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1、Thisbookisorganizedtohelpstudentsunderstandboththefinancialsystemanditseconomiceffectsontheirlives・Thatmeanssurveyingabroadseriesoftopics,includingwhatmoneyisandhowitisused;whatafinancialinstrumentisandhowitisvalued;whatafinancialmarketisandhowitworks;whatafinancialinstitutionisandwhyweneedit;and
2、whatacentralbankisandhowitoperates・Moreimportant,itmeansshowingstudentshowtoapplythefivecoreprinciplesofmoneyandbankingtotheevolvingfinancialandeconomicarrangementsthattheyinevitablywillconfrontduringtheirlifetimes.PartI:MoneyandtheFinancialSystem・Chapter1introducesthecoreprinciplesofmoneyandbank
3、ing,whichserveastouchstonesthroughoutthebook・Chapter2examinesmoneybothintheoryandinpractice・Chapter3followswithabird's-eyeviewoffinancialinstruments,financialmarkets,andfinancialinstitutions.(InstructorswhoprefertodiscussthefinancialsystemfirstcancoverChapters2and3inreverseorder.)Part11:InterestR
4、ates,FinancialInstruments,andFinancialMarkets.Part11containsadetaileddescriptionoffinancialinstrumentsandthefinancialtheoryrequiredtounderstandthem・Itbeginswithanexplanationofpresentvalueandrisk,followedbyspecificdiscussionsofbonds,stocks,derivatives,andforeignexchange・Studentsbenefitfromconcrete
5、examplesoftheseconcepts・InChapter7(TheRiskandTermStructureofInterestRates),forexample,studentslearnhowtheinformationcontainedintheriskandtermstructureofinterestratescanbeusefulinforecasting.InChapter8(Stocks,StockMarkets,andMarketEfficiency),theylearnaboutstockbubblesandhowthoseanomaliesinfluenee
6、theeconomy.AndinChapter10(ForeignExchange),theystudytheBigMacindextounderstandtheconceptofpurchasingpowerparity.Throughoutthissection,twoideasareemphasized:thatfinancialinstrumentstransferresourcesfromsaverstoinvestors,andthatindoingso,theytransferrisktothosebestequippedtobearit.PartIII:Financial
7、Institutions・Inthenextsection,thefocusshiftstofinancialinstitutions・Chapter11introducestheeconomictheorythatisthebasisforourunderstandingoftheroleoffinancialintermediaries・Throughaseriesofexamples,studentsseetheproblem
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