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INDEX

Aaa rated bonds, 124–127	Allstate, 288	Automated banking machine
ABM (automated banking machine),	American Express, 234, 305	(ABM), 235
235	American options, 320	Automated teller machines (ATMs),
Accommodating policy, 640	AMEX (American Stock Exchange),	51, 235, 245
Activist/nonactivist policy debate,	26, 305	Autonomous consumer expenditure,
650–655	Animal spirits, 544, 586	538, 562–563
Activists, 592	Annuities, 288	Autonomous spending, 544
Activities, restrictions on, 39–40	Anticipated expansionary policy,
Adaptive expectations, 147	670	Baa-Aaa bond spreads, 124–127
Adjustable-rate mortgages (ARMs),	Anti-inflation polices, 671	Balance-of-payments
233	Applications, insurance, 291	Bretton Woods system, 483
Adverse selection, 32–34, 174–175	Appreciation, 436	crises, 476
property and casualty companies,	Arbitrage, 313	foreign exchange markets,
291	Argentina	467–468
regulations, 263	currency board, 494	Balance sheets
Advice, investment, 160	hyperinflation, 413	banks, 201–205
Afghanistan, 146–147	ARMs (adjustable-rate mortgages),	channels, 622
Agency theory, 175	233	effects of asset markets on, 189
Agent problem, 225	Arthur Andersen, 178	money supply, 358–359
Aggregate demand curves, 582–587	Asian financial crises, 194–198	off-balance-sheet activities,
ISLM model, 577–580	Assets, 3	223–226, 265
Aggregate demand function, 541	costs, 241–242	Ball, Ray, 154
Aggregate economic activity,	determinants of demand, 85–87	BankAmericard, 234
189–198	effects on market balance sheets,	Bank for International Settlements
Aggregate output, 9, 583. See also	189	(BIS), 339
GDP	Federal Reserve System, 464	Bank holding companies, 232, 245
changes in equilibrium level,	liquidity, 47	Banking Act of 1935, 345
566–568	management, 208, 211–212	Banking procedures, 205–208
income, 20	market approach, 93	Banking sector problems, 191
international trade, 548	physical bank capital, 205	Bank Insurance Fund (BIF), 278
ISLM model, 557–558	price channels, 618	Bank lending channels, 621
Keynesian framework, 536–551	restrictions on, 39–40	Bank loans, 169
money supply, 567	ROA, 214	Banknotes, 230
real terms, 575	wealth, 85. See also wealth	Bank of America, 235, 305
Aggregate price level, 10, 21–22	Asset transformation, 32	Bank of Canada, 349
Aggregate supply curve, 587–588	Asymmetric information, 32,	Bank of Credit and Commerce
equilibrium in, 588–600	174–175, 187	International (BCCI), 272
Agriculture, Department of, 315	banking regulation, 260–271	Bank of England, 272, 349–350
Akerlof, George, 175	ATMs (automated teller machines),	Bank of Japan, 360
Alexander, Sidney, 155	51, 235, 245	Bank of the United States, 230
Allen, F., 155	Audits, 315	Bankruptcy, Enron Corporation,
Allied Irish, 225	Austria, euro, 49	124–127
		I-1

