金融风险管理

第一章3.Identifyandexplainthreeeconomicdisincentivesthatprobablywoulddampentheflowoffundsbetweenhouseholdsaversoffundsandcorporateusersoffundsinaneconomicworldwithoutfinancialintermediaries.Investorsgenerallyareaversetopurchasingsecuritiesdirectlybecauseof(a)monitoringcosts,(b)liquiditycosts,and(c)pricerisk.Monitoringtheactivitiesofborrowersrequiresextensivetime,expense,andexpertise.Asaresult,householdswouldprefertoleavethisactivitytoothers,andbydefinition,theresultinglackofmonitoringwouldincreasetheriskinessofinvestingincorporatedebtandequitymarkets.Thelong-termnatureofcorporateequityanddebtwouldlikelyeliminateatleastaportionofthosehouseholdswillingtolendmoney,asthepreferenceofmanyfornear-cashliquiditywoulddominatetheextrareturnswhichmaybeavailable.Third,thepriceriskoftransactionsonthesecondarymarketswouldincreasewithouttheinformationflowsandservicesgeneratedbyhighvolume.4.IdentifyandexplainthetwofunctionsinwhichFIsmayspecializethatenablethesmoothflowoffundsfromhouseholdsaverstocorporateusers.FIsserveasconduitsbetweenusersandsaversoffundsbyprovidingabrokeragefunctionandbyengagingintheassettransformationfunction.Thebrokeragefunctioncanbenefitbothsaversandusersoffundsandcanvaryaccordingtothefirm.FIsmayprovideonlytransactionservices,suchasdiscountbrokerages,ortheyalsomayofferadvisoryserviceswhichhelpreduceinformationcosts,suchasfull-linefirmslikeMerrillLynch.Theassettransformationfunctionisaccomplishedbyissuingtheirownsecurities,suchasdepositsandinsurancepoliciesthataremoreattractivetohouseholdsavers,andusingtheproceedstopurchasetheprimarysecuritiesofcorporations.Thus,FIstakeonthecostsassociatedwiththepurchaseofsecurities.5.InwhatsensearethefinancialclaimsofFIsconsideredsecondarysecurities,whilethefinancialclaimsofcommercialcorporationsareconsideredprimarysecurities?Howdoesthetransformationprocess,orintermediation,reducetherisk,oreconomicdisincentives,tothesavers?Thefundsraisedbythefinancialclaimsissuedbycommercialcorporationsareusedtoinvestinrealassets.Thesefinancialclaims,whichareconsideredprimarysecurities,arepurchasedbyFIswhosefinancialclaimsthereforeareconsideredsecondarysecurities.SaverswhoinvestinthefinancialclaimsofFIsareindirectlyinvestingintheprimarysecuritiesofcommercialcorporations.However,theinformationgatheringandevaluationexpenses,monitoringexpenses,liquiditycosts,andpriceriskofplacingtheinvestmentsdirectlywiththecommercialcorporationarereducedbecauseoftheefficienciesoftheFI.7.WhatarefivegeneralareasofFIspecialnessthatarecausedbyprovidingvariousservicestosectorsoftheeconomy?First,FIscollectandprocessinformationmoreefficientlythanindividualsavers.Second,FIsprovidesecondaryclaimstohouseholdsaverswhichoftenhavebetterliquiditycharacteristicsthanprimarysecuritiessuchasequitiesandbonds.Third,bydiversifyingtheassetbaseFIsprovidesecondarysecuritieswithlowerprice-riskconditionsthanprimarysecurities.Fourth,FIsprovideeconomiesofscaleintransactioncostsbecauseassetsarepurchasedinlargeramounts.Finally,FIsprovidematurityintermediationtotheeconomywhichallowstheintroductionofadditionaltypesofinvestmentcontracts,suchasmortgageloans,thatarefinancedwithshort-termdeposits.13.Howcanindividualsaversusefinancialinstitutionstoreducethetransactioncostsofinvestinginfinancialassets?Bypoolingtheassetsofmanysmallinvestors,FIscangaineconomiesofscaleintransactioncosts.ThisbenefitoccurswhethertheFIislendingtoacorporateorretailcustomer,orpurchasingassetsinthemoneyandcapitalmarkets.Ineithercase,operatingactivitiesthataredesignedtodealinlargevolumestypicallyaremoreefficientthanthoseactivitiesdesignedforsmallvolumes.14.Whatismaturityintermediation?Whataresomeofthewaysinwhichtherisksofmaturityintermediationaremanagedbyfinancialintermediaries?Ifnetborrowersandnetlendershavedifferentoptimaltimehorizons,FIscanservicebothsectorsbymatchingtheirassetandliabilitymaturitiesthroughon-andoff-balancesheethedgingactivitiesandflexibleaccesstothefinancialmarkets.Forexample,theFIcanoffertherelativelyshort-termliabilitiesdesiredbyhouseholdsandalsosatisfythedemandforlong-termloanssuchashomemortgages.Byinvestinginaportfoliooflong-andshort-termassetsthathavevariable-andfixed-ratecomponents,theFIcanreducematurityriskexposurebyutilizingliabilitiesthathavesimilarvariable-andfixed-ratecharacteristics,orbyusingfutures,options,swaps,andotherderivativeproducts.15.Whatarefiveareasofinstitution-specificFIspecialness,andwhichtypesofinstitutionsaremostlikelytobetheserviceproviders?First,commercialbanksandotherdepositoryinstitutionsarekeyplayersforthetransmissionofmonetarypolicyfromthecentralbanktotherestoftheeconomy.Second,specificFIsoftenareidentifiedasthemajorsourceoffinanceforcertainsectorsoftheeconomy.Forexample,S&Lsandsavingsbankstraditionallyservethecreditneedsoftheresidentialrealestatemarket.Third,lifeinsuranceandpensionfundscommonlyareencouragedtoprovidemechanismstotransferwealthacrossgenerations.Fourth,depositoryinstitutionsefficientlyprovidepaymentservicestobenefittheeconomy.Finally,mutualfundsprovidedenominationintermediationbyallowingsmallinvestorstopu