金融市场与金融机构（英文版·原书第9版）

2.3　金融市场国际化 20
2.4　金融中介的功能：间接融资 22
2.5　金融中介的类型 27
2.6　金融体系的监管 31
本章小结 34
关键术语 35
简答题 35
网络练习 36
第二部分　金融市场基础
第3章　利率的含义及其在定价中的作用 37
3.1　利率的衡量 38
3.2　实际利率和名义利率的区别 48
3.3　利率和收益率的区别 51
本章小结 62
关键术语 63
简答题 63
计算题 63
网络练习 65
第4章　为什么利率会变动 66
4.1　资产需求的决定因素 67
4.2　债券市场的供求 70
4.3　均衡利率的变动 74
本章小结 86
关键术语 86
简答题 86
计算题 87
网络练习 88
网络附录 88
第5章　利率的风险结构和期限结构 89
5.1　利率的风险结构 90
5.2　利率期限结构 97
本章小结 113
关键术语 114
简答题 114
计算题 115
网络练习 116
第6章　金融市场是否有效 117
6.1　有效市场假说 118
6.2　有效市场假说的例证 121
6.3　有效市场假说的局限性 130
6.4　行为金融 131
本章小结 132
关键术语 133
简答题 133
计算题 134
网络练习 134
第三部分　金融机构基础
第7章　金融机构的成立 135
7.1　全球金融结构的基本事实 136
7.2　交易成本 139
7.3　信息不对称：逆向选择和道德风险 140
7.4　次品问题：逆向选择对金融机构的影响 141
7.5　道德风险对债务合约和股权合约选择的影响 147
7.6　道德风险对债务市场金融结构的影响 150
7.7　利益冲突 157
本章小结 162
关键术语 163
简答题 163
计算题 164
网络练习 165
第8章　金融危机的出现及其对经济的危害 166
8.1　什么是金融危机 167
8.2　金融危机的动态发展 167
本章小结 182
关键术语 183
简答题 183
网络练习 183
网络资料 184
第四部分　中央银行与货币政策传导
第9章　中央银行和联邦储备系统 185
9.1　联邦储备系统的起源 186
9.2　联邦储备系统的结构 187
9.3　联邦储备系统的独立性 196
9.4　美联储应该独立吗 198
9.5　欧洲央行的结构和独立性 202
9.6　其他国家中央银行的结构和独立性 204
本章小结 206
关键术语 207
简答题 207
网络练习 207
第10章　货币政策传导 208
10.1　美联储如何影响银行体系的准备金 209
10.2　银行准备金市场与联邦基金利率 211
10.3　传统货币工具 218
10.4　非传统货币政策工具和量化宽松政策 222
10.5　欧洲央行货币政策工具 229
10.6　物价稳定性目标与名义锚 230
10.7　货币政策的其他目标 232
10.8　物价稳定是否为货币政策的首要目标 234
10.9　通货膨胀目标 236
10.10　央行是否应对资产价格泡沫做出反应：全球金融危机的教训 239
本章小结 244
关键术语 245
简答题 246
计算题 247
网络练习 247
第五部分　金融市场
第11章　货币市场 249
11.1　货币市场的界定 250
11.2　货币市场的目标 252
11.3　货币市场的参与者 253
11.4　货币市场工具 256
11.5　货币市场证券的比较 267
本章小结 270
关键术语 270
简答题 270
计算题 271
网络练习 271
第12章　债券市场 272
12.1　资本市场的目标 273
12.2　资本市场的参与者 273
12.3　资本市场的交易 274
12.4　债券的类型 274
12.5　中长期国债 274
12.6　市政债券 279
12.7　公司债券 281
12.8　债券的财务担保 287
12.9　债券市场的监管 288
12.10　当期收益率的计算 288
12.11　息票债券的价值 290
12.12　债券投资 293
本章小结 294
关键术语 295
简答题 295
计算题 295
网络练习 296
第13章　股票市场 297
13.1　股票投资 298
13.2　普通股的价格计算 303
13.3　证券价格的市场决定 307
13.4　估值误差 308
13.5　股票市场指数 311
13.6　购买国外股票 314
13.7　股票市场监管 314
本章小结 315
关键术语 316
简答题 316
计算题 316
网络练习 317
第14章　抵押贷款市场 318
14.1　抵押贷款的定义 319
14.2　抵押贷款的特点 320
14.3　抵押贷款的类型 325
14.4　抵押贷款的机构 328
14.5　贷款服务 329
14.6　次级抵押贷款市场 330
14.7　抵押贷款证券化 331
本章小结 336
关键术语 336
简答题 336
计算题 337
网络练习 338
第15章　外汇市场 339
15.1　外汇市场介绍 340
15.2　长期汇率 342
15.3　短期汇率：供求分析 347
15.4　汇率变动解析 349
本章小结 360
关键术语 360
简答题 360
计算题 361
网络练习 362
附录15A　利率平价条件 363
第16章　国际金融体系 367
16.1　外汇市场干预 368
16.2　国际收支平衡表 372
16.3　国际金融体系的汇率机制 373
16.4　资本管制 384
16.5　国际货币基金组织的作用 385
本章小结 386
关键术语 386
简答题 387
计算题 388
网络练习 388
第六部分　金融机构
第17章　银行业和金融机构管理 389
17.1　银行的资产负债表 390
17.2　银行的基本业务 393
17.3　银行管理的一般原则 396
17.4　表外业务行为 404
17.5　银行绩效的衡量 407
本章小结 412
关键术语 413
简答题 413
计算题 413
网络练习 414
第18章　金融监管 415
18.1　金融监管的理论基础：信息不对称 416
18.2　金融监管的类型 421
18.3　世界范围内的银行业危机 435
18.4　《多德–弗兰克法案》和2010年的《消费者保护法案》 436
18.5　“大而不倒”和未来的金融监管 438
本章小结 440
关键术语 440
简答题 440
计算题 441
网络练习 441
网络附录 442
第19章　银行业：结构与竞争 443
19.1　银行体系的发展历史 444
19.2　金融创新和影子银行体系的发展 446
19.3　美国银行业结构 462
19.4　银行合并和全国性银行 465
19.5　银行业和其他金融服务业的分业经营 469
19.6　储蓄行业 472
19.7　国际银行业 473
本章小结 476
关键术语 477
简答题 477
网络练习 478
第20章　共同基金行业 479
20.1　共同基金的成长 480
20.2　共同基金的收益 480
20.3　共同基金的结构 484
20.4　投资目标分类 486
20.5　投资基金的费用结构 492
20.6　共同基金的监管 493
20.7　对冲基金 494
20.8　共同基金行业的利益冲突 497
本章小结 501
关键术语 501
简答题 501
计算题 502
网络练习 503
第21章　保险公司和养老基金 504
21.1　保险公司 505
21.2　保险公司的基本原则 505
21.3　保险公司的组织和发展 508
21.4　保险的种类 508
21.5　养老金 521
21.6　养老金的种类 522
21.7　养老金计划的监管 528
21.8　养老基金的未来发展 530
本章小结 531
关键术语 531
简答题 531
计算题 532
网络练习 533
第22章　投资银行、证券经纪人和经销商以及风险投资公司 534
22.1　投资银行 535
22.2　证券经纪人和经销商 542
22.3　证券公司的监管 546
22.4　证券公司和商业银行的关系 548
22.5　私募股权投资 548
22.6　私募股权收购 553
本章小结 554
关键术语 555
简答题 555
计算题 556
网络练习 557
第七部分　金融机构管理
第23章　金融机构的风险管理 558
23.1　信用风险管理 559
23.2　利率风险管理 563
本章小结 575
关键术语 575
简答题 575
计算题 576
网络练习 578
第24章　利用金融衍生工具避险 579
24.1　套期保值 580
24.2　远期交易市场 580
24.3　金融期货市场 582
24.4　股票指数期货合约 591
24.5　期权 594
24.6　利率互换 601
24.7　信用衍生工具 604
本章小结 608
关键术语 608
简答题 609
计算题 609
网络练习 611
网络附录 611
Contents
About the Authors
Preface
Part One IntrOductIOn
Chapter 1 Why Study Financial Markets and Institutions 1
PrevIeW 1 Why Study Financial Markets 2
Debt Markets and Interest Rates 2
The Stock Market 3
The Foreign Exchange Market 4
Why Study Financial Institutions 6
Structure of the Financial System 6
Financial Crises 6
Central Banks and the Conduct of Monetary Policy 7
The International Financial System 7
Banks and Other Financial Institutions 7
Financial Innovation 7
Managing Risk in Financial Institutions 8
Applied Managerial Perspective 8
How We Will Study Financial Markets and Institutions 9
Exploring the Web 9
Collecting and Graphing Data 10
Web Exercise 10
Concluding Remarks 12
summary 12
key terms 13
QuestIOns 13
QuantItatIve PrOBlems 14
weB exercIses 14
Chapter 2 Overview of the Financial System 15
PrevIeW 15
Function of Financial Markets 16
Structure of Financial Markets 18
Debt and Equity Markets 18
Primary and Secondary Markets 18
Exchanges and Over-the-Counter Markets 19
Money and Capital Markets 20
Internationalization of Financial Markets 20
International Bond Market, Eurobonds, and Eurocurrencies 20
GLOBAL Are U.S. Capital Markets Losing Their Edge 21
World Stock Markets 22
Function of Financial Intermediaries: Indirect Finance 22
FOllOwIng the FInancIal news Foreign Stock Market Indexes 23
glOBal The Importance of Financial Intermediaries Relative to Securities Markets: An International Comparison 23 Transaction Costs 23
