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ECON302: Money, Banking, And Financial Markets

Unit 3: Financial Institutions   Among the many challenges in any exchange economy are transaction costs, or the time, effort, and other resources necessary to search out, negotiate, and conduct exchanges of goods and services.  Money and the financial institutions that have evolved around money enable people to gain from complex exchanges by providing a common denominator into which all goods and services can be converted.  As economies grow and expand, they give rise to a wide variety of institutions that function as the fuel that propels the economic mechanism.  Over time, special institutions with the primary function of guaranteeing that money and other financial assets flow throughout the entire economy have developed.  

This unit will study financial institutions and their effects on the overall economy.  It will also introduce financial intermediaries and the role they play in solving the problem of asymmetric information, where one party has insufficient information about another party involved in a transaction, which hinders accurate decision-making.

Unit 3 Time Advisory
This unit should take you 18 hours to complete.

☐    Subunit 3.1: 2.5 hours

☐    Subunit 3.2: 2.0 hours

☐    Subunit 3.3: 2.5 hours

☐    Subunit 3.4: 3.0 hours

☐    Subunit 3.5: 2.0 hours

☐    Subunit 3.6: 3.0 hours

☐    Assessments: 3 hours

Unit3 Learning Outcomes
Upon successful completion of this unit, the student will be able to:
- Discuss how transaction costs and asymmetric information help shape the financial structure.

  • Explain how financial institutions perform their main functions.
  • Discuss the functions of financial intermediaries.
  • Identify some of the financial institutions in the economy and how they differ from one another.
  • Explain how financial intermediaries minimize transaction costs and asymmetric information.
  • Explain how and why financial institutions are regulated.

3.1 An Economic Analysis of Financial Structures   Note: The financial structure is designed to promote economic efficiency.  When events reduce the economic efficiency of financial institutions, a financial crisis may occur, which has severe consequences for the economy.  Lending is risky.  Borrowers with ill intentions may choose to skip town and fail to leave a forwarding address, and even those with honest intentions may undertake actions that increase the probability that they will be unable to meet their payment obligations.  Given these hazards, individuals may be understandably reluctant to lend.  Although lending is risky for the lender, the channeling of funds from individuals with savings to others with productive investment opportunities is essential for economic growth.  Channeling funds from savers to investors is beneficial to the economy and the parties to the exchange, but only if investors have incentives to honor their promises and pay back the borrowed funds.

  • Reading: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 8: An Economic Analysis of Financial Structure” Lecture Notes Link: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 8: An Economic Analysis of Financial Structure” Lecture Notes (Microsoft PowerPoint)
      
    Instructions: When you click on the link above, you will be directed to a webpage that lists links to lecture notes on specific chapters from Mishkin's The Economics of Money, Banking, and Financial Markets.  Click on the "Chapter 8" link to download the presentation.  Please read all of the slides for Chapter 8 for information on the subjects outlined in sections 3.1.1-3.1.4.
     
    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • Reading: Money and Banking: “Chapter 8: Financial Structure, Transaction Costs, and Asymmetric Information” Link: Money and Banking: “Chapter 8: Financial Structure, Transaction Costs, and Asymmetric Information” (PDF)
     
    Instructions: Please note this reading covers topics in sections 3.1.1-3.1.4.  When you click on the link above, you will be directed to Chapter 8 “Financial Structure, Transaction Costs, and Asymmetric Information” of the e-book Money and Banking.  Please read Chapter 8 in its entirety.

    Terms of Use: The text was adapted by The Saylor Foundation under a Creative Commons-Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensee.

  • Lecture: Yale University: Ben Polak’s “Lecture 23: Asymmetric Information: Silence, Signaling, and Suffering Education” Link:  Yale University: Ben Polak’s “Lecture 23: Asymmetric Information: Silence, Signaling, and Suffering Education

    Also available in:
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    Quicktime (Low bandwidth/slow connection)
    MP3 format 
    Transcript (HTML)
     
    Instructions: Please note this video lecture covers topics in sections 3.1.1-3.1.4.  When you click on the link above, you will be directed to Ben Polak’s lecture 23 of his course lectures.  To download this video, you will need to click on the Flash icon or the QuickTime icon in the lower right corner of the webpage.  Please watch this video in its entirety.  You may choose to listen to the audio version (mp3) or read the transcript (html format).
     
