本书从讨论金融市场的资金流动、利率的决定和利率结构出发,系统阐述了金融市场的运作全貌,不仅全面介绍了债务证券市场、权益证券市场、衍生证券市场,而且深入分析了各种金融工具、衍生工具的估价与风险,本书还着重描述了金融机构对各类金融市场的利用及其在金融市场上所扮演的角色。
本书适合作为金融、经济、工商管理专业本科生、研究生和MBA“金融市场学”或“金融市场与机构”课程的教材。对于金融业的研究人员和从业人员,本书也是一本难得的专业参考书。

PART I
1 Overview of the Financial
Environment
2 Chapter 1
Role of Financial Markets and Institutions
Overview of Financial Markets
Money versus Capital Markets
Primary versus Secondary Markets
Organized versus Over-the-Counter Markets
Securities Traded in Financial Markets
Money Market Securities
Capital Market Securities
Derivative Securities
Valuation of Securities in Financial Markets
Market Pricing of Securities
Market Efficiency
Financial Market Regulation
Disclosure
Other Regulations
Financial Market Globalization
Role of the Foreign Exchange Market
Foreign Exchange Rates
Role of Financial Institutions in Financial Markets
Role of Depository Institutions 11
Role of Nondepository financial Institutions
Comparison of Roles among Financial Institutions
Overview of Financial Institutions 19
Competition between Financial Institutions
Consolidation of Financial Institutions
Participation in Financial Markets
Global Expansion by Financial Institutions
30 Chapter 2
Determination of Interest Rates
Loanable Funds Theory 30
Household Demand for Loanable Funds
Business Demand for Loanable Funds
Government Demand for Loanable Funds
Foreign Demand for Loanable Funds
Aggregate Demand for Loanable Fund~
Supply of Loanable Funds 34
Equilibrium Interest Rate 36
Economic Forces That Affect Interest Rates
Impact of Economic Growth on Interest Rates
Impact of Inflation on Interest Rates 39
Impact of the Money Supply on Interest Rates
Impact of the Budget Deficit on Interest Rates
Impact of Foreign Flows of Funds on Interest Rates
Summary of Forces That Affect Interest Rates
Evaluation of Interest Rates over Time
Forecasting Interest Rates
53 Chapter
Structure of Interest Rates
Characteristics of Debt Securities That Cause Their Yields to Vary
Credit (Default) Risk
Liquidity
Tax Status
Term to Maturity
Special Provisions
Explaining Actual Yield Differentials
Yield Differentials of Money Market Securities
Yield Differentials of Capital Market Securities
Estimating the Appropriate Yield
A Closer Look at the Term Structure
Pure Expectations Theory
Liquidity Premium Theory
Segmented Markets Theory
Research on Term Structure Theories
Integrating the Theories of the Term Structure
Uses of the Term Structure
Impact of Debt Management on Term Structure
Impact of September 11 on the Term Structure
Historical Review of the Term Structure
International Structure of Interest Rates
Integ rative Problem: Interest Rate Forecasts and Investment Decisions
PART II
85 The Fed and Monetary Policy
86 Chapter 4
Functions of the Fed
Organization of the Fed
Federal Reserve District Banks
Member Banks
Board of Governors
Federal Open Market Committee (FOMC)
……
PART III
PART IV
PART V