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Financial Markets and Institutions, Global Edition

Financial Markets and Institutions, Global Edition
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Financial Markets and Institutions, Global Edition textbook x1


Real-world applications help students navigate the shifting financial landscape

Financial Markets and Institutions takes a practical approach to the changing landscape of financial markets and institutions. Best-selling authors Frederic S. Mishkin and Stanley G. Eakins use core principles to introduce students to topics, then examine these models with real-world scenarios. Empirical applications of themes help students develop essential critical-thinking and problem-solving skills, preparing them for future careers in business and finance. The 9th Edition combines the latest, most relevant information and policies with the authors’ hallmark pedagogy to give instructors a refined tool to improve the learning experience.



Organize learning with a unifying analytic framework


·    A unifying analytic framework uses a few basic principles to organize students’ thinking. These principles include:

o Asymmetric information (agency) problems

o Conflicts of interest

o Transaction costs

o Supply and demand

o Asset market equilibrium

o Efficient markets


Help students transition from classroom to career with real-life business scenarios


·    Cases demonstrate how the analysis in the book can explain many important real-world situations. A special set of cases called Case: Reading the Wall Street Journal show students how to read daily columns in this leading financial newspaper.

·    The Practicing Manager special cases introduce students to real­-world problems that financial institution managers have to solve.

·    Following the Financial News boxes introduce students to relevant news articles and data often reported daily in financial news sources and explain how to read them.

·    Inside the Fed boxes give students a feel for what is important in the operation and structure of the Federal Reserve System, and delve into major changes to monetary policy and lending following the financial crisis.

·    Global boxes include interesting material with an international focus.

·    E-­Finance boxes relate how changes in technology have affected financial markets and institutions.

·    Conflicts of Interest boxes outline conflicts of interest in different financial service industries.

·    Mini­-Case boxes highlight dramatic historical episodes, including a special focus on financial crises and trading scandals. These boxes also apply the theory to the data.

Emphasize critical thinking with key features

·    Chapter Previews at the beginning of each chapter give students an overview of the chapter, explaining why specific topics are important and how they relate to other topics in the book.

·    Numerical Examples guide students through solutions to financial problems using formulas, timelines, and calculator keystrokes.

·    Summary Tables are useful study aids for reviewing material.

·    Key Statements highlight in boldface type important points so that students can easily find them for later reference.

·    Graphs with over 60 captions, help students understand the interrelationship of the variables plotted and the principles of analysis.

·    Summaries at the end of each chapter list the chapter’s main points.

·    Key Terms are important words or phrases set in boldface type when defined for the first time and are listed at the end of each chapter.

·    End­-of-­Chapter Questions help students learn the subject matter by applying economic concepts, and feature a special class of questions that students find particularly relevant, titled Predicting the Future.

·    250+ End­-of­-Chapter Quantitative Problems help students develop their quantitative skills.

·    Web Exercises encourage students to collect information from online sources or use online resources to enhance their learning experience.

·    Web Sources provide the URL to data used in the many tables and charts.

·    Marginal Web References indicate websites that provide information or data that supplement the text material.

·    A Glossary at the back of the book defines all of the key terms.

·    Full Solutions to the Questions and Quantitative Problems appear in the Instructor’s Manual and on the Instructor’s Resource Center online at Professors are free to share the solutions with their students as they see fit.


New to this Edition

·    UPDATED! Data and major material throughout the text now reflects 2016 statistics and events.

·    NEW! Chapter 9 now focuses more on central banks, with four new Global boxes that discuss the ownership of central banks, the importance of the Bundesbank within the European Central Bank, constraints faced by non-Euro central banks in terms of EU membership, and Brexit.

·    NEW! Material on financial markets and institutions now includes:

o A new section on hedge funds

o An updated Mini-Case box on negative interest rates in the United States, Europe, and Japan

o An updated case on explaining low interest rates in Europe, Japan, and the United States

o A new Mini-Case box on the tyranny of collateral

o A new section describing securitization and the shadow banking system

·    NEW! Material on monetary policy reflects the major changes in the way central banks conduct monetary policy since the global financial crisis. New material includes:

o A new Global box on the importance of the Bundesbank within the ECB

o A new section on the variations in the Functions and Structures of Central Banks

o A new section on the structure of central banks of larger economies

o A new section on the policy tool, negative interest rates on bank deposits at central banks

NEW! Appendices on the web at allows for the addition and retention of material by posting the content online. Instructors can either use these appendices in class to supplement the material in the textbook or recommend them to students who want to expand their knowledge of the financial markets and institutions field.


Table of Contents


1. Why Study Financial Markets and Institutions?

2. Overview of the Financial System



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

4. Why Do Interest Rates Change?

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

6. Are Financial Markets Efficient?



7. Why Do Financial Institutions Exist?

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



9. Central Banks

10. Conduct of Monetary Policy



11. The Money Markets

12. The Bond Market

13. The Stock Market

14. The Mortgage Markets

15. The Foreign Exchange Market

Appendix: The Interest Parity Condition

16. The International Financial System



17. Banking and the Management of Financial Institutions

18. Financial Regulation

Financial Markets and Institutions, Global Edition
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