国际货币和金融经济学课件06.pdfVIP

INTERNATIONAL MONETARY AND International FINANCIAL ECONOMICS Banking Third Edition Central Banks and Supranational Financial Policymaking Institutions Joseph P. Daniels David D. VanHoose Copyright © South-Western, a division of Thomson Learning. All rights reserved. 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. 2 Indirect Finance Through Financial Intermediation Financial intermediaries facilitate indirect financing by issuing their own financial instruments and using the funds they obtain from savers to finance capital investments of businesses. 3 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. 4 Asymmetric Information Problems • Asymmetric information can lead to several types of p