Risk Sharing 24
Asymmetric Information: Adverse Selection and Moral Hazard 25
Economies of Scope and Conflicts of Interest 26
Types of Financial Intermediaries 27
Depository Institutions 27
Contractual Savings Institutions 28
Investment Intermediaries 30
Regulation of the Financial System 31
Increasing Information Available to Investors 32
Ensuring the Soundness of Financial Intermediaries 32 Financial Regulation Abroad 33
SUMMARY 34
KEY TERMS 35
QUESTIONS 35
WEB exercIses 36
PART TWO FUNDAMENTALS OF FINANCIAL MARKETS
Chapter 3 What Do Interest Rates Mean and What Is Their Role in Valuation 37
PREVIEW 37
Measuring Interest Rates 38
Present Value 38
Four Types of Credit Market Instruments 40
Yield to Maturity 41
GLOBAl Negative Interest Rates Japan First, Then the United States, Then Europe 47
The Distinction Between Real and Nominal Interest Rates 48
MInI-case With TIPS, Real Interest Rates Have Become Observable in the United States 51
The Distinction Between Interest Rates and Returns 51
Maturity and the Volatility of Bond Returns: Interest-Rate Risk 54
mInI-case Helping Investors Select Desired Interest-Rate Risk 55
Reinvestment Risk 55
Summary 56
the PractIcIng manager Calculating Duration to Measure Interest-Rate Risk 56
Calculating Duration 57
Duration and Interest-Rate Risk 61
summary 62
key terms 63
QuestIOns 63
QuantItatIve PrOBlems 63
weB exercIses 65
Chapter 4 Why Do Interest Rates Change66
PrevIeW 66
Determinants of Asset Demand 67
Wealth 67
Expected Returns 67
Risk 68
Liquidity 70
Theory of Portfolio Choice 70
Supply and Demand in the Bond Market 70
Demand Curve 71
Supply Curve 72
Market Equilibrium 73
Supply-and-Demand Analysis 74
Changes in Equilibrium Interest Rates 74
Shifts in the Demand for Bonds 75
Shifts in the Supply of Bonds 78
case Changes in the Interest Rate Due to Expected Inflation: The Fisher Effect 80
case Changes in the Interest Rate Due to a Business Cycle Expansion 82
case Explaining the Current Low Interest Rates in Europe, Japan, and the United States 83
the PractIcIng manager Profiting from Interest-Rate Forecasts 84
FOllOwIng the FInancIal news Forecasting Interest Rates 86
summary 86
key terms 86
QuestIOns 86
QuantItatIve PrOBlems 87
weB exercIses 88
weB aPPendIces 88
Chapter 5 How Do Risk and Term Structure Affect Interest Rates 89
PrevIeW 89
Risk Structure of Interest Rates 90
Default Risk 90
Liquidity 93
case The Global Financial Crisis and the Baa-Treasury Spread 93
Income Tax Considerations 94
Summary 95
case Effects of the Bush Tax Cut and the Obama Tax Increase on Bond Interest Rates 96
Term Structure of Interest Rates 97
FOllOwIng the FInancIal news Yield Curves 98
Expectations Theory 99
Market Segmentation Theory 103
Liquidity Premium Theory 104
Evidence on the Term Structure 107
Summary 108
mInI-case The Yield Curve as a Forecasting Tool for Inflation and the Business Cycle 109
case Interpreting Yield Curves, 1980–2016 109
the PractIcIng manager Using the Term Structure to Forecast Interest Rates 110
summary 113
key terms 114
QuestIOns 114
QuantItatIve PrOBlems 115
weB exercIses 116
Chapter 6 Are Financial Markets Efficient 117
PrevIeW 117
The Efficient Market Hypothesis 118
Rationale Behind the Hypothesis 120
Evidence on the Efficient Market Hypothesis 121
Evidence in Favor of Market Efficiency 121
mInI-case An Exception That Proves the Rule: Raj Rajaratnam and Galleon 122
case Should Foreign Exchange Rates Follow a Random Walk 124
Evidence Against Market Efficiency 125
Overview of the Evidence on the Efficient Market Hypothesis 127
he PractIcIng manager Practical Guide to Investing in the Stock Market 127
How Valuable Are Published Reports by Investment Advisers 127
mInI-case Should You Hire an Ape as Your Investment Adviser 128
Should You Be Skeptical of Hot Tips 128
Do Stock Prices Always Rise When There Is Good News 129
Efficient Markets Prescription for the Investor 129
Why the Efficient Market Hypothesis Does Not Imply That Financial Markets Are Efficient 130
case What Do Stock Market Crashes Tell Us About the Efficient Market Hypothesis 131
Behavioral Finance 131
summary 132
key terms 133
QuestIOns 133
QuantItatIve PrOBlems 134 weB exercIses 134
Part three Fundamentals OF FInancIal InstItutIOns
Chapter 7 Why Do Financial Institutions Exist 135
PrevIeW 135
Basic Facts About Financial Structure Throughout The World 136
Transaction Costs 139
How Transaction Costs Influence Financial Structure 139
How Financial Intermediaries Reduce Transaction Costs 139
Asymmetric Information: Adverse Selection and Moral Hazard 140
The Lemons Problem: How Adverse Selection Influences Financial Structure 141
Lemons in the Stock and Bond Markets 142
Tools to Help Solve Adverse Selection Problems 142
mInI-case The Enron Implosion 144
How Moral Hazard Affects the Choice Between Debt and Equity Contracts 147
Moral Hazard in Equity Contracts: The Principal–Agent Problem 147
Tools to Help Solve the Principal–Agent Problem 148
How Moral Hazard Influences Financial Structure in Debt Markets 150
Tools to Help Solve Moral Hazard in Debt Contracts 150
Summary 152
case Financial Development and Economic Growth 154
mInI-case The Tyranny of Collateral 155
case Is China a Counter-Example to the Importance of Financial Development 156
