"Technological innovation, deregulation, competition, globalization, and financial crises have significantly transformed financial markets and institutions in recent years. This completely revised edition aims to explore these changes and to present an analytical framework that enables students to understand and anticipate changes in the financial system as well as the accompanying changes in financial markets and institutions." "Updated to include an in-depth examination of the causes of the 2008 financial crisis and the Obama administration's programs to combat it, this Second Edition is the single best introductory text for the undergraduate course on Financial Markets and Institutions. It covers all of the traditional material and also incorporates expanded coverage on topics such as the changes and controversies of the financial system, financial instability, the erosion of lending standards, and the effect of financial bubbles." "This highly readable and student-friendly edition provides balanced coverage on the theories, policies, and institutions of the financial system, while avoiding complex models and mathematics. It contains many unique teaching features, including up-to-date boxes that enrich the theoretical coverage and enhance student understanding."--Jacket