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Contemporary Financial Intermediation 4th Edition by Stuart I Greenbaum, Anjan V Thakor, Arnoud Boot ISBN 0124052088 9780124052086

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Contemporary Financial Intermediation 4th Edition Stuart I. Greenbaum Digital Instant Download

Author(s): Stuart I. Greenbaum; Anjan V Thakor; Arnoud Boot
ISBN(s): 9780124052086, 0124052088
Edition: 4
File Details: PDF, 19.85 MB
Year: 2019
Language: english
SKU: EB-11067070 Category: Tags: , ,

Contemporary Financial Intermediation 4th Edition by Stuart I Greenbaum – Ebook PDF Instant Download/Delivery: 0124052088, 9780124052086
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ISBN 10: 0124052088 
ISBN 13: 9780124052086
Author: Stuart I Greenbaum

Contemporary Financial Intermediation, 4th Edition by Greenbaum, Thakor, and Boot continues to offer a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that puts information and economic reasoning at the core. Instead of primarily naming and describing markets, regulations, and institutions as is common, Contemporary Financial Intermediation explores the subtlety, plasticity and fragility of financial institutions and credit markets. In this new edition every chapter has been updated and pedagogical supplements have been enhanced. For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve they do, why we suffer recurring financial crises occur and how we typically react to them. Our textbook demands more in terms of quantitative skills and analysis, but its ability to teach about the forces shaping the financial world is unmatched.

  • Updates and expands a legacy title in a valuable field
  • Holds a prominent position in a growing portfolio of finance textbooks
  • Teaches tactics on how to recognize and forecast fluctuations in financial markets

Contemporary Financial Intermediation 4th Table of contents:

I. The Background

1. Basic Concepts

  • Introduction

  • Risk Preferences

  • Diversification

  • Riskless Arbitrage

  • Options

  • Market Efficiency

  • Market Completeness

  • Asymmetric Information and Signaling

  • Agency and Moral Hazard

  • Time Consistency

  • Nash Equilibrium

  • Revision of Beliefs and Bayes Rule

  • Liquidity

  • Systemic Risk

  • Disagreement

  • Mark-to-Market Accounting

II. What is Financial Intermediation?

2. The Nature and Variety of Financial Intermediation

  • Introduction

  • What are Financial Intermediaries?

  • The Variety of Financial Intermediaries

  • Depository Financial Intermediaries

  • Investment Banks: Key Nondepository Intermediaries in the Capital Market

  • Separation Between Investment Banks and Commercial Banks Undone

  • Other Nondepository Intermediaries

  • Credit Rating Agencies

  • The Role of the Government

  • Financial Intermediaries on the Periphery

  • Conclusion

  • Review Questions

  • Appendix 2.1 Measurement Distortions and the Balance Sheet

3. The What, How, and Why of Financial Intermediaries

  • Introduction

  • How Does the Financial System Work?

  • Business Financing: Debt

  • Fractional Reserve Banking and the Goldsmith Anecdote

  • A Model of Banks and Regulation

  • The Macroeconomic Implications of Fractional Reserve Banking: The Fixed Coefficient Model

  • Large Financial Intermediaries

  • How Banks can Help to Make Nonbank Financial Contracting More Efficient

  • The Empirical Evidence: Banks are Special

  • Ownership Structure of Depository Financial Institutions

  • The Borrower’s Choice of Finance Source

  • Conclusion

  • Review Questions

  • Appendix 3.1 The Formal Analysis of Large Intermediaries

  • Appendix 3.2 Definitions

III. Identification and Management of Major Banking Risks

4. Bank Risks

  • Introduction

  • Basic Banking Risks

  • Credit, Interest Rate, and Liquidity Risks

  • Enterprise Risk Management

  • Conclusion

  • Review Questions

5. Interest Rate Risk

  • Introduction

  • The Term Structure of Interest Rates

  • The Lure of Interest Rate Risk and Its Potential Impact

  • Duration

  • Convexity

  • Interest Rate Risk

  • Conclusion

  • Case Study: Eggleston State Bank

6. Liquidity Risk

  • Introduction

  • What, After All, is Liquidity Risk?

  • Some Formal Definitions of Liquidity

  • The Management of Liquidity Risk

  • The Difficulty of Distinguishing Between Liquidity and Insolvency Risks and the LLR’s Conundrum

  • Conclusion

  • Review Questions

  • Appendix 6.1 Dissipation of Withdrawal Risk Through Diversification

  • Appendix 6.2 Lender-of-Last-Resort Moral Hazard

IV. “On Balance Sheet” Banking Activities

7. Spot Lending and Credit Risk

  • Introduction

  • Description of Bank Assets

  • What is Lending?

