第7讲 金融中介与存款货币银行.pptVIP

* * * * * * * * * * * * * The third and final subsector is other financial corporations. This is further subdivided between (i) other financial intermediaries (excluding ins co.s and pfs, (ii) insurance companies and pension funds, and (iii) financial auxiliaries, and Take a quick look at how these subsectors are defined and what types of entities we might expect to be included. * This subsector covers a diverse group of units that generally: raise funds by accepting long-term or specialized types of deposits, and by issuing securities and equity. The liabilities issued by these units must, by definition, be excluded form broad money. Specialize in lending to particular types of borrowers and in using specialized financial arrangements such as financial leasing, securitized lending, and financial derivatives operations. Typically, this subsector might include the following types of units: Financial Companies: units primarily engaged in the extension of credit to nonfinancial corporations and households. Financial leasing companies: units that engage in financing the purchase of tangible assets. Investment pools:includes mutual funds, investment trusts, unit trusts, and other collective investment units that consolidate investor funds for the purpose of acquiring financial assets. The liquidity of investment pools can vary considerably. In some countries, shares issued by investment pools are as (or nearly as) liquid as deposits issued by depository corporations and often are included in measures of broad money, in which case the units in question should be classified as ODCs. Securities underwriters and dealers: note, units such as security brokers that arrange trades but do not purchase and hold securities on their own account are classified as financial auxiliaries. Vehicle companies: financial entities created to hold securitized assets or assets that have otherwise been removed from the balance sheets of corporations. There is a subtle distincti