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    Contents

    CONTENTS

    Preface

    Acknowledgements

    Introduction

    Growth of Debt

    Increased Variability of Interest Rates

    New Varieties of Debt

    Plan of the Book

    1 Determinants of the Level of Interest Rates

    Federal Reserve

    Foreign Central Banks

    Loanable Funds Approach

    Inflation and Interest Rates

    Summary

    Questions and Problems

    2 Issuers

    The US Treasury

    Index-Linked Bonds

    Government-Sponsored Enterprises

    Municipal Securities

    Mortgages

    Corporations

    Summary

    Questions and Problems

    3 Financial Intermediaries

    Initial Sale of Securities (Primary Market)

    Dealers and Brokers (Secondary Market)

    Mutual Funds

    Insurance Companies

    Pension Funds

    Commercial Banks and Thrifts

    Comparing Types of Debt Financing

    Summary

    Questions and Problems

    4 Time Values

    A Time Line

    Future Value

    Present Value

    Finding Future Value from Present Value


      

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