Ch08货币金融学 米什金 第七版.pdfVIP

chapter 8 An Economic Analysis of Financial Structure §1.Puzzles of Financial Structure FIGURE1 Sources of External Funds for Nonfinancial Businesses in the United States(1970-1985) FIGURE1 Sources of External Funds for Nonfinancial Businesses in the United States(1970-1996) Sources of Foreign External Finance FIGURE2 Sources of External Funds for Nonfinancial Businesses:A Comparison of the United States and Five Other Industrialized Countries (1970-1985) Puzzles of Financial Structure 1. Stocks are not most important source of finance for businesses 2. Issuing marketable securities not primary funding source for businesses 3. Indirect finance (financial intermediation) is far more important than direct finance 4. Banks are most important source of external finance 5. Financial system is among most heavily regulated sectors of economy 6. Only large, well established firms have access to securities markets 7. Collateral （抵押物）is prevalent feature of debt contracts 8. Debt contracts are typically extremely complicated legal documents with restrictive covenants §2.Transactions Costs Transactions Costs and Financial Structure: Transactions costs hinder flow of funds to people with productive investment opportunities Financial intermediaries make profits by reducing transactions costs 1. Take advantage of economies of scale （规模经 济） Example: Mutual Funds （共同基金） 2. Develop expertise to lower transactions costs Explains Puzzle 3 §3. Asymmetric Information: Adverse Selection and Moral Hazard Adverse Selection: 信息不对称导致质量较好的交易对象退出市场的逆向变动。 1. Before transaction occurs 2. Potential borrowers most likely to produce adverse outcomes are ones most likely to seek loans and be selected Moral Hazard: 针对控制某种事件负面影响采取的措施，反而导致这类事件发生概率 上升。 1. After transaction occurs 2. Hazard that borrower has incentives to engage in undesirable