货币金融学（第十三版）课件 英文 _web2 Nonbank Finance.pptx

TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionWebChapter2NonbankFinanceCopyright?2022,2019,2016PearsonEducation,Inc.AllRightsReserved

PreviewThischapterexamineshowinstitutionsthatengagedinnonbankfinanceoperateandhowtheyareregulated.

LearningObjectives(1of2)W2.1Summarizethedifferenttypesofinsuranceproductsandthewaysinwhichinsurancecompaniescanreduceasymmetricinformationproblems.W2.2Summarizethedistinctionsbetweendefined-benefitanddefined-contributionpensionsandthekeyfeaturesofprivateandpublicpensionplans.W2.3Listanddescribethedifferenttypesoffinancecompanies.

LearningObjectives(2of2)W2.4Summarizetherolesofinvestmentbanks,securitiesbrokersanddealers,andorganizedexchanges.W2.5Describetheroleandactivitiesofmutualfundsinfinancialintermediation.W2.6Summarizethekeydistinctionsbetweenhedgefundsandmutualfunds.W2.7Defineprivateequityandventurecapitalandsummarizetheiradvantagesasinvestmentfunds.W2.8Describethetwotypesofgovernmentfinancialintermediation.

Insurance(1of2)LifeinsurancePermanent(whole,universal,andvariable)TermAnnunitiesPropertyandCasualtyHoldmoreliquidassetsthanlifeinsurancecompaniesReinsurance

Insurance(2of2)CompetitivethreatfromthebankingindustryCreditinsuranceCreditdefaultswapsTheAIGblowupMonolineinsurancecompaniesTheGlobalFinancialCrisis

Table1RelativeSharesofTotalFinancialIntermediaryAssets,1970–2016(Percent)(1of2)Blank197019801990200020102016InsuranceCompaniesBlankBlankBlankBlankBlankBlankLifeinsurance15.011.512.412.011.811.3PropertyandcasualtyPensionFundsBlankBlankBlankBlankBlankBlankPrivate8.412.514.716.915.115.2Public(stateandlocalgovernment)8.710.910.2FinanceCompaniesMutualFundsBlankBlankBlankBlankBlankBlankStocksandbonds16.918.022.8Moneymarket0.06.24.6

Table1RelativeSharesofTotalFinancialIntermediaryAssets,1970–2016(Percen