Financial Markets and Institutions

Frederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business at Columbia University. Since receiving his PhD from the Massachusetts Institute of Technology in 1976, he has taught at the University of Chicago, Northwestern University, Princeton University, and Columbia. In addition to teaching, Mishkin is also a research associate at the National Bureau of Economic Research, a senior fellow at the FDIC Center for Banking Research, and president of the Eastern Economic Association. He is also the author of more than one hundred published articles and over ten textbooks. He is currently an academic consultant to and serves on the Economic Advisory Panel of the Federal Reserve Bank of New York. Stanley G. Eakins is the Associate Dean for the College of Business at East Carolina University. He received his PhD from Arizona State University and has served as vice president and comptroller for the First National Bank of Fairbanks. A founder of the Denali Title and Escrow Agency and a contributor to journals such as the Quarterly Journal of Business and Economics and Journal of Financial Research, Professor Eakins is also the author of Finance: Institutions, Investments, and Management, Second Edition.

Part I: Introduction
1. Why Study Financial Markets and Institutions?
2. Overview of the Financial System

Part II: Fundamentals of Financial Markets
3. What Do Interest Rates Mean and What Is Their Role in Valuation?
4. Why Do Interest Rates Change?
5. How Do Risk and Term Structure Affect Interest Rates?
6. Are Financial Markets Efficient?
 
Part III: Central Banking and the Conduct of Monetary Policy
7. Structure of Central Banks and the Federal Reserve System
8. Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
 
Part IV: Financial Markets
9. The Money Markets
10. The Bond Market 
11. The Stock Market
12. The Mortgage Markets
13. The Foreign Exchange Market
14. The International Financial System
 
Part V: Fundamentals of Financial Institutions
15. Why Do Financial Institutions Exist?
16. What Should Be Done About Conflicts of Interest? A Central Issue in Business Ethics
 
Part VI: The Financial Institutions Industry
17. Banking and the Management of Financial Institutions
18. Commercial Banking Industry: Structure and Competition
19. Savings Associations and Credit Unions
20. Banking Regulation
21. The Mutual Fund Industry
22. Insurance Companies and Pension Funds
23. Investment Banks, Security Brokers and Dealers, and Venture Capital Firms
 
Part VII: The Management of Financial Institutions
24. Risk Management in Financial Institutions
25. Hedging with Financial Derivatives
 
On the Web
26. Finance Companies

Appendices on the Web
Chapter 4 Appendix: Models of Asset Pricing
Chapter 4 Appendix: Applying the Asset Market Approach to a Commodity Market: The Case of Gold
Chapter 4 Appendix: Supply and Demand in the Market for Money: The Liquidity Preference Framework
Chapter 4 Appendix: Loanable Funds Framework
Chapter 8 Appendix: The Fed’s Balance Sheet and the Monetary Base
Chapter 8 Appendix: Fed Policy Procedures: Historical Perspective
Chapter 14 Appendix: Balance of Payments
Chapter 20 Appendix: Evaluating FDICIA and Other Proposed Reforms of the Banking Regulatory System
Chapter 25 Appendix: More on Hedging with Financial Derivatives