Conflicts of Interest 157 What Are Conflicts of Interest and Why Do We Care 157
Why Do Conflicts of Interest Arise 157
mInI-case The Demise of Arthur Andersen 159
mInI-case Credit-Rating Agencies and the 2007–2009 Financial Crisis 160
What Has Been Done to Remedy Conflicts of Interest 160
mInI-case Has Sarbanes-Oxley Led to a Decline in U.S. Capital Markets 162
summary 162
key terms 163
QuestIOns 163
QuantItatIve PrOBlems 164 weB exercIses 165
Chapter 8 Why Do Financial Crises Occur and Why Are They So Damaging to the Economy 166
PrevIeW 166
What Is a Financial Crisis 167
Agency Theory and the Definition of a Financial Crisis 167
Dynamics of Financial Crises 167
Stage One: Initial Phase 167
Stage Two: Banking Crisis 170
Stage Three: Debt Deflation 171
case The Mother of All Financial Crises: The Great Depression 171
Stock Market Crash 171
Bank Panics 171
Continuing Decline in Stock Prices 172
Debt Deflation 173
International Dimensions 173
case The Global Financial Crisis of 2007–2009 174
Causes of the 2007–2009 Financial Crisis 174
mInI-case Collateralized Debt Obligations (CDOs) 175
Effects of the 2007–2009 Financial Crisis 176
InsIde the Fed Was the Fed to Blame for the Housing Price Bubble 177
glOBal The European Sovereign Debt Crisis 180
Height of the 2007–2009 Financial Crisis 181
summary 182
key terms 183
QuestIOns 183
weB exercIses 183
weB reFerences 184
Part FOur central BankIng and the cOnduct OF mOnetary POlIcy
Chapter 9 Central Banks and the Federal Reserve System 185
PrevIeW 185
Origins of the Federal Reserve System 186
InsIde the Fed The Political Genius of the Founders of the Federal Reserve System 186
Structure of the Federal Reserve System 187
Federal Reserve Banks 188
InsIde the Fed The Special Role of the Federal Reserve Bank of New York 189
Member Banks 190
Board of Governors of the Federal Reserve System 191
Federal Open Market Committee (FOMC) 192
InsIde the Fed The Role of the Research Staff 193
Why the Chair of the Board of Governors Really Runs the Show 193
InsIde the Fed The FOMC Meeting 194
InsIde the Fed Green, Blue, Teal, and Beige: What Do These Colors Mean at the Fed 195
InsIde the Fed Styles of Federal Reserve Chairs: Bernanke and Yellen Versus Greenspan 195
How Independent Is the Fed 196
Should the Fed Be Independent 198
The Case for Independence 198
The Case Against Independence 199
Central Bank Independence and Macroeconomic Performance Throughout the World 200
Explaining Central Bank Behavior 200
InsIde the Fed The Evolution of the Fed’s Communication Strategy 201
Structure and Independence of the European Central Bank 202
Differences Between the European System of Central Banks and the Federal Reserve System 202
Governing Council 203
How Independent Is the ECB 204
Chapter 10 Structure and Independence of Other Foreign Central Banks 204
Bank of Canada 204
Bank of England 204
Bank of Japan 205
The Trend Toward Greater Independence 206
summary 206
key terms 207
QuestIOns and PrOBlems 207
weB exercIses 207
Conduct of Monetary Policy 208
PrevIeW 208
How Fed Actions Affect Reserves in the Banking System 209
Open Market Operations 209 Discount Lending 210
The Market for Reserves and the Federal Funds Rate 211
Demand and Supply in the Market for Reserves 211
How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate 213
case How the Federal Reserve’s Operating Procedures Limit Fluctuations in the Federal Funds Rate 217
Conventional Monetary Policy Tools 218
Open Market Operations 218
InsIde the Fed A Day at the Trading Desk 219
Discount Policy and the Lender of Last Resort 219
Reserve Requirements 222
Interest on Reserves 222
Nonconventional Monetary Policy Tools and Quantitative Easing 222
Liquidity Provision 223
InsIde the Fed Fed Lending Facilities During the Global Financial Crisis 224
Large-Scale Asset Purchases 225
Quantitative Easing Versus Credit Easing 225
Forward Guidance 227
Negative Interest Rates on Banks’ Deposits 228
Monetary Policy Tools of the European Central Bank 229
Open Market Operations 229
Lending to Banks 229
Interest on Reserves 230
Reserve Requirements 230
The Price Stability Goal and the Nominal Anchor 230
The Role of a Nominal Anchor 231
The Time-Inconsistency Problem 231
Other Goals of Monetary Policy 232
High Employment and Output Stability 232
Economic Growth 233
Stability of Financial Markets 233
Interest-Rate Stability 233
Stability in Foreign Exchange Markets 234
Should Price Stability Be the Primary Goal of Monetary Policy 234
Hierarchical vs. Dual Mandates 234
Price Stability as the Primary, Long-Run Goal of Monetary Policy 235
glOBal The European Central Bank’s Monetary Policy Strategy 236
Inflation Targeting 236 Advantages of Inflation Targeting 236
InsIde the Fed Ben Bernanke and the Federal Reserve’s Adoption of Inflation Targeting 237
Disadvantages of Inflation Targeting 238
Should Central Banks Respond to Asset-Price Bubbles Lessons from the Global Financial Crisis 239
Two Types of Asset-Price Bubbles 240
The Debate over Whether Central Banks Should Try to Pop Bubbles 241
THE PRACTICING MANAGER Using a Fed Watcher 243
SUMMARY 244
KEY TERMS 245
QUESTIONS 246
QUANTITATIVE PROBLEMS 247
WEB EXERCISES 247
The Money Markets
Part FIVE FINANCIAL MARKETS
Chapter 11 the PractIcIng manager 249
PREVIEW 249
