the economics of financial intermediation

the economics of financial intermediation

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時間:2018-02-10

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1、Chapter11TheEconomicsofFinancialIntermediationLearningObjectivesUnderstand...LO1HowintermediariespromoteefficiencyLO2ThecentralroleofinformationcostsLO3IncentiveproblemsinfinanceThefinancialcrisisof2007–2009alertedeveryonethatgeneraleconomicwell-beingis

2、closelytiedtothehealthofthefinancialinstitutionsthatmakeupthefinancialsystem.Thefinancialsystemisalotlikeplumbing.Whenit’sworkingwell,wepaylittleat-tention.Butitsfailurealmostinevitablyleadstoacostlyeconomicmess.Thebreadth,depth,andpersistenceoffinancia

3、ldisruptionsinthecrisisbroughtusclosertoasecondGreatDepressionthanatanytimesincethefirstone,inthe1930s.AsdescribedinChapter1,ourfinancialsystemismadeupofsixcomponents:money,financialinstruments,financialmarkets,financialinstitutions,governmentregu-lator

4、yagencies,andthecentralbank.InPartsIandIIwecoveredthefirstthreeofthesecomponents.InPartIIIwefocusonthefourth,financialinstitutions,andthefifth,gov-ernmentregulatoryagencies.Inthischapter,weexaminefinancialinstitutions’purpose,whichisknownasfinancialinte

5、rmediation.AswelearnedinChapter?3,financialin-stitutionsintermediatebetweensaversandborrowers,andsotheirassetsandliabilitiesareprimarilyfinancialinstruments.Varioussortsofbanks,brokeragefirms,investmentcompanies,insurancecompanies,andpensionfundsallfall

6、intothiscategory.Thesearetheinstitutionsthatpoolfundsfrompeopleandfirmswhosaveandlendthemtopeopleandfirmswhoneedtoborrow,transformingassetsandprovidingaccesstofinancialmarkets.Theyfunnelsavers’surplusresourcesintohomemortgages,businessloans,andinvestmen

7、ts.AswediscussedbrieflyattheendofChapter3,financialintermediariesareinvolvedinbothdirectfinance—inwhichborrowerssellsecuritiesdirectlytolendersinthefi-nancialmarkets—andindirectfinance,inwhichathirdpartyissuesclaimstothosewhoprovidefundsandacquiresclaim

8、sfromthosewhousethem.Intermediariesinvestigatethefinancialconditionoftheindividualsandfirmswhowantfinancingtofigureoutwhichhavethebestinvestmentopportunities.Asprovidersofindirectfinance,bankswanttomakeloansonlytothehighest-quali

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