Contemporary Financial Intermediation
- 5th Edition - March 1, 2026
- Authors: Stuart I. Greenbaum, Anjan V. Thakor, Arnoud W. A. Boot
- Language: English
Contemporary Financial Intermediation, Fifth Edition offers a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that p… Read more
Contemporary Financial Intermediation, Fifth Edition offers a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that puts information and economic reasoning at the core. The book explores the implications of the information technology revolution that characterizes the financial services industry with digitization and fintech as important manifestations. Sections explore the subtlety, plasticity, and fragility of financial institutions and credit markets, and the ramifications for risk management (including cyber risk). This textbook demands more in terms of quantitative skills and analysis, but its ability to teach about the forces shaping the financial world is unmatched.
For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve the way they do, why we suffer recurring financial crises, how we typically react to them, and how digitization and fintech will affect financial services and the industry at large. This book provides students with a complete foundation on the subject, presenting a strong basis for learning and understanding key challenges surrounding the management and operations of financial institutions and their competitive environment.
For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve the way they do, why we suffer recurring financial crises, how we typically react to them, and how digitization and fintech will affect financial services and the industry at large. This book provides students with a complete foundation on the subject, presenting a strong basis for learning and understanding key challenges surrounding the management and operations of financial institutions and their competitive environment.
- Offers a full grounding in the study of financial markets and institutions
- Adopts an applied, integrated approach and is fully updated for recent developments in the field
- Teaches tactics on how to recognize and forecast fluctuations in financial markets
- Includes an online instructor’s manual, lecture slides, and test bank to reinforce understanding
Upper-division undergraduates and graduate students worldwide in courses such as Financial Markets and Institutions, Banking, and Commercial Bank Management
Part I. The Background
1. Basic Concepts
Part II. What is Financial Intermediation?
2. The Nature and Variety of Financial Intermediation
3. The What, How, and Why of Financial Intermediaries
Part III. Identification and Management of Major Banking Risks
4. Bank Risks
5. Interest Rate Risk
6. Liquidity Risk
Part IV. “On Balance Sheet” Banking Activities
7. Spot Lending and Credit Risk
8. Further Issues in Bank Lending
9. Special Topics in Credit: Syndicated Loans, Loan Sales, and Project Finance
Part V. Off the Bank’s Balance Sheet
10. Off-Balance Sheet Banking and Contingent Claims Products
11. Securitization
Part VI. The Funding of the Bank
12. The Deposit Contract, Deposit Insurance, and Shadow Banking
13. Bank Capital Structure
Part VII. Financial Crises
14. The 2007–2009 Financial Crisis and Other Financial Crises
Part VIII. Bank Regulation
15. Objectives of Bank Regulation
16. Milestones in Banking Legislation and Regulatory Reform
Part IX. Financial Innovation
17. The Evolution and Blurring of Banks and Markets and the Role of Product and Service Differentiation
Part X. The Future
18. The Future
1. Basic Concepts
Part II. What is Financial Intermediation?
2. The Nature and Variety of Financial Intermediation
3. The What, How, and Why of Financial Intermediaries
Part III. Identification and Management of Major Banking Risks
4. Bank Risks
5. Interest Rate Risk
6. Liquidity Risk
Part IV. “On Balance Sheet” Banking Activities
7. Spot Lending and Credit Risk
8. Further Issues in Bank Lending
9. Special Topics in Credit: Syndicated Loans, Loan Sales, and Project Finance
Part V. Off the Bank’s Balance Sheet
10. Off-Balance Sheet Banking and Contingent Claims Products
11. Securitization
Part VI. The Funding of the Bank
12. The Deposit Contract, Deposit Insurance, and Shadow Banking
13. Bank Capital Structure
Part VII. Financial Crises
14. The 2007–2009 Financial Crisis and Other Financial Crises
Part VIII. Bank Regulation
15. Objectives of Bank Regulation
16. Milestones in Banking Legislation and Regulatory Reform
Part IX. Financial Innovation
17. The Evolution and Blurring of Banks and Markets and the Role of Product and Service Differentiation
Part X. The Future
18. The Future
- Edition: 5
- Published: March 1, 2026
- Language: English
SG
Stuart I. Greenbaum
Stuart Greenbaum is a leading authority on banks. Formerly dean of the John M. Olin School of Business at Washington University in St. Louis, he spent twenty years at the Kellogg Graduate School of Management at Northwestern University, where he was the Director of the Banking Research Center and the Norman Strunk Distinguished Professor of Financial Institutions. Three times he was appointed to the Federal Savings and Loan Advisory Council and was twice officially commended for extraordinary public service. He is founding editor of the Journal of Financial Intermediation.
Affiliations and expertise
Bank of America Professor of Managerial Leadership and former Dean, John M. Olin School of Business, Washington University, St. Louis, MO, USAAT
Anjan V. Thakor
As the John E. Simon Professor of Finance and Senior Associate Dean of Programs at the Olin School of Business, Washington University, St. Louis, Anjan Thakor works in both academia and the business world. Prior to joining the Olin School, he was Edward J. Frey Professor of Banking and Finance at the Ross School of Business, University of Michigan, where he also served as chairman of the Finance area. He has worked with many companies, including Whirlpool Corporation, Allision Engine Co., Citigroup, RR Donnelley, Dana Corporation, Anheuser-Busch, Zenith Corporation, Lincoln National Corporation, and J.P. Morgan.
Affiliations and expertise
John E. Simon Professor of Finance and Director of the PhD Program, Olin School of Business, Washington University, St. Louis, MO, USAAB
Arnoud W. A. Boot
Arnoud Boot is professor of Corporate Finance and Financial Markets at the University of Amsterdam and chairman of the European Finance Association (EFA). He is chairman of the Bank Council of the Dutch Central Bank (DNB), member of the Scientific Council for Government Policy (WRR) and member of the Royal Netherlands Academy of Arts and Sciences (KNAW). He is also a research fellow at the Centre for Economic Policy Research (CEPR) in London.
Prior to his current positions, he was a member of the Inaugural Advisory Committee of the European Systemic Risk Board (ESRB), partner in the Finance and Strategy Practice at McKinsey & Co. and a faculty member at the J.L. Kellogg Graduate School of Management at Northwestern University in Chicago. He was also Bertil Danielsson Visiting Professor at the Stockholm School of Economics and Olin Fellow at Cornell University. He is the past chairman of the Royal Netherlands Economics Association.
In addition to his academic activities, Arnoud Boot advises extensively on ownership structure issues, particularly related to the public/private domain, and is consultant to several financial institutions and corporations. He is a non-executive director of several corporations and agencies. His research focuses on corporate finance and financial institutions. His publications have appeared in major academic journals, such as the Journal of Finance, American Economic Review, Review of Financial Studies, and the Journal of Financial Intermediation.
Affiliations and expertise
Professor of Corporate Finance and Financial Markets, University of Amsterdam, The Netherlands