I-2 Index
Banks, 8. See also banking proce-	universal banking, 251	business cycles expansion, 95
dures	World Bank, 470	capital market, 27
asymmetric information and reg-	Bank supervision, 265	corporate long-term, 121
ulation, 260–271	Barings, 225	coupon, 63–64, 65–68
balance sheets, 201–205	Barnett Bank, 290	“Credit Markets” column, Wall
capital, 204	Barro, Robert J., 488, 645	Street Journal, 103–104
central bank, 12	Barter economies, 45	default-free, 121
charters, 230	Basel 2, 266	default risk, 120
commercial banks, 34	Basel Accord, 265, 272	discount, 64, 68–69
competition, restrictions on, 269	Basel Committee on Banking	effect of economic expansion for
consolidation, 245–250, 246	Supervision, 265	supply, 102
consolidation regulations,	Basic gap analysis, 221	Enron Corporation, bankruptcy
264–271	Basis points, 74	of, 124–127
credit cards, 234	Baumol, William, 524	Eurobond, 28
debit cards, 234	Baumol-Tobin analysis, 526	foreign, 28
decline in traditional banking,	BCCI (Bank of Credit and	income tax, 125–126
242–243	Commerce International), 272	indexed, 82
deposits at other banks, 204	Beige book, FOMC, 344	junk, 124, 235–236
electronic banking, 234–235	Belarus, inflation rates, 11	lemons problem, 175–180
Eurocurrencies, 28	Belgium, EMS, 474	liquidity, 96, 125
European Central Bank, 49	Belgium, euro, 49	liquidity premium theory, 133
evolution of, 232–243	Bent, Bruce, 238	low interest rates in Japan, 103
failures, 260	Bernanke, Ben, 618, 621	Moody’s, 123
Federal Reserve banks, 337	BIF (Bank Insurance Fund), 278	mutual funds, 297. See also
foreign central banks, 349	BIS (Bank for International	mutual funds
historical development of,	Settlements), 339	perpetual, 67
229–232	Black, Fischer, 157	preferred habitat theory, 134
international banking, 253–257,	Black Monday Crash of 1987, 5,	risk, 96
272–273, 280–284	163–164	segmented markets theory, 132
investment, 26, 303	reserve requirements, 404	Standard and Poor’s, 123
involved in the sale of insurance,	Black-Scholes model, 328	structure of financial markets,
290	Blanchard, Oliver, 597	25–28
management, 208–216	Bliss, Robert, 137	T-bonds, 74
mergers, 248	Blue book, FOMC, 344	Treasury bonds, 12
money center, 212	Board of Governors of the Federal	U.S government, 26
mutual savings banks, 34–35	Reserve System, 337	volatility of returns, 78
open market purchases, 360–362	Bolivia, inflation, 674	Wall Street Journal, 72–73
panic, 191	Bond market, 4	yields, 76. See also returns
profitability, 242	equilibrium in, 89	Borrowing. See debt; direct loans;
separation of financial services,	excess supply and demand, 90	loans
250–252	interest rates, 87–93	Bosworth, Barry, 620
state banking and insurance com-	shifts in demand curves, 94	Branches, restrictions on, 244
missions, 38	Bonds, 3. See also debt; loans	Branson, William H., 466
structure of U.S. commercial	Baa-Aaa bond spreads,	Brazil
industry, 243–245	124–127	hyperinflation, 413
superregional, 247	Bush tax cut of 2001, 127	inflation rates, 11

Bretton Woods system, 469, 470 balance-of-payments considera-

tions, 483

fixed exchange rates, 473–478 British-style universal banking sys-

tem, 252 Brokerage firms, 304

Brokers, 26, 303. See also securities audits, 315

Brown, Henry, 238

Brown, Phillip, 154

Bryant, Ralph, 618 Bubbles, 164 Budget deficits

inflation, 643 surpluses, 12

Bull markets, 5 Burns, Arthur, 424

Bush, George H. W., 348 Bush tax cut of 2001, 127 Business cycles, 9

analyzing past cycles, 598–600 bonds, 95

changes in interest rate equilibrium, 99

interest rates, 102

real business cycle theory, 596, 616 Businesses, financing, 169–172 Business finance companies, 297

Calculations. See also valuation common stocks, 141–144 coupon bonds, 65–68 current yield, 70–75 discount bonds, 68–69 discounting the future, 62 fixed-payment loans, 65 money multiplier, 375–378 multiple deposit creation, 370 nominal interest rates, 79–82 present value, 65

real interest rates, 79–82 returns, 75

simple loans, 64–65

value of final goods and services, 20 yield to maturity, 64–65

Call options, 322 Calvo, Guillermo, 488

CAMELS rating, 266, 268 Campbell, John Y., 136, 137 Canada

Bank of Canada, 349 financial regulation of, 40 inflation targeting, 502 Royal Bank of Canada, 235

