Madura/Paskelian's FINANCIAL MARKETS & INSTITUTIONS, 14th Edition, demonstrates how financial institutions are integrated within financial markets. Functions and tools of the Federal Reserve System conducting monetary policy, major debt, equity security markets and derivative security markets are explored. The text covers stock valuation, market microstructure and liquidity. Understand how financial technology is changing the role and function of financial institutions and providing new sources of funding. Study the management, performance and regulatory environment of each type of financial institution. Critical-Thinking Questions, Flow of Funds Exercises and online research help students learn, apply and use examples connecting concepts to financial trends.