《国际货币与金融经济学》06.ppt

  1. 1、本文档共26页,可阅读全部内容。
  2. 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
  3. 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载
  4. 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
International Banking Central Banks and Supranational Financial Policymaking Institutions International Dimensions of Financial Intermediation The financing of capital investment projects may be direct or indirect. Direct Finance: When savers allocate some of their wealth to the purchase of a bond issued by a company, they effectively make a direct loan to the company. Indirect Finance: When a banking firm pools together the funds of deposit holders and purchases a bond issued by a company, savers are indirectly lending funds to the company. Indirect Finance Through Financial Intermediation The Role of Financial Intermediaries Savers may desire to direct funds through a financial firm because of asymmetric information. Asymmetric Information: Possession of information by one party in a financial transaction that is not available to the other party. Asymmetric Information Problems Asymmetric information can lead to several types of problems in financial markets such as: Adverse Selection: The potential for those who desire funds for unworthy projects to be among the most likely to want to borrow or to issue debt instruments. Moral Hazard: The possibility that a borrower might engage in more risky behavior after receiving funds from a lender. Economies of Scale Financial intermediaries specialize in collecting information and analyzing the risk of potential capital investment projects. Hence, they may help reduce asymmetric information problems. Economies of Scale: Another potential benefit and reason for financial intermediaries to exists is that, by pooling the funds of savers, and increasing the scale of the total amount of savings managed by a single entity, they may reduce the average costs of managing savings. Financial Intermediation across National Boundaries International Financial Diversification: Holding financial instruments in various countries to spread portfolio risks. World Index Fund: A portfolio of globally issued financial instruments with yi

文档评论(0)

wuyoujun92 + 关注
实名认证
内容提供者

该用户很懒,什么也没介绍

1亿VIP精品文档

相关文档