The Money Markets Defined 250
Why Do We Need the Money Markets 250
Money Market Cost Advantages 251
The Purpose of the Money Markets 252
Who Participates in the Money Markets 253
U.S. Treasury Department 253 Federal Reserve System 253
Commercial Banks 254
Businesses 254
Investment and Securities Firms 255
Individuals 255
Money Market Instruments 256
Treasury Bills 256
case Discounting the Price of Treasury Securities to Pay the Interest 256
mInI-case Treasury Bill Auctions Go Haywire 259
Federal Funds 260
Repurchase Agreements 261
Negotiable Certificates of Deposit 262
Commercial Paper 263
Banker’s Acceptances 265
Eurodollars 266
glOBal Ironic Birth of the Eurodollar Market 266
Comparing Money Market Securities 267
Interest Rates 267
Liquidity 268
How Money Market Securities Are Valued 269
summary 270
key terms 270
QuestIOns 270
QuantItatIve PrOBlems 271
weB exercIses 271
Chapter 12 The Bond Market 272
PrevIeW 272
Purpose of the Capital Market 273
Capital Market Participants 273
Capital Market Trading 274
Types of Bonds 274
Treasury Notes and Bonds 274
Treasury Bond Interest Rates 275
Treasury Inflation-Protected Securities (TIPS) 277
Treasury STRIPS 277
Agency Bonds 277
case The 2007–2009 Financial Crisis and the Bailout of Fannie Mae and Freddie Mac 278
Municipal Bonds 279
Risk in the Municipal Bond Market 281
Corporate Bonds 281 Characteristics of Corporate Bonds 282
Types of Corporate Bonds 284
Financial Guarantees for Bonds 287
Oversight of the Bond Markets 288
Current Yield Calculation 288
Current Yield 289
Finding the Value of Coupon Bonds 290
Finding the Price of Semiannual Bonds 291
Investing in Bonds 293
summary 294
key terms 295
QuestIOns 295
QuantItatIve PrOBlems 295
weB exercIse 296
Chapter 13 The Stock Market 297
PrevIeW 297
Investing in Stocks 298
Common Stock vs. Preferred Stock 298
How Stocks Are Sold 299
Computing the Price of Common Stock 303
The One-Period Valuation Model 303
The Generalized Dividend Valuation Model 304
The Gordon Growth Model 305
Price Earnings Valuation Method 306
How the Market Sets Security Prices 307
Errors in Valuation 308
Problems with Estimating Growth 308
Problems with Estimating Risk 309
Problems with Forecasting Dividends 309
case The 2007–2009 Financial Crisis and the Stock Market 310
case The September 11
Terrorist Attack, the Enron Scandal, and the Stock Market 310
Stock Market Indexes 311
mInI-case History of the Dow Jones Industrial Average 311
Buying Foreign Stocks 314
Regulation of the Stock Market 314
The Securities and Exchange Commission 314
summary 315
key terms 316
QuestIOns 316
QuantItatIve PrOBlems 316
weB exercIses 317
Chapter 14 The Mortgage Markets 318
PrevIeW 318
What Are Mortgages 319
Characteristics of the Residential Mortgage 320
Mortgage Interest Rates 320
case The Discount Point Decision 321
Loan Terms 323
Mortgage Loan Amortization 324
Types of Mortgage Loans 325
Insured and Conventional Mortgages 325
Fixed- and Adjustable-Rate Mortgages 326
Other Types of Mortgages 326
Mortgage-Lending Institutions 328
Loan Servicing 329
e-FInance Borrowers Shop the Web for Mortgages 330
Secondary Mortgage Market 330
Securitization of Mortgages 331
What Is a Mortgage-Backed Security 331
Types of Pass-Through Securities 333
Subprime Mortgages and CDOs 334
The Real Estate Bubble 335
summary 336
key terms 336
QuestIOns 336
QuantItatIve PrOBlems 337
weB exercIses 338
Chapter 15 The Foreign Exchange Market 339
PrevIeW 339
Foreign Exchange Market 340
What Are Foreign Exchange Rates 341
Why Are Exchange Rates Important 341
FOllOwIng the FInancIal news Foreign Exchange Rates 341
How Is Foreign Exchange Traded 342
Exchange Rates in the Long Run 342
Law of One Price 343
Theory of Purchasing Power Parity 343
Why the Theory of Purchasing Power Parity Cannot Fully Explain Exchange Rates 345
Factors That Affect Exchange Rates in the Long Run 345
Exchange Rates in the Short Run: A Supply and Demand Analysis 347
Supply Curve for Domestic Assets 347
Demand Curve for Domestic Assets 348
Equilibrium in the Foreign Exchange Market 349
Explaining Changes in Exchange Rates 349 Shifts in the Demand for Domestic Assets 349
Recap: Factors That Change the Exchange Rate 352
case Effect of Changes in Interest Rates on the Equilibrium Exchange Rate 354
case Why Are Exchange Rates So Volatile 356
case The Dollar and Interest Rates 356
case The Global Financial Crisis and the Dollar 358
the PractIcIng manager Profiting from Foreign Exchange Forecasts 359
summary 360
key terms 360
QuestIOns 360
QuantItatIve PrOBlems 361
weB exercIses 362
Chapter 15 Appendix The Interest Parity Condition 363
Comparing Expected Returns on Domestic and Foreign Assets 363
Interest Parity Condition 365
Chapter 16 The International Financial System 367
PrevIeW 367
Intervention in the Foreign Exchange Market 368
Foreign Exchange Intervention and Reserves in the Banking System 368
InsIde the Fed A Day at the Federal Reserve Bank of New York’s Foreign Exchange Desk 369
Unsterilized Intervention 370
Sterilized Intervention 370
Balance of Payments 372
glOBal Why the Large U.S. Current Account Deficit Worries Economists 373
Exchange Rate Regimes in the International Financial System 373
Fixed Exchange Rate Regimes 373
How a Fixed Exchange Rate Regime Works 374
The Policy Trilemma 376
