《国际货币与金融经济学》06.ppt

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