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AnIntroductiontoFinancialIntermediariesandRisk
2CommonCharacteristicsFinancialintermediaries(FIs)linkupnetborrowersandnetlendersintheprocess,theyprovidethepublicwithawiderangeoffinancialservicesWhydoFIsperformtheseservices?toearnprofitthequantity,quality,andtypeoffinancialservicesofferedwillchangeastheperceivedprofitabilityoftheseserviceschanges3CommonCharacteristicsBanks“hire”fundsfromdepositorstheinterestabankpaysondepositsisacostofdoingbusinessBanksthenlendthefundstohouseholds,firms,andgovernmentstheinterestearnedonloansrepresentsrevenuetothebank4CommonCharacteristicsThedifferencebetweentheinterestearnedandtheinterestpaidistheprimarydeterminantofthebank’sprofitabilityiffundscanbehiredmorecheaplybyprovidinganewtypeofdeposit,bankswillofferthatdepositifaparticulartypeoflendingturnsouttobelessprofitablethanexpected,bankswillhaveanincentivetolendlessinthisarea5CommonCharacteristics–FIsasFirms6CommonCharacteristicsIngeneral,FIsprovideservicestothepublicforthesepurposestoreducetherisksandcostsassociatedwithborrowing,lending,andotherfinancialtransactionstofulfillthedemandforvariousfinancialassetsandservices,includingprotectionagainstthefinanciallossesassociatedwithvariousexigencies7ReductionofRiskandCostsFIsusetheirexpertisetoappraisetheriskofdefaultcanassessriskbetterthanindividualsSincethefundsofmanynetlendersarespreadtothousandsofnetborrowers,riskisalsoreducedthroughdiversification8ProvisionofaVarietyofFinancialServicesFIsprovidenetborrowerswithborrowingopportunitiesthattheymaynothaveotherwiseInaddition,theyprovideamenuoffinancialclaimsanddepositoryservicestailoredtomeettheneedsofnetlendersrelativelysafeandliquidclaimscontingentclaimsthatofferprotectionfromsomecatastrophicevent9RegulationFIsareregulatedbyvariouslevelsandagenciesofgovernmenttopromoteasmooth-running,efficientfinancialsystemtoprotectthepublicfromfraudandotherabusivepracticestopromotecompetitioninthemarketforfinancialservicestopreservethepublic’sconfidenceinthesystem10RegulationInthefinancialsystem,regulationstakeonmanyformsentryintotheindustryistightlycontrolledagovernmentcharterisneededtoengageinbankingrestrictionsonthetypesofassetsandliabilities11EffectsofRegulationTheytendedtoreinforceandencouragespecializationbyFIsinparticularservicesTherearemanydifferenttypesofassetsandliabilitiesfoundonFIs’balancesheetsOvertime,FIssawthebenefitsofdiversificationtheydiscoveredthatprovidingthepublicwithawiderrangeoffinancialservicescouