aggregate output, income, the price level and the inflation rate   2 An overview of the financial system Function of financial markets Structure of financial markets Financial market instruments Internationalization of financial markets Function of financial intermediaries: indirect finance Types of financial intermediaries Regulation of the financial system Summary Key terms Questions and problems Web exercises Notes Web references   3 What is money? A comparative approach to measuring money Meaning of money Functions of money Evolution of the payments system Measuring money Which is the most accurate monetary aggregate? Summary Key terms Questions and problems Web exercises Notes Web references   Part 2   Financial markets   4 Understanding interest rates Measuring interest rates The distinction between interest rates and returns The distinction between real and nominal interest rates Summary Key terms Questions and problems Web exercises Notes Web references   5 The behaviour of interest rates Determinants of asset demand Supply and demand in the bond market Changes in equilibrium interest rates Supply and demand in the market for money: the liquidity preference framework Changes in equilibrium interest rates in the liquidity preference framework Summary Key terms Questions and problems Web exercises Notes Web references   6 The risk and term structure of interest rates Risk structure of interest rates Term structure of interest rates Summary Key terms Questions and problems Web exercises Notes Web references   7 The stock market, the theory of rational expectations and the efficient market hypothesis Computing the price of common stock How the market sets stock prices The theory of rational expectations The efficient market hypothesis: rational expectations in financial markets Behavioural finance Summary Key terms Questions and problems Web exercises Notes Web references   Part 3   Financial institutions   8 An economic analysis of financial structure Basic facts about financial structure throughout the world Transaction costs Asymmetric information: adverse selection and moral hazard The lemons problem: how adverse selection influences financial structure How moral hazard affects the choice between debt and equity contracts How moral hazard influences financial structure in debt markets Conflicts of interest Summary Key terms Questions and problems Web exercises Notes Web references   9 Financial crises and the subprime meltdown Factors causing financial crises Dynamics of past financial crises in developed countries The subprime finan

Were you looking for the book with access to MyEconLab? This product is the book alone, and does NOT come with access to MyEconLab.     This European adaptation takes Mishkin’s market leading The Economics of Money, Banking and Financial Markets a step further placing the central themes in context for European students. It provides an in-depth overview and comparison of the structures, goals, tools and strategies of the European Central Bank, the Bank of England and the US Federal Reserve.   Mishkin’s application of a unified analytical framework to the models makes theory intuitive for students whilst the rich array of current, real-world events keeps students motivated. Authoritative, comprehensive, and flexible, the text is easy to integrate into a wide variety of syllabi, and its ancillaries provide complete support when teaching the course.     Frederic Mishkinstudied at MIT and has taught at Columbia Business School since 1983.  He was a member of the Board of Governors of the Federal Reserve System from 2006 to 2008 and has been a consultant to the World Bank, the Inter-American Development Bank, and the International Monetary Fund, as well as to numerous central banks throughout the world   Kent Matthewsis the Sir Julian Hodge Professor of Banking and Finance at the Cardiff Business School.  He is a graduate of the London School of Economics, Birkbeck and Liverpool University and has held research posts at the LSE, National Institute of Economic & Social Research and Bank of England.   Massimo Giuliodori took his first degree at the University of Ancona (Italy) and his MSc in Economics and Finance at the University of Glasgow. After obtaining his PhD from the Scottish Doctoral Programme, he moved to the Amsterdam School of Economics of the University of Amsterdam, where he is now Associate Professor.  

An in–depth overview and comparison of the structure, goals, tools and strategies of the European Central Bank, the Bank of England and the US Federal Reserve. A full review of the conventional and unconventional measures taken by the major central banks as a result of the global financial crisis. An extension of Chapter 18 on the international financial system with a comprehensive discussion of the optimal currency area theory and an assessment of the optimality of Euro area. Flexibility. A core set of chapters provides a basic framework for learning and analysis to fit a wide variety of syllabi, and a unifying, analytic framework uses a few basic economic principles to organize students' thinking. Careful, step-by-step model development makes the level appropriate for all students who take the course.   Applications are integrated within the main text using European examples and date to provide students the opportunity to see theory at work. Review and study support are included in the form of chapter previews, summary tables, key statements, graphs, summaries, key terms, and a glossary. Practice opportunities appear in the end-of-chapter problems.