大二上期末复习-职协cic货银chapter128课件

1、Chapter 12Nonbank Finance2Insurance CompaniesLife Insurance Companies1.Regulated by states2.Hold illiquid long-term assets3.Poor returns caused insurance demand 4.Became managers of pension funds5.Increased competition from banksProperty & Casualty Insurance Companies1.Regulated by states2.Hold more

2、 liquid assets3.Insurance crisisInsurance Management1.Screening2.Risk-based premiums3.Restrictive provisions4.Prevention of fraud5.Cancellation of insurance6.Deductibles7.Coinsurance8.Limits on amounts of insurance3Market Share of Financial Intermediaries4Other InstitutionsPension Funds1.Rapid growt

3、h: encouraged by tax policy2.Bigger role in stock market3.Problem of underfunding4.Private: regulated by Dept. of Labor and insured by Penny Benny under ERISA Act of 19745.Public PlansA.Social SecurityB.State and local plansFinance Companies1.Minimal regulation by states2.Rapid growth3.Three types:A

4、.Sales finance companiesB.Consumer finance companiesC.Business finance companies5Other InstitutionsMutual Funds1.Regulated by SEC2.Open-end vs. closed-end3.Load vs. no-load4.Money market mutual funds5.Hedge fundsGovernment Financial Intermediation1.Federal credit agencies:FNMA, GNMA, FHLMC, Farm Credit System, SLMA2.Moral hazard problem of government loan guaranteesSecurities Market Institutions1.Investment banks2.Securiti