案例國際金融

1、ERNATIONAL MONETARYANDChapter 6FINANL ECONOMICSThird EditionernationalBingCentral Bs and SupranationalFinanl Policymaking InstitutionsJose. DanielsDavid D. VanHooseCopyright South-Western, a diviof Thomson Learning.s.ernational Dimens of FinanlermediationThe financing of capital investment projects

2、may be direct or indirect.Direct Finance: When savers allocate some of theirwealth to the purchase of a bond ied by acompany, they effectively make a direct loan to the company.Indirect Finance:When a bing firm poolstogether the funds of deit holders and purchasesa bond ied by a company, savers are

3、indirectlylending funds to the company.2Indirect Finance Through FinanermediationlFinan facililermediariesIndirect Financee indirect financing byiing their own finanlFinanl ermediariesinstruments and using the funds they obtain from savers to finance capital investments of businesses.FundsFundsFinan

4、lFundsinstrumentsFinanlFinanl instrumentsFundsinstrumentsFundsSaversCompaniesFinanl instrumentsFinanl instrumentsDirect Finance3FinanlmarketsThe Role of FinanlermediariesSavers may desire to direct funds through afinanl firm because of asymmetricinformation.Asymmetric Information:sesoflinformation b

5、y one party in a finantranparty.iont is not available to the other4Asymmetric Information ProblemsAsymmetric information can lead to severaltypes of problems in finanl marketch as:Adverse Selection: The potential for those who desire funds for unworthy projects to be among the most likely to want to

6、 borrow or toie debt instruments.Moral Hazard: Thesibilityt a borrowermight engageore risky behavior afterreceiving funds from a lender.5逆向選擇和道德風(fēng)險(xiǎn)信息的不對稱所造成的事前和事后的機(jī)會主義行為 ；逆向選擇：信息不對稱所造成市場資源配置的現(xiàn)象，如二手車市場；道德風(fēng)險(xiǎn)：人們享有自己行為的收益，而將成本轉(zhuǎn)性 。別人，從而造成他人損失的可能6Economies of ScaleFinanlermediaries spelize in collectinginf

7、ormation and investment projects.yzing the risk of potential capital Hence, they may help reduceasymmetric information problems.Economies of Scale:Anothotential benefit andreason for finanlermediaries to exists ist, bypooling the funds of savers, and increasing the scale of the total amount of savin

8、gs managed by a single entity, they may reduce the average costs of managing savings.7Bing Around the GlobeU.K. firms, for exle, firms raise nearly 70percent of their funds througwhile U.S. firms raise fewerloans,n 30 percent oftheir funds through bloans.Bmarket structure, or theanization ofloan and

9、 deit markets in which bscompete, is another dimenalong whichbing systems differ.8h bUniversal BingUniversal bing is a featuret traditionallydistinguished national bing systems.Universal bing is an environment in whichbs face few if any restrictions on theirauthority to offer full ranges of finanlse

10、rviand to own equity share sincorporations.There is now a convergence toward universalbing among the advanced economies.9全能全能業(yè)是一種類型，它不僅經(jīng)營商業(yè)務(wù)，而且還券、保險(xiǎn)、金融衍生業(yè)務(wù)以及其他新興金融業(yè)務(wù)，有的還能持有非金融企業(yè)的股權(quán)。廣義的全能等于商業(yè)加投資加保險(xiǎn)公司再加非金融企業(yè)股東。10混業(yè)經(jīng)營所謂混業(yè)經(jīng)營是指商業(yè)及其它金融企業(yè)以科學(xué)的組織方式在貨幣和資本市場進(jìn)行多業(yè)務(wù)、多品種、多方式的交叉經(jīng)營和服務(wù)的總稱。11Global Payment SystemsPaym

11、ent System: A termt broadly refers to the setof mechanisms by which consumers, businesses,ernments, and finan payments.l institutions makeLarge-value wire transfer systems are paymentssystemst permiectronic transmiss of largevolumes of funds.Fedwire is a large-value wire transfer systems operated by

12、 the U.S. Federal Reserve.Clearing HouseerbPayments System is aprivay owned systemt is primarily used forforeign exchange and Eurocurrency tranions.12伊朗使用SWIFT系統(tǒng)美歐將據(jù)歐洲高級透露，歐盟擬審議通過新的的伊朗實(shí)體使用“全球銀議案，被列入行間金融通信系統(tǒng)”(SWIFT)。預(yù)計(jì)歐盟的金融監(jiān)管機(jī)構(gòu)將在2012年2月下旬至3月上旬期間做出正式?jīng)Q定。此外，案。國會兩院也正在起草類似法總部位于的全球間金融通訊是國際匯兌交流的重要組成部分，平均每天處

13、理來自210個(gè)國家的和其他金融機(jī)構(gòu)之間約1800萬條支付信息。將伊朗金融機(jī)構(gòu)從這個(gè)系統(tǒng)中將會伊朗從世界其他國家獲得主要的交易收入。13Payment-System RisksLiquidity Risk is the risk of loss payment is not received when due.t may occur if aCredit Risk is the risk of losst could take place ifone party to an exchange does not honor the complete terms of the exchange.Sy

