Key Terms

asset transformation, p. 32 adverse selection, p. 32 asymmetric information, p. 32

brokers, p. 26 capital market, p. 27 dealers, p. 26

diversification, p. 32 dividends, p. 26 economies of scale, p. 30

equities, p. 26 Eurobond, p. 28 Eurocurrencies, p. 28 Eurodollars, p. 28 exchanges, p. 27 financial intermediation, p. 29 financial panic, p. 39 foreign bonds, p. 28 intermediate-term, p. 26

investment bank, p. 26

liabilities, p. 24

liquidity services, p. 31

maturity, p. 26

money market, p. 27

moral hazard, p. 33

over-the-counter (OTC) market, p. 27

portfolio, p. 32

primary market, p. 26

risk sharing, p. 31

secondary market, p. 26

short-term, p. 26

thrift institutions (thrifts), p. 34

transaction costs, p. 29

underwriting, p. 26

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