【正文】 ew ? Mutual Funds (Investment Companies) ? The Background of Investment Companies ? Tax Status of the Industry ? OpenEnd and ClosedEnd Investment Companies ? Goals and Earnings of Investment Companies ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 41 Chapter Review ? Pension Funds ? Growth of Pension Funds ? Investment Strategies of Pension Funds ? Pension Fund Assets ? Factors Affecting the Future Growth of Pension Funds ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 42 Chapter Review ? Life Insurance Companies ? The Insurance Principle ? Investments of Life Insurance Companies ? Sources of Life Insurance Company Funds ? Structure and Growth of the Life Insurance Industry ? New Services ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 43 Chapter Review ? PropertyCasualty (P/C) Insurance Companies ? Makeup of the P/C Insurance Industry ? Changing Risk Patterns in Property/Liability Coverage ? Investments by P/C Companies ? Sources of Ine ? Business Cycles, Inflation, and Competition ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 44 Chapter Review ? Finance Companies ? Different Finance Companies for Different Purposes ? Growth of Finance Companies ? Methods of Industry Financing ? Recent Changes in the Character of the Industry ? Other Financial Institutions ? Trends Affecting All Financial Institutions Today ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 45 ? Learning Objectives ? ? To see the significant roles that thrift institutions play in the functioning of a modern economy and financial system. ? To learn about the types of services that thrift institutions offer to the public and who their principal petitors are. ? To understand the principal similarities and differences among the major types of thrift institutions. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 46 Introduction ? Nonbank financial institutions play a vital role in the flow of money and credit within the financial system, especially the home mortgage market and the market for personal savings. ? Recently however, both bank and nonbank financial institutions are “converging” in terms of the services they offer and the markets they serve. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 47 Savings and Loan Associations ? Savings and loan associations (Samp。Ls) are among the largest of all thrift institutions, accepting deposits and extending loans and other services primarily to household customers. ? Samp。Ls into other kinds of financial institutions, most notably mercial banks and savings banks. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 52 Savings and Loan Associations ? One primary cause for the low profitability of Samp。Ls are branching out in at least three different directions – real estate models, family financial centers, and diversified models. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 54 Savings Banks ? Savings banks began in Scotland in the early 19th century, and then took root in the . about 150 years ago to meet the needs of the small saver. ? Like Samp。 ? a temporary repository for liquid funds。Ls, savings banks, and mercial banks is being blurred, especially because they are readily convertible from one form to another. Savings Institutions Source: Board of Governors of the Federal Reserve System 16 56 ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 57 Savings Banks ? The savings bank industry faces a number of problems that will significantly affect its future as a conduit for savings and investment. ? In particular, savings banks have inflexible asset structures and face petition from other financial institutions. ? Their future growth depends on their ability to gain the necessary changes in government regulations to allow them to respond to changing financial market conditions. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 58 Credit Unions ? Credit unions are cooperative, selfhelp associations of individuals, and savings deposits and loans are offered only to members of each association. ? Credit unions came to the . in 1909, and their longrun survival stems mainly from their being able to offer low loan rates and high deposit interest rates and from their relatively low operating costs. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 59 Credit Unions ? Credit unions are anized around a mon affiliation or bond among their members. Most members work for the same employer, or for one of a group of related employers. ? There is a strong shift today toward fewer, but larger, credit unions. The decline is due primarily to mergers, failures, and a structural shift in the . economy from manufacturing industries toward more service industries. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 16 60 . Credit Union Statistics 1940 9,224 2,693,863 249 1950 10,586 4,617,086 1,005 1960 20,094 12,025,393 5,651 1970 23,687 22,775,511 17,872 1980 21,465