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1、Chapter11TheEconomicsofFinancialIntermediationLearningObjectivesUnderstand...LO1HowintermediariespromoteefficiencyLO2ThecentralroleofinformationcostsLO3IncentiveproblemsinfinanceThefinancialcrisisof2007–2009alertedeveryonethatgeneraleconomicwell-beingis
2、closelytiedtothehealthofthefinancialinstitutionsthatmakeupthefinancialsystem.Thefinancialsystemisalotlikeplumbing.Whenit’sworkingwell,wepaylittleat-tention.Butitsfailurealmostinevitablyleadstoacostlyeconomicmess.Thebreadth,depth,andpersistenceoffinancia
3、ldisruptionsinthecrisisbroughtusclosertoasecondGreatDepressionthanatanytimesincethefirstone,inthe1930s.AsdescribedinChapter1,ourfinancialsystemismadeupofsixcomponents:money,financialinstruments,financialmarkets,financialinstitutions,governmentregu-lator
4、yagencies,andthecentralbank.InPartsIandIIwecoveredthefirstthreeofthesecomponents.InPartIIIwefocusonthefourth,financialinstitutions,andthefifth,gov-ernmentregulatoryagencies.Inthischapter,weexaminefinancialinstitutions’purpose,whichisknownasfinancialinte
5、rmediation.AswelearnedinChapter 3,financialin-stitutionsintermediatebetweensaversandborrowers,andsotheirassetsandliabilitiesareprimarilyfinancialinstruments.Varioussortsofbanks,brokeragefirms,investmentcompanies,insurancecompanies,andpensionfundsallfall
6、intothiscategory.Thesearetheinstitutionsthatpoolfundsfrompeopleandfirmswhosaveandlendthemtopeopleandfirmswhoneedtoborrow,transformingassetsandprovidingaccesstofinancialmarkets.Theyfunnelsavers’surplusresourcesintohomemortgages,businessloans,andinvestmen
7、ts.AswediscussedbrieflyattheendofChapter3,financialintermediariesareinvolvedinbothdirectfinance—inwhichborrowerssellsecuritiesdirectlytolendersinthefi-nancialmarkets—andindirectfinance,inwhichathirdpartyissuesclaimstothosewhoprovidefundsandacquiresclaim
8、sfromthosewhousethem.Intermediariesinvestigatethefinancialconditionoftheindividualsandfirmswhowantfinancingtofigureoutwhichhavethebestinvestmentopportunities.Asprovidersofindirectfinance,bankswanttomakeloansonlytothehighest-quali
