[金融机构管理].financial.institution.management

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1、sau57468_ch01.qxd9/1/045:37PMPage2ChapterOneWhyAreFinancialIntermediariesSpecial?INTRODUCTIONOverthelast70years,thefinancialservicesindustryhascomefullcycle.Origi-nally,thebankingindustryoperatedasafull-serviceindustry,performingdirectlyorindirectlyallfinancialservices(commercialbank

2、ing,investmentbanking,stockinvestingservices,insuranceproviders,etc.).Intheearly1930s,theeconomicandindustrialcollapseresultedintheseparationofsomeoftheseactivities.Inthe1970sand1980s,new,relativelyunregulatedfinancialservicesindustriessprangup(mutualfunds,brokeragefunds,etc.)thatsep

3、aratedfinancialservicesfunctionsevenfurther.Asweenterthe21stcentury,regulatorybarriers,technology,andfi-nancialinnovationchangesaresuchthatafullsetoffinancialservicesmayagainbeofferedbyasinglefinancialservicesfirm.Notonlyaretheboundariesbetweentraditionalindustrysectorsweakening,butc

4、ompetitionisbecomingglobalinna-tureaswell.Asthecompetitiveenvironmentchanges,attentiontoprofitand,morethanever,riskbecomesincreasinglyimportant.Themajorthemesofthisbookarethemeasurementandmanagementoftherisksoffinancialinstitutions.Financialinstitutions(e.g.,banks,creditunions,insura

5、ncecompanies,andmutualfunds),orFIs,performtheessentialfunctionofchannelingfundsfromthosewithsurplusfunds(suppliersoffunds)tothosewithshortagesoffunds(usersoffunds).In2003,U.S.FIsheldassetstotalingover$16.59trillion.Incontrast,theU.S.motorvehicleandpartsindustry(e.g.,GeneralMotorsandF

6、ordMotorCorp.)heldtotalassetsof$0.90trillion.AlthoughwemightcategorizeorgroupFIsaslifeinsurancecompanies,banks,financecompanies,andsoon,theyfacemanycommonrisks.Specifically,allFIsdescribedinthischapterandChapters2through6(1)holdsomeassetsthatarepotentiallysubjecttodefaultorcreditrisk

7、and(2)tendtomismatchthematuritiesoftheirbalancesheetassetsandliabilitiestoagreaterorlesserextentandarethusexposedtointerestraterisk.Moreover,allFIsareexposedtosomedegreeoflia-bilitywithdrawalorliquidityrisk,dependingonthetypeofclaimstheyhavesoldtoliabilityholders.Inaddition,mostFIsar

8、eexposedtoso