货币银行学PPT 米什金 [兼容模式].pdf

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1、Chapter13BankingIndustry:StructureandCompetitionHistoricalDevelopmentoftheBankingSystem•BankofNorthAmericacharteredin1782•Controversyoverthecharteringofbanks.•NationalBankActof1863createsanewbankinggysystemoffederallyycharteredbanks–OfficeoftheComptrolleroftheCurrency–Dualbankingsystem•Federa

2、lReserveSystemiscreatedin1913.12-2©2013PearsonEducation,Inc.Allrightsreserved.Figure1TimeLineoftheEarlyHistoryofCommercialBankingintheUnitedStates12-3©2013PearsonEducation,Inc.Allrightsreserved.PrimarySupervisoryResponsibilityofBankRegulatoryAgencies•FederalReserveandstatebankingauthorities:s

3、tatebanksthataremembersoftheFederalReserveSystem.•Fedalsoregulatesbankholdingcompanies.•FDIC:insuredstatebanksthatarenotFedmembers.•Statebankingauthorities:statebankswithoutFDICinsurance.12-4©2013PearsonEducation,Inc.Allrightsreserved.FinancialInnovationandtheGrowthoftheoftheShadowBankingSyst

4、em“ShadowBankingSystem”•Financialinnovationisdrivenbythedesiretoearnprofits•Achangeinthefinancialenvironmentwillstimulateasearchbyfinancialinstitutionsforinnovationsthatarelikelytobeprofitable–Financialengineering12-5©2013PearsonEducation,Inc.Allrightsreserved.ResponsestoChangesinDemandCondit

5、ions:InterestRateVolatility•Adjustable-ratemortgages–Flexibleinterestrateskeepprofitshighwhenratesrise–Lowerinitialinterestratesmakethemattractivetohomebuyers•FinancialDerivatives–Abilitytohedgeinterestraterisk–Payoffsarelinkedtopreviouslyissued(i.e.derivedfrom)securities.12-6©2013PearsonEduc

6、ation,Inc.Allrightsreserved.ResponsestoChangesinSupplyConditions:InformationTechnology•Bankcreditanddebitcards–Improvedcomputertechnologylowerstransactioncosts•Electronicbanking–ATMhomebankingABMandvirtualbankingATM,homebanking,ABMandvirtualbanking•Junkbonds•Commercialpapermarket12-7©2013Pear

7、sonEducation,Inc.Allrightsreserved.ResponsestoChangesinSupplyConditions:InformationTechnology(cont’d)•Securitization–Totransformotherwiseilliquidfinancialassetsitktblitlktitiintomarketablecapitalmarketsecurities.–Securitizationplayedanespecia