    Note on the Media: Lecturer Ben Polak is Professor of Economics and Management at Yale University.  This lecture was designed for his Game Theory course.
     
    Terms of Use: Ben Polak, Game Theory (Yale University: Open Yale Courses), http://oyc.yale.edu (Accessed March 2, 2011).  License: Creative Commons BY-NC-SA 3.0. The original version can be found here.

3.1.1 Financial Structures around the World   3.1.2 Transaction Costs   3.1.3 Asymmetric Information: Adverse Selection and Moral Hazard   3.1.4 The Lemons Problem: How Adverse Selection Influences Financial Structure   - Assessment: Pearson Education: Frederic S. Mishkin’s “Chapter 8: An Economic Analysis of Financial Structure”: “Multiple Choice Quiz” Link: Pearson Education: Frederic S. Mishkin’s “Chapter 8: An Economic Analysis of Financial Structure”: “Multiple Choice Quiz” (HTML)
 
Instructions: This quiz will assess what you have learned in sections 3.1.1-3.1.4.  When you click on the link above, you will be directed to Frederic S. Mishkin’s “Chapter 8: An Economic Analysis of Financial Structure” multiple choice quiz.  After you finish the 15 questions of the quiz, please click “Submit Answers for Grading” to redirect to the answer key.
 
Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

3.2 Banking and the Management of Financial Institutions   Note: Banks are the most important financial intermediaries in the United States. In this subunit, we examine the bank balance sheet and the basic principles of bank management in order to improve our understanding of how banks operate in our economy.  We focus on how commercial banks are managed in order to maximize profits.  We concentrate on commercial banks, because they are the most important financial intermediaries.

  • Reading: Pearson Education Canada's version of Frederic S. Mishkin’s “Chapter 9: Banking and the Management of Financial Institutions” Lecture Notes Link: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 9: Banking and the Management of Financial Institutions” Lecture Notes (Microsoft PowerPoint)
      
    Instructions: When you click on the link above, you will be directed to a webpage that lists links to lecture notes on specific chapters from Mishkin's The Economics of Money, Banking, and Financial Markets.  Click on the "Chapter 9" link to download the presentation.  Please read all of the slides for Chapter 9 for information on the topics outlined in sections 3.2.1-3.2.6.
     
    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • Reading: Money and Banking: “Chapter 9: Bank Management” Link:  Money and Banking: “Chapter 9: Bank Management” (PDF)

    Instructions: Please note that this reading covers material for sections 3.2.1-3.2.6.  When you click on the link above, you will be directed to Chapter 9 “Bank Management” of the e-book Money and Banking.  Please read Chapter 9 in its entirety.
     
    Terms of Use: The text was adapted by The Saylor Foundation under a Creative Commons-Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensee.

  • Web Media: YouTube: ignousom’s “Banking and Financial Management” Link: ignousom’s “Banking and Financial Management” (YouTube)
     
    Instructions: Please note that this video lecture covers material for sections 3.2.1-3.2.6.  When you click on the link above, you will be directed to a video on “Banking and Financial Management.”  Please watch the video (43 minutes) in its entirety.
     
    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

3.2.1 The Bank Balance Sheets   3.2.2 Basic Banking   3.2.3 Basic Principles of Bank Management   3.2.4 Managing Credit Risk   3.2.5 Managing Interest-Rate Risk   3.2.6 Off-Balance Sheet Activities   - Assessment: Pearson Education: Frederic S. Mishkin’s “Chapter 9: Banking and the Management of Financial Institutions”: “Multiple Choice Quiz” Link: Pearson Education: Frederic S. Mishkin’s “Chapter 9: Banking and the Management of Financial Institutions”: “Multiple Choice Quiz” (HTML)
 
Instructions: This quiz will assess the material covered in sections 3.2.1-3.2.6.  When you click on the link above, you will be directed to Frederic S. Mishkin’s multiple choice quiz on Chapter 9.  After you finish the 15 questions of the quiz, please click “Submit Answers for Grading” to redirect to the answer key.
 
Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

3.3 Banking Industry: Structure and Competition   Note: Banks are financial intermediaries in business to earn profits.  Compared to other countries, the United States has many more small banks.  In this subunit, we see why there are so many banks in the United States, and we address the competitiveness, efficiency, and soundness of the banking system.  This section begins with a brief introduction to the history of banking in the U.S.  It then examines how financial innovations have increased the competitive environment in banking, fundamentally changing this industry.  The section then describes the commercial banking industry and goes on to look at the thrift industry in the United States.  Lastly, we examine the forces behind the growth in international banking with special emphasis on developments that have affected us in the United States.

  • Reading: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 10: Banking Industry: Structure and Competition” Lecture Notes Link: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 10: Banking Industry: Structure and Competition” Lecture Notes (Microsoft PowerPoint)
     
    Instructions: When you click on the link above, you will be directed to a webpage that lists links to lecture notes on specific chapters from Mishkin's The Economics of Money, Banking, and Financial Markets.  Click on the "Chapter 10" link to download the presentation.  Please read all of the slides for Chapter 10 for information on the topics outlined in sections 3.3.1-3.3.7.
     
    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • Reading: Money and Banking: “Chapter 10: Innovation and Structure in Banking and Finance” Link: Money and Banking: “Chapter 10: Innovation and Structure in Banking and Finance” (PDF)

    Instructions: Please note this reading covers sections 3.3.1-3.3.7.  When you click on the link above, you will be directed to Chapter 10 “Innovation and Structure in Banking and Finance” of the e-book Money and Banking.  Please read Chapter 10 in its entirety.
     
    Terms of Use: The text was adapted by The Saylor Foundation under a Creative Commons-Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensee.

  • Web Media: Dailymotion: Income Central’s “Banking Industry: A Look at the Past and the Future” Link: Dailymotion: Income Central’s “Banking Industry: A Look at the Past and the Future” (Adobe Flash)
     
    Instructions: Please note this video addresses the topics in sections 3.3.1-3.3.7.  When you click on the link above, you will be directed to Income Central’s video lecture titled “Banking Industry: A Look at the Past and the Future,” hosted by dailymotion.com.  Please watch the video (9:45 minutes) in its entirety.
     
    Note on the Media: This video was originally created by IncomeCentral.com as an educational tool to train bankers.
     
    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

3.3.1 Historical Development of the Banking System   3.3.2 Financial Innovation and the Evolution of the Banking Industry   3.3.3 Structure of the U.S. Commercial Banking Industry   3.3.4 Bank Consolidation and Nationwide Banking   3.3.5 Separation of the Banking and Other Financial Services Industries   3.3.6 Thrift Industry: Regulation and Structure   3.3.7 International Banking   - Assessment: Pearson Education: Frederic S. Mishkin’s “Chapter 10: Banking Industry: Structure and Competition”: “Multiple Choice Quiz” Link: Pearson Education: Frederic S. Mishkin’s “Chapter 10: Banking Industry: Structure and Competition”: “Multiple Choice Quiz” (HTML)
 
Instructions: Please note this quiz will assess what you have learned in sections 3.3.1-3.3.7.  When you click on the link above, you will be directed to Frederic S. Mishkin’s “Chapter 10: Banking Industry: Structure and Competition” multiple choice quiz.  After you finish the 15 questions of the quiz, please click “Submit Answers for Grading” to assess how you did on the quiz.
 
Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

3.4 Economic Analysis of Banking Regulation   Note: In this subunit, we use economic analysis to show why financial institutions and banks are so heavily regulated.  Banking regulation, however, is not always successful.  Banking crises cause regulators to reform existing regulations.  This section develops an economic analysis of how banking regulation affects the behavior of banking institutions.  This analysis explains why banking is among the most heavily regulated sectors of the economy, why the banking crisis occurred in the 1980s, and whether recent banking legislation or other proposed reforms are likely to ensure that future financial crises can be avoided.

  • Reading: Pearson Education Canada's version of Frederic http://www.saylor.org/site/wp-admin/profile.phpS. Mishkin’s “Chapter 11: Economic Analysis of Banking Regulation” Lecture Notes Link: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 11: Economic Analysis of Banking Regulation” Lecture Notes (Microsoft PowerPoint)
     
    Instructions: When you click on the link above, you will be directed to a webpage that lists links to lecture notes on specific chapters from Mishkin's The Economics of Money, Banking, and Financial Markets.  Click on the "Chapter 11" link to download the presentation.  Please read all of the slides for Chapter 11 for information that covers sections 3.4.1-3.4.7.
     
    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • Reading: Money and Banking: “Chapter 11: The Economics of Financial Regulation” Link: Money and Banking: “Chapter 11: The Economics of Financial Regulation” (PDF)

    Instructions: Please note this reading addresses the topics in sections 3.4.1-3.4.7.  When you click on the link above, you will be directed to Chapter 11 “The Economics of Financial Regulation” of the e-book Money and Banking.  Please read Chapter 11 in its entirety.

    Terms of Use: The text was adapted by The Saylor Foundation under a Creative Commons-Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensee.

  • Lecture: Yale University: Professor Robert J. Shiller’s “Lecture 8: Human Foibles, Fraud, Manipulation, and Regulation” Link:  Yale University: Professor Robert J. Shiller’s “Lecture 8: Human Foibles, Fraud, Manipulation, and Regulation
     
    Also available in:
    iTunes U
    Quicktime (Low bandwidth/slow connection) 
    MP3 format
    Transcript (HTML)
     
    Instructions: Please note this video lecture will address the subjects covered in sections 3.4.1-3.4.7.  When you click on the link above, you will be directed to Professor Robert J. Shiller’s “Lecture 8: Human Foibles, Fraud, Manipulation, and Regulation.”  To download this video, you will need to click on the Flash icon or the QuickTime icon in the lower right corner of the webpage.  Please watch it in its entirety.  You may also choose to listen to the audio version (mp3) or read the transcript (html format).
     
    Note on the Lecture: Lecturer, Robert J. Shiller, is Arthur M. Okun Professor of Economics at Yale University.  This lecture was intended for his Financial Markets course.
     
    Terms of Use: Robert Shiller, Financial Markets (Yale University: Open Yale Courses), http://oyc.yale.edu (Accessed March 2, 2011).  License: Creative Commons BY-NC-SA 3.0. The original version can be found here.

3.4.1 Asymmetric Information and Banking Regulation   3.4.2 International Banking Regulation   3.4.3 1980s U.S. Banking Crisis: Why?   3.4.4 Political Economy of the Savings and Loan Crisis   3.4.5 Savings and Loan Bailout   3.4.6 Federal Deposit Insurance Corporation Improvement Act of 1991   3.4.7 Banking Crises throughout the World   - Assessment: Pearson Education: Frederic S. Mishkin’s “Chapter 11: Economic Analysis of Banking Regulation”: “Multiple Choice Quiz” Link: Pearson Education: Frederic S. Mishkin’s “Chapter 11: Economic Analysis of Banking Regulation”: “Multiple Choice Quiz” (HTML)
 
Instructions: This quiz will assess what you have learned in subunits 3.4.1-3.4.7.  When you click on the link above, you will be directed to Frederic S. Mishkin’s “Chapter 11: Economic Analysis of Banking Regulation” multiple choice quiz.  After you finish the 15 questions of the quiz, please click “Submit Answers for Grading” to check your answers.
 
Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

3.5 Non-Bank Finance   Note: The distinction between bank and non-bank financial institutions, such as insurance, pension funds, finance companies, and mutual funds, is blurry.  This subunit addresses how non-bank financial institutions operate, how they are regulated, and recent trends in non-bank finance.  This section will introduce you to a wide array of non-bank financial institutions.  Not long ago this group of institutions was more appropriately studied in a course on financial institutions and of little importance to students of money and banking.  Recent financial innovation, however, has erased many of the barriers that once separated banks and non-bank financial institutions, obscuring the distinction between courses in financial institutions and money and banking.  For this reason, a brief overview of the types and activities of these institutions will provide you with a better understanding of the functioning and structure of financial markets.

  • Reading: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 12: Non-Bank Finance” Lecture Notes Link: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 12: Non-Bank Finance” Lecture Notes (Microsoft PowerPoint)
     
    Instructions:   When you click on the link above, you will be directed to a webpage that lists links to lecture notes on specific chapters from Mishkin's The Economics of Money, Banking, and Financial Markets.  Click on the "Chapter 12" link to download the presentation. Please read all of the slides for Chapter 12 for information that covers sections 3.5.1-3.5.6.
     
    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • Reading: Google Book’s version of Anjali Kumar’s, ed., The Regulation of Non-Bank Financial Institutions: The United States, the European Union, and Other Countries: “Part 1: Non-Bank Financial Institutions in the Financial Sector” Link: Google Book’s version of Anjali Kumar’s, ed., The Regulation of Non-Bank Financial Institutions: The United States, the European Union, and Other Countries: “Part 1: Non-Bank Financial Institutions in the Financial Sector” (Google Book)
     
    Instructions: This reading will cover the topics outlined in sections 3.5.1-3.5.6.  Please read “Part 1: Non-Bank Financial Institutions in the Financial Sector” (pp. 1-18) in its entirety.
     
    Note on the Text: This text is hosted on Google Book’s website.  The book was edited by Anjali Kumar with contributions from Terry Chuppe and Paula Perttunen.
     
    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • Lecture: Yale University: Professor Robert J. Shiller’s “Lecture 5: Insurance: The Archetypal Risk Management Institution” Link: Yale University: Professor Robert J. Shiller’s “Lecture 5: Insurance: The Archetypal Risk Management Institution
     
    Also available in:
    iTunes U
    Quicktime (Low bandwidth/slow connection)
    MP3 format
    Transcript (HTML)
     
    Instructions: Please note this video lecture will address the topics in sections 3.5.1-3.5.6.  When you click on the link above, you will be directed to Professor Robert J. Shiller’s “Lecture 5: Insurance: The Archetypal Risk Management Institution.”  
     
    Terms of Use: Robert Shiller, Financial Markets (Yale University: Open Yale Courses), http://oyc.yale.edu (Accessed March 2, 2011).  License: Creative Commons BY-NC-SA 3.0. The original version can be found here.

3.5.1 Insurance   3.5.2 Pension Funds   3.5.3 Finance Companies   3.5.4 Mutual Funds   3.5.5 Government Financial Intermediation   3.5.6 Securities Market Operations   - Assessment: Pearson Education: Frederic S. Mishkin’s “Chapter 12: Non-Bank Finance”: “Multiple Choice Quiz” Link: Pearson Education: Frederic S. Mishkin’s Multiple Choice Quiz on “Chapter 12: Non-Bank Finance”: “Multiple Choice Quiz” (HTML)
 
Instructions: This quiz will assess what you have learned in sections 3.5.1-3.5.6.  When you click on the link above, you will be directed to Frederic S. Mishkin’s “Chapter 12: Non-bank Finance” multiple choice quiz.  After you finish the 15 questions of the quiz, please click “Submit Answers for Grading” to check your answers against the answer key.
 
Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

3.6 Financial Derivatives   Note: Due to the increase in interest rate volatility in the 1980s and 1990s, financial innovation has generated financial derivatives to reduce risks faced by financial institutions.  Financial derivatives are instruments that have payoffs that are linked to previously issued securities, such as forward contracts, financial futures, options, and swaps.  Beginning in the 1970s and continuing into the 1980s and 1990s, interest rates and foreign exchange rates became more volatile, increasing the risk to financial institutions.  To combat this, managers of financial institutions have demanded financial instruments to better manage risk.  These instruments, called financial derivatives, have become an important source of profits for financial institutions, particularly larger banks.  In this subunit, we investigate the use of forward contracts, financial futures, options, and swaps to reduce risk.

  • Reading: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 13: Financial Derivatives” Lecture Notes Link: Pearson Education Canada’s version of Frederic S. Mishkin’s “Chapter 13: Financial Derivatives” Lecture Notes (Microsoft PowerPoint)
     
    Instructions: When you click on the link above, you will be directed to a webpage that lists links to lecture notes on specific chapters from Mishkin's The Economics of Money, Banking, and Financial Markets.  Click on the "Chapter " link to download the presentation.   Please read all of the slides for Chapter 13 for information that covers sections 3.6.1-3.6.5. 

    Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.

  • Reading: Money and Banking: “Chapter 12: The Financial Crisis of 2007–2008” Link: Money and Banking: “Chapter 12: The Financial Crisis of 2007–2008” (PDF)

    Instructions: When you click on the link above, you will be directed to Chapter 12 “The Financial Crisis of 2007–2008” of the on-line book Money and Banking.  Please read Chapter 12 in its entirety for information on the subjects in sections 3.6.1-3.6.5.

    Terms of Use: The text was adapted by The Saylor Foundation under a Creative Commons-Attribution-NonCommercial-ShareAlike 3.0 License without attribution as requested by the work's original creator or licensee.

  • Lecture: Yale University: Professor Robert J. Shiller’s “Lecture 2: The Universal Principle of Risk Management: Pooling and the Hedging of Risks” Link: Yale University: Professor Robert J. Shiller’s “Lecture 2: The Universal Principle of Risk Management: Pooling and the Hedging of Risks

    Also available in:
    iTunes U
    Quicktime (Low bandwidth/slow connection)
    MP3 format 
    Transcript (HTML)
     
    Instructions: Please note this video lecture addresses the topics in sections 3.6.1-3.6.5.  When you click on the link above, you will be directed to Professor Robert J. Shiller’s “Lecture 2: The Universal Principle of Risk Management: Pooling and the Hedging of Risks.”  To download this video, you will need to click on the Flash icon or the QuickTime icon in the lower right corner of the webpage.  Please watch it in its entirety.  You may also choose to listen to the audio version (mp3) or read the transcript (html format).
     
    Note on the Media: Lecturer, Robert J. Shiller, is the Arthur M. Okun Professor of Economics at Yale University.  This lecture is intended for his Financial Markets course.
     
    Terms of Use: Robert Shiller, Financial Markets (Yale University: Open Yale Courses), http://oyc.yale.edu (Accessed March 2, 2011).  License: Creative Commons BY-NC-SA 3.0. The original version can be found here.

3.6.1 Hedging   3.6.2 Interest-Rate Forward Contracts   3.6.3 Financial Futures Contracts and Markets   3.6.4 Options   3.6.5 Interest-Rate Swaps   - Assessment: Pearson Education: Frederic S. Mishkin’s “Chapter 13: Financial Derivatives”: “Multiple Choice Quiz” Link: Pearson Education: Frederic S. Mishkin’s “Chapter 13: Financial Derivatives”: “Multiple Choice Quiz” (HTML)
 
Instructions: This quiz will assess what you have learned in sections 3.6.1-3.6.5.  When you click on the link above, you will be directed to Frederic S. Mishkin’s multiple choice quiz on “Chapter 13: Financial Derivatives.”  After you finish the 15 questions of the quiz, please click “Submit Answers for Grading” to redirect to the answer key.
 
Terms of Use: Please respect the copyright and terms of use displayed on the webpage above.