Written for undergraduate and graduate students of finance, economics and business, the fourth edition of Financial Markets and Institutions provides a fresh analysis of the European financial system. Combining theory, data and policy, this successful textbook examines and explains financial markets, financial infrastructures, financial institutions, and the challenges of financial supervision and competition policy. The fourth edition features not only greater discussion of the financial and euro crises and post-crisis reforms, but also new market developments like FinTech, blockchain, cryptocurrencies and shadow banking. On the policy side, new material covers unconventional monetary policies, the Banking Union, the Capital Markets Union, Brexit, the Basel III capital adequacy framework for banking supervision and macroprudential policies. The new edition also features wider international coverage, with greater emphasis on comparisons with countries outside the European Union, including the United States, China and Japan.

Provides fresh analysis of the European financial system for undergraduate and graduate students of finance, economics and business.

de Haan, JakobJakob de Haan is Head of Research of De Nederlandsche Bank and Professor of Political Economy at the University of Groningen.Schoenmaker, DirkDirk Schoenmaker is Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University Rotterdam.Wierts, PeterPeter Wierts is Senior Economist at the Payments and Market Infrastructures Division of De Nederlandsche Bank and Associate Professor of Finance at VU University Amsterdam.