Cancellation of insurance, 292 Capital

accounts, 467 banks, 204

management, 215–216 Capital adequacy management,

213–215

Capital controls, 254, 478–479 Capital gains, rate of, 7 Capital markets, 27

theory of efficient capital markets, 149

Capital mobility, 445 Carte Blanche, 234 Cash

e-cash, 51. See also payments systems

e-finance, 8

items in process of collection, 204

M2, 52 vault, 204

Cash flow, 141 channels, 622–623

common stock, 142–143. See also common stock

financial crises, 190

Cashless societies, predictions of, 52 Cash management account (CMA),

305

Casualty insurance companies, 36, 288–293. See also financial intermediaries

CD (certificate of deposit), 203, 622 Cease and desist orders, 266

CEBA (Competitive Equality in Banking Act) of 1987, 276

Index I-3

Cecchetti, Stephen G., 621 Central bank, 12, 230. See also

banks behavior, 351–352 foreign, 349

monetary policy, 626–628 targets, 414–416

Certificate of deposit (CD), 203, 622 CFTC (Commodities Futures

Trading Commission), 38, 315, 321

Changes in equilibrium, interest rates, 93–104

Channel/corridor system for setting interest rates, 406–408

Channels

asset price, 618 balance sheets, 622 bank lending, 621 credit, 625 interest rates, 617

unanticipated price level, 623 Charles Schwab, 305

Charters banks, 230

foreign banks, 266 Chase Manhattan Bank, 249 Checkable deposits, 201 Checks, 48–49

M1, 52 Chemical Bank, 249

Chicago Board of Trade, 233, 311, 315

Chicago Mercantile Exchange, 315 Chrysler, 121

Circulation of currency, 358 Citicorp, 251, 305 Citigroup, 297

Clinton, William Jefferson, 348 Closed-end mutual funds, 299 CMA (cash management account),

305

Coins, evolution of payments system, 48–51

Coinsurance, 292 Coldwell Banker, 305

I-4 Index
Collateral, 172	Consumption, 620	Crises
compensating balances, 219	Contracts. See also loans; mortgages	balance-of-payments crises, 476
net worth, 180	debt, 172, 183	East Asian, 480
Collection, items in process of, 204	futures, 233, 311–320	emerging market foreign
Commercial banks, 34. See also	moral hazards, 180–184	exchange, 477–478
financial intermediaries	options. See options	financial, 189–198
checking accounts, 52	Controllability of targets, 418–419	foreign exchange crisis of
separation from securities indus-	Conversion of currencies, 5	September 1992, 475
try, 39–40	Cootner, Paul, 155	Great Depression, 387–390. See
Commercial paper, 236–237	Corporate long-term bonds, 121	also Great Depression
Commissions, brokerage firms, 304	Costly state verification, 182	international banking, 280–284
Commodities Futures Trading	Cost-push inflation, 639	slow recovery in March 2001,
Commission (CFTC), 38, 315,	Costs	625
321	liabilities, 240–241	United States 1980s banking cri-
Commodity money, 48	opportunity, 106	sis, 273–276
Common stock, 5. See also stock	production, changes in,	Crowding out, 586, 587
calculations, 141–144	594–595	Currencies, 44. See also money;
generalized dividend valuation	transactions, 173–174, See also	money supply
model, 143	transaction costs	banknotes, 230
Gordon growth model, 143	Counterparties, 311	conversion of, 5
restrictions on holdings, 40	Coupon bonds, 63, 65–68	euro, 49
Community banks, 249	Coupon rates, 64	Eurocurrencies, 28
Community Reinvestment Act	Covenants, 185	Eurodollars, 254
(CRA) of 1977, 269	CPI (consumer price index), 21,	evolution of payments system,
Compensating balances, 219	583	48–51
Competition	CRA (Community Reinvestment	gold standard, 469
limits on, 40	Act) of 1977, 269	M1, 52
restrictions on, 269	Credit. See also debt; loans	Office of the Comptroller of the
Competitive Equality in Banking Act	channels, 625	Currency, 38, 231
(CEBA) of 1987, 276	effect of less capital on markets,	reserve currency, 470
Complete crowding out, 587	216	swaps, 328
Consol, 67	factoring, 297	Currency board, 492
Consolidation regulations, 264–271	federal credit agencies, 301	Current accounts, 467
Consolidation banks, 245–250, 246	management, 217–220	Current yield, 70–75
Constant-money-growth-rate rule,	rationing, 220
654	risk, 208	Dai-Ichi Kangyo Bank, 256
Consumer durable expenditure, 617	secondary, 402	Daiwa Bank, 225
Consumer expenditure, 536, 585	Credit cards, 234	Data lag, 650
autonomous consumer expendi-	Credit Control Act of 1969, 341	Dealers, 26, 303. See also securities
ture, 538	“Credit Markets” column, Wall Street	audits, 315
Consumer finance companies, 297	Journal, 103–104	primary, 399
Consumer price index (CPI), 21,	Credit unions, 35–36. See also finan-	Dean Witter, 305
583	cial intermediaries	Debit cards, 51. See also payments
Consumer protection, 269	NCI (National Credit Union	systems
Consumer Protection Act of 1969,	Administration), 38	banks, 234
269	Credit view, 618, 621	De Bondt, Werner, 157

