Test Bank for Financial Institutions Markets and Money, 11th Edition, Kidwell,
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Test Bank for Financial Institutions Markets and Money, 11th Edition, Kidwell,
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Product details:
- ISBN-10 : 9780470561089
- ISBN-13 : 978-0470561089
- Author: Kidwell; BlackWell,..
Kidwell’s Financial Institutions 12th Edition provides a balanced introduction to the operation, mechanics, and structure of the U.S. financial system, emphasizing its institutions, markets, and financial instruments. The text analyzes complex topics in a clear and concise fashion with an emphasis on “Real World” data, and people and event boxes, as well as personal finance examples to help retain topical interest.
Each author brings something unique to this new edition. David Kidwell, formerly Dean of the Carlson School of Business, is a gifted storyteller with a keen insight on what it takes to reach readers. He is also currently writing a Corporate Finance text and is Chair of the Finance department at Texas A&M University.
Table Of Contents:
Part I The Financial System 1
Chapter 1 An Overview of Financial Markets and Institutions 3
Chapter Preview 4
Learning Objectives 4
1.1 The Financial System 4
1.2 Financial Markets and Direct Financing 7
Do You Understand? 10
People & Events: A Brief Examination of the Causes and Effects of the Global Financial Crisis of 2007 and 2008 11
1.3 Types of Financial Markets 12
1.4 The Money Markets 14
1.5 The Capital Markets 15
Do You Understand? 17
1.6 Financial Intermediaries and Indirect Financing 17
Do You Understand? 22
1.7 Types of Financial Intermediaries 23
Do You Understand? 27
1.8 The Risks Financial Institutions Manage 28
1.9 Regulation of the Financial System 29
People & Events: Systemically Risky Banks: What is the Solution? 33
1.10 Ethics and the Financial System 33
Do You Understand? 35
Summary of Learning Objectives 35
Key Terms 36
Questions and Problems 36
Chapter 2 The Federal Reserve and Its Powers 38
Chapter Preview 39
Learning Objectives 39
2.1 Origins of the Federal Reserve System 39
People & Events: Banking before 1933, Banking from 1933 to 1980, and Banking in the Modern Era 43
2.2 The Current Structure of the Fed 44
2.3 Monetary Powers of the Board of Governors 47
2.4 The Fed’s Regulatory Powers 47
2.5 Independence of the Fed 51
Do You Understand? 53
2.6 The Fed’s Balance Sheet 53
2.7 The Fed’s Role in Check Clearing and the Growth of Electronic Payments 59
Learning by Doing 2.1: Computing a Bank’s Excess Reserve Position 60
2.8 Federal Reserve Tools of Monetary Policy 61
People & Events: The Challenges of Fed Chair Janet Yellen 62
Learning by Doing 2.2: Calculating a Bank’s Reserve Position 66
Summary of Learning Objectives 69
Key Terms 69
Questions and Problems 69
Chapter 3 The Fed and Interest Rates 71
Chapter Preview 72
Learning Objectives 72
3.1 Federal Reserve Control of the Money Supply 72
3.2 The Fed’s Influence on Interest Rates 75
3.3 The Treasury Department and Fiscal Policy 79
Do You Understand? 81
3.4 Goals of Monetary Policy 82
People & Events: The Fed as Lender of Last Resort During the Financial Crisis 87
3.5 The Fed and the Economy 88
People & Events: Black Monday 91
3.6 Complications of Monetary Policy 91
3.7 Anatomy of a Financial Crisis 93
People & Events: Good Work If You Can Get It: Executive Bonuses During Bailouts? 100
Do You Understand? 101
Summary of Learning Objectives 102
Key Terms 102
Questions and Problems 102
Part II How Interest Rates are Determined 105
Chapter 4 The Level of Interest Rates 107
Chapter Preview 108
Learning Objectives 108
4.1 What are Interest Rates? 108
4.2 The Real Rate of Interest 109
4.3 Loanable Funds Theory of Interest 111
Do You Understand? 114
4.4 Price Expectations and Interest Rates 114
4.5 A Restatement of the Fisher Equation 116
People & Events: What Is the Actual Inflation Rate? 117
Do You Understand? 121
People & Events: Estimating the Expected Rate of Inflation from TIPS 122
4.6 Forecasting Interest Rates 122
4.7 Interest Rates and Currency Values 124
Summary of Learning Objectives 125
Key Terms 126
Questions and Problems 126
Chapter 5 Bond Prices and Interest Rate Risk 127
Chapter Preview 128
Learning Objectives 128
5.1 The Time Value of Money 128
Do You Understand? 130
5.2 Bond Pricing 131
People & Events: Bond Market Liquidity and the Volcker Rule 132
Learning by Doing 5.1: Calculating the Price of a Bond Using a Financial Calculator 135
5.3 Bond Yields 136
