Financial System and the Economy, The: Principles of Money and Banking, 5th ed., \nBurton & Brown

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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. Table of Contents Part 1: Introduction 1. Introduction and Overview 2. Money and Its Role in the Economy 3. The Overseer: The Federal Reserve System 4. Financial Markets, Instruments, and Market Makers Part 2: Financial Prices 5. Interest Rates and Bond Prices 6. The Structure of Interest Rates 7. Market Efficiency and the Flow of Funds AmongSectors Part 3: Financial Institutions 8. An Introduction to Financial Intermediaries and Risk 9. Commercial Banking Structure, Regulation, and Performance 10. Financial Innovation 11. Financial Instability and Strains on the Financial System 12. Regulation of the Banking System and the Financial Services Industry Part 4: Financial Markets 13. The Debt Markets 14. The Stock Market 15. Securities Firms, Mutual Funds, and Financial Conglomerates 16. How Exchange Rates Are Determined 17. Forward, Futures, and Options Agreements 18. The International Financial System Part 5: Monetary Theory 19. The Fed, Depository Institutions, and the Money Supply Process 20. The Demand for Real Money Balances and Market Equilibrium 21. Financial Aspects of the Household, Business, Government, and Rest-of-the-World Sectors 22. Aggregate Demand and Aggregate Supply Part 6: Monetary Policy 23. The Challenges of Monetary Policy 24. The Process of Monetary Policy Formulation 25. Policy Implementation 26. Monetary Policy in a Globalized Financial System Glossary Index