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[金融机构管理].financial.institution.management.pdf 609页

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sau57468_ch01.qxd 9/1/04 5:37 PM Page 2 Chapter One Why Are Financial Intermediaries Special? INTRODUCTION Over the last 70 years, the financial services industry has come full cycle. Origi- nally, the banking industry operated as a full-service industry, performing directly or indirectly all financial services (commercial banking, investment banking, stock investing services, insurance providers, etc.). In the early 1930s, the economic and industrial collapse resulted in the separation of some of these activities. In the 1970s and 1980s, new, relatively unregulated financial services industries sprang up (mutual funds, brokerage funds, etc.) that separated financial services functions even further. As we enter the 21st century, regulatory barriers, technology, and fi- nancial innovation changes are such that a full set of financial services may again be offered by a single financial services firm. Not only are the boundaries between traditional industry sectors weakening, but competition is becoming global in na- ture as well. As the competitive environment changes, attention to profit and, more than ever, risk becomes increasingly important. The major themes of this book are the measurement and management of the risks of financial institutions. Financial institutions (e.g., bank


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