transmissionmechanismsofmonetarypolicy∶theevidence-資料下載頁
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【導(dǎo)讀】Advantages. Disadvantage. Advantage. Disadvantage. Reversecausation. Copyright©2020PearsonAddison-Wesley.Allrightsr
【正文】 n Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2330 Function of Financial Intermediaries: Indirect Finance ? Deal with asymmetric information problems – (before the transaction) Adverse Selection: try to avoid selecting the risky borrower. ? Gather information about potential borrower. – (after the transaction) Moral Hazard: ensure borrower will not engage in activities that will prevent him/her to repay the loan. ? Sign a contract with restrictive covenants. Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2331 Function of Financial Intermediaries: Indirect Finance ? Conclusion: – Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets. Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2332 Table 3 Primary Assets and Liabilities of Financial Intermediaries Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2333 Table 4 Principal Financial Intermediaries and Value of Their Assets Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2334 Regulation of the Financial System ? To increase the information available to investors: – Reduce adverse selection and moral hazard problems – Reduce insider trading (SEC). Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2335 Regulation of the Financial System ? To ensure the soundness of financial intermediaries: – Restrictions on entry (chartering process). – Disclosure of information. – Restrictions on Assets and Activities (control holding of risky assets). – Deposit Insurance (avoid bank runs). – Limits on Competition (mostly in the past): ? Branching ? Restrictions on Interest Rates Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2336 Table 5 Principal Regulatory Agencies of the . Financial System Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. Chapter 3 What Is Money? Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2338 Meaning of Money ? What is it? ? Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts. ? A rather broad definition Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 2339 Meaning of Money ? Money (a stock concept) is different from: ? Wealth: the total collection of pieces of property that serve to store value ? Ine: flow of earnings per unit of time (a flow concept)
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