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1、第一章3.Identifyexplainthreeeconomicdisincentivesthatprobablywoulddampentheflowoffundsbetweenhouseholdsaversoffundscpateusersoffundsinaneconomicwldwithoutfinancialintermediaries.Investsgenerallyareaversetopurchasingsecuriti

2、esdirectlybecauseof(a)monitingcosts(b)liquiditycosts(c)pricerisk.Monitingtheactivitiesofbrowersrequiresextensivetimeexpenseexpertise.Asaresulthouseholdswouldprefertoleavethisactivitytoothersbydefinitiontheresultinglackof

3、monitingwouldincreasetheriskinessofinvestingincpatedebtequitymarkets.Thelongtermnatureofcpateequitydebtwouldlikelyeliminateatleastaptionofthosehouseholdswillingtolendmoneyasthepreferenceofmanyfnearcashliquiditywoulddomin

4、atetheextrareturnswhichmaybeavailable.Thirdthepriceriskoftransactionsonthesecondarymarketswouldincreasewithouttheinfmationflowsservicesgeneratedbyhighvolume.4.IdentifyexplainthetwofunctionsinwhichFIsmayspecializethatenab

5、lethesmoothflowoffundsfromhouseholdsaverstocpateusers.FIsserveasconduitsbetweenuserssaversoffundsbyprovidingabrokeragefunctionbyengagingintheassettransfmationfunction.Thebrokeragefunctioncanbenefitbothsaversusersoffundsc

6、anvaryaccdingtothefirm.FIsmayprovideonlytransactionservicessuchasdiscountbrokeragestheyalsomayofferadvisyserviceswhichhelpreduceinfmationcostssuchasfulllinefirmslikeMerrillLynch.Theassettransfmationfunctionisaccomplished

7、byissuingtheirownsecuritiessuchasdepositsinsurancepoliciesthataremeattractivetohouseholdsaversusingtheproceedstopurchasetheprimarysecuritiesofcpations.ThusFIstakeonthecostsassociatedwiththepurchaseofsecurities.5.Inwhatse

8、nsearethefinancialclaimsofFIsconsideredsecondarysecuritieswhilethefinancialclaimsofcommercialcpationsareconsideredprimarysecuritiesHowdoesthetransfmationprocessintermediationreducetheriskeconomicdisincentivestothesaversT

9、hefundsraisedbythefinancialclaimsissuedbycommercialcpationsareusedtoinvestinrealassets.ThesefinancialclaimswhichareconsideredprimarysecuritiesarepurchasedbyFIswhosefinancialclaimstherefeareconsideredsecondarysecurities.S

10、averswhoinvestinthefinancialclaimsofFIsareindirectlyinvestingintheprimarysecuritiesofcommercialcpations.Howevertheinfmationgatheringevaluationexpensesmonitingexpensesliquiditycostspriceriskofplacingtheinvestmentsdirectly

11、withthecommercialcpationarereducedbecauseoftheefficienciesoftheFI.7.WhatarefivegeneralareasofFIspecialnessthatarecausedbyprovidingvariousservicestosectsoftheeconomyFirstFIscollectprocessinfmationmeefficientlythanindividu

12、alsavers.SecondFIsprovidesecondaryclaimstohouseholdsaverswhichoftenhavebetterliquidityacteristicsthanprimarysecuritiessuchasequitiesbonds.ThirdbydiversifyingtheassetbaseFIsprovidesecondarysecuritieswithlowerpriceriskcond

13、itionsthanprimarysecurities.FourthFIsprovideeconomiesofscaleintransactioncostsbecauseassetsarepurchasedinlargeramounts.FinallyFIsprovidematurityintermediationtotheeconomywhichallowstheintroductionofadditionaltypesofinves

14、tmentcontractssuchasmtgageloansthatarefinancedwithshttermdeposits.13.HowcanindividualsaversusefinancialinstitutionstoreducethetransactioncostsofinvestinginfinancialassetsBypoolingtheassetsofmanysmallinvestsFIscangainecon