		Index I-5
Debt. See also interest rates	loanable funds framework,	Diners Club, 234
budget deficits and surpluses, 12	91–92	Direct finance, 24
collateral, 172	shifts in bond markets, 94	Dirty float, 462
contracts, 172, 183	Demand-pull inflation, 639,	Disclosure, 39, 268
coupon bonds, 63, 65–68	641–643	Discount bonds, 64, 68–69
deflation, 192	Denmark	expected returns, 88
discount bonds, 64, 68–69	EMS, 474	Discount lending, 395–397
evolution of the euro, 49	euro, 49	Discount loans, 203
fixed-payment loans, 63, 65	Department of Agriculture, 315	money supply, 364
Great Depression, 193	Deposit insurance, 40	Discount policy, 400–403
influences on financial structures,	Depository institutions, 34. See also	Discount rate, 359, 420
184–188	financial intermediaries	Discounts, 420
maturity of, 26	Depository Institutions Deregulation	discounting the future, 62
monetizing the, 644	and Monetary Control Act	yields, 71
moral hazards, 180–184	(DIDMCA) of 1980, 274	Discount window, 400
secured debt, 172	Deposit rate ceilings, 238	Discover Card, 305
simple loans, 52, 63, 64–65	Deposits	Disintermediation, 238
structure of financial markets,	checkable, 201	Disposable income, 538
25–28	float, 365	Diversification, 32
transaction costs, 30	foreign exchange markets, 447	Dividends, 26
unsecured debt, 172	large-denomination time	common stock, 142
yield to maturity, 64	deposits, 203	generalized dividend valuation
Decline of reserve requirements,	money multiplier, 380	model, 143
406	multiple deposit creation, 357,	Gordon growth model, 143
Deductibles, insurance, 292	365–371	DJIA (Dow Jones Industrial
Default-free bonds, 121	nontransaction, 203	Average), 5
Default risk, 120. See also risk	at other banks, 204	Dollarization, 493
Defensive open market operations,	outflows, 208	Dollars
398	securitization, 238	effect of value fluctuations, 6
Defined-benefit plans, 294	simple deposit multiplier, 369	Eurodollars, 28
Defined-contribution plans, 294	Treasury, 365	euro’s challenge to, 471
Deflation	Depreciation, 436	foreign exchange markets, 447
debt, 192	Derivatives, 233–234, 309	present value, 61–62
Great Depression, 193	futures contracts and markets,	transaction costs, 30
Delayed signaling, 506	311–320	Domestic goods, preference for,
Demand	hedging, 309–310	441
aggregate demand function, 541	interest-rate forward contracts,	Domestic interest rates, 452
for loanable funds, 92	310–311	Domestic open market operations,
for money, 532–533	interest-rate swaps, 328–330	398
supply and demand. See also sup-	options, 320–328	Dornbusch, Rudiger, 452
ply and demand	Determinants of asset demand,	Dow Jones Industrial Average
Demand analysis, equilibrium in,	85–87	(DJIA), 5
588–600	Devaluation, 472	Downward-sloping demand curves,
Demand curves, 87–89	DIDMCA (Depository Institutions	89
aggregate, 582–587	Deregulation and Monetary	Drexel Burnham, 236
federal funds rate, 394	Control Act) of 1980, 274	Dual banking system, 231

