貨幣金融學(xué)-第八章-在線瀏覽
2025-06-19 04:34本頁面
【正文】 ucture Transaction costs hinder flow of funds to people with productive investment opportunities Financial intermediaries make profits by reducing transaction costs 1. Take advantage of economies of scale Example: Mutual Funds 2. Develop expertise to lower transaction costs Explains Puzzle 3 169。 2022 Pearson Education Canada Inc. 87 Adverse Selection and Financial Structure Lemons Problem in Securities Markets 1. If can’t distinguish between good and bad securities, willing to pay only average of good and bad securities’ values. 2. Result: Good securities undervalued and firms won’t issue them。 2022 Pearson Education Canada Inc. 88 Tools to Help Solve Adverse Selection (Lemons) Problem 1. Private Production and Sale of Information Freerider problem interferes with this solution 2. Government Regulation to Increase Information Explains Puzzle 5 3. Financial Intermediation A. Analogy to solutio
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