Contemporary Financial Intermediation, Fifth Edition offers a comprehensive and integrated exploration of financial markets and institutions, focusing on the pivotal role of information and economic reasoning. This edition emphasizes the transformative impact of the information technology revolution, particularly the rise of digitization and fintech, on the financial services industry. By weaving these developments into each chapter, the book enables readers to understand how evolving technologies reshape financial systems, institutions, and regulatory environments. The text provides the analytical tools and quantitative skills necessary to grasp the complexities, vulnerabilities, and innovations that define contemporary financial intermediation.

Additional sections examine the adaptability and fragility of financial institutions and credit markets, underscoring the importance of risk management--including cyber risk--in today's dynamic landscape. Updated chapters and improved pedagogical supplements enrich the learning experience, making the material accessible yet rigorous. Readers gain insight into why markets, institutions, and regulators change, the recurring nature of financial crises, and typical responses to such events.