I-6 Index
Duration analysis, 221	Keynesian evidence, 607–610	Eurodollars, 28, 53, 254, 255
Dynamic open market operations,	monetarist evidence, 611–616	Europe
398	Employee Retirement Income	banking crises, 282
	Security Act (ERISA), 295	currency (euro), 49
East Asia, 480	Employment Act of 1946, 411	electronic payment systems, 50
banking crises, 284	Employment rates, 411	financial regulation, 40
financial crises, 194–198	EMS (European Monetary System),	price stability, 413
Eastern Europe, banking crises, 282	471	European Central Bank (ECB), 49,
E-cash, 51. See also payments sys-	Engineering, financial, 232	350, 498
tems	Engle, Charles, 158	European currency unit (ECU), 474
ECB (European Central Bank), 49,	Enron Corporation	European Economic Commission,
350, 498	bankruptcy of, 124–127	49
Econometric policy evaluation, 659	collapse after Arthur Andersen	European Monetary System (EMS),
Economic expansions, 9	conviction, 178	471
Economic growth, 22	effect on stock market, 146–147	European options, 320
financial development and,	Equal Credit Opportunity Act of	European System of Central Banks
187–188	1974, 269	(ESCB), 350
inflation targeting, 508–509	Equation of exchange, 518, 583	Evaluation, Lucas critique of policy
monetary policy, 412	Equilibrium	evaluation, 659–660
Economies	in the bond market, 89	Evidence, 603. See also empirical
effect of expansion for bonds, 102	changes in interest rates, 93–104	evidence
of scale, 30, 173	IS curve, 552	reduced-form, 604
of scope, 248	Keynesian cross diagram, 540	statistical, 613
ECU (European currency unit), 474	markets, 90	structural model, 604
Edge Act corporation, 255	Equities, 26. See also financial	timing, 611
Edwards, Sebastian, 478	instruments; securities	Evolution of banking system,
Effective exchange rate index, 455	ROE, 214	232–243
Effectiveness lag, 651	Equity capital, 141, 180. See also	Excess demand, 90, 589
Efficient market hypothesis, 149,	common stock	Excess reserves, 204
150–152	Equity multiplier (EM), 214	money supply, 359
evidence on the, 153–162	Ericsson, 50	Excess supply, 90, 589
E-finance, 8	ERISA (Employee Retirement	Exchange rate. See also Foreign
Eisenhower, Dwight D., 423	Income Security Act), 295	exchange markets
Electronic banking, 234–235	ERM (exchange rate mechanism),	effects on net exports, 618
regulation, 270	474, 490	overshooting, 454
Electronic money (e-money), 51	Errors of expectations, forecasting,	Exchange rate mechanism (ERM),
Electronic payment systems, 50	150	474, 490
Eligible paper, 420	ESCB (European System of Central	Exchange-rate targeting, 489–495
EM (equity multiplier), 214	Banks), 350	Exchanges, 6, 27
Emerging country financial crises,	Estrella, Arturo, 429	Exercise price, 320
194–198	Euro, 28	Expanded-inflation effect, 113
Emerging market foreign exchange	EMS (European Monetary	Expansions, economic, 9
crises, 477–478	System), 471	Expectations
Empirical evidence	foreign exchange markets, 457	adaptive, 147
framework for evaluation,	Eurobond, 28	relationship to liquidity premi-
603–607	Eurocurrencies, 28	ums, 134