Monetary Unions 377
glOBal Will the Euro Survive 378
Currency Boards and Dollarization 37
Speculative Attacks 378
glOBal Argentina’s Currency Board 379
Managed Float 379
glOBal Dollarization 380
case The Foreign Exchange Crisis of September 1992 380
the PractIcIng manager Profiting from a Foreign Exchange Crisis 382
case How Did China Accumulate over $3 Trillion of International Reserves 383
Capital Controls 384
Controls on Capital Outflows 384
Controls on Capital Inflows 384
The Role of the IMF 385
Should the IMF Be an International Lender of Last Resort 385
summary 386
key terms 386
QuestIOns 387
QuantItatIve PrOBlems 388
weB exercIse 388
Part sIx the FInancIal InstItutIOns Industry
Chapter 17 Banking and the Management of Financial Institutions 389
PrevIeW 389
The Bank Balance Sheet 390
Liabilities 390
Assets 392
Basic Banking 393
General Principles of Bank Management 396
Liquidity Management and the Role of Reserves 396
Asset Management 399
Liability Management 400
Capital Adequacy Management 401
the PractIcIng manager Strategies for Managing Bank Capital 403
case How a Capital Crunch Caused a Credit Crunch During the Global Financial Crisis 404
Off-Balance-Sheet Activities 404
Loan Sales 405 Generation of Fee Income 405
Trading Activities and Risk Management Techniques 405
cOnFlIcts OF Interest Barings, Daiwa, Sumitomo, Société Générale, and
J.P. Morgan Chase: Rogue Traders and the Principal–Agent Problem 406
Measuring Bank Performance 407
Bank’s Income Statement 408
Measures of Bank Performance 410
Recent Trends in Bank Performance Measures 410
summary 412
key terms 413
QuestIOns 413
QuantItatIve PrOBlems 413
weB exercIses 414
Chapter 18 Financial Regulation 415
PrevIeW 415
Asymmetric Information as a Rationale for Financial Regulation 416
Government Safety Net 416
glOBal The Spread of Government Deposit Insurance Throughout the World: Is This a Good Thing 418
Types of Financial Regulation 421
Restrictions on Asset Holdings 421
Capital Requirements 422
Prompt Corrective Action 423
Financial Supervision: Chartering and Examination 423
glOBal Where Is the Basel Accord Heading After the Global Financial Crisis 424
Assessment of Risk Management 425
Disclosure Requirements 426
Consumer Protection 427
mInI-case Mark-to-Market Accounting and the Global Financial Crisis 428
Restrictions on Competition 428
mInI-case The Global Financial Crisis and Consumer Protection Regulation 429
Macroprudential Versus Microprudential Supervision 430
e-FInance Electronic Banking: New Challenges for Bank Regulation 430
Summary 431
glOBal International Financial Regulation 432
Banking Crises Throughout the World in Recent Years 435
“Déjà Vu All Over Again” 436
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 436
Dodd-Frank 436
Too-Big-to-Fail and Future Regulation 438
What Can Be Done About the Too-Big-to-Fail Problem 438
Other Issues for Future Regulation 439
summary 440
key terms 440
QuestIOns 440
QuantItatIve PrOBlems 441
weB exercIses 441
weB aPPendIx 442
Banking Industry: Structure and Competition 443
PrevIeW 443
Historical Development of the Banking System 444
Multiple Regulatory Agencies 446
Financial Innovation and the Growth of the Shadow Banking System 446
Responses to Changes in Demand Conditions: Interest Rate Volatility 447
Responses to Changes in Supply Conditions: Information Technology 448
e-FInance Will “Clicks” Dominate “Bricks” in the Banking Industry 450
e-FInance Why Are Scandinavians So Far Ahead of Americans in Using Electronic Payments and Online Banking 451
e-FInance Are We Headed for a Cashless Society 452
Securitization and the Shadow Banking System 453
Avoidance of Existing Regulations 455
mInI-case Bruce Bent and the Money Market Mutual Fund Panic of 2008 457
the PractIcIng manager Profiting from a New Financial Product: A Case Study of Treasury Strips 457
Financial Innovation and the Decline of Traditional Banking 459
Structure of the U.S. Banking Industry 462
Restrictions on Branching 463
Response to Branching Restrictions 464
Bank Consolidation and Nationwide Banking 465
e-FInance Information Technology and Bank Consolidation 467
The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 467
What Will the Structure of the U.S. Banking Industry Look Like in the Future 468
Are Bank Consolidation and Nationwide Banking Good Things 468
Separation of the Banking and Other Financial Service Industries 469
Erosion of Glass-Steagall 469
The Gramm-Leach-Bliley Financial Services Modernization Act of 1999: Repeal of Glass-Steagall 470 Implications for Financial Consolidation 470
mInI-case The Global Financial Crisis and the Demise of Large, Free-Standing Investment Banks 471
Separation of Banking and Other Financial Services Industries Throughout the World 471
Thrift Industry 472
Savings and Loan Associations 472
Mutual Savings Banks 472
Credit Unions 473
International Banking 473 Eurodollar Market 474
Structure of U.S. Banking Overseas 474
Foreign Banks in the United States 475
summary 476
key terms 477
QuestIOns 477
weB exercIses 478
Chapter 20 The Mutual Fund Industry 479
PrevIeW 479
The Growth of Mutual Funds 480
The First Mutual Funds 480
Benefits of Mutual Funds 480
Ownership of Mutual Funds 481
Mutual Fund Structure 484
Open- Versus Closed-End Funds 484
