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topic09_pres - EC372 Bond and Derivatives Markets Financial...

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Unformatted text preview: EC372 Bond and Derivatives Markets Financial Intermediation, I: Fundamentals R. E. Bailey Department of Economics University of Essex University week 24 EC372 Bond and Derivatives Markets Financial Intermediation, I Topic #9 Outline 1 Functions of Financial Intermediaries 2 Bank risks: a Balance Sheet Approach Regulation 3 Securitisation 4 A Screening Model of Bank Lending Reading: Lecture notes (available in the CMR) EC372 Bond and Derivatives Markets Financial Intermediation, I Topic #9 Outline Functions of Financial Intermediaries Functions of Financial Intermediaries 1 Payments system 2 Risk sharing 3 Risk pooling 4 Delegated monitoring 5 Dissemination of information EC372 Bond and Derivatives Markets Financial Intermediation, I Topic #9 Outline Functions of Financial Intermediaries Functions of Financial Intermediaries 1 Payments system 2 Risk sharing 3 Risk pooling 4 Delegated monitoring 5 Dissemination of information EC372 Bond and Derivatives Markets Financial Intermediation, I Topic #9 Outline Functions of Financial Intermediaries Functions of Financial Intermediaries 1 Payments system 2 Risk sharing 3 Risk pooling 4 Delegated monitoring 5 Dissemination of information EC372 Bond and Derivatives Markets Financial Intermediation, I Topic #9 Outline Functions of Financial Intermediaries Functions of Financial Intermediaries 1 Payments system 2 Risk sharing 3 Risk pooling 4 Delegated monitoring 5 Dissemination of information EC372 Bond and Derivatives Markets Financial Intermediation, I Topic #9 Outline Functions of Financial Intermediaries Functions of Financial Intermediaries 1 Payments system 2 Risk sharing 3 Risk pooling 4 Delegated monitoring 5 Dissemination of information EC372 Bond and Derivatives Markets Financial Intermediation, I Topic #9 Outline Functions of Financial Intermediaries Financial intermediaries: banks and others I Institutions evolve to perform the functions I Banks exist in several varieties, with differing functions. I Are (commercial) banks special? Creators of money? I Other financial intermediaries include insurance companies, hedge funds, private equity funds, pension funds, even financial exchanges. EC372 Bond and Derivatives Markets Financial Intermediation, I Topic #9 Outline Functions of Financial Intermediaries Financial intermediaries: banks and others I Institutions evolve to perform the functions I Banks exist in several varieties, with differing functions. I Are (commercial) banks special? Creators of money? I Other financial intermediaries include insurance companies, hedge funds, private equity funds, pension funds, even financial exchanges. EC372 Bond and Derivatives Markets Financial Intermediation, I Topic #9 Outline Functions of Financial Intermediaries Financial intermediaries: banks and others I Institutions evolve to perform the functions I Banks exist in several varieties, with differing functions....
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topic09_pres - EC372 Bond and Derivatives Markets Financial...

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