作者簡介
傑夫·馬杜拉（JeffMadura），美國佛羅里達亞特蘭大大學金融系教授，他在《金融與數量分析》、《貨幣、信貸與銀行》、《風險與保險》等眾多一流刊物上發表了有關銀行與金融市場研究方面的學術論文。傑夫·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，並曾擔任商業銀行、證券公司的顧問，還曾任美國南方金融協會與東方金融協會的理事以及南方金融協會會長。目錄
PARTI1OverviewoftheFinancial
Environment
2Chapter1
RoleofFinancialMarketsandInstitutions
OverviewofFinancialMarkets
MoneyversusCapitalMarkets
PrimaryversusSecondaryMarkets
OrganizedversusOver-the-CounterMarkets
SecuritiesTradedinFinancialMarkets
MoneyMarketSecurities
CapitalMarketSecurities
DerivativeSecurities
ValuationofSecuritiesinFinancialMarkets
MarketPricingofSecurities
MarketEfficiency
FinancialMarketRegulation
disclosure
OtherRegulations
FinancialMarketGlobalization
RoleoftheForeignExchangeMarket
ForeignExchangeRates
RoleofFinancialInstitutionsinFinancialMarkets
RoleofDepositoryInstitutions11
RoleofNondepositoryfinancialInstitutions
ComparisonofRolesamongFinancialInstitutions
OverviewofFinancialInstitutions19
CompetitionbetweenFinancialInstitutions
ConsolidationofFinancialInstitutions
ParticipationinFinancialMarkets
GlobalExpansionbyFinancialInstitutions
30Chapter2
DeterminationofInterestRates
LoanableFundsTheory30
HouseholdDemandforLoanableFunds
BusinessDemandforLoanableFunds
GovernmentDemandforLoanableFunds
ForeignDemandforLoanableFunds
AggregateDemandforLoanableFund~
SupplyofLoanableFunds34
EquilibriumInterestRate36
EconomicForcesThatAffectInterestRates
ImpactofEconomicGrowthonInterestRates
ImpactofInflationonInterestRates39
ImpactoftheMoneySupplyonInterestRates
ImpactoftheBudgetDeficitonInterestRates
ImpactofForeignFlowsofFundsonInterestRates
SummaryofForcesThatAffectInterestRates
EvaluationofInterestRatesoverTime
ForecastingInterestRates
53Chapter
StructureofInterestRates
CharacteristicsofDebtSecuritiesThatCauseTheirYields toVary
Credit(Default)Risk
Liquidity
TaxStatus
TermtoMaturity
SpecialProvisions
ExplainingActualYieldDifferentials
YieldDifferentialsofMoneyMarketSecurities
YieldDifferentialsofCapitalMarketSecurities
EstimatingtheAppropriateYield
ACloserLookattheTermStructure
PureExpectationsTheory
LiquidityPremiumTheory
SegmentedMarketsTheory
ResearchonTermStructureTheories
IntegratingtheTheoriesoftheTermStructure
UsesoftheTermStructure
ImpactofDebtManagementonTermStructure
ImpactofSeptember11ontheTermStructure
HistoricalReviewoftheTermStructure
InternationalStructureofInterestRates
IntegrativeProblem:InterestRateForecastsandInvestment Decisions
PARTII
85TheFedandMonetaryPolicy
86Chapter4
FunctionsoftheFed
OrganizationoftheFed
FederalReserveDistrictBanks
MemberBanks
BoardofGovernors
FederalOpenMarketCommittee(FOMC)
AdvisoryCommittees
IntegrationofFederaIReserveComponents
MonetaryPolicyTools
OpenMarketOperations
AdjustingtheDiscountRate
AdjustingtheReserveRequirementRatio
ComparisonofMonetaryPolicyTOOS
ImpactofTechnicalFactorsonFunds
FedContr01oftheMoneySupply
LimitationsofControllingMoneySupply
MonetaryControlActof1980
G10balMonetaryPolicy
ASingleEuroZoneMonetaryPolicy
GlobalCentralBankCoordination
Summary
QuestionsandApplications
107Chapter
MonetaryTheoryandPolicy
MonetaryTheory
PureKeynesianTheory
QuantityTheoryandtheMonetaristApproach
TheoryofRationalExpectations
WhichTheoryisCorrect？
tradeoffFacedbv山eFed
ImpactofOtherForcesontheTradeoff
EconomicIndicatorsMonitoredbytheFed
IndicatorsofEconomicGrowth
IndicatorsofInflation
HowtheFedUsesIndicators
LagsinMonetaryPolicy
AssessingtheImpactofMonetaryPolicy
ForecastingMoneySupp~Movements
ForecastingtheImpactofMonetaryPolicy
IntegratingMonetaryandFiscalPolicies
History
MonetizingtheDebt
MarketAssessmentofIntegratedPolicies
G1obalEtiectsofMonetaryPolicy
ImpactoftheDollar
