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首页 [经济学][金融]+威利+利率史话

[经济学][金融]+威利+利率史话.pdf

[经济学][金融]+威利+利率史话

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2009-09-01 0人阅读 举报 0 0 暂无简介

简介:本文档为《[经济学][金融]+威利+利率史话pdf》,可适用于经济金融领域

AHistoryofInterestRatesFOURTHEDITIONHomerpffirstrqxd:PMPageiFoundedin,JohnWileySonsistheoldestindependentpublishingcompanyintheUnitedStatesWithofficesinNorthAmerica,Europe,AustraliaandAsia,Wileyisgloballycommittedtodevelopingandmarketingprintandelectronicproductsandservicesforourcustomers’professionalandpersonalknowledgeandunderstandingTheWileyFinanceseriescontainsbookswrittenspecificallyforfinanceandinvestmentprofessionalsaswellassophisticatedindividualinvestorsandtheirfinancialadvisorsBooktopicsrangefromportfoliomanagementtoecommerce,riskmanagement,financialengineering,valuationandfinancialinstrumentanalysis,aswellasmuchmoreForalistofavailabletitles,pleasevisitourWebsiteatwwwWileyFinancecomHomerpffirstrqxd:PMPageiiPhotoofSidneyHomerbyGeorgeEJosephHomerpffirstrqxd:PMPageiiiHomerpffirstrqxd:PMPageivAHistoryofInterestRatesFOURTHEDITIONSidneyHomerandRichardSyllaJohnWileySons,IncHomerpffirstrqxd:PMPagevCopyright©,,,,byRutgersUniversityPressAllrightsreservedFirsteditionpublishedSecondeditionThirdedition,FourtheditionPublishedbyJohnWileySons,Inc,Hoboken,NewJerseyPublishedsimultaneouslyinCanadaNopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermittedunderSectionoroftheUnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriatepercopyfeetotheCopyrightClearanceCenter,Inc,RosewoodDrive,Danvers,MA,(),fax(),oronthewebatwwwcopyrightcomRequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment,JohnWileySons,Inc,RiverStreet,Hoboken,NJ,(),fax(),oronlineathttp:wwwwileycomgopermissionsLimitofLiabilityDisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurposeNowarrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterialsTheadviceandstrategiescontainedhereinmaynotbesuitableforyoursituationYoushouldconsultwithaprofessionalwhereappropriateNeitherthepublishernorauthorshallbeliableforanylossofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental,consequential,orotherdamagesForgeneralinformationonourotherproductsandservicesorfortechnicalsupport,pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat(),outsidetheUnitedStatesat()orfax()WileyalsopublishesitsbooksinavarietyofelectronicformatsSomecontentthatappearsinprintmaynotbeavailableinelectronicbooksFormoreinformationaboutWileyproducts,visitourwebsiteatwwwwileycomLibraryofCongressCataloginginPublicationData:ISBNISBNPrintedintheUnitedStatesofAmericaHomerpffirstrqxd:PMPageviFOREWORDviiThisrevisionofAHistoryofInterestRatesbyRichardSyllaisexceedinglytimelyItupdates,evaluates,andputsintohistoricalperspectiveahighlydynamicperiodinthefinancialmarketsfromthestartofthestothepresentInthisrecentperiod,financialmarketshavebecomemuchlargerandmorecomplexInaddition,newcreditinstrumentshavecomeontothescene,bringingwiththemnewinterestrates,andinterestraterelationshipsindomesticandinternationalmarketsDuringthepastfifteenyears,severaldramaticupheavalsalsolefttheirimprintonfinancialmarketsandoninterestratesEarlyontherewasthedebacleofthethriftinstitutionsandseverecreditpressuresonseverallargecommercialbanksLaterinthes,aspeculativebubblemanifesteditselfnotonlyinthehightechmarketbutalsointhehighyieldfixedincomemarketTheuseofexcessiveleveragebyprominenthedgefundsposedaserioussystemicriskThescopeandencompassingcoverageofthesubjectmakethisbookuniqueThereisnootherstudylikeitIttracesinterestratesfromtheirearlybeginningsinBabylonia,Greece,andRomethroughtheMedievalandRenaissanceperiods,rightthroughtomoderntimesThisbookwasoriginallypublishedinandwrittenbySidneyHomer,aclassicalandremarkablemanSidneyHomercalledhimselfabondman,buthewasfarmorethanthatItistruethatheranhisownbondfirmearlyinhiscareerandlateronbecameaseniorbondportfoliomanagerforScudder,StevensandClark,butthisonlyscratchesthesurfaceofhisaccomplishmentsandtalentsSidneyHomerdidpioneeringworkinfixedincomeanalysisHelaboredforagoodpartofhiscareerHomerpffirstrqxd:PMPageviiwhenbondswerenotaspopularastheyaretodayandwheninterestrateswerenotintheforefrontofthefinancialpressSidneyHomerspearheadedtheuseofsuchanalyticaltoolsastheanalysisofrelativevalues,theyieldcurve,andthelinkagesofthefinancialworldtotheeconomyHewasamongthefirsttoutilizetheanalysisofflowoffundsinthefinancialmarkets,wellbeforetheFederalReserveformalizedthisapproachWhenhecametoSalomonBrothersin,heorganizedandmanagedthefirstindepthresearchdepartmentdevotedstrictlytofixedincomemarketsThiswasanextraordinaryundertakingforSidneyandforSalomonBrothersBillSalomonandCharlesSimonwereresponsibleforhiringSidneyWhiletheywerecompletelyunlikethisveryclassicalman,theyrealizedthatSidneyhadamineofuntappedknowledgethatcouldbenefitSalomonBrothersTheywererightBythetimeheretiredasageneralpartnerinOctober,hehadbuilttheleadingfixedincomeresearchdepartmentIthadnomatchandincludedaquantitativegroup,whichonlybecamepopularelsewheremuchlateronHisfrequentwritingsclearlyshowedthathewasmorethanjustabondmanTheyhadacurrentrelevancewithgreathistoricalperspectiveandinsightsandrangedfromtechnicalaspectsinthemoneyandbondmarketstothebroadunderlyingeconomicandfinancialissuesofthedayTohim,interestratesweremorethanjuststatisticsAshestatedsowellinthisbook,“Itseemsfairtosaythatfreemarketlongtermratesofinterestforanyindustrialnation,properlycharged,provideasortoffeverchartoftheeconomicandpoliticalhealthofthatnation”MyfirstexaminationofAHistoryofInterestRateswasofthefirstedition,anditwasamostdetailedoneDuringmyearlyweeksatSalomonBrothers,SidneyHomeraskedmetoreadthegalleysofthebook,but,aswastypicalofhim,hewanteditdoneinameticulouswayIreadtheentirebook,thenencompassingpagesandstatisticaltables,outloudtomysecretaryItapparentlyleftanimprintonmycareerThisrevisionandupdatinghasbeenaccomplishedbyaprominentscholar,ProfessorRichardSyllaHisgraspofmarketsandhistoricalbackgroundfitswellintotheSidneyHomermoldInparticular,RichardSyllanotonlycapturesthenewdevelopmentsexceedinglywellbutheplacestheminhistoricalperspectiveinthewaythatSidneyHomerwouldheartilyapproveIbelievethatthisbookhasnopeersItisafinancialclassicHenryKaufmanviiiFOREWORDHomerpffirstrqxd:PMPageviiiPREFACETOTHEFOURTHEDITIONixTheworldhaschangedinfundamentalwayssincetheRevisedThirdEditionwascompletedadecadeagoTheColdWarended,andtheSovietUnionceasedtoexistCommunistregimesgavewaytotransitionaleconomiesthereandintherestofEasternEuropeGermanyreunifiedandtheEuropeanUnion,despiteafewsetbacks,hasmovedtobecomebothlargerandmoreunitedJapanprickedits’s“bubble”butstruggledtoputalittlemoreairbackintoitseconomyLatinAmericaputmostofthedebtproblemsofthe’sbehindit,butMexico’stroublesin–andArgentina’sinshowedhoweasilytheycouldreturnMeanwhile,ChinaandIndiahaveemergedaseconomicpowersAidedbythesehappenings,amoreliberaltradingandfinancialordercontinuedtogainstrengthThemoneyandcapitalmarketsoftheoldindustrialeconomiesbecameincreasinglyintegrated,andthroughouttheworldemergingmarketsbegantotieintotheglobalfinancialsystemAndmanycountriesincluding,prominently,theUnitedStatessearchedforwaystoreducegovernmentalburdensonfinancialmarketsthroughregulatoryreformsandreductionsinfiscaldeficitsHowthesechangeswerereflectedintheinterestratehistoryof–isthesubjectmatterofanewlyrevisedchapterpreparedforthisFourtheditionMinorrevisionshavebeenmadeelsewhereinthetextIampleasedthatJohnWileySonshastakenuptheopportunitytoupdatethissteadilydemanded“evergreen”bookProfessorJackWWilsonofNorthCarolinaStateUniversitycontinuedtocollaboratewithmeonHomerpfprefrqxd:PMPageixthesearchforandinterpretationofoldandnewdataMyNYUcolleagueandcollaborator,RobertEWright,providedinvaluableassistanceinorganizingandproducingthenewtablesandchartsforthiseditionMyothercolleagues,associates,andstudentsatNewYorkUniversity’sSternSchoolofBusinessalsohavemygratitudefortheirabidinginterestinfinancialdevelopmentsandkeeninsightsintohowthemarketsworkRichardSyllaxPREFACETOTHEFOURTHEDITIONHomerpfprefrqxd:PMPagexCONTENTSxiForewordbyDrHenryKaufmanviiPrefacetotheFourthEditionixSummaryTablesxiiiSummaryChartsxviiIntroductionPartOneAncientTimesCHAPTERPrehistoricandPrimitiveCreditandInterestMesopotamia:Sumer,Babylonia,andAssyriaGreeceRomeASummaryandAnalysisofAncientInterestRatesPartTwoMedievalandRenaissanceEuropeUsuryDoctrinesandTheirEffectonEuropeanCreditFormsandInterestTheDarkAgesLateMedievalTimesTheRenaissanceASummaryandAnalysisofMedievalandRenaissanceInterestRatesinWesternEuropeHomerpftocrqxd:PMPagexiPartThreeModernEuropeandNorthAmericatoEnglandintheEighteenthCenturyEuropeintheEighteenthCenturyEnglandintheNineteenthCenturyFranceintheNineteenthCenturyOtherEuropeanCountriesintheNineteenthCenturyTheUnitedStatesintheEighteenthandNineteenthCenturiesPartFourEuropeandNorthAmericaSinceTheUnitedStatesintheTwentiethCentury:–TheUnitedStatesintheTwentiethCentury:–EnglandintheTwentiethCenturyEuropeintheTwentiethCentury:France,theNetherlands,Belgium,Germany,ItalyEuropeintheTwentiethCentury:Switzerland,Austria,Scandinavia,Ireland,Iberia,andTurkeyCanadaintheTwentiethCenturySummaryandAnalysisofInterestRatesinEuropeandNorthAmericaSincePartFiveOtherCountriesandthe’sJapanTheOldSterlingArea:Australia,NewZealand,SouthAfrica,India,andPakistanRussiaChinaLatinAmericaTurnoftheMillennium:–NotesIndexxiiCONTENTSHomerpftocrqxd:AMPagexiiSUMMARYTABLESxiiiTABLEPAGESummaryofMesopotamianInterestRates:–BCSummaryofGreekInterestRatesSummaryofRomanandProvincialInterestRatesReviewofInterestRatesinAncientTimesSummaryofTwelfthCenturyInterestRatesSummaryofThirteenthCenturyInterestRatesSummaryofFourteenthCenturyInterestRatesSummaryofFifteenthCenturyInterestRatesSummaryofSixteenthCenturyInterestRatesSummaryofSeventeenthCenturyInterestRatesReviewofMedievalandRenaissanceInterestRatesinWesternEuropeYieldsofNewBritishGovernmentLongTermIssues:EighteenthCenturyPricesandYieldsofLongTermBritishGovernmentSecurities:EighteenthCenturyShortTermEnglishInterestRates:EighteenthCenturyFrenchInterestRates:EighteenthCenturyDutchInterestRates:EighteenthCenturyOfficialInterestRatesoftheSwedishRiksbankPrincipalNewIssuesofLongTermBritishGovernmentSecurities:NineteenthCenturyPricesandYieldsofLongTermBritishGovernmentSecurities:NineteenthCenturyHomerpflastrqxd:PMPagexiiiNewIssuesbyBritishLocalGovernmentsNewSterlingIssuesbyColonialGovernmentsNewSterlingIssuesbyForeignGovernmentsShortTermBritishInterestRates:NineteenthCenturyAnnualAverageRatesonShortTermLondon,Provincial,Scotch,andIrishLoansPricesandYieldsofLongTermFrenchGovernmentSecurities:NineteenthCenturyPrincipalNewIssuesandConversionsofFrenchRentes:NineteenthCenturyShortTermFrenchInterestRates:NineteenthCenturyPricesandYieldsofLongTermDutchGovernmentSecurities:NineteenthCenturyShortTermDutchInterestRates:NineteenthCenturyPricesandYieldsofLongTermBelgianGovernmentSecurities:NineteenthCenturyShortTermBelgianInterestRates:NineteenthCenturyPricesandYieldsofLongTermGermanBonds:NineteenthCenturyShortTermGermanInterestRates:NineteenthCenturyShortTermSwissInterestRates:NineteenthCenturyInterestRatesinSweden:NineteenthCenturyPrincipalForeignLoansoftheAmericanRevolutionaryGovernmentandItsSuccessorsSummaryofColonialandRevolutionaryInterestRatesSummaryofLongTermHighGradeAmericanBondYields:NineteenthCenturyPricesandYieldsofLongTermHighGradeBonds:–PricesandYieldsofLongTermHighGradeBonds:–PricesandYieldsofLongTermHighGradeBonds:–PricesandYieldsofLongTermHighGradeBonds:–PricesandYieldsofLongTermHighGradeBonds:–ShortTermAmericanInterestRates:NineteenthCenturyCorporateandMunicipalLongTermBondYields:–PricesandYieldsofLongTermUSGovernmentSecurities:–CorporateandMunicipalLongTermBondYields:–xivSUMMARYTABLESHomerpflastrqxd:PMPagexivPricesandYieldsofLongTermUSGovernmentSecurities:–ShortTermAmericanInterestRates:–CorporateandMunicipalLongTermBondYields:–PricesandYieldsofLongTermUSGovernmentSecurities:–ShortTermAmericanInterestRates:–AYieldsbyMaturityBasicYieldsofPrimeCorporateBonds:–BYieldsbyMaturityUSGovernmentBonds:–YieldDifferentialsinBasisPointsAccordingtoMaturity:–ExamplesofTerms,Yields,andYieldSpreadsofNewIssuesofHighGradeCorporateBonds:–YieldDifferentialsBetweenLongTermGovernment,Corporate,andMunicipalBonds:–USConventionalRealEstateMortgageRates:–USConsumerCreditCommercialBankRates:–PricesandYieldsofLongTermBritishGovernmentSecurities:TwentiethCenturyPricesandRealYieldsofRepresentativeBritishGovernmentIndexLinkedBonds,–ShortTermBritishInterestRates:TwentiethCenturyPricesandYieldsofLongTermFrenchGovernmentSecurities:TwentiethCenturyShortTermFrenchInterestRates:TwentiethCenturyPricesandYieldsofLongTermDutchGovernmentSecurities:TwentiethCenturyShortTermDutchInterestRates:TwentiethCenturyPricesandYieldsofLongTermBelgianGovernmentSecurities:TwentiethCenturyShortTermBelgianInterestRates:TwentiethCenturyPricesandYieldsofLongTermGermanGovernmentSecurities:TwentiethCenturyShortTermGermanInterestRates:TwentiethCenturyItalianInterestRates:AnnualAverages,LateNineteenthandTwentiethCenturiesSwissInterestRates:TwentiethCenturyInterestRatesinSweden:TwentiethCenturyAustrian,Norwegian,Danish,andIrishInterestRates:AnnualAverages,–SUMMARYTABLESxvHomerpflastrqxd:PMPagexvPortuguese,Spanish,andTurkishInterestRates:AnnualAverages,–CanadianInterestRates:TwentiethCenturyReviewofMedievalandModernWesternEuropeanandAmericanLongTermInterestRatesReviewofMedievalandModernWesternEuropeanandAmericanShortTermInterestRatesJapaneseInterestRates:–Australian,NewZealand,andSouthAfricanInterestRates:AnnualAverages,–IndianandPakistaniInterestRates:AnnualAverages,–ChileanandBrazilianInterestRates:AnnualAverages,–ArgentineandUruguayanInterestRates:AnnualAverages,TwentiethCenturyMexican,Peruvian,andColombianInterestRates:AnnualAverages,–Corporate,Municipal,andGovernmentLongTermBondYields:–TheBullBondMarket:–ShortTermAmericanInterestRates:–YieldbyMaturityUSGovernmentBonds:–CorporateandMunicipalLongTermBondYields:–USRealEstateMortgageandConsumerCreditRates,–LongTermGovernmentBondYields,SelectIndustrializedCountries,–ShortTermInterestRates,SelectIndustrializedCountries,–EmergingMarkets:ShortTermInterestRates,–xviSUMMARYTABLESHomerpflastrqxd:PMPagexviSUMMARYCHARTSxviiCHARTPAGELongTermTrendsofMinimumInterestRates:Babylonia,Greece,andRomeLongTermTrendofMedievalandRenaissanceInterestRatesinWesternEuropebyTypeofLoanLongTermTrendofMedievalandRenaissanceInterestRatesinWesternEuropebyCountryEngland:EighteenthCenturyDecennialAveragesEnglishGovernmentBondYields:EighteenthCenturyEngland:NineteenthCenturyDecennialAveragesEnglishGovernmentBondYields:–PrincipalHighandLowPricesofBritishAnnuitiesandConsols:EighteenthandNineteenthCenturiesShortTermInterestRatesinEngland:NineteenthCenturyBankRateandConsolsintheDecadeof

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