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Why do financial institutions and markets have the structure they do? Why is that structure changing? These questions are central to the scope and purpose of Meir G. Kohn's Financial Institutions and Markets, 2e. Unlike most books designed for financial markets and institutions courses, this successful text focuses on the 'why' of existing and evolving markets and instruments as well as the 'how.' Financial Institutions and Markets 2e, makes clear the general principles and economic functions underlying all financial intermediaries. It provides a thorough discussion of the specifics of banking, insurance, pension funds, and mutual funds. In a similar fashion, the book elucidates the general principles and economic functions common to all financial markets and offers an in-depth look at the specifics of the particular markets for government securities, mortgages, corporate debt, equity, and derivatives. The final section addresses the management of liquidity and risk and discusses the safety, stability, and regulation of financial intermediaries and financial markets. Each chapter begins with a list of study objectives and concludes with a summary. Key terms are listed at the end of each chapter and defined in marginal glossaries as they occur in the text. End-of-chapter questions are included to provide a stimulus for discussion. Accessible to a wide range of students, Financial Institutions and Markets, 2e, is ideal for courses in financial institutions, financial markets, or a combination of institutions and markets at either the undergraduate or graduate level. * Complete chapters devoted to pension funds and retirement funds, exchanges and trading system infrastructure, payments and foreign exchange * Text explains why financial institutions and instruments exist, the need they serve within the markets, and how they evolved * Each chapter provides perspective on global issues * Emphasizes a functional focus on financial intermediaries and markets such asgovernment securities, mortgage, corporate debt, equity markets, derivatives, and market microstructure Contents: PART I: Principles 1. Lending, payments, and risk-trading 2. The financial system and its technology 3. Efficiency, stability, and government intervention 4. Interest rates, exchange rates, and security prices PART II: Financial Intermediaries 5. Understanding financial intermediaries 6. What is a bank? 7. The banking industry 8. Payments and foreign exchange 9. Insurance 10. Pension funds and mutual funds PART III: Financial Markets 11. Understanding financial markets 12. The market for government securities 13. The mortgage market 14. The corporate debt market 15. The equity market 16. Derivatives instruments 17. Derivative markets 18. Exchanges, trading systems, and infrastructure PART IV: Regulation and Stability 19. Managing liquidity and risk 20. Bank safety and regulation Ancillary material: * Instructoris Manual (0195171063) features Key Chapter Points that list the most important ideas, offer paraphrasing and editing, and provide a summary the points at the end of each chapter. It presents brief answers to the discussion questions at the end of each chapter and provides questions and answers on the boxes in each chapter where appropriate. Internet exercises, tips for utilizing government web pages (Fed, FDIC, NACU), and Wall Street Journal-based exercises are also included. * A Test Bank (019517188-8) allows instructors to create unique tests for their students.