Howells (monetary economics, University of the West of England) and Bain, formerly of the University of East London, take a practical, applied approach to financial activity, covering theory only where absolutely necessary in order to help students understand events as they happen in the real world. Focus is on UK and European financial activity and constraints. Pedagogy includes chapter objectives, key words and concepts, discussion questions, summaries, and worked examples. This fifth edition is updated to reflect recent legislative and regulatory changes. There is a new chapter on financial market failure and financial crises. The audience for the book includes students taking courses in financial markets and institutions as part of accounting, finance, economics, and business studies degree programs. The book can also be used in professional courses in business, banking, and finance. Annotation ©2007 Book News, Inc., Portland, OR (booknews.com)