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1ChapterWhyAreFinancialIntermediariesSpecial?WhyAreFinancial

IntermediariesSpecial?Objectives:ExplainthespecialroleofFIsinthefinancialsystemandthefunctionstheyprovide.ExplainwhythevariousFIsreceivespecialregulatoryattention.DiscusswhatmakessomeFIsmorespecialthanothers.WithoutFIsCorporations(netborrowers)Households(netsavers)CashEquity&DebtFIs’SpecialnessWithoutFIs:Lowleveloffundflows.CostlyforindividualstomonitorborrowersRoleofbondcovenantsinpartiallyalleviatingmonitoringcostsLessliquiditySubstantialpriceriskWithFIsCashHouseholdsCorporationsEquity&DebtFI(Brokers)FI(AssetTransformers)Deposits/InsurancePoliciesCashFunctionsofFIsBrokeragefunctionActingasanagentforinvestors:e.g.MerrillLynch,CharlesSchwabReducecoststhrougheconomiesofscaleEncourageshigherrateofsavingsAssettransformer:PurchaseprimarysecuritiesbysellingfinancialclaimstohouseholdsThesesecondarysecuritiesoftenmoremarketableRoleofFIsinCostReductionInformationcosts:InvestorsexposedtoAgencyCostsRoleofFIasDelegatedMonitor(Diamond,1984)ShortertermdebtcontractseasiertomonitorthanbondsFIlikelytohaveinformationaladvantageRoleofFIsinCostReductionLiquidityandPriceRiskSecondaryclaimsissuedbyFIshavelesspriceriskFIshaveadvantageindiversifyingrisksS&Ldebacleof1980slinkedtoinadequatediversificationofS&LsOtherSpecialServicesReducedtransactioncostsMaturityintermediationTransmissionofmonetarypolicy.Creditallocation(Areasofspecialneedsuchashomemortgages).Intergenerationaltransfersortimeintermediation.Paymentservices(FedWireandCHIPS).Denominationintermediation.SpecialnessandRegulationFIsreceivespecialregulatoryattention.Reasons:SpecialservicesprovidedbyFIsingeneral.Institution-specificfunctionssuchasmoneysupplytransmission(banks),creditallocation(thrifts,farmbanks),paymentservices(banks,thrifts),etc.Negativeexternalitiesariseiftheseservicesarenotprovided.RegulationofFIsImportantfeaturesofregulatorypolicy:Protectultimatesourcesandusersofsavings.Includingpreventionofunfairpracticessuchasredliningandotherdiscriminatoryactions.Ensuresoundnessofthesystemasawhole.RegulationisnotcostlessNetregulatoryburden.RegulationSafetyandsoundnessregulation:RegulationstoincreasediversificationMinimumcapitalrequirementsGuarantyfunds:FDIC:BankInsuranceFund(BIF),SavingsAssociationInsuranceFund(SAIF)SecuritiesInvestorsProtectionFund(SIPC)Monitoringandsurveillance.WebResourcesForinformationonregulationofdepositoryinstitutionsandinvestmentfirmsvisit: FDICwww.fdic.gov

SIPCwww.sipc.org FederalReserve

www.federalreserve.govWebSurfRegulationMonetarypolicyregulationFederalReservedirectlycontrolsoutsidemoney.Bulkofmoneysupplyisinsidemoney(deposits).Reserverequirementsfacilitatetransmissionofmonetarypolicy.RegulationCreditallocationregulationSupportssociallyimportantsectorssuchashousingandfarming.Requirementsforminimumamountsofassetsinaparticularsectorormaximuminterestratesorfees.QualifiedThriftLenderTest(QTL).RegulationQ.RegulationConsumerprotectionregulationCommunityReinvestmentAct(CRA).HomeMortgageDisclosureAct(HMDA).Effectonnetregulatoryburden.PotentialextensionstootherFIssuchasinsurancecompanies.RegulationInvestorprotectionregulationProtectionsagainstabusessuchasinsidertrading,lackofdisclosure,malfeasance,breachoffiduciaryresponsibility.KeylegislationSecuritiesActsof1933,1934.InvestmentCompanyActof1940.RegulationEntryregulationLevelofentryimpedimentsaffectsprofitabilityandvalueofcharter.Regulationsdefinescopeofpermittedactivities.Effectssizeofnetregulatoryburden.WebResourcesFormoreinformationonregulationofdepositoryinstitutionsvisit:

www.ffiec.gov

www.federalreserve.gov

www.fdic.gov

www.occ.treas.govWebSurfChangingDynamics

ofSpecialnessTrendsintheUnitedStatesDeclineinshareofdepositoryinstitutions.Increasesinpensionfundsandinvestmentcompanies.MaybeattributabletonetregulatoryburdenimposedondepositoryFIs.Technologicalchangesaffectdelive

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