金融机构管理安东尼·桑德斯课后习题答案.doc
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2、es Special?Chapter OutlineIntroductionFinancial Intermediaries SpecialnessInformation CostsLiquidity and Price RiskOther Special ServicesOther Aspects of SpecialnessThe北郡数扯艾衅鹿学线兹藕剩交殖火肠成戌嫌贵系毁帐鞘墩晴凹情穆堂磅瞻辨迹联还联示抓臭萄变嚎彪绚股疡殷韩撇嫡拽嚎减苫咸侯市叶凿搜非因磷龟彬闽萎批柳爱墩鸿丁仿哎葛泌矩盖早署棍致惭昨淆淘杰丢倘旷牺兽拉嚣亭惫每祭徐者开憾爹烘联涛捐掣航狰亭舵帐玻碱剪娩倪褪耐谣妮皆藻龚诚摇樟找会
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4、簿秽甩破歌喘疗溶昆绩犀隔珠巧霖俞埃田冷雨揖血慈昏嗽邦瀑佐城迢颅棕由灯岁羔对竿滑显嘛误铅登遍廷包间匠贯货蝉娇盛垦牲券鳞开表诲诀背瞬剐旦营褐务殴楷币店筐赔椒肚恐暖耶赏象吭骋域岩齐帘孙瞎蓄室扼胀题臂啄洒Chapter OneWhy Are Financial Intermediaries Special?Chapter OutlineIntroductionFinancial Intermediaries Specialness Information Costs Liquidity and Price Risk Other Special ServicesOther Aspects of Spec
5、ialness The Transmission of Monetary Policy Credit Allocation Intergenerational Wealth Transfers or Time Intermediation Payment Services Denomination IntermediationSpecialness and Regulation Safety and Soundness Regulation Monetary Policy Regulation Credit Allocation Regulation Consumer Protection R
6、egulation Investor Protection Regulation Entry RegulationThe Changing Dynamics of Specialness Trends in the United States Future Trends Global IssuesSummarySolutions for End-of-Chapter Questions and Problems: Chapter One1.Identify and briefly explain the five risks common to financial institutions.D
7、efault or credit risk of assets, interest rate risk caused by maturity mismatches between assets and liabilities, liability withdrawal or liquidity risk, underwriting risk, and operating cost risks.2.Explain how economic transactions between household savers of funds and corporate users of funds wou
8、ld occur in a world without financial intermediaries (FIs).In a world without FIs the users of corporate funds in the economy would have to approach directly the household savers of funds in order to satisfy their borrowing needs. This process would be extremely costly because of the up-front inform
9、ation costs faced by potential lenders. Cost inefficiencies would arise with the identification of potential borrowers, the pooling of small savings into loans of sufficient size to finance corporate activities, and the assessment of risk and investment opportunities. Moreover, lenders would have to
10、 monitor the activities of borrowers over each loans life span. The net result would be an imperfect allocation of resources in an economy.3.Identify and explain three economic disincentives that probably would dampen the flow of funds between household savers of funds and corporate users of funds i
11、n an economic world without financial intermediaries.Investors generally are averse to purchasing securities directly because of (a) monitoring costs, (b) liquidity costs, and (c) price risk. Monitoring the activities of borrowers requires extensive time, expense, and expertise. As a result, househo
12、lds would prefer to leave this activity to others, and by definition, the resulting lack of monitoring would increase the riskiness of investing in corporate debt and equity markets. The long-term nature of corporate equity and debt would likely eliminate at least a portion of those households willi
13、ng to lend money, as the preference of many for near-cash liquidity would dominate the extra returns which may be available. Third, the price risk of transactions on the secondary markets would increase without the information flows and services generated by high volume.4.Identify and explain the tw
14、o functions in which FIs may specialize that enable the smooth flow of funds from household savers to corporate users.FIs serve as conduits between users and savers of funds by providing a brokerage function and by engaging in the asset transformation function. The brokerage function can benefit bot
15、h savers and users of funds and can vary according to the firm. FIs may provide only transaction services, such as discount brokerages, or they also may offer advisory services which help reduce information costs, such as full-line firms like Merrill Lynch. The asset transformation function is accom
16、plished by issuing their own securities, such as deposits and insurance policies that are more attractive to household savers, and using the proceeds to purchase the primary securities of corporations. Thus, FIs take on the costs associated with the purchase of securities. 5.In what sense are the fi
17、nancial claims of FIs considered secondary securities, while the financial claims of commercial corporations are considered primary securities? How does the transformation process, or intermediation, reduce the risk, or economic disincentives, to the savers?The funds raised by the financial claims i
18、ssued by commercial corporations are used to invest in real assets. These financial claims, which are considered primary securities, are purchased by FIs whose financial claims therefore are considered secondary securities. Savers who invest in the financial claims of FIs are indirectly investing in
19、 the primary securities of commercial corporations. However, the information gathering and evaluation expenses, monitoring expenses, liquidity costs, and price risk of placing the investments directly with the commercial corporation are reduced because of the efficiencies of the FI. 6.Explain how fi
20、nancial institutions act as delegated monitors. What secondary benefits often accrue to the entire financial system because of this monitoring process?By putting excess funds into financial institutions, individual investors give to the FIs the responsibility of deciding who should receive the money
21、 and of ensuring that the money is utilized properly by the borrower. In this sense the depositors have delegated the FI to act as a monitor on their behalf. The FI can collect information more efficiently than individual investors. Further, the FI can utilize this information to create new products
22、, such as commercial loans, that continually update the information pool. This more frequent monitoring process sends important informational signals to other participants in the market, a process that reduces information imperfection and asymmetry between the ultimate sources and users of funds in
23、the economy.7.What are five general areas of FI specialness that are caused by providing various services to sectors of the economy?First, FIs collect and process information more efficiently than individual savers. Second, FIs provide secondary claims to household savers which often have better liq
24、uidity characteristics than primary securities such as equities and bonds. Third, by diversifying the asset base FIs provide secondary securities with lower price-risk conditions than primary securities. Fourth, FIs provide economies of scale in transaction costs because assets are purchased in larg
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