Contemporary Finance: Money, Risk, and Public Policy, Wiley (2025) is a textbook for finance professionals, undergraduates and graduate students covering finance theory, monetary policy and regulation.
The financial world has been changing rapidly for over half a century, and even faster amid the crises of recent decades, placing risk and uncertainty at the center of our understanding of finance. The financial system is part of the larger global economy, and is increasingly shaped by monetary, regulatory, and other public policies. In response to these upheavals, Contemporary Finance offers an approach to financial theory and practice that integrates economics with the workings of institutions. As a textbook or professional reference, this volume represents a unique contribution to understanding the state of finance today.
The book's breadth makes it an ideal resource for economics and finance students studying for careers in both the public and private sectors. Topics covered include:
Contemporary Finance is another tour de force treatise from Allan Malz, building on but extending the coverage of his earlier book Financial Risk Management to bring it up to date in a world of financial fragility and interconnected complexity. Dr. Malz is a gifted expositor who approaches the subject from the vantage point of both a market risk manager and a scholar of finance theory. I've been working on these topics for four decades and learn something new in every chapter. Moreover, the material I think I knew I now know how to teach thanks to Allan's books.
-Richard Clarida, Harriss Professor of Economics, Columbia University; Global Economic Advisor, PIMCO; former Vice Chair, Federal Reserve 2018-2022
Contemporary Finance covers many key issues in finance. For example, it explains the nature of financial markets, how financial securities are priced, and risk management practices. It concludes with chapters on monetary policy and regulation. An important question for any book used in the classroom is: 'Will students want to keep the book after the course is over?' I am confident that students will continue to want to use Contemporary Finance once they become practitioners. The book blends theory and practice in an engaging way that is useful for all who work (or would like to work) in finance.
-John C. Hull, Professor of Finance, Rotman School of Management, University of Toronto
The field of finance has been changing rapidly over the last decade. Contemporary Finance by Allan M. Malz is the first comprehensive summary of the field to be up-to-date in 2025. Other books force you to choose between comprehensive classic texts missing the latest material, and specialized accounts of some aspects of finance. It blends academic theory with how finance is practiced at the most sophisticated global institutions. Exposition is clear and accessible to students with solid knowledge of college algebra and introductory statistics.
-Aaron Brown, creator of Wrong Number!
video series, author of Red-Blooded Risk and former managing director and head of financial market research, AQR Capital Management
Lecture slides accompanying Contemporary Finance can be viewed here. The Instructor Companion Site contains sample exercises and other supplementary materials.
Wiley website
Amazon.com