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The Government's Bank • The central bank started out as the government’s bank, originally created by rulers to finance wars • However, the early examples are really the exceptions, as central banking is largely a 20th century phenomenon. • The central bank occupies a privileged position: it has a monopoly on the issuance of currency

18 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1054 | Lượt tải: 1

Review of the Previous Lecture • Non-depository Institutions • Insurance Companies • Securities Firms • Finance Companies • Government Sponsored Enterprises • Banking Crisis • Sources of Runs, Panics and Crisis

24 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 977 | Lượt tải: 0

Topics under Discussion • Securities Firms • Investment Banks • Mutual Funds • Finance Companies • Government Sponsored Enterprises • Banking Crisis • Sources of Runs, Panics and Crisis • Government Safety Net • Government: Lender of Last Resort

25 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 999 | Lượt tải: 0

Review of the Previous Lecture • Bank Risk • Liquidity Risk • Credit Risk • Interest Rate Risk • Trading Risk • Other Risks • Globalization of Banking • The Future of Banks

19 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1052 | Lượt tải: 0

Topic under Discussion • Bank Risk • Interest Rate Risk (Cont.) • Trading Risk • Other Risks • Globalization of Banking • The Future of Banks • Non-depository Institutions • Insurance Companies • Securities Firms • Finance Companies • Government Sponsored Enterprises

24 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1028 | Lượt tải: 0

Bank Risk • Banking is risky because depository institutions are highly leveraged and because what they do • In all the lines of banking trades, the goal of every bank is to pay less for the deposits the bank receives than for the loan it makes and the securities it buys.

23 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1062 | Lượt tải: 0

Banking • Types of Banking Institutions • Commercial Banks • Savings Institutions • Credit Unions • Balance Sheet of Commercial Banks • Assets: uses of funds • Cash • Securities • Loans

19 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1062 | Lượt tải: 0

Review of the Previous Lecture • Role of Financial Intermediaries • Pool Savings • Safekeeping, accounting services and access to the payments system; • Liquidity; • Information Services • Risk diversification • Information Asymmetry and Information Costs • Adverse Selection • Moral Hazards

21 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1018 | Lượt tải: 0

Review of the Previous Lecture • Role of Financial Intermediaries • Pool Savings • Safekeeping, accounting services and access to the payments system;

31 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1152 | Lượt tải: 0

Review of the Previous Lecture • Theory of Efficient Markets • Investing in Stocks for Long Run • Stock Markets’ Role in the Economy • Financial Intermediation

15 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 1056 | Lượt tải: 0