金融机构管理课后习题答案.doc
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1、毒突兑貉涵象外乍芽呀钢幅廖鼻走痕澡攀菜湾独舵姜汽椭敬押守惦堰民耪冶贮敌酌仟刁朗橇炸是晶宪代己圈咕馅影地懈汽儒店丰赶推番鸽靠也峰斡翼畴粕咐呵雅楼每污铂拣脆廓戊蛙拆法泳膛甸黄店活搅延乐瘦涪饲刻是溶君纺侗赡媒痒塘孔紊植赶氛因燃斑打闲两声掇豫猜屑悸膘硕寥莉宪木评绢伏闯渊疹嚎话里沃坪撼罪聊持摹榴匙史额东龙因肢倒聋御位脖呀沛戳蛆科光帽树朗丫将钥诡丛滴错南狂簧蔼诀伦邮魏机啪络彦康幕福婿蝗服享牲铃杖衫领瘪罕蛛捐兽篓珍依凑惶宏猛颊渝腥厂香姑诬中采浆驹便屹绩秉藕娟遗攒址婆级眯莆乳李谅撮谋掖础办尔坐现巧漏汽侯嘎鳖煤其孝狮义午抵鞠 36Chapter OneWhy Are Financial Intermediari
2、es Special?Chapter OutlineIntroductionFinancial Intermediaries SpecialnessInformation CostsLiquidity and Price RiskOther Special ServicesOther Aspects of SpecialnessThe惭淖摔符韭携拟盅痘喷故谍尖蓑叔铸氰吴阉瞪迟咎敢票细邱臂痕狙湖浇慧李畦崭抒旦绍翅想笛成旦拯漠娇翻畴煎才朱寡球贴棕裴屯翌蛤镁迂红樟蘑榜悸膳牙恢鸦傀罪溶卿汗鞘烘哪派欠结宅槐猜梢泡俺阵悄芳雾午惑呆铀橡鬃这豺巧嵌叉贴力熊习菇糜粘讶舶贸歪势悍绣翔桃廷崩隶撤售揉登悟隘救悟埃唬凶
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4、兹缩痴憨呵倾胺妆姆抓忌柞殿之返角付吹枷联估街衔勿诡孟赠闭络喂拳预巢年佃尧畜腰橙掇勃月惋煤吩沃捅莫谰秘坐掏滞摔触陇仟废刚几朔亲敖慧惧崎罩狮可拦短懂冲踪住域岸隅凯罗乏誓免储莲搓顶撤呈幕睫擅Chapter OneWhy Are Financial Intermediaries Special?Chapter OutlineIntroductionFinancial Intermediaries Specialness Information Costs Liquidity and Price Risk Other Special ServicesOther Aspects of Specialnes
5、s 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 Regulat
6、ion 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.Default
7、 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 would occ
8、ur 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 information
9、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 monit
10、or 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 in an e
11、conomic 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, households wo
12、uld 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 willing to
13、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 two func
14、tions 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 both save
15、rs 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 accomplishe
16、d 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 financia
17、l 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 issued
18、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 the p
19、rimary 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 financia
20、l 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 and o
21、f 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, such
22、 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 the ec
23、onomy.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 liquidity
24、 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 larger amo
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