Fixed Income Securities

This accessible, updated book discusses the causes and consequences of the financial crisis, providing students with context to understand the development of financial markets and the impact of regulation that resulted.

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Since the publication of Bonds & Bond Derivatives in 2005 by Blackwell, the now infamous financial crisis caused a major shift in credit markets, ushering in a greater interest in fixed income securities and institutions. In its latest incarnation, Fixed Income Securities goes beyond merely describing the mechanics of financial instruments. It incorporates the causes and consequences of the financial debt crisis giving students a historical perspective on the development of markets and the impact of regulation on these markets.

The new book examines changes in the mortgage market, the growth of new financial instruments such as credit default swaps, the changing roles of central banks and treasuries in light of the debt crisis, the growth of over-the-counter derivatives markets, and the ‘shadow banking system’. There is also a new chapter on term structure models, and separate chapters on central banking and on other financial institutions, including hedge funds and sovereign funds. Other features include:






Coverage of markets outside of the US, broadening the book’s international appeal



A chapter on the Great Recession, providing students with context to understand the development of financial markets and the impact of regulation



Expanded coverage of banking regulation; interest rates; bonds, options and swaps; and mortgages



Theory and concepts are covered thoroughly without unnecessary complexity and detail



Simple and intuitive examples that successfully tie in to real world practice

Presenting the material in a clear and concise manner, Fixed Income Securities provides graduate level students with an accessible, updated alternative to traditional tomes on this subject.