ImpactofGlobalEconomicConditions
TransmissionofInterestRates
FedPolicyduringtheAsianCrisis
Summary133·QuestionsandApplications
IntegrativeProblem：FedWatching
PARTⅢ
139DebtSecurityMarkets
140Chapter
MoneyMarkets
MoneyMarketSecurities
TreasuryBills
CommercialPaper
negotiableCertificatesofDeposit
RepurchaseAgreements
FederalFunds
banker~Acceptances
InstitutionalUseofMoneyMarkets
valuationofMoneyMarketSecurities
ExplainingMoneyMarketPriceMovements
IndicatorsofFutureMoneyMarketSecurityPrices
RiskofMoneyMarketSecurities
MeasuringRisk
InteractionamongMoneyMarketYields
GlobalizationofMoneyMarkets
EurodollarDepositsandEuronotes
Euro-CommerciaIPaper
PerformanceofForeignMoneyMarketSecurities
Summary155-QuestionsandApplications
Problems
162Chapter
BondMarkets
BackgroundonBonds
BondYields
TreasuryandFederalAgencyBonds
TreasuryBondAuction
TradingTreasuryBonds
TreasuryBondQuotations
StrippedTreasuryBonds
Inflation-IndexedTreasuryBonds
BradyBonds
FederalAgencyBonds
MunicipalBonds
TradingandQuotations
CorporateBonds
PrivatePlacementsofCorporateBonds
CharacteristicsofCorporateBonds
TradingCorporateBonds
CorporateBondQuotations
JunkBonds
HowCorporateBondsFacilitateRestructuring
InstitutionalUseofBondMarkets
GlobalizationofBondMarkets
EurobondMarket
TaxEgects
Summary
QuestionsandApplications
182Chapter
BondValuationandRisk
BondValuationProcess
BondValuationwithaPresentValueTable
ImpactoftheDiscountRateonBondValuation
ImpactoftheTimingofPaymentsonBondValuation
ValuationofBondswithSemiannualPayments
UseofAnnultyTablesforValuation
RelationshipsBetweenCouponRate，RequiredReturn，andBondPrice
ImplicationsforFinancialInstitutions
ExplainingBondPriceMovements
FactorsThatAffecttheRisk-FreeRate
前言
自教育部在《關於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後，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，培養創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。為了滿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ThomsonLeaming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.擇優選取權威的新版本。在各專業選書論證會上，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秀教材。
2.改編後的教材力求內容規範簡明，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次改編和審稿會議，改編稿徵求了眾多教師的意見。
3.改編後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，改編後的教材厚度適中，定價標準較低。
由於原作者所處國家的政治、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鑑別。
此次英文改編教材的出版，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。
精彩書摘
Forwardcontractsarecontractstypicallynegotiatedwithacommercialbankthatallowthepurchaseorsaleofaspecifiedamountofaparticularforeigncurrencyataspecifiedexchangerateonaspecifiedfuturedate.Thereisaforwardmarketthatfacilitatesthetradingofforwardcontracts.Thismarketisnotinonevisibleplace，butisessentiallyatelecommunicanbnsnetworkthroughwhichlargeCommercialbanksmatchparticipantswhowishtobuyacurrencyforwardwithotherparticipantswhowishtosellacurrencyforward.Manyofthecommercialbanksthatofferforeignexchangeonaspotbasisalsoofferforwardtransactionsforthewidelytrade,dcurrencies.Byenablingacorporationtolockinthepricetobepaidforaforeigncurrency，forwardpurchasescanhedgethecorporatioffsriskthatthecurrencysvaluemayappreciateovertime.St.LouisInsuranceCompanyplanstoinvestabout$20millioninMexicanstockstwomonthsfromnow.BecausetheMexicanstocksaredenominatedinpesos，theamountofstockthatcanbepurchasedisdependentonthepesosvalueatthetimeofthepurchase.IfSt.LouisInsuranceCompanyisconcernedthatthepesowillappreciatebythetimeofthepurchase，itcanbuypesosforwardtolockintheexchangerate.
Acorporationreceivingpaymentsdenominatedinaparticularforeigncurrencyinthefuturecanlockinthepriceatwhichthecurrencycanbesoldbysellingthatcurrencyforward.
