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1、ChapterOneWhyAreFinancialIntermediariesSpecial?ChapterOutlineIntroductionFinancialIntermediaries’Specialness·InformationCosts·LiquidityandPriceRisk·OtherSpecialServicesOtherAspectsofSpecialness·TheTransmissionofMonetaryPolicy·CreditAllocation·IntergenerationalWealt
2、hTransfersorTimeIntermediation·PaymentServices·DenominationIntermediationSpecialnessandRegulation·SafetyandSoundnessRegulation·MonetaryPolicyRegulation·CreditAllocationRegulation·ConsumerProtectionRegulation·InvestorProtectionRegulation·EntryRegulationTheChangingDy
3、namicsofSpecialness·TrendsintheUnitedStates·FutureTrends·GlobalIssuesSummary36SolutionsforEnd-of-ChapterQuestionsandProblems:ChapterOne1.Identifyandbrieflyexplainthefiveriskscommontofinancialinstitutions.Defaultorcreditriskofassets,interestrateriskcausedbymaturitym
4、ismatchesbetweenassetsandliabilities,liabilitywithdrawalorliquidityrisk,underwritingrisk,andoperatingcostrisks.2.Explainhoweconomictransactionsbetweenhouseholdsaversoffundsandcorporateusersoffundswouldoccurinaworldwithoutfinancialintermediaries(FIs).Inaworldwithout
5、FIstheusersofcorporatefundsintheeconomywouldhavetoapproachdirectlythehouseholdsaversoffundsinordertosatisfytheirborrowingneeds.Thisprocesswouldbeextremelycostlybecauseoftheup-frontinformationcostsfacedbypotentiallenders.Costinefficiencieswouldarisewiththeidentifica
6、tionofpotentialborrowers,thepoolingofsmallsavingsintoloansofsufficientsizetofinancecorporateactivities,andtheassessmentofriskandinvestmentopportunities.Moreover,lenderswouldhavetomonitortheactivitiesofborrowersovereachloan'slifespan.Thenetresultwouldbeanimperfectal
7、locationofresourcesinaneconomy.3.Identifyandexplainthreeeconomicdisincentivesthatprobablywoulddampentheflowoffundsbetweenhouseholdsaversoffundsandcorporateusersoffundsinaneconomicworldwithoutfinancialintermediaries.Investorsgenerallyareaversetopurchasingsecuritiesd
8、irectlybecauseof(a)monitoringcosts,(b)liquiditycosts,and(c)pricerisk.Monitoringtheactivitiesofborrowersrequiresextensivetime,expense,andexpertise
