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The Pearson Series in eneEconometric artRussian and Soviet Economic Performanceand StructureBade/ParkinFoundations of Economics*Berck/HelfandThe Economics of the EnvironmentBierman/FernandezGame Theory with Economic ApplicationsBlair/RushThe Economics of Managerial Decisions*BlanchardMacroeconomics*BoyerPrinciples of Transportation EconomicsBransonMacroeconomic Theory and PolicyHartwick/OlewilerThe Economics of Natural Resource UseHeilbroner/MilbergThe Making of the Economic SocietyHeyne/Boettke/PrychitkoThe Economic Way of ThinkingHubbard/O’BrienEconomics*InEconMoney, Banking, and the Financial ghes/CainAmerican Economic HistoryBrucePublic Finance and the American EconomyHusted/MelvinInternational EconomicsCarlton/PerloffModern Industrial OrganizationJehle/RenyAdvanced Microeconomic TheoryCase/Fair/OsterPrinciples of Economics*Keat/Young/ErfleManagerial EconomicsChapmanEnvironmental Economics: Theory,Application, and PolicyKleinMathematical Methods for EconomicsDaniels/VanHooseInternational Monetary & FinancialEconomicsDownsAn Economic Theory of DemocracyFarnhamEconomics for ManagersFroyenMacroeconomics: Theories and PoliciesFusfeldThe Age of the EconomistGerberInternational litzInternational Economics: Theory & Policy*LaidlerThe Demand for MoneyLynnEconomic Development: Theory and Practicefor a Divided WorldMillerEconomics Today*Miller/BenjaminThe Economics of Macro IssuesMiller/Benjamin/NorthThe Economics of Public IssuesMishkinThe Economics of Money, Banking, andFinancial Markets*The Economics of Money, Banking, andFinancial Markets, Business School Edition*Macroeconomics: Policy and Practice*MurrayEconometrics: A Modern IntroductionO’Sullivan/Sheffrin/PerezEconomics: Principles, Applications roeconomics: Theory and Applicationswith Calculus*Perloff/BranderManagerial Economics and hackelford/Stamos/SchneiderEconomics: A Tool for CriticallyUnderstanding SocietyRobertsThe Choice: A Fable of Free Tradeand ProtectionSchererIndustry Structure, Strategy, andPublic PolicySchillerThe Economics of Poverty and DiscriminationShermanMarket RegulationStock/WatsonIntroduction to EconometricsStudenmundUsing Econometrics: A Practical GuideTodaro/SmithEconomic /Maex/O’NeillEconversations: Today’s Students DiscussToday’s IssuesWilliamsonMacroeconomics*denotes MyLab Economics titles Visit to learn more.A01 MISH3821 12 SE FM.indd 227/10/17 5:49 PM

THE ECONOMICS OFMONEY, BANKING, ANDFINANCIAL MARKETSTwelfth EditionFrederic S. MishkinColumbia UniversityNew York, NYA01 MISH3821 12 SE FM.indd 327/10/17 5:49 PM

Vice President, Business, Economics, and UK Courseware:Donna BattistaDirector of Portfolio Management: Adrienne D’AmbrosioSenior Portfolio Manager: Christina MasturzoEditorial Assistant: Courtney PaganelliVice President, Product Marketing: Roxanne McCarleySenior Product Marketer: Tricia MurphyProduct Marketing Assistant: Marianela SilvestriManager of Field Marketing, Business Publishing:Adam GoldsteinExecutive Field Marketing Manager: Senior Field MarketingManager: Carlie MarvelVice President, Production and Digital Studio, Arts andBusiness: Etain O’DeaDirector of Production, Business: Jeff HolcombManaging Producer, Business: Alison KalilContent Producer: Carolyn PhilipsOperations Specialist: Carol MelvilleDesign Lead: Kathryn FootManager, Learning Tools: Brian SuretteContent Developer, Learning Tools: Sarah PetersonManaging Producer, Digital Studio and GLP, Media Productionand Development: Ashley SantoraManaging Producer, Digital Studio: Diane LombardoDigital Studio Producer: Melissa HonigDigital Studio Producer: Alana ColesDigital Content Team Lead: Noel LotzDigital Content Project Lead: Noel LotzProject Manager: Kathy Smith, Cenveo Publisher ServicesInterior Design: Cenveo Publisher ServicesCover Design: Cenveo Publisher ServicesCover Art: Isak55/Shutterstock; Hamik/Shutterstock;; Sergey Dobrydnev/Shutterstock; Zodebala/E /Getty imagesPrinter/Binder: LSC Communications, Inc./KendallvilleCover Printer: Phoenix Color/HagerstownCopyright 2019, 2016, 2013 by Frederic S. Mishkin. All Rights Reserved. Manufactured in the United States of America. Thispublication is protected by copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise. For information regarding permissions, request forms, and the appropriate contacts within the PearsonEducation Global Rights and Permissions department, please visit of third-party content appear on the appropriate page within the text.PEARSON, ALWAYS LEARNING, and MYLAB are exclusive trademarks owned by Pearson Education, Inc. or its affiliates in theU.S. and/or other countries.Unless otherwise indicated herein, any third-party trademarks, logos, or icons that may appear in this work are the property oftheir respective owners, and any references to third-party trademarks, logos, icons, or other trade dress are for demonstrative ordescriptive purposes only. Such references are not intended to imply any sponsorship, endorsement, authorization, or promotionof Pearson’s products by the owners of such marks, or any relationship between the owner and Pearson Education, Inc., or itsaffiliates, authors, licensees, or distributors.Cataloging-in-Publication Data is available on file at the Library of Congress117ISBN 10: 0-13-473382-7ISBN 13: 978-0-13-473382-1A01 MISH3821 12 SE FM.indd 427/10/17 5:49 PM