case Calculating a Mutual Fund’s Net Asset Value 485
Organizational Structure 486
Investment Objective Classes 486
Equity Funds 486
Bond Funds 488
Hybrid Funds 489
Money Market Funds 489
Index Funds 491
Fee Structure of Investment Funds 492
Regulation of Mutual Funds 493
Hedge Funds 494
mInI-case The Long Term Capital Debacle 496
Conflicts of Interest in the Mutual Fund Industry 497
Sources of Conflicts of Interest 497 Mutual Fund Abuses 497
cOnFlIcts OF Interest Many Mutual Funds Are Caught Ignoring
Ethical Standards 498
cOnFlIcts OF Interest SEC Survey Reports Mutual Fund Abuses Widespread 499
Government Response to Abuses 500
summary 501
key terms 501
QuestIOns 501
QuantItatIve PrOBlems 502
weB exercIses 503
Chapter 21 Insurance Companies and Pension Funds 504
PrevIeW 504
Insurance Companies 505
Fundamentals of Insurance 505
Adverse Selection and Moral Hazard in Insurance 506
Selling Insurance 507
mInI-case Insurance Agent: The Customer’s Ally 507
Growth and Organization of Insurance Companies 508
Types of Insurance 508
Life Insurance 509
Health Insurance 513
Property and Casualty Insurance 515
Insurance Regulation 516
the PractIcIng manager Insurance Management 517
Screening 517
Risk-Based Premium 518
Restrictive Provisions 518
Prevention of Fraud 518
Cancellation of Insurance 519
Deductibles 519
Coinsurance 519
Limits on the Amount of Insurance 519
Summary 520
Credit Default Swaps 520
cOnFlIcts OF Interest The AIG Blowup 521
Pensions 521
cOnFlIcts OF Interest The Subprime Financial Crisis and the Monoline Insurers 522
Types of Pensions 522
Defined-Benefit Pension Plans 522
Defined-Contribution Pension Plans 523
Private and Public Pension Plans 524
mInI-case Power to the Pensions 524
Regulation of Pension Plans 528
Employee Retirement Income Security Act 528
Individual Retirement Plans 530
The Future of Pension Funds 530
summary 531
key terms 531
QuestIOns 531
QuantItatIve PrOBlems 532
weB exercIses 533
Chapter 22 Investment Banks, Security Brokers and Dealers, and Venture Capital Firms 534
PrevIeW 534
Investment Banks 535
Background 535
Underwriting Stocks and Bonds 536
Equity Sales 540
Mergers and Acquisitions 541
Securities Brokers and Dealers 542
Brokerage Services 543
Securities Dealers 545
mInI-case Example of Using the Limit-Order Book 546
Regulation of Securities Firms 546
Relationship Between Securities Firms and Commercial Banks 548
Private Equity Investment 548
Venture Capital Firms 548
e-FInance Venture Capitalists Lose Focus with Internet Companies 553
Private Equity Buyouts 553
Advantages to Private Equity Buyouts 553
Life Cycle of the Private Equity Buyout 554
summary 554
key terms 555
QuestIOns 555
QuantItatIve PrOBlems 556
weB exercIses 557
Part seven the management OF FInancIal InstItutIOns
Chapter 23 Risk Management in Financial Institutions 558
PrevIeW 558
Managing Credit Risk 559
Screening and Monitoring 559
Long-Term Customer Relationships 560
Loan Commitments 561
Collateral 561
Compensating Balances 562
Credit Rationing 562
Managing Interest-Rate Risk 563
Income Gap Analysis 564
Duration Gap Analysis 566
Example of a Nonbanking Financial Institution 571
Some Problems with Income Gap and Duration Gap Analyses 573
the PractIcIng manager Strategies for Managing Interest-Rate Risk 574
summary 575
key terms 575
QuestIOns 575
QuantItatIve PrOBlems 576
weB exercIses 578
Chapter 24 Hedging with Financial Derivatives 579
PrevIeW 579
Hedging 580
Forward Markets 580
the PractIcIng manager Hedging Interest-Rate Risk
with Forward Contracts 580
Interest-Rate Forward Contracts 580
Pros and Cons of Forward Contracts 581
Financial Futures Markets 582
Financial Futures Contracts 582
FOllOwIng the FInancIal news Financial Futures 583
the PractIcIng manager Hedging with Financial Futures 584
Organization of Trading in Financial Futures Markets 586
Globalization of Financial Futures Markets 586
Explaining the Success of Futures Markets 587
mInI-case The Hunt Brothers and the Silver Crash 589
the PractIcIng manager Hedging Foreign Exchange Risk with Forward and Futures Contracts 590
Hedging Foreign Exchange Risk with Forward Contracts 590
Hedging Foreign Exchange Risk with Futures Contracts 591
Stock Index Futures 591
Stock Index Futures Contracts 592
FOllOwIng the FInancIal news Stock Index Futures 592
he PractIcIng manager Hedging with Stock Index Futures 593
Options 594
Option Contracts 594
Profits and Losses on Option and Futures Contracts 595
Factors Affecting the Prices of Option Premiums 598
Summary 599
the PractIcIng manager Hedging with Futures Options 599
Interest-Rate Swaps 601
Interest-Rate Swap Contracts 601
the PractIcIng manager Hedging with Interest-Rate Swaps 602
Advantages of Interest-Rate Swaps 603
Disadvantages of Interest-Rate Swaps 603
Financial Intermediaries in Interest-Rate Swaps 604
Credit Derivatives 604
Credit Options 605
Credit Swaps 605
Credit-Linked Notes 606
case Lessons from the Global Financial Crisis: When Are Financial Derivatives Likely to Be a Worldwide Time Bomb 606
SUMMARY 608
KEY TERMS 608
QUESTIONS 609
QUANTITATIVE PROBLEMS 609
WEB EXERCISE 611
WEB APPENDICES 611
Contents on the Web
the following updated chapters and appendices are available on our companion website at www.pearsonhighered.com/mishkin_eakins.
