金融机构管理安东尼桑德斯 课后习题答案

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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