Krueger, Explorations in Economics 1e, Module 49

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financial intermediary

An institution that channels money between savers and borrowers.

Debt financing

Getting money by borrowing.

Equity financing

Getting money by selling stock.

junk bond

A high-risk, high-interest-rate corporate bond.

secondary markets

A market in which investors buy and sell financial assets that have already been purchased at least once.

money market

A market in which money is lent for less than a year.

capital market

A market in which money is lent for one year or more.

primary market

A market in which new assets such as stocks and bonds are sold by their issuers.

bull market

A market trend characterized by steady growth in stock prices.

bear market

A market trend is characterized by rapidly declining stock prices.

nominal interest rate

The actual rate of interest that a saver will receive and a borrower will pay.

current yield

The annual coupon payment divided by the price.

real interest rate

The nominal interest rate minus the expected rate of inflation.


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