米什金货币金融学(商学院版)第10章课件说课材料.pptVIP

Chapter 10 Banking Industry: Structure and Competition 第一页，共22页。 10.1 Historical Development of the Banking Industry Outcome: Multiple Regulatory Agencies 1. Federal Reserve 2. FDIC 3. Office of the Comptroller of the Currency 4. State Banking Authorities * 第二页，共22页。 Primary Supervisory Responsibility of Bank Regulatory Agencies Office of the Comptroller of the Currency: national banks Federal Reserve and state banking authorities: state banks that are members of the Federal Reserve System. Fed also regulates bank holding companies. FDIC: insured state banks that are not Fed members. State banking authorities: state banks without FDIC insurance. * 第三页，共22页。 旧中国(zhōnɡ ɡuó)商业银行的出现与发展 1845年——丽如银行，中国第一家新式银行，英国人开办 1897年——通商银行，中国第一家自办银行。 1904年——户部银行，官商(ɡuān shānɡ)合办（1908年改为大清银行，1912年改为中国银行） * 第四页，共22页。 10.2 Financial Innovation A change in the financial environment will stimulate a search for innovations that are likely to be profitable. 10.2.1 Response to Changes in Demand Major change is huge increase in interest-rate risk starting in 1960s Adjustable-rate mortgage Flexible interest rates keep profits high when rates rise Lower initial interest rates make them attractive to home buyers Since 1975. 2. Financial Derivatives Since 1975. * 第五页，共22页。 10.2.2 Response to Change in Supply Major change is improvement in computer technology 1. Increases ability to collect information 2. Lowers transaction costs Examples: 1. Bank credit and debit cards 2. Electronic banking facilities --ATM, home banking, virtual bank * 第六页，共22页。 3. Junk bonds 4. Commercial paper market Securitization The process of transforming otherwise illiquid financial assets into marketable capital market securities. * 第七页，共22页。 10.2.3 Avoidance of Existing Regulations Regulations Behind Financial Innovation 1. Reserve requirements Tax on deposits = i ? r 2. Deposit-rate ceilings (Reg Q) As i ?, loophole mine to escape reserve requirement tax and deposit-rate ceilings * 第八页，共22页。 Examples 1. Mon