  • Loans Versus Securities

  • Structure of Loan Agreements

  • Informational Problems in Loan Contracts and the Importance of Loan Performance

  • Credit Analysis: The Factors

  • Sources of Credit Information

  • Analysis of Financial Statements

  • Loan Covenants

  • Conclusion

  • Case Study: Indiana Building Supplies, Inc.

  • Review Questions

8. Further Issues in Bank Lending

  • Introduction

  • Loan Pricing and Profit Margins: General Remarks

  • Credit Rationing

  • The Spot-Lending Decision

  • Long-Term Bank–Borrower Relationships

  • Loan Restructuring and Default

  • Conclusion

  • Case Study: Zeus Steel, Inc.

  • Review Questions

9. Special Topics in Credit: Syndicated Loans, Loan Sales, and Project Finance

  • Introduction

  • Syndicated Lending

  • Project Finance

  • Conclusion

  • Review Questions

V. Off the Bank’s Balance Sheet

10. Off-Balance Sheet Banking and Contingent Claims Products

  • Introduction

  • Loan Commitments: A Description

  • Rationale for Loan Commitments

  • Who is Able to Borrow Under Bank Loan Commitments?

  • Pricing of Loan Commitments

  • The Differences Between Loan Commitments and Put Options

  • Loan Commitments and Monetary Policy

  • Other Contingent Claims: Letters of Credit

  • Other Contingent Claims: Swaps

  • Other Contingent Claims: Credit Derivatives

  • Risks for Banks in Contingent Claims

  • Regulatory Issues

  • Conclusion

  • Case Study: Youngstown Bank

  • Review Questions

11. Securitization

  • Introduction

  • Preliminary Remarks on the Economic Motivation for Securitization and Loan Sales

  • Different Types of Securitization Contracts

  • Going Beyond Preliminary Remarks on Economic Motivation: the “Why,” “What,” and “How Much is Enough”

  • Strategic Issues for a Financial Institution Involved in Securitization

  • Comparison of Loan Sales and Loan Securitization

  • Conclusion

  • Case Study: Lone Star Bank

  • Review Questions

VI. The Funding of the Bank

12. The Deposit Contract, Deposit Insurance, and Shadow Banking

  • Introduction

  • The Deposit Contract

  • Liability Management

  • Deposit Insurance

  • The Great Deposit Insurance Debacle

  • Funding in the Shadow-Banking Sector

  • Conclusion

  • Review Questions

13. Bank Capital Structure

  • Introduction

  • Does the M&M Theorem Apply to Banks? Dispelling Some Fallacies

  • The Theories of Bank Capital Structure

  • Empirical Evidence on Bank Capital, Bank Lending, and Bank Value

  • Why Then Do Banks Display a Preference for High Leverage?

  • Bank Capital and Regulation

  • Conclusion

  • Review Questions

VII. Financial Crises

14. The 2007–2009 Financial Crisis and Other Financial Crises

  • Introduction

  • What Happened

  • Cause and Effect: The Causes of the Crisis and its Real Effects

  • The Policy Responses to the Crisis

  • Financial Crises in Other Countries and Regulatory Interventions

  • Conclusion

VIII. Bank Regulation

15. Objectives of Bank Regulation

  • Introduction

  • The Essence of Bank Regulation

  • The Agencies of Bank Regulation

  • Safety and Soundness Regulation

  • Stability: Macroprudential Regulation

  • Market Structure, Consumer Protection, Credit Allocation, and Monetary Control Regulation

  • Conclusion

  • Review Questions

16. Milestones in Banking Legislation and Regulatory Reform

  • Introduction

  • Milestones of Banking Legislation

  • Problems of Bank Regulation

  • The 1991 FDICIA and Beyond

  • The Financial Services Modernization Act of 1999

  • The Dodd–Frank Wall Street Reform and Consumer Protection Act

  • EU Regulatory and Supervisory Overhaul and the De Larosière Report

  • Conclusion

  • Review Questions

  • Appendix

IX. Financial Innovation

17. The Evolution of Banks and Markets and the Role of Financial Innovation

  • Introduction

  • Financial Development

  • Financial Innovation

  • The Dark Side of Financial Innovation

  • Banks and Financial Markets

  • Bank Versus Market: Complementarities and Shadow Banking

  • Role of Credit-Rating Agencies

  • Conclusion

  • Review Questions

X. The Future

18. The Future

  • Introduction

  • Change Drivers

  • Initiatives that are Changing the Landscape

  • Are Banks Doomed?

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Tags: Stuart I Greenbaum, Financial Intermediation, Contemporary