Chap001 金融机构习题解答概要1.doc

Chapter One Why Are Financial Intermediaries Special? Chapter Outline Introduction Financial Intermediaries’ Specialness Information Costs Liquidity and Price Risk Other Special Services Other Aspects of Specialness The Transmission of Monetary Policy Credit Allocation Intergenerational Wealth Transfers or Time Intermediation Payment Services Denomination Intermediation Specialness and Regulation Safety and Soundness Regulation Monetary Policy Regulation Credit Allocation Regulation Consumer Protection Regulation Investor Protection Regulation Entry Regulation The Changing Dynamics of Specialness Trends in the United States Future Trends Global Issues Summary Solutions for End-of-Chapter Questions and Problems: Chapter One 1. Identify and briefly explain the five risks common to financial institutions. Default or credit risk of assets, interest rate risk caused by maturity mismatches between assets and liabilities, liability withdrawal or liquidity risk, underwriting risk, and operating cost risks. 2. Explain how economic transactions between household savers of funds and corporate users of funds would occur in a world without financial intermediaries (FIs). In a world without FIs the users of corporate funds in the economy would have to approach directly the household savers of funds in order to satisfy their borrowing needs. This process would be extremely costly because of the up-front information costs faced by potential lenders. Cost inefficiencies would arise with the identification of potential borrowers, the pooling of small savings into loans of sufficient size to finance corporate activities, and the assessment of risk and investment opportunities. Moreover, lenders would have to monitor the activities of borrowers over each loans life span. The net result would be an imperfect allocation of resources in an economy. 3. Identify and explain three economic disincentives that probably would dampen the flow of funds between household savers of funds and c