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The fifth edition of The Financial System and the Economy is an excellent text for undergraduate courses in money and banking, and would also be suitable for related courses such as ˜financial institutions and markets.` The text presents the standard material covered in such courses, but it is also rich in institutional and historical material, which I see as its distinguishing characteristic. The chapters on financial innovation and the interactions between profit seeking, innovation, regulation, and financial instability are particularly well done.
” Christopher Niggle
University of Redlands
The fifth edition of this classic text covers the origins and causes of the ongoing financial crisis, including excessive risk-taking and the erosion of lending standards, the securitization of mortgages and other assets and the development of credit derivatives. Expanded coverage of financial instability, including the theories of Hyman Minsky are also included. It
gives students an understanding of how the financial system works, how it affects the economy, and the role of policy makers and regulators.
captures the recent changes in the financial system, some of which have contributed to the ongoing financial crisis, and some of which result from the crisis.
presents an analytical framework that enables students to understand and anticipate changes in financial markets and institutions as the financial system continues to evolve.
The text is suitable for an introductory undergraduate course in banking or financial markets analysis taught in economics or finance. It is also useful for financial markets course in MBA.isbn-9788120339583
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