金融机构管理 课后习题答案解析.doc

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1、ChapterOneWhyAreFinancialIntermediariesSpecial?ChapterOutlineIntroductionFinancialIntermediaries’Specialness·InformationCosts·LiquidityandPriceRisk·OtherSpecialServicesOtherAspectsofSpecialness·TheTransmissionofMonetaryPolicy·CreditAllocation·IntergenerationalWealthTransfersorTi

2、meIntermediation·PaymentServices·DenominationIntermediationSpecialnessandRegulation·SafetyandSoundnessRegulation·MonetaryPolicyRegulation·CreditAllocationRegulation·ConsumerProtectionRegulation·InvestorProtectionRegulation·EntryRegulationTheChangingDynamicsofSpecialness·Trendsin

3、theUnitedStates·FutureTrends·GlobalIssuesSummary36SolutionsforEnd-of-ChapterQuestionsandProblems:ChapterOne1.Identifyandbrieflyexplainthefiveriskscommontofinancialinstitutions.Defaultorcreditriskofassets,interestrateriskcausedbymaturitymismatchesbetweenassetsandliabilities,liabi

4、litywithdrawalorliquidityrisk,underwritingrisk,andoperatingcostrisks.2.Explainhoweconomictransactionsbetweenhouseholdsaversoffundsandcorporateusersoffundswouldoccurinaworldwithoutfinancialintermediaries(FIs).InaworldwithoutFIstheusersofcorporatefundsintheeconomywouldhavetoapproa

5、chdirectlythehouseholdsaversoffundsinordertosatisfytheirborrowingneeds.Thisprocesswouldbeextremelycostlybecauseoftheup-frontinformationcostsfacedbypotentiallenders.Costinefficiencieswouldarisewiththeidentificationofpotentialborrowers,thepoolingofsmallsavingsintoloansofsufficient

6、sizetofinancecorporateactivities,andtheassessmentofriskandinvestmentopportunities.Moreover,lenderswouldhavetomonitortheactivitiesofborrowersovereachloan'slifespan.Thenetresultwouldbeanimperfectallocationofresourcesinaneconomy.3.Identifyandexplainthreeeconomicdisincentivesthatpro

7、bablywoulddampentheflowoffundsbetweenhouseholdsaversoffundsandcorporateusersoffundsinaneconomicworldwithoutfinancialintermediaries.Investorsgenerallyareaversetopurchasingsecuritiesdirectlybecauseof(a)monitoringcosts,(b)liquiditycosts,and(c)pricerisk.Monitoringtheactivitiesofborr

8、owersrequiresextensivetime,expense,andexpertise