Summary: Chapter 1
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Read the summary and the most important questions on Chapter 1
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4 FIs' specialness
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Without FIs: Low level of fund flows
- information costs: economies of scale reduce costs for FIs to screen and monitor borrowers- less liquidity- substantial price risk -
7 Role of FIs in cost reduction
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Information costs: investors exposed to agency costs
FI as an information producer- shorter term debt contracts easier to monitor than bonds- greater monitoring power and control- acting as delegated monitor, FIs reduce information asymmetry between borrowers and lenders -
8 Specialness of FIs
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Liquidity and price risk 1
secondary claims issued by FIs have less price risk -
Liquidity and price risk 2
demand deposits and other claims are more liquid- more attractive to small investors -
Liquidity and price risk 3
FIs have advantage in diversifying risks -
10 Specialness and regulation
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FIs receive special regulatory attention
to ensure soundness of the overall system -
11 Safety and soundness
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Safety and soundness regulation 1
regulations to increase diversification- no more than 10 percent of equity to single borrower -
Safety and soundness regulation 3
guaranty funds -
Safety and soundness regulation 4
monitoring and surveillance- on-site and off-site -
12 Regulation + 13 14
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investor protection regulation
protections against abuses such as insider trading, lack of disclosure
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