Financial Markets and Institutions takes a practical approach to the changing landscape of financial markets and institutions. The text uses core principles to introduce topics, then examines these models via real-world scenarios. Empirical applications of themes help you develop essential critical-thinking and problem-solving skills. The 10th Edition reflects major changes in the aftermath of the global financial and Covid crises. With timely new sections, cases and boxes, you'll have the latest, most relevant information to help prepare you for your future career.

Table of Contents

Part One. Introduction

Chapter 1. Why Study Financial Markets and Institutions?

Chapter 2. Overview of the Financial System

Part Two. Fundamentals of Financial Markets

Chapter 3. What Do Interest Rates Mean, and What Is Their Role in Valuation?

Chapter 4. Why Do Interest Rates Change?

Chapter 5. How Do Risk and Term Structure Affect Interest Rates?

Chapter 6. Are Financial Markets Efficient?

Part Three. Fundamentals of Financial Institutions

Chapter 7. Why Do Financial Institutions Exist?

Chapter 8. Why Do Financial Crises Occur, and Why Are They So Damaging to the Economy?

Part Four. Central Banking and the Conduct of Monetary Policy

Chapter 9. Central Banks

Chapter 10. Conduct of Monetary Policy

Part Five. Financial Markets

Chapter 11. The Money Markets

Chapter 12. The Bond Market

Chapter 13. The Stock Market

Chapter 14. The Mortgage Markets

Chapter 15. The Foreign Exchange Market

Chapter 16. The International Financial System

Part Six. The Financial Institutions Industry

Chapter 17. Banking and the Management of Financial Institutions

Chapter 18. Financial Regulation

Chapter 19. Banking Industry: Structure and Competition

Chapter 20. The Mutual Fund Industry

Chapter 21. Insurance Companies and Pension Funds

Chapter 22. Investment Banks, Security Brokers and Dealers, and Venture Capital Firms

Part Seven. The Management of Financial Institutions

Chapter 23. Risk Management in Financial Institutions

Chapter 24. Hedging with Financial Derivatives

Additional Chapters

Chapter 25. Financial Crises in Emerging Market Economies

Chapter 26. Savings Associations and Credit Unions

Chapter 27. Finance Companies

About the Authors

Frederic S. Mishkin is an American economist and professor at Columbia Business School, where he is the Alfred Lerner Professor of Banking and Financial Institutions. He is one of the leading academic voices on monetary policy and financial markets. From 2006 to 2008 he served as a member of the Board of Governors of the Federal Reserve System, and earlier he was a research director at the Federal Reserve Bank of New York. He also wrote the widely used textbook The Economics of Money, Banking, and Financial Markets, and has published extensively on inflation targeting, financial crises, and central banking. He is a research associate at the National Bureau of Economic Research.

Stanley G. Eakins is a finance professor, long associated with East Carolina University, where he has held roles including Dean of the College of Business. His work focuses on finance topics such as institutional investors and corporate finance, and he has co-authored the Mishkin text through multiple editions.