• Ngân hàng, tín dụng - Chapter 10: Understanding foreign exchangeNgân hàng, tín dụng - Chapter 10: Understanding foreign exchange

    How Global Investors Cause Exchange Rate Volatility (Cont.) – International capital mobility (Cont.) • It is possible that a change in the future exchange rate will offset any increased yield by holding foreign securities • In fact, the international mobility of capital will often cause the change in future exchange rates that was anticipate...

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  • Ngân hàng, tín dụng - Chapter 11: The nature of financial intermediationNgân hàng, tín dụng - Chapter 11: The nature of financial intermediation

    The Institutionalization of Financial Markets (Cont.) • Legislation created a number of new alternatives to the traditional employer-sponsored defined benefits plan, primarily the defined contribution plan – IRAs – 403(b) and 401(k) plans – Growth of mutual funds resulting from the alternative pension plans—Mutual fund families

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  • Ngân hàng, tín dụng - Chapter 12: Depository financial institutionsNgân hàng, tín dụng - Chapter 12: Depository financial institutions

    American Banks Abroad – Rapid expansion of US banks into foreign countries • Growth of foreign trade • American multinationals with operations abroad – Edge Act (1919) • Permitted US banks to establish special subsidiaries to facilitate involvement in international financing • Exempt from the McFadden Act’s prohibition against interstate ba...

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  • Ngân hàng, tín dụng - Chapter 13: Nondepository financial institutionsNgân hàng, tín dụng - Chapter 13: Nondepository financial institutions

    Brokers and Dealers – Involved in the secondary market, trading “used” or already outstanding securities – Brokers match buyers and sellers and earn a commission – Dealers commit their own capital in the buying and selling of securities and hope to make profit on the transaction

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  • Ngân hàng, tín dụng - Chapter 14: Understanding financial contractsNgân hàng, tín dụng - Chapter 14: Understanding financial contracts

    Contracting and Firm Continuum (Cont.) – Small firms • External reputations are difficult to establish • Most activities are beyond the public’s scrutiny • Therefore, need proxies to demonstrate they are low risk and committed to not shifting their risk profiles – Outside collateral or personal guarantees place more of the owner’s wealth at ...

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  • Ngân hàng, tín dụng - Chapter 15: The regulation of markets and institutionsNgân hàng, tín dụng - Chapter 15: The regulation of markets and institutions

    Segregated the banking industry from the rest of the financial services industry • Banks are barred from owning corporate stock and other activities deemed too risky • The Genesis of Glass-Steagall – Prior to 1933, investment banking and commercial banking were conducted under same roof – Following the financial collapse of the 1930s, it was...

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  • Ngân hàng, tín dụng - Chapter 16: Financial system designNgân hàng, tín dụng - Chapter 16: Financial system design

    United Kingdom (Cont.) – Banks in the United Kingdom generally do not own nonfinancial corporations • While not explicitly prohibited, this practice is discourage by The Bank of England to promote a safer banking system – The Bank of England supervises banks on an informal basis, relying on the English tradition—“Old boy network” and applyin...

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  • Ngân hàng, tín dụng - Chapter 17: Who’s in charge hereNgân hàng, tín dụng - Chapter 17: Who’s in charge here

    Evolution of power of the Fed (Cont.) – Shifting role of central bank (Cont.) • Power of the Board’s professional staff of economic experts and advisers – Long tenure with the Fed – Familiarity with history of the Fed – Expertise in monetary analysis – Exert significant influence on ultimate decision-making process

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  • Ngân hàng, tín dụng - Chapter 18: Bank reserves and the money supplyNgân hàng, tín dụng - Chapter 18: Bank reserves and the money supply

    Very important asymmetry in the creation or contraction of reserves/money supply – When banks have deficient reserves, they must reduce their demand deposits which reduces the money supply – When banks have excess reserves, they may lend more and increase the money supply. – Usually assume banks will want to lend out all their excess reserve...

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  • Ngân hàng, tín dụng - Chapter 19: The instruments of central bankingNgân hàng, tín dụng - Chapter 19: The instruments of central banking

    Fed’s most important tool to alter reserves • About $3,200 billion worth of marketable government securities outstanding – Held by individuals, corporations, and financial institutions – Used by the US Treasury to borrow to finance budget deficits – The sale of government securities by the Treasury is independent of the Fed and may work count...

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