Introduction-Updated August, 2009!

Welcome to the new web enrichment modules for Money, Banking, and Financial Markets!

A financial crisis has engulfed the globe since the second edition of the textbook was published in August 2007. The crisis dramatizes many familiar issues in modern finance and monetary policy at the same time that it brings new challenges to light. As you study money and banking, you can benefit greatly by applying your growing knowledge to these developments.

Accordingly, the enrichment modules that follow will introduce you to financial instruments, markets, institutions, and practices that are at the frontier of the financial system. Many of the modules highlight facets of the global crisis. Others explore the unprecedented policy responses from governments as well as the policy challenges that still loom ahead. A few modules consider the broad evolution of global finance outside the immediate boundaries of the crisis itself.

Each module is designed to complement material in a specific chapter of the textbook. The modules typically assume knowledge from preceding chapters, so it will be natural to read a module after completing the chapter with which it is linked. The modules also usually highlight one or more of the five core principles introduced in Chapter 1 that characterize financial intermediation and markets even in a crisis.

These modules also serve as an introduction to Kermit L. Schoenholtz as the new co-author on Money, Banking, and Financial Markets. For more information about Kermit, please click here.

Stephen G. Cecchetti and Kermit L. Schoenholtz