Chapter 25 Financial Crises in Emerging Market Economies W-1
PrevIeW W-1
Dynamics of Financial Crises in Emerging Market Economies W-2
Stage One: Initial Phase W-3
Stage Two: Currency Crisis W-5
Stage Three: Full-Fledged Financial Crisis W-6
case Crisis in South Korea, 1997–1998 W-7
Financial Liberalization/Globalization Mismanaged W-7 Perversion of the Financial Liberalization/Globalization Process: Chaebols and the South Korean Crisis W-9
Stock Market Decline and Failure of Firms Increase Uncertainty W-10
Adverse Selection and Moral Hazard Problems Worsen and the Economy Contracts W-10
Currency Crisis Ensues W-11
Final Stage: Currency Crisis Triggers Full-Fledged Financial Crisis W-11
Recovery Commences W-13
case The Argentine Financial Crisis, 2001–2002 W-13
Severe Fiscal Imbalances W-13
Adverse Selection and Moral Hazard Problems Worsen W-14
Bank Panic Begins W-14
Currency Crisis Ensues W-14
Currency Crisis Triggers Full-Fledged Financial Crisis W-16
Recovery Begins W-17
Preventing Emerging Market Financial Crises W-18
Beef Up Prudential Regulation and Supervision of Banks W-18
glOBal When an Advanced Economy Is Like an Emerging Market Economy: The Icelandic Financial Crisis of 2008 W-19
Encourage Disclosure and Market-Based Discipline W-20
Limit Currency Mismatch W-20
Sequence Financial Liberalization W-20
SUMMARY W-21
KEY TERMS W-21
QUESTIONS W-21
Chapter 26 Savings Associations and Credit Unions W-22
PrevIeW W-22
Mutual Savings Banks W-23
Savings and Loan Associations W-24
Mutual Savings Banks and Savings and Loans Compared W-24
Savings and Loans in Trouble: The Thrift Crisis W-25
Later Stages of the Crisis: Regulatory Forbearance W-26
Competitive Equality in Banking Act of 1987 W-27
Political Economy of the Savings and Loan Crisis W-28
Principal–Agent Problem for Regulators and Politicians W-28
case Principal–Agent Problem in Action: Charles Keating and the Lincoln Savings and Loan Scandal W-29
Savings and Loan Bailout: Financial Institutions Reform, Recovery, and Enforcement Act of 1989 W-30
The Savings and Loan Industry Today W-32
Number of Institutions W-32
S&L Size W-32
S&L Assets W-33
S&L Liabilities and Net Worth W-35
Capital W-35
Profitability and Health W-35
The Future of the Savings and Loan Industry W-36
Credit Unions W-37
History and Organization W-38
Sources of Funds W-42
Uses of Funds W-44
Advantages and Disadvantages of Credit Unions W-44
The Future of Credit Unions W-45
summary W-46 key terms W-47
QuestIOns W-47
weB exercIses W-48
Chapter 27 Finance Companies W-49
PrevIeW W-49
History of Finance Companies W-50
Purpose of Finance Companies W-50
Risk in Finance Companies W-51
Types of Finance Companies W-52
Business (Commercial) Finance Companies W-52
Consumer Finance Companies W-54
Sales Finance Companies W-56
Regulation of Finance Companies W-56
Finance Company Balance Sheet W-57
Assets W-57
Liabilities W-57
Income W-58
Finance Company Growth W-58
summary W-59
key terms W-60
QuestIOns W-60
weB exercIses W-60
chaPter aPPendIces
Chapter 4 Appendix 1: Models of Asset Pricing W-1
Chapter 4 Appendix 2: Applying the Asset Market Approach to a Commodity Market: The Case of Gold W-11
Chapter 4 Appendix 3: Loanable Funds Framework W-15
Chapter 4 Appendix 4: Supply and Demand in the Market for Money: The Liquidity Preference Framework W-19
Chapter 18 Appendix: Banking Crises Throughout the World W-31
Chapter 24 Appendix: More on Hedging with Financial Derivatives W-37

.　　第4章：资产定价模型；
　　第4章：在商品市场上应用资产市场法—以黄金为例；
　　第4章：可贷资金理论；
　　第4章：货币市场的供给和需求—流动性偏好理论；
