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1、ChapterOneWhyAreFinancialIntermediariesSpecial?ChapterOutlineIntroductionFinancialIntermediaries’Specialness·InformationCosts·LiquidityandPriceRisk·OtherSpecialServicesOtherAspectsofSpecialness·TheTransmissionofMonetaryPolicy·CreditAllocation·IntergenerationalWealthTransfersorTimeInter
2、mediation·PaymentServices·DenominationIntermediationSpecialnessandRegulation·SafetyandSoundnessRegulation·MonetaryPolicyRegulation·CreditAllocationRegulation·ConsumerProtectionRegulation·InvestorProtectionRegulation·EntryRegulationTheChangingDynamicsofSpecialness·TrendsintheUnitedState
3、s·FutureTrends·GlobalIssuesSummarySolutionsforEnd-of-ChapterQuestionsandProblems:ChapterOne1.Identifyandbrieflyexplainthefiveriskscommontofinancialinstitutions.Defaultorcreditriskofassets,interestrateriskcausedbymaturitymismatchesbetweenassetsandliabilities,liabilitywithdrawalorliquidi
4、tyrisk,underwritingrisk,andoperatingcostrisks.2.Explainhoweconomictransactionsbetweenhouseholdsaversoffundsandcorporateusersoffundswouldoccurinaworldwithoutfinancialintermediaries(FIs).InaworldwithoutFIstheusersofcorporatefundsintheeconomywouldhavetoapproachdirectlythehouseholdsaversof
5、fundsinordertosatisfytheirborrowingneeds.Thisprocesswouldbeextremelycostlybecauseoftheup-frontinformationcostsfacedbypotentiallenders.Costinefficiencieswouldarisewiththeidentificationofpotentialborrowers,thepoolingofsmallsavingsintoloansofsufficientsizetofinancecorporateactivities,andt
6、heassessmentofriskandinvestmentopportunities.Moreover,lenderswouldhavetomonitortheactivitiesofborrowersovereachloan'slifespan.Thenetresultwouldbeanimperfectallocationofresourcesinaneconomy.3.Identifyandexplainthreeeconomicdisincentivesthatprobablywoulddampentheflowoffundsbetweenhouseho
7、ldsaversoffundsandcorporateusersoffundsinaneconomicworldwithoutfinancialintermediaries.Investorsgenerallyareaversetopurchasingsecuritiesdirectlybecauseof(a)monitoringcosts,(b)liquiditycosts,and(c)pricerisk.Monitoringtheactivitiesofborrowersrequiresextensivetime,expense,andexpertise.A
