Money, Banking, and Financial Markets

Reference & Research Book News, August, 2005

HG221

2004-057946

0-07-245269-2

Money, banking, and financial markets.

Cecchetti, Stephen G.

McGraw-Hill Irwin, [c]2006

643 p.

$108.75

This textbook is organized around five principles: time has value, risk requires compensation, information is the basis for decisions, markets set prices and allocate resources, and stability improves welfare. Five sections cover money and the financial system; interest rates, financial instruments, and financial markets; financial institutions; central banks, monetary policy, and financial stability; and modern monetary economics. Cecchetti (international economics and finance, International Business School) incorporates the discussion of international issues throughout the text, emphasizing when national borders are important to bankers and when they are not.