15、omiesofscaleintransactioncosts.ThisbenefitoccurswhethertheFIislendingtoacpateretailcustomerpurchasingassetsinthemoneycapitalmarkets.Ineithercaseoperatingactivitiesthataredesignedtodealinlargevolumestypicallyaremeefficien

16、tthanthoseactivitiesdesignedfsmallvolumes.14.WhatismaturityintermediationWhataresomeofthewaysinwhichtherisksofmaturityintermediationaremanagedbyfinancialintermediariesTheSecuritiesActsof19331934theInvestmentCompanyActof1

17、940werepassedbyCongresstoprotectinvestsagainstpossibleabusessuchasinsidertradinglackofdisclosureoutrightmalfeasancebreachoffiduciaryresponsibilities.30.Howdoregulationsregardingbarrierstoentrythescopeofpermittedactivitie

18、saffectthetervalueoffinancialinstitutionsTheprofitabilityofexistingfirmswillbeincreasedasthedirectindirectcostsofestablishingcompetitionincrease.Directcostsincludetheactualphysicalfinancialcostsofestablishingabusiness.In

19、thecaseofFIsthefinancialcostsincluderaisingthenecessaryminimumcapitaltoreceiveater.Indirectcostsincludepermissionfromregulatyauthitiestoreceiveater.AgaininthecaseofFIsthiscostinvolvesacceptableleadershiptotheregulats.Ast

20、hesebarrierstoentryarestrongerthetervaluefexistingfirmswillbehigher.第二章1.WhatarethedifferencesbetweencommunitybanksregionalbanksmoneycenterbanksContrastthebusinessactivitieslocationmarketsofeachofthesebankmunitybankstypi

21、callyhaveassetsunder$1billionserveconsumersmallbusinesscustomersinlocalmarkets.In200394.5percentofthebanksintheUnitedStateswereclassifiedascommunitybanks.Howeverthesebanksheldonly14.6percentoftheassetsofthebankingindustr

22、y.Incomparisonwithregionalmoneycenterbankscommunitybankstypicallyholdalargerpercentageofassetsinconsumerrealestateloansasmallerpercentageofassetsincommercialindustrialloans.Thesebanksalsorelymeheavilyonlocaldepositslessh

23、eavilyonbrowedinternationalfunds.Regionalbanksrangeinsizefromseveralbilliondollarstoseveralhundredbilliondollarsinassets.Thebanksnmallyareheadquarteredinlargerregionalcitiesoftenhaveofficesbranchesinlocationsthroughoutla

24、rgeptionsoftheUnitedStates.Althoughthesebanksprovidelendingproductstolargecpatecustomersmanyoftheregionalbankshavedevelopedsophisticatedelectronicbranchingservicestoconsumerresidentialcustomers.Regionalbanksutilizeretail

25、depositbasesffundingbutalsodeveloprelationshipswithlargecpatecustomersinternationalmoneycenters.Moneycenterbanksrelyheavilyonnondepositbrowedsourcesoffunds.Someofthesebankshavenoretailbranchsystemsmostregionalbanksaremaj

26、participantsinfeigncurrencymarkets.Thesebankscompetewiththelargerregionalbanksflargecommercialloanswithinternationalbanksfinternationalcommercialloans.MostmoneycenterbankshaveheadquartersinNewYkCity.2.UsethedatainTable24

27、fthebanksinthetwoassetsizegroups(a)$100million$1billion(b)over$10billiontoanswerthefollowingquestions.a.WhyhavetheratiosfROAROEtendedtoincreasefbothgroupsoverthe19902003periodIdentifydiscusstheprimaryvariablesthataffectR

28、OAROEastheyrelatetothesetwosizegroups.TheprimaryreasonftheimprovementsinROAROEinthelate1990smayberelatedtothecontinuedstrengthofthemacroeconomythatallowedbankstooperatewithareducedregardfbaddebtsloangeoffproblems.Inaddit

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