银行管理学全套配套课件 powerpoint ch08.ppt

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1、LIQUIDITYPLANNINGANDMANAGINGCASHASSETSChapter14BankManagement,5thedition.TimothyW.KochandS.ScottMacDonaldCopyright©2003bySouth-Western,adivisionofThomsonLearningTherelationshipbetweencashandliquidityrequirementsTheamountofcashheldisheavilyinfluencedbythebank’sliquidityrequi

2、rements.VaultcashisheldtomeetreserverequirementsandtransactionspurposesThelinkbetweenliquidityandbankingrisksandreturnsLiquidityneedsarisefromnetdepositoutflows,asbalancesheldwithFederalReserveBanksorcorrespondentbanksdecline.Mostwithdrawalsarepredictablebecausetheyareeither

3、contractuallybasedorfollowwell-definedpatterns.Still,someoutflowsaretotallyunexpected.ManagementoftendoesnotknowwhethercustomerswillreinvestmaturingCDsandkeepthefundswiththebankorwithdrawthem.Effectofmaturingcertificatesofdepositandloanuseonabank’sdepositbalancesatthefederal

4、reserveAcommondefinitionofliquidityemphasizestheeaseofconvertinganassettocashwithminimumloss.Forafinancialinstitutionthatregularlyborrowsinthefinancialmarkets,liquiditytakesontheaddeddimensionoftheabilitytoborrowfundsatminimumcostoreventheabilitytoissuestock.Itexplicitlyreco

5、gnizesthatsuchfirmscanaccesscashbysellingassets,bynewborrowing,andbynewstockissues.Bankliquiditythusreferstoabank’scapacitytoacquireimmediatelyavailablefundsatareasonableprice.CashversusliquidassetsBanksownfourtypesofcashassets:vaultcash,demanddepositbalancesatFederalReserve

6、Banks,demanddepositbalancesatprivatefinancialinstitutions,andcashitemsintheprocessofcollection(CIPC).Cashassetsdonotearnanyinterest,sotheentireallocationoffundsrepresentsasubstantialopportunitycostforbanks.Banksattempttominimizetheamountofcashassetsheldandholdonlythoserequir

7、edbylaworforoperationalneeds.Whydobanksholdcashassets?Bankssupplycoinandcurrencytomeetcustomers'regulartransactionsneeds.Regulatoryagenciesmandatelegalreserverequirementsthatcanonlybemetbyholdingqualifyingcashassets.Banksserveasaclearinghouseforthenation'scheckpaymentsystem.

8、Banksusecashbalancestopurchaseservicesfromcorrespondentbanks.LiquidassetsAl