Financial Markets and Institutions

Part I. Introduction and Overview of Financial Markets 1.Introduction 2.Determinants of Interest Rates 3.Interest Rates and Security Valuation 4.The Federal Reserve System, Monetary Policy, and Interest Rates Part II. Securities Markets 5.Money Markets 6.Bond Markets 7.Mortgage Markets 8.Stock Markets 9.Foreign Exchange Markets 10.Derivative Securities Markets Part III. Commercial Banks 11.Commercial Banks: Industry Overview 12.Commercial Banks' Financial Statements and Analysis 13.Regulation of Commercial Banks Part IV. Other Financial Institutions 14.Other Lending Institutions: Savings Institutions, Credit Unions, and Finance Companies 15.Insurance Companies 16.Securities Firms and Investment Banks 17.Mutual Funds and Hedge Funds 18.Pension Funds Part V. Risk Management in Financial Institutions 19.Types of Risks Incurred by Financial Institutions 20.Managing Credit Risk on the Balance Sheet 21.Managing Liquidity Risk on the Balance Sheet 22.Managing Interest Rate and Insolvency Risk on the Balance Sheet 23.Managing Risk off the Balance Sheet with Derivative Securities 24.Managing Risk off the Balance Sheet with Loan Sales and Securitization

Anthony Saunders is the John M. Schiff Professor of Finance and the Chair of the Department of Finance at the Stern School of Business at New York University.  Professor Saunders received his PhD from the London School of Economics and has taught both undergraduate and graduate level courses at NYU since 1978.  Throughout his academic career, his teaching and research have specialized in financial institutions and international banking.  He has served as a visiting professor all over the world, including INSEAD, the Stockholm School of Economics, and the University of Melbourne.  He is currently on the Executive Committee of the Salomon Center for the Study of Financial Institutions, NYU.His research has been published in all the major money and banking and finance journals and in several books.  In addition, he has authored or co-authored several professional books, the most recent of which is Credit Risk Measurement: New Approaches to Value at Risk and Other Paradigms, John Wiley and Sons, New York, 1999.