Learning by Doing 5.2: Calculating the Yield‐to‐Maturity on a Bond 137
Do You Understand? 140
5.4 Important Bond Pricing Relationships 140
5.5 Interest Rate Risk and Duration 144
Learning by Doing 5.3: Calculating the Duration of a Bond 146
People & Events: Betting the Farm on Interest Rates and Losing 155
Do You Understand? 156
Summary of Learning Objectives 156
Key Terms 157
Questions and Problems 157
Chapter 6 The Structure of Interest Rates 159
Chapter Preview 160
Learning Objectives 160
6.1 The Term Structure of Interest Rates 160
Learning by Doing 6.1: Using the Term Structure Formula to Calculate Implied Forward Rates 165
Do You Understand? 171
People & Events: More on Forecasting Future Interest Rates 172
6.2 Default Risk 172
6.3 Tax Treatment 176
People & Events: The Credit‐Rating Club 177
Do You Understand? 180
6.4 Marketability 180
6.5 Options on Debt Securities 180
6.6 Behavior of Interest Rates over the Business Cycle 183
Do You Understand? 185
Summary of Learning Objectives 185
Key Terms 186
Questions and Problems 186
Part III Financial Markets 189
Chapter 7 Money Markets 191
Chapter Preview 192
Learning Objectives 192
7.1 How the Money Markets Work 192
7.2 Economic Role of the Money Markets 193
7.3 Features of Money Market Instruments 194
7.4 Treasury Bills 194
Learning by Doing 7.1: Calculating the Discount Yield 199
Learning by Doing 7.2: Calculating the Bond Equivalent Yield 199
Do You Understand? 200
7.5 Federal Agency Securities 201
7.6 Federal Funds 203
7.7 Other Major Money Market Instruments 205
People & Events: Lehman Brothers’ “Creative” Accounting: Repos 105 and 108 207
7.8 Money Market Participants 211
7.9 The Impact of the 2007–2008 Financial Crisis on the Money Markets 213
People & Events: How Breaking the Buck (Almost) Broke the Commercial Paper Market 216
Do You Understand? 217
Summary of Learning Objectives 218
Key Terms 219
Questions and Problems 219
Chapter 8 Bond Markets 220
Chapter Preview 221
Learning Objectives 221
8.1 Functions of the Capital Markets 221
8.2 The U.S. Government and Agency Securities 223
People & Events: What Do Negative Yields on TIPS Tell Us? 226
Do You Understand? 227
8.3 State and Local Government Bonds 227
People & Events: Build America Bonds Keep Municipal Finance Going During the Crisis 232
8.4 Corporate Bonds 232
Do You Understand? 237
8.5 Financial Guarantees 237
8.6 Securitized Credit Instruments 238
8.7 Capital Market Regulators 240
8.8 Bond Markets Around the World are Increasingly Linked 241
8.9 The Impact of the 2007–2008 Financial Crisis on the Bond Markets 242
Do You Understand? 244
Summary of Learning Objectives 244
Key Terms 245
Questions and Problems 245
Chapter 9 Mortgage Markets and Mortgage‐Backed Securities 247
Chapter Preview 248
Learning Objectives 248
9.1 The Unique Nature of Mortgage Markets 249
9.2 Types of Mortgages 249
9.3 Mortgage Qualifying 257
Learning by Doing 9.1: Determining How Much Home You Can Buy 259
Do You Understand? 260
9.4 Mortgage‐Backed Securities 261
9.5 Mortgage Prepayment Risk and Other MBS 265
Do You Understand? 270
9.6 Participants in the Mortgage Markets 271
People & Events: The Rise and Fall of Fannie and Freddie 273
Do You Understand? 274
9.7 Relationship Between Mortgage Markets and the Capital Markets 275
Summary of Learning Objectives 276
Key Terms 277
Questions and Problems 278
Chapter 10 Equity Markets 279
Chapter Preview 280
Learning Objectives 280
10.1 What are Equity Securities? 280
10.2 Equity Markets 282
People & Events: The Retail Brokerage Industry 287
10.3 Equity Trading 287
10.4 Global Stock Markets 291
10.5 Large-Scale and High Frequency Trading 292
People & Events: High Speed Trading and the Demise of Knight Capital Group in 45 Minutes 293
10.6 Regulation of Equity Markets 294
Do You Understand? 294
10.7 Stock Market Indexes 295
People & Events: Circuit Breakers, Black Monday, and the Flash Crash 296
Summary of Learning Objectives 297
Key Terms 298
Questions and Problems 299
Chapter 11 Derivatives Markets 300
Chapter Preview 301
Learning Objectives 301
11.1 The Nature of Derivative Securities 301
11.2 Forward Markets 302
11.3 Futures Markets 304
Do You Understand? 311
11.4 Uses of the Financial Futures Markets 311
Learning by Doing 11.1: Hedging Risk in a Stock Portfolio 313
11.5 Risks in the Futures Markets 318
Do You Understand? 319
11.6 Options Markets 319
Do You Understand? 325
11.7 Swap Markets 326
People & Events: Swap Market Regulation 329
Summary of Learning Objectives 330
Key Terms 331
Questions and Problems 331
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