		Index I-7
theory, 129	Federal Deposit Insurance	origin of, 335–336
theory of rational, 147–150	Corporation Improvement Act	Regulation B, 269
Expected deposit outflows, 380	(FDICIA), 278	Regulation K, 255
Expected price levels, 594	Federal Deposit Insurance	Regulation Q, 40, 341
Expected returns. See also returns	Corporation Improvement Act	Regulation Z, 269
discount bonds, 88	of 1991, 279	shifts in money supply, 108
equilibrium in interest rates,	Federal funds rate, reserve markets,	Federal Savings and Loan Insurance
95–96	393–398	Corporation (FSLIC), 265
foreign exchange markets,	Federal Home Loan Bank Board,	Fed watchers, 430
448–459	275	FHLBS (Federal Home Loan Bank
interest rate, 86	Federal Home Loan Banks, 278	System), 252
segmented markets theory, 132	Federal Home Loan Bank System	FHLMC (Federal Home Loan
Expenditure multiplier, 542	(FHLBS), 252	Mortgage Corporation), 301
Expertise, financial intermediaries,	Federal Home Loan Mortgage	FICA (Federal Insurance
174	Corporation (FHLMC), 301	Contribution Act), 295
Exports, 537. See also net exports	Federal Insurance Contribution Act	FICO (Financing Corporation), 276
changes in, 563–564	(FICA), 295	Finance companies, 37, 296–297.
effect of dollar value fluctuations,	Federally sponsored agencies	See also financial intermedi-
6	(FSEs), 301	aries
exchange rate effects on, 618	Federal Market Open Committee	Financial contracts, 180–184
External financing, 170	(FMOC), 424	Financial crises, 189–198
External funds, 171–172	Federal National Mortgage	Financial derivatives, 233–234, 309
	Association (FNMA), 301	futures contracts and markets,
Face value, 63	Federal Open Market Committee	311–320
Factoring credit, 297	(FOMC), 337, 341, 398, 463	hedging, 309–310
Factors of production, 20	Federal Reserve Bank, 337, 463	interest-rate forward contracts,
Failures, banks, 260	Federal Reserve Bank of New York,	310–311
Fair Credit Billing Act of 1974,	339	interest-rate swaps, 328–330
269	monetary policy, 424	options, 320–328
Fallen angels, 235	Federal Reserve System, 12, 38	Financial engineering, 232
Fama, Eugene F., 137, 154, 155	assets, 464	Financial futures contracts, 312. See
Farm Credit System, 301	borrowing, 203	also futures
FDIC (Federal Deposit Insurance	central bank behavior, 351–352	Financial institutions, 7–8
Corporation), 38, 40, 231,	creation of, 231	Financial Institutions Reform,
261	foreign central banks, 349–351	Recovery, and Enforcement
discount policy, 402	formal structure of, 336–344	Act of 1989, 278
FDICIA (Federal Deposit Insurance	independence of, 346–349,	Financial instruments, 24. See secu-
Corporation Improvement	352–354	rities
Act), 278	informal structure of, 344–346	importance of financial interme-
Federal; funds rate, 393	liabilities, 464	diaries, 31
Federal Advisory Council, 345	monetary aggregates, 54	liquidity, 27
Federal credit agencies, 301	monetary policy procedures,	Financial intermediaries, 7, 27–28,
Federal Deposit Insurance	419–428	34–37, 177–180
Corporation (FDIC), 38, 40,	money measurement, 51	deposit insurance, 40
231, 261	money supply balance sheets,	disclosure, 39
discount policy, 402	358–359	expertise, 174

I-8 Index
Financial intermediaries (continued)	Fisher, Irving, 518–519	Formulas. See also calculations
function of, 29–34	Fisher, Lawrence, 154	current yield, 70–75
importance of, 31	Fisher effect, 99. See also inflation	Forward contracts, 310
indirect finance, 171	Fisher equation, 79	Forward transactions, 436
insurance companies, 287–293	Fixed exchange rates	Framework for empirical evidence,
interest-rate swaps, 330	Bretton Woods system, 473–478	603–607
limits on competition, 40	regime, 470	France
restrictions on assets and activi-	Fixed investment, 539	EMS, 474
ties, 39–40	Fixed-payment loans, 63, 65	euro, 49
restrictions on entry, 39	Fixed-rate mortgages, 233	Fraud
restrictions on interest rates, 40–41	Flat money, 48	electronic payment systems, 52
Financial markets, 3	Float deposits, 365	prevention of, 292
foreign stock market indexes, 30	FMOC (Federal Market Open	Free-rider problem, 176
function of, 23–25	Committee), 424	Frekel, Jacob A., 466
internationalization of, 28–29	FNMA (Federal National Mortgage	French, Kenneth R., 157
stability, 413–414	Association), 301	Frictional unemployment, 411
structure of, 25–28	FOMC (Federal Open Market	Friedman, Benjamin, 415
Financial panic, 39	Committee), 337, 341, 398,	Friedman, Milton, 11, 112, 387,
Financial scandals, effect on stock	463	528–532, 608
market, 146–147	Forecasting	Friedman-Meiselman measure of
Financial services industry, separa-	common stock valuation, 142	autonomous expenditure, 614
tion of banks, 250–252	errors of expectations, 150	FSEs (federally sponsored agencies),
Financial structures, 169–172	interest rates, 111–112	301
debt, 184–188	optimal forecast, 148	FSLIC (Federal Savings and Loan
financial crises and aggregate	technical analysis, 155	Insurance Corporation), 265
economic activity, 189–198	Foreign banking systems, 253–257	Fuji Bank, 256
lemons problem, 175–180	Foreign bonds, 28	Full Employment and Balanced
Financial systems, regulation of,	Foreign central banks, 349–351	Growth Act of 1978, 411
37–41	Foreign exchange crisis of	Fully amortized loans. See fixed-
Financial Times-Stock Exchange	September 1992, 475	payment loans
100-Share Index (London), 29	Foreign exchange markets, 5,	Fully funded pension plans, 294
Financing Corporation (FICO), 276	435–439	Fundamentals, market, 152
Finland	balance of payments, 467–468	Funds, sources of, 201
electronic payment systems, 50	equilibrium in, 446	Futures
euro, 49	Federal Reserve Bank, 463	contracts, 233
Fire and casualty insurance compa-	intervention in, 462–467	financial derivatives, 311–320
nies, 36. See also financial	prices, 439–442	globalization of, 317
intermediaries; insurance	productivity, 442	hedging, 314
companies	returns, 443–448	options, 321. See also options
First Boston Corporation, 231	shift in expected returns,
First National Bank of Boston, 231	448–459	Gap analysis, 221
Fiscal policy, 12	stability, 414	GDP (gross domestic product), 12, 20
comparing effectiveness to mone-	Foreign exchange rates, 5	central bank targets, 417–418
tary policy, 568–574	Foreign exchange risk, hedging,	GDP deflator, 21–22
inflation, 636	319	nominal GDP, 20–21
responses to changes in, 567	Foreign goods, preference for, 441	real GDP, 21, 583

		Index I-9
General Electric (GE), 149	financial intermediation,	Hedging, 233, 314
Generalized dividend valuation	301–302	financial derivatives, 309–310
model, 143	fiscal imbalances, 191	foreign exchange risk, 319
General Motors Acceptance	increasing information, 177	interest-rate swaps, 329
Corporation (GMAC), 297	moral hazards, 182	macro hedge, 315
General Theory of Employment,	retirement funds, 37	micro hedge, 315
Interest, and Money, The, 536.	spending, 537, 563, 585	options, 325–326
See also Keynes, John Maynard	Government National Mortgage	Hicks, John, 536, 554
Generation X, 298	Association (GNMA), 301	High employment
Germany	Gramm-Leach-Bliley Act of 1999,	effect on inflation, 639
EMS, 474	251, 290	rates, 411
euro, 49	Great Depression, 40–41. See also	High interest rates, 4. See also
financial regulation, 40–41	stock market crash of 1929	Interest rates
hyperinflation, 633	bank failures, 231	Highly leveraged transaction loans,
hyperinflation after World War I,	collapse of investment spending,	274
47	545	High-tech sector, venture capitalists,
monetary targeting, 497–501	consumers’ balance sheets, 624	183
reunification of, 490	debt deflation, 193	High unemployment, responses to,
Gertler, Mark, 174, 618, 621	discount policy, 402	650
Glass Stegall Act of 1933, 231, 250,	Federal Reserve System policy	Historical development of banks,
269	procedures, 421	229–232
Globalization of futures, 317	Keynesian evidence, 609	Home banking, 235
Globex electronic trading system,	money supply, 387	Hooper, Peter, 618
317	Green book, FOMC, 344	Hostages, 654
GMAC (General Motors Acceptance	Greenspan, Alan, 343, 429–430	Hot tips, 160
Corporation), 297	Gross domestic product (GDP), 12,	Household liquidity effects, 623
GNMA (Government National	20	Hubbard, R. Glenn, 31, 621
Mortgage Association), 301	central bank targets, 417–418	Huberman, Gur, 157
Goal independence, 347	GDP deflator, 21–22	Huizinga, John, 609
Gold standard, 469	nominal GDP, 20–21	Humphrey-Hawkins Act, 411
Goldstein, Morris, 466	real GDP, 21, 583	Hyperinflation, 47, 413, 633
Goods and services. See aggregate	Growth	Hysteresis, 597
output	constant-money-growth-rate rule,
Goodwill, 275	654	IBFs (international banking facili-
Gordon, David, 488	economic and financial develop-	ties), 255
Gordon Equation 5, 147	ment, 187–188	IDA (International Development
Gordon growth model, 143	Gordon growth model, 143	Association), 470
effect of scandals, terrorism on	inflation targeting, 508–509	IMF (International Monetary Fund),
markets, 146–147	monetary policy, 412	470
Government	rate of money, 116	role of, 479–482
bonds, 26	Guarantees, arbitrage, 313	Implementation lag, 651
budget constraints, 643		Incentive-compatible, 185
debt, 12	Hackers, electronic payment sys-	Income, 3, 45. See also money
deposit insurance, 262. See also	tems, 52	aggregate output, 20
FDIC	Hamilton, Alexander, 229	disposable, 538
equilibrium in interest rates, 98	Hedge funds, 299	money markets, 113

I-10 Index
Income (continued)	Insider trading, 39	liquidity preference framework,
shifts in demand for money,	Insolvency, 192	107–117
107–108	Institutional investors, 298	liquidity premium theory, 133
Income taxes	Institutional money market mutual	long-term bonds, 96
bonds, 125–126	fund shares, 53	lowering, 117
Bush tax cut of 2001, 127	Instrument independence, 347	management of, 12
changes in, 563	Instrument targets, 415	management of risk, 220–223
Independence of the Federal	Insurance companies, 27–28,	measuring, 61–75
Reserve System, 352–354	287–293. See also financial	monetary policy, 413
Indexes	intermediaries	money demand, 533
bonds, 82	fire and casualty insurance com-	negative, 69
effective exchange rate, 455	panies, 36	nominal interest rates, 79–82
foreign stock markets, 30	life insurance, 287–288	planned investment spending,
TIPS, 82	property and casualty insurance,	552
Indirect finance, 171	288–293	preferred habitat theory, 134
Individual retirement accounts	state banking and insurance com-	real interest rates, 79–82
(IRAs), 294	missions, 38	restrictions on, 40–41
Indonesia, financial crises, 194–198	Interest, 238	returns, 75–79
Industrial production, 583	Interest-bearing NOW accounts,	risk, 78, 120–127, 208
Inflation, 10	202	segmented markets theory, 132
anti-inflation polices, 671	Interest parity condition, 445	supply and demand, 87–93
Bolivia, 674	Interest-rate forward contracts,	term structure of, 127–138,
causes of, 11–12	310–311	659
credibility in fighting, 673	Interest rates, 4	TIPS, 82
equilibrium in interest rates, 98	business cycle expansions, 102	Wall Street Journal, 72–73
expanded-inflation effect, 113	changes in equilibrium, 93–104,	yield curve, 136
growth rates, 22	566–568	Interest-rate swaps
hyperinflation, 47, 413	changes in investment spending,	financial derivatives, 328–330
meaning of, 634–635	562	financial intermediaries, 330
monetary policy, 638–650	changes in net exports, 563–564	hedging, 329
money, 632–634	channel/corridor system for set-	Intermediate targets, 414
NAIRU, 429, 590	ting, 406–408	Intermediate-term debt, 26
rapid, 633	channels, 617	International banking, 253–257
rates, 11	control of, 116	crises, 280–284
real interest rates, 79	“Credit Markets” column, Wall	regulations, 272–273
rise in U.S., 1960-1980, 646–650	Street Journal, 103–104	International banking facilities
targeting, 501–509	determinants of asset demand,	(IBFs), 255
views of, 635–638	85–87	International Development
Volcker, Paul, 655	expectations theory, 129–131	Association (IDA), 470
Inflows, controls on capital,	forecasting, 111–112	International financial system, evo-
478–479	increases in, 189	lution of, 468–478
Information, sale of, 176–177	ISLM model, 557–558	Internationalization of financial
Information technology, 234	Japan, 103	markets, 28–29
bank consolidation, 247	liquidity, 86, 104–117	International Monetary Fund (IMF),
economies of scope, 248	liquidity preference analysis,	470
Initial public offering (IPO), 303	112–117	role of, 479–482

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