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IMF高级宏观经济学研修班课程CT14.05 MMF L04 Financial Market Development Part I (CShiells)概要1
L-4 Financial Market Development – Part I;Content Outline;Why Do We Need Financial Intermediation? ;An Ideal Financial World;Assumptions made for an ideal financial world do not hold in reality, because of: Imperfect Information Matching borrowers and lenders Asymmetric information Opportunistic Behavior Brokerage costs Adverse selection Moral hazard Costly contract enforcement Market Inefficiency;Characteristics of Financial Structure;Characteristics of Financial Structure;Characteristics of Financial Structure;Characteristics of Financial Structure;10;11;12;13;Problem that results from asymmetric information after the transaction has occurred. The problem arises since the lender is open to the risk that the borrower uses the borrowed funds inappropriately and hence increases the probability that the loan may not be repaid (principal-agent problem). Therefore, the lender needs to find ways to safeguard his interests. ;15;16;17;18;19;20;All of these costs of financial intermediation create a wedge between the cost of borrowed funds from outside and that of internally-generated funds. Brokerage, acquisition of information, collaterals, enforcement costs, etc. This wedge is referred to as the “external finance premium.” Corporates prefer internal to external financing and debt to equity financing (“pecking order” theory of corporate financing).;Bring together borrowers and lenders in ways that best allocate a nation’s financial resources across time and space; Clearing and settling payments; Resource pooling (to minimize transactions costs) and diversification of ownership (risk); Information production and price discovery; Dealing with incentive problems (principal-agent problem); Provision of liquidity. ;To these ends, financial markets comprise different types of institutions and markets, each fulfilling specialized roles which reflect its particular comparative advantage. Banks and similar institutions tend to intermediate the bulk of lending to small and mediu
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