14、stemic Risk is the riskt some paymentinstitutions may not be able to meet the terms of payment arrangements because of the failure of otherinstitutions to settle unrelated tranions.Hers acrosst Risk is liquidity, credit, and systemic risks ernational borders.14赫風(fēng)險(xiǎn)在1974年接到了德國令，卻無力而發(fā)生的風(fēng)險(xiǎn)；方支付由于不同國家的支付體

15、系在不同時(shí)間運(yùn)作，因此就存在這樣一種風(fēng)險(xiǎn)：交易的一方正執(zhí)行了交易，但另一方卻可能已經(jīng)破產(chǎn)而無力交付用于補(bǔ)償或沖銷的貨幣。15Finanl Instability andernationalFinanl CrisesFinanl instability is a situation in which a nationsfinanl sector is no longer able to allocate funds tothe most productive projects.Finanl crisis is when an nations finanl systemis unable to f

16、unction and typically involves a bingcrisis, a currency crisis, and a foreign debt crisis.Speculative attack is a concerted effort by finan market speculators to induce abandonment of anl-exchange-rate derivative markets.t will yield them profits in16Estimated Exchange Market Prere886iland6MalaysiaP

17、rere on currency44values in foreign exchange markets during the 1990s appear to haveincreased in iland beforespreading to Malaysia, Indonesia and Korea.22002244669293949596979892939495969798886Indonesia6Korea442200224466929394959697989293949596979817BRegulation and Capital RequirementsBregulation an

18、d superviis a fundamental partof most nations strategies for reducing the potentialfor finanl instability and crisis.Typically,regulation aims to limit bfailures, maain bl system.liquidity, and promoting an efficient finanInsolvency is a situation in which the value of abA bs assets falls below the

19、value of its liabilities.is illiquid if is insufficient funds availableto meet the cash needs of its deitors.18Deit Insurance7060501935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000YearNationalernments increasingly offer deit insurance guarantees to promoteconfidenceheir countries

20、 bing systems. Hence, the number ofernment systems has increased significantly since the 1960s.Total Number of DiytseItnesmusranBCapital RequirementsRisk-Based Capital Requirements are regulatorycapital standards t distinguish bt account for different risk factors s assets.Under the Basel capital st

21、andards, developed at theBforernational Settlements, bs mustcompute ratios of capital in in relation to their risk-adjusted assets.This is a weighted-average of assetsin which the weights reflect regulators perception of distinctive asset risks.20Equity asAssetsrcentage of Bhe United Ses555045403530

22、252015105NationalCreation ofBing ActFederal Reserve 19141863Implemenion ofrisk-basedcapital requirements 1990Creation of FDIC 19330158040608700 90 1900 10 3200Year406500708090 2000 10U.S. b nineteenequity ratios fell considerably betn the mid-nd mid-twentieth centuries. Recently they have risen slig

23、htly.21BEquity Ratios(percent)Central BsConsiderable expanof the number of centralbs occurredhe beginning of the lattart ofthe nineteenth century and particularly during thelattart of the twentieth century.The best place to begin an examination of thefunctions of a central bis with their balanheets.

24、Two principle assets are holdings of domestic ernment securities and foreign-currencydenominated securities and deits. Two principleliabilities are currency notes in circulation and beits.22Number of Central Bing Institutions1670 - PresentThe twentieth century witnessed considerable growthhe number

25、ofcentral bs.6040200Year23Ns umber of Central B16701690171017301750177017901810183018501870189019101930What Central Bs DoCentral B may serve as agents.s asernment Bs: Central bsernment deitories and as fiscalCentral Bs as Bers Bs: Central bssupervise and regulate the systems through whichindividuals

26、, businesses, and bs exchangepayments and promote confidencehe bingsystem by acting as a lender of last resort.Central Bs as Monetary Policy Makers:Centralbs can bring about variations inerest rates,thereby changing the volumes of money and credit.24Central Bs as Monetary Policy MakersCentral bs hav

27、e acs to a number ofpolicy instruments, or finanl variablestthey can control in an effort to achieve policyobjectives.Traditionally these instruments are:erest Rates on Central BAdvanOpen-Market OperationsReserve Requirements25Supranational Finanl Policymakingd (IMF):A multinationalanizationt promot

28、esernational monetarycooperation, exchange arrangements, and economicgrowth.It provides temporary finanl assistance tonations experiencing balance-of-payments difficulties.World B:A sister institution to the IMFt ismore narrowly spelizedaking loans todevelonations in an effort to promote their long-

29、term development and growth.26Institutionsernational Monetary Funernational Monetary FundCurrently has over 180 member nations.A quota subscription is required when joining.these are a pool of fundst IMF managerscan use for loans to member nations.Conditionality is a set of limirange of allowable actions of a t is receiving IMF loans.ions on theernment27Growth in IMF MembershipNumber of Countries200The numbe