To SallyA01 MISH3821 12 SE FM.indd 527/10/17 5:49 PM

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About the AuthorFrederic S. Mishkin is the Alfred Lerner Professor of Banking and FinancialInstitutions at the Graduate School of Business, Columbia University.He is also a Research Associate at the National Bureau of EconomicResearch, co-director of the U.S. Monetary Policy Forum, a member ofthe Squam Lake Working Group on Financial Reform, and past presidentof the Eastern Economics Association. Since receiving his Ph.D. fromthe Massachusetts Institute of Technology in 1976, he has taught at theUniversity of Chicago, Northwestern University, Princeton University,and Columbia. He has also received an honorary professorship fromthe People’s (Renmin) University of China. From 1994 to 1997, he wasExecutive Vice President and Director of Research at the Federal ReserveBank of New York and an associate economist of the Federal Open MarketCommittee of the Federal Reserve System. From September 2006 toAugust 2008, he was a member (governor) of the Board of Governors ofthe Federal Reserve System.Professor Mishkin’s research focuses on monetary policy and its impact onfinancial markets and the aggregate economy. He is the author of more thantwenty books, including Macroeconomics: Policy and Practice, Second Edition(Pearson, 2015); Financial Markets and Institutions, Ninth Edition (Pearson, 2018); MonetaryPolicy Strategy (MIT Press, 2007); The Next Great Globalization: How Disadvantaged NationsCan Harness Their Financial Systems to Get Rich (Princeton University Press, 2006); InflationTargeting: Lessons from the International Experience (Princeton University Press, 1999); Money,Interest Rates, and Inflation (Edward Elgar, 1993); and A Rational Expectations Approach toMacroeconometrics: Testing Policy Ineffectiveness and Efficient Markets Models (University ofChicago Press, 1983). In addition, he has published more than 200 articles in such journalsas American Economic Review, Journal of Political Economy, Econometrica, Quarterly Journal ofEconomics, Journal of Finance, and Journal of Monetary Economics.Professor Mishkin has served on the editorial board of American Economic Review andhas been an associate editor at Journal of Business and Economic Statistics, Journal of AppliedEconometrics, Journal of Economic Perspectives, Journal of International Money and Finance, andJournal of Money, Credit and Banking; he also served as the editor of the Federal Reserve Bankof New York’s Economic Policy Review. He is currently an associate editor (member of theeditorial board) at six academic journals, including International Finance; Finance India; Reviewof Development Finance; Borsa Economic Review; PSU Research Review and Emerging Markets, andFinance and Trade. He has been a consultant to the Board of Governors of the Federal ReserveSystem, the World Bank, and the International Monetary Fund, as well as to many centralbanks throughout the world. He was also a member of the International Advisory Board tothe Financial Supervisory Service of South Korea and an advisor to the Institute for Monetaryand Economic Research at the Bank of Korea. Professor Mishkin was a Senior Fellow at theFederal Deposit Insurance Corporation’s Center for Banking Research and was an academicconsultant to and serves on the Economic Advisory Panel and Monetary Advisory Panel ofthe Federal Reserve Bank of New York.viiA01 MISH3821 12 SE FM.indd 727/10/17 5:49 PM

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Brief ContentsPART 1Introduction11 Why Study Money, Banking, and Financial Markets?.22 An Overview of the Financial System. 223 What Is Money?. 49PART 2Financial Markets4567PART 3An Economic Analysis of Financial Structure. 164Banking and the Management of Financial Institutions. 188Economic Analysis of Financial Regulation. 217Banking Industry: Structure and Competition. 236Financial Crises. 268Central Banking and the Conduct of Monetary Policy13141516PART 5The Meaning of Interest Rates. 64The Behavior of Interest Rates. 86The Risk and Term Structure of Interest Rates. 117The Stock Market, the Theory of Rational Expectations, and theEfficient Market Hypothesis. 141Financial Institutions 16389101112PART 463293Central Banks and the Federal Reserve System. 294The Money Supply Process. 318Tools of Monetary Policy. 343The Conduct of Monetary Policy: Strategy and Tactics. 369International Finance and Monetary Policy40317 The Foreign Exchange Market. 40418 The International Financial System. 432PART 6Monetary Theory19202122232425461Quantity Theory, Inflation, and the Demand for Money. 462The IS Curve. 480The Monetary Policy and Aggregate Demand Curves. 500Aggregate Demand and Supply Analysis. 515Monetary Policy Theory. 559The Role of Expectations in Monetary Policy. 588Transmission Mechanisms of Monetary Policy. 608ixA01 MISH3821 12 SE FM.indd 927/10/17 5:49 PM

xBrief ContentsAdditional Chapters on MyLab Economics12345A01 MISH3821 12 SE FM.indd 10Financial Crises in Emerging Market EconomiesThe ISLM ModelNonbank FinanceFinancial DerivativesConflicts of Interest in the Financial Services Industry27/10/17 5:49 PM

Contents in DetailPART 1Introduction1CHAPTER 1Why Study Money, Banking, and Financial Markets? 2Why Study Financial Markets?.2Debt Markets and Interest Rates. 3The Stock Market. 3Why Study Financial Institutions and Banking?.5Structure of the Financial System. 5Banks and Other Financial Institutions. 6Financial Innovation. 6Financial Crises. 6Why Study Money and Monetary Policy?.7Money and Business Cycles. 7Money and Inflation. 7Money and Interest Rates. 9Conduct of Monetary Policy. 9Fiscal Policy and Monetary Policy. 10Why Study International Finance?. 11The Foreign Exchange Market. 12The International Financial System. 13Money, Banking, and Financial Markets and Your Career. 14How We Will Study Money, Banking, and Financial Markets. 14Exploring the Web. 15Collecting and Graphing Data. 15Web Exercises. 15Concluding Remarks. 15Summary 15     Key Terms 16     Questions 16     Applied Problems 17   Data Analysis Problems 17      Web Exercises 18      Web References 18APPENDIX TO CHAPTER 1Defining Aggregate Output, Income, the Price Level,and the Inflation Rate 19Aggregate Output and Income. 19Real Versus Nominal Magnitudes. 19Aggregate Price Level. 20Growth Rates and the Inflation Rate. 21CHAPTER 2An Overview of the Financial System 22Function of Financial Markets. 22Structure of Financial Markets. 25xiA01 MISH3821 12 SE FM.indd 1127/10/17 5:49 PM

xiiContents in DetailDebt and Equity Markets. 25Primary and Secondary Markets. 25Exchanges and Over-the-Counter Markets. 26Money and Capital Markets. 27Financial Market Instruments. 27Money Market Instruments. 27Following the Financial News Money Market Rates28Capital Market Instruments. 29Following the Financial News Capital Market Interest Rates30Internationalization of Financial Markets. 31Global Are U.S. Capital Markets Losing Their Edge?32International Bond Market, Eurobonds, and Eurocurrencies. 32World Stock Markets. 33Function of Financial Intermediaries: Indirect Finance. 33Following the Financial News Foreign Stock Market Indexes34Transaction Costs. 34Global The Importance of Financial Intermediaries Relative to Securities Markets:An International Comparison 35Risk Sharing. 36Asymmetric Information: Adverse Selection and Moral Hazard. 36Economies of Scope and Conflicts of Interest. 38Types of Financial Intermediaries. 38Depository Institutions. 38Contractual Savings Institutions. 40Investment Intermediaries. 41Regulation of the Fin

financial markets and the aggregate economy. He is the author of more than twenty books, including Macroeconomics: Policy and Practice, Second Edition (Pearson, 2015); Financial Markets and Institutions, Ninth Edition (Pearson, 2018); Monetary Policy Strategy (MIT Press, 2007); The Next Great Globalization: How Disadvantaged Nations

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