Designed for undergraduate finance students, this text addresses how financial institutions have evolved and why they are changing. Although mathematical formulae are included, Johnson's book is more descriptive than analytical, and it establishes the link between financial institutions and economic development. The text covers all relevant issues for US financial institutions and provides useful contrasts to systems in foreign countries, with each chapter providing insights into financial institutions from around the world. Section III on "Bank Management" uses a hypothetical commercial bank to help students master the effect of interest rate volatility on the solvency of financial institutions. Every aspect of the balance sheet and income statement are analyzed so that students see the effects of changing interest rates on bank profitability. Also included are informative "real world" applications such as the Nigerian Primary Market (ch.3), the Banca Romana (ch.7), credit cards in Germany (ch.13), and Congressman Steagall and the Federal Credit Union Act (ch. 15). Also available is an instructor's manual/test bank (0-07-032642-8).
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