货币金融学（第十三版）课件 英文第11章 银行业结构与竞争

TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionChapter11BankingIndustry:StructureandCompetitionCopyright©2022,2019,2016PearsonEducation,Inc.AllRightsReservedPreviewThischapterexaminesthehistoricaltrendsinthebankingindustrythathelpexplaintheuniquestructureoftheU.S.system.LearningObjectives(1of2)11.1Recognizethekeyfeaturesofthebankingsystemandthehistoricalcontextoftheimplementationofthesefeatures.11.2Explainhowfinancialinnovationledtothegrowthoftheshadowbankingsystem.11.3Identifythekeystructuralchangesinthecommercialbankingindustry.11.4Summarizethefactorsthatledtoconsolidationinthecommercialbankingindustry.LearningObjectives(2of2)11.5Assessthereasonsforseparatingbankingfromotherfinancialservicesthroughlegislation.11.6Summarizethedistinctionsbetweenthriftinstitutionsandcommercialbanks.11.7IdentifythereasonsforU.S.bankstooperateinforeigncountriesandforforeignbankstooperateintheUnitedStates.HistoricalDevelopmentoftheBankingSystemBankofNorthAmericacharteredin1782ControversyoverthecharteringofbanksNationalBankActof1863createsanewbankingsystemoffederallycharteredbanksOfficeoftheComptrolleroftheCurrencyDualbankingsystemFederalReserveSystemiscreatedin1913.Figure1TimeLineoftheEarlyHistoryofCommercialBankingintheUnitedStatesPrimarySupervisoryResponsibilityofBankRegulatoryAgenciesFederalReserveandstatebankingauthorities:statebanksthataremembersoftheFederalReserveSystem.Fedalsoregulatesbankholdingcompanies.F

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C:insuredstatebanksthatarenotFedmembers.Statebankingauthorities:statebankswithoutF

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Cinsurance.FinancialInnovationandtheGrowthofthe“ShadowBankingSystem”FinancialinnovationisdrivenbythedesiretoearnprofitsAchangeinthefinancialenvironmentwillstimulateasearchbyfinancialinstitutionsforinnovationsthatarelikelytobeprofitableFinancialengineeringResponsestoChangesinDemandConditions:Interest-RateVolatilityAdjustable-ratemortgagesFlexibleinterestrateskeepprofitshighwhenratesriseLowerinitialinterestratesmakethemattractivetohomebuyersFinancialderivativesAbilitytohedgeinterestrateriskPayoffsarelinkedtopreviouslyissued(i.e.,derivedfrom)securities.ResponsestoChangesinSupplyConditions:InformationTechnologyBankcreditanddebitcardsImprovedcomputertechnologylowerstransactioncostsElectronicbankingA

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M,andvirtualbankingJunkbondsCommercialpapermarketSecuritizationandtheShadowBankingSystemSecuritizationTotransformotherwiseilliquidfinancialassetsintomarketablecapitalmarketsecurities.Securitizationplayedanespeciallyprominentroleinthedevelopmentofthesubprimemortgagemarketinthemid2000s.AvoidanceofExistingRegulationsLoopholeMining:ReserverequirementsactasataxondepositsRestrictionsoninterestpaidondepositsledtodisintermediationMoneymarketmutualfundsSweepaccountsBruceBentandtheMoneyMarketMutualFundPanicof2008BruceBent,oneoftheoriginatorsofmoneymarketmutualfunds,almostbroughtdowntheindustryduringtheglobalfinancialcrisisinthefallof2008.Notsurprisingly,giventheextensionofagovernmentsafetynettothemoneymarketmutualfundindustry,therearecallstoregulatethisindustrymoreheavily.FinancialInnovationandtheDeclineofTraditionalBanking(1of3)Asasourceoffundsforborrowers,marketsharehasfallen.Commercialbanks’shareoftotalfinancialintermediaryassetshasfallenNodeclineinoverallprofitabilityIncreaseinincomefromoff-balance-sheetactivitiesFigure2BankShareofTotalNonfinancialBorrowing,1960–2020Source:FederalReserveBankofSt.Louis,F

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Ddatabase:/fred2/;/hsob/index.asp.FinancialInnovationandtheDeclineofTraditionalBanking(2of3)Declineincostadvantagesinacquiringfunds(liabilities)RisinginflationledtoriseininterestratesanddisintermediationLow-costsourceoffunds,checkabledeposits,declinedinimportanceDeclineinincomeadvantagesonusesoffunds(assets)Informationtechnologyhasdecreasedneedforbankstofinanceshort-termcreditneedsortoissueloansInformationtechnologyhasloweredtransactioncostsforotherfinancialinstitutions,increasingcompetitionFinancialInnovationandtheDeclineofTraditionalBanking(3of3)Banks’ResponsesExpandintonewandriskierareasoflendingCommercialrealestateloansCorporatetakeoversandleveragedbuyoutsPursueoff-balance-sheetactivitiesNoninterestincomeConcernsaboutriskDeclineofTraditionalBankinginOtherIndustrializedCountriesDeclineofTraditionalBankinginOtherIndustrializedCountriesStructureoftheU.S.CommercialBankingIndustryRestrictionsonbranchingMcFaddenActandstatebranchingregulationsResponsetobranchingrestrictionsBankholdingcompaniesAutomatedtellermachinesTable1SizeDistributionofF

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C-InsuredBanks,March31,2020AssetsNumberofBanksShareofBanks(%)ShareofAssetsHeld(%)Lessthan$100million1,12422.00.5$100million–$1billion3,16861.96.7$1billion–$10billion68013.310.0$10billion–$250billion1312.632.3Morethan$250billion130.350.4Total5,116100.00100.00Source:F

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CQuarterlyBankingProfile,/bank/analytical/qbp/index.html.Table2TenLargestU.S.Banks,2020BankAssets($trillions)ShareofAllCommercialBankAssets(%)1.J.P.MorganChase&Co.2.7415.42.BankofAmericaCorp.2.3813.43.CitigroupInc.1.9611.04.WellsFargo&Co.1.8910.65.GoldmanSachsGroup0.935.26.MorganStanley0.884.97.U.S.Bankcorp0.482.78.P

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CFinancialServicesGroup0.392.29.T

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S0.382.110.CapitalOneFinancialCorp.0.372.1Total12.4069.6Source:FromB––Comparemortgage,refinance,insurance,C

Drates:/banking/americas-top-10-biggest-banks/#slide=1.BankConsolidationandNationwideBankingThenumberofbankshasdeclineddramaticallyoverthelast30years.BankfailuresandconsolidationDeregulation:Riegle-NealInterstateBankingandBranchingEfficiencyActof1994EconomiesofscaleandscopefrominformationtechnologyResultsmaybenotonlyasmallernumberofbanksbutashiftinassetstomuchlargerbanks.Figure3NumberofCommercialBanksintheUnitedStates,1934–2019Source:FederalReserveBankofSt.Louis,F

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Ddatabase:/series/USNUM.WhatWilltheStructureoftheU.S.BankingIndustryLookLikeintheFuture?AlthoughtheUnitedStatesretainsauniquebankingstructureinpossessingalargenumberofbanks,itsstructureisconvergingwithsystemsinEuropeandJapan.HowfartheconvergencebetweenbankingsystemswillextendisthesubjectofongoingacademicdebateAreBankConsolidationandNationwideBankingGoodThings?(1of2)BenefitsIncreasedcompetition,drivinginefficientbanksoutofbusinessAlso,increasedefficiencyfromeconomiesofscaleandscopeLowerprobabilityofbankfailurefrommorediversifiedportfoliosAreBankConsolidationandNationwideBankingGoodThings?(2of2)CostsEliminationofcommunitybanksmayleadtolesslendingtosmallbusinessBanksexpandingintonewareasmaytakeincreasedrisksandfailSeparationoftheBankingandOtherFinancialServiceIndustries(1of2)ErosionofGlass-SteagallProhibitedcommercialbanksfromunderwritingcorporatesecuritiesorengaginginbrokerageactivitiesSection20loopholewasallowedbytheFederalReserveenablingaffiliatesofapprovedcommercialbankstounderwritesecuritiesaslongastherevenuedidnotexceedaspecifiedamountU.S.SupremeCourtvalidatedtheFed’sactionin1988SeparationoftheBankingandOtherFinancialServiceIndustries(2of2)Gramm-Leach-BlileyFinancialServicesModernizationActof1999AbolishesGlass-SteagallStatesregulateinsuranceactivitiesS

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CkeepsoversightofsecuritiesactivitiesOfficeoftheComptrolleroftheCurrencyregulatesbanksubsidiariesengagedinsecuritiesunderwritingFederalReserveoverseesbankholdingcompaniesStimulatedconsolidationofthebankingindustrySeparationofBankingandOtherFinancialServicesIndustriesThroughouttheWorldNoseparationbetweenbankingandsecuritiesindustriesinGermany,HollandandSwitzerlandUniversalbankinginGreatBritainMayengageinsecurityunderwritingSeparatelegalsubsidiariesarecommonBankequityholdingsofcommercialfirmsarelesscommonFewcombinationsofbankingandinsurancefirmsJapanesestylesystemTheGlobalFinancialCrisisandtheDemiseofLarge,Free-StandingInvestmentBanksAlthoughthemovetowardbringingfinancialserviceactivitiesintolarger,morecomplexbankingorganizationswasinevitableafterthedemiseofGlass-Steagall,nooneexpectedittooccurasrapidlyasitdidin2008.Overasix-monthperiodfromMarchtoSeptember2008,allfiveofthelargest,free-standinginvestmentbanksceasedtoexistintheiroldform.ThriftIndustry:RegulationandStructure(1of3)SavingsandloanassociationsCharteredbythefederalgovernmentorbystatesMostaremembersofFederalHomeLoanBankSystem(F

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S)DepositinsuranceprovidedbySavingsAssociationInsuranceFund(S

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F),partofF

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CRegulatedbytheOfficeofThriftSupervisionThriftIndustry:RegulationandStructure(2of3)MutualsavingsbanksApproximatelyhalfarecharteredbystatesRegulatedbystateinwhichtheyarelocatedDepositinsuranceprovidedbyF

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CorstateinsuranceThriftIndustry:RegulationandStructure(3of3)CreditunionsTax-exemptCharteredbyfederalgovernmentorbystatesRegulatedbytheNationalCreditUnionAdministration(N

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A)DepositinsuranceprovidedbyNationalCreditUnionShareInsuranceFund(N

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F)InternationalBankingRapidgrowthGrowthininternationaltradeandmultinationalcorporationsGlobalinvestmentbankingisveryprofitableAbilitytotapintotheEurodollarmarketEurodollarMarketDollar-denominateddepositsheldinbanksoutsideoftheUnitedStatesIronicbirthinCommunistperiodMostwidelyusedcurrencyininternationaltradeOffshoredepositsnotsubjecttoregulationsImportantsourceoffundsforU.S.banksStructureofU.S.BankingOverseasShelloperationEdgeActcorporationInternationalbankingfacilities(I

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s)NotsubjecttoregulationandtaxesMaynotmakeloanstodomesticresidentsForeignBanksintheUnitedStates(1of2)AgencyofficeoftheforeignbankCanlendandtransferfundintheUnitedStatesCannotacceptdepositsfromdomesticresidentsNotsubjecttoregulationsSubsidiaryU.S.bankSubjecttoU.S.regulationsOwnedbyaforeignbankForeignBanksintheUnitedStates(2of2)BranchofaforeignbankMayopenbranchesonlyinstatedesignatedashomestateorinstatethatallowentryofout-of-statebanksLimitedservicemaybea