資本市場和金融機(jī)構(gòu)(9)-在線瀏覽
2025-07-16 22:51本頁面
【正文】 Credit risk ? Insurance risk ? Operational risk ? Foreign exchange risk ? Other risks ? most of them are related to changes in interest rates. 11 6. Regulation of the Financial System 1. Main reason: Systemic risk A failure of FIs may cause problems to the financial system and/or economic system (a major negative externality) How can the soundness of Financial Intermediaries be ensured to avoid systemic risk (financial panics)? ? Restrictions on entry ? Disclosure ? Restrictions on Assets and Activities ? Deposit Insurance ? Limits on Competition (foreign). Restriction on large banks mergers (domestic) 12 2. To protect investors from illegal or uhical practices from FI and nonFIs. Provincial Securities Commissions, TSX, ME, ? ↓ Asymmetric Information 3. Better control of moary policy by the Bank of Canada For example Canadian depository institutions are required to keep funds (settlement balances) in an account of the BofC to facilitate their clearing and settlement ? better control over the money supply. 13 Regulation is not costless ? Net regulatory burden. It is the degree to which the private costs of FI regulation exceeds the private benefits. Costs: Filing, restricted activity, periodic onsite inspections, taxes, underinvestment. Benefits: Restricted petition, government aid when banks are in distress. 14 Financial Regulators: ? Bank of Canada ? Office of the S
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