Ngân hàng, tín dụng - Chapter 13: Nondepository financial institutionsBrokers 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 contractsContracting 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 institutionsSegregated 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 designUnited 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 hereEvolution 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 supplyVery 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 bankingFed’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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Ngân hàng, tín dụng - Chapter 20: Understanding movements in bank reservesTaxation – When taxes are paid, demand deposits at commercial banks are transferred from private sector to Treasury’s account – Initially these funds are held in the Treasury’s accounts at commercial banks – Money supply falls since government deposits are not counted in the money supply
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Ngân hàng, tín dụng - Chapter 21: Monetary policy strategyTaylor rule – Federal funds rate target is a function of: • The difference between actual inflate rate (INFL) and the target inflation (INFL*) • The percentage difference between actual and potential real GDP (GAP)
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Ngân hàng, tín dụng - Chapter 22: The classical foundationsDivide the economy into two groups—firms and households • Gross domestic product (GDP)—total value of goods and services produced within the United States • GDP can be measured in two ways – The total output sold by firms – The total income received by households • Figure 22A.1 summarizes these relationships – Inner circle records the flows ...
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