　　第18章：全球银行业危机；
　　第24章：有关金融衍生品套期保值的更多内容。
　　教师可以在课堂上使用这些附录来补充教材中的内容，也可以将附录推荐给希望拓展金融市场与金融机构领域知识的学生。
　　本书特色
　　虽然本书进行了较大的修改，但仍保留着使其成为金融市场与金融机构畅销书的基本特色。《金融市场与金融机构》（原书第9版）是对当前金融市场与金融机构运作的实用介绍。本书超越了本领域其他教科书所提供的描述和定义，鼓励学生将理论概念同现实世界的应用结合起来。通过提高学生的分析能力和解决问题的技巧，本书为成就学生在金融服务业的事业或在金融机构寻找相关工作提供了良好的准备。
　　本书具备如下特点，以让学生为未来的职业生涯做好准备。
　　运用基本原理组织学生思考的统一分析框架，这些基本原理包括：信息不对称问题、利益冲突、交易成本、供给与需求、资产市场均衡、有效市场、风险的衡量与管理。
　　“执业经理”专栏包括近20个一手实用案例，强调从金融从业者的角度考察金融市场与金融机构。
　　书中模型每一步骤的详解能让学生更容易掌握内容。
　　高度的灵活性能让教师以他们喜欢的方式讲授课程。
　　整本书都融汇在国际视角中。
　　“财经新闻”专栏能够鼓励读者阅读财经日报。
　　大量的案例提高了学生理论联系实际的兴趣。
　　本书关注电子技术对金融体系的影响。本书广泛使用了互联网，提供网络练习、网上图表资源和网上参考文献，也特别以“网络金融”为专栏解释了技术变革是如何影响金融市场与金融机构的。
　　灵活性
　　授课教师不同，讲解金融市场与金融机构的方法也多有不同。因此，为了满足教师的不同需求，本书具有相当大的灵活性，这也是编写本书的基本目的。本书的灵活性体现在以下几个方面。
　　核心章节会提供全书的基本分析方法，其他章节根据教师的偏好，可适当选取或删减。例如，第2章介绍了金融体系以及包括交易成本、逆向选择和道德风险等在内的基本概念。在第2章之后，教师可自行决定讲授本书第三部分有关金融结构和金融危机更详细的内容，或者是本书第四部分、第五部分有关金融市场与金融机构的具体章节，抑或教师可以跳过这些章节，介绍其他不同的内容。
　　为了使本书更加国际化，我们用独立的章节介绍了外汇市场和国际货币体系，安排比较合理而且具有灵活性。虽然很多教师会讲授国际化方面的内容，但其他教师可能会选择不讲授国际化方面的内容。那些不想强调国际化方面内容的教师可以直接跳过第15章（外汇市场）和第16章（国际金融体系）。
　　“执业经理”专栏以及第七部分“金融机构管理”都是完全独立的，可以跳过，并不影响全书的连贯性。因此，希望少讲些管理方面内容的教师，可以重点关注政策问题，而不会感到麻烦。另外，在讲解完第17章关于银行管理的内容之后，教师可以提早讲解第七部分的内容。
　　下列课程大纲适用于一个学期的授课安排，并列出了本书不同授课的侧重点。
　　以金融市场与金融机构的讲解为侧重点：第1～5章、第7～8章、第11～13章、第17～19章以及另外选择其他5章内容。
　　以金融市场与金融机构国际化的讲解为侧重点：第1～5章、第7～8章、第11～13章、第15～19章以及另外选择其他3章内容。
　　以管理讲解为侧重点：第1～5章、第17～19章、第23～24章以及另外选择其他8章内容。
　　以政策讲解为侧重点：第1～5章、第7～10章、第17～18章以及另外选择其他7章内容。
　　教辅
　　教科书必须是值得信赖且激励教学的工具。为此，我们纳入了多个板块的教辅。
　　1. 每章开篇的“预览”告诉学生这一章的主要内容、特定话题的重要性及与书中其他主题的联系。
　　2. “案例”说明了书中的分析如何用于解释许多重要的现实情况。
　　3. “执业经理”专栏提供了一些特殊的案例，通过这些案例向学生介绍金融机构经理需要解决的“现实世界”问题。
　　4. “数值示例”通过公式、时间线和计算器的运用来引导学生解决财务问题。
　　5. “财经新闻”专栏向学生介绍财经新闻来源中每日报道的相关文章和数据，并解释如何阅读。
　　6. “透视美联储”专栏让学生了解联邦储备系统运作和结构中的重要内容。
　　7. “全球视角”专栏包括受国际关注的有趣材料。
　　8. “网络金融”专栏说明技术的变化如何影响金融市场与金融机构。
　　9. “利益冲突”专栏概括了不同金融服务业之间的利益冲突。
　　10. “小案例”专栏突出了戏剧性的历史事件，或者将理论应用于客观数据。
　　11. 汇总表是对复习十分有效的辅助工具。
　　12. 关键概念是用黑体字标出的要点，这样学生可以很容易地找到它们以备后用。
　　13. 超过60个图表，帮助学生理解变量之间的相互关系和分析使用的原理。
　　14. 章末的“本章小结”列出了各章的要点。
　　15. 关键术语第一次出现时以黑体字显示。
　　16. 章末的“简答题”通过应用经济概念帮助学生学习，并成为一个特殊问题类别—“预测未来”。
　　17. 超过250道章末的“计算题”，培养学生的计算能力。
　　18. 网络练习鼓励学生从网络上收集信息或使用网络资源增强他们的学习体验。
　　19. 网络资源给出了创建图表数据的网址来源。
　　20. 网络参考将学生引向提供信息或数据以补充文本材料的网站。
　　21. 书后的术语表定义了所有的关键术语。
　　22. 简答题与计算题的完整版答案可以在教师手册和教师资源中心（www.pearsonhighered.com/irc）上查阅，教师可以根据自己的意愿灵活地与学生分享答案。
　　补充材料
　　本书包含了本领域所有教科书中最全面的补充材料。美国国内会员使用者可以获得这些材料，但在某些情况下，国际使用者可能无法获得相关材料，其中如下所示。
　　供教师使用的部分
　　近年来，对商学院优质教学的需求急剧增加。为了满足这些需求，本书包含了该领域所有教科书中最全面的补充材料，这将使课程教学变得更加容易。这些资源可在www.pearsonhighered.com/irc上获取。
　　1. 教师手册：本手册由作者编写，包括章节大纲、概述、教学技巧以及书中课后题的完整答案。
　　2. 演示文稿：由约翰·班科（佛罗里达大学）提供。该演示文稿包含超过1000张幻灯片，内容包括讲义和书中的完整图表，这些幻灯片全面概述了本书所涵盖的要点。
　　3. 试题库：本书对试题库中超过2500道多项选择题、判断题和简答题进行了更新与修订。试题库中的所有问题都可以通过计算机上的TestGen软件获得，这一软件在微软和苹果系统电脑上都可以使用。
　　4. 米什金、埃金斯合作网站：www.pearsonhighered.com/mishikin_eakins，该网站的主要内容包括新兴市场经济体的金融危机、储蓄贷款协会和信用合作社、金融公司、网络附录、相关数据来源和美联储网站。
　　供学生使用的部分
　　1. 学习指导：本书的学习指导部分由威廉·格肯进行了更新和修订。学习指导部分提供了章节大纲、练习题、自测题及其答案。
　　2. 米什金、埃金斯合作网站：www.pearsonhighered.com/mishikin_eakins，该网站的主要内容包括新兴市场经济体的金融危机、储蓄贷款协会和信用合作社、金融公司、网络附录、术语速记卡以及书中的链接。
　　致谢
　　能完成如此繁重的编写工作，我要感谢很多人。在此，我要特别感谢HarperCollins的前任经济学编辑Bruce Kaplan；前任金融学编辑Donna Battista；Prentice Hall的现任金融学编辑Noel Kamm Seibert、前任开发编辑Jane Tufts和Amy Fleisher。我还要感谢哥伦比亚大学的同事和学生对本书所提的建议。
　　此外，我还要感谢那些对本版和以前各版提出有益见解的外部评论者与来函者， 他们的反馈意见使得本书更加完善。
　　最后，我还要感谢我的妻子Sally、儿子Matthew和女儿Laura，他们为我提供了温馨而愉快的写作环境，使得我能顺利地开展工作。我还要感谢我的父亲Sydney在很久以前将我引入本书的创作之路。
　　弗雷德里克·S.米什金
　　我要感谢米什金对我工作的良好评价。在与米什金共同写作本书的过程中，我不仅掌握了更多的写作技巧，还获此益友。我也要感谢我的妻子Laurie，她耐心地阅读每一份手稿并协助我使其变成最好的作品。多年来，她的帮助和支持成就了我的事业。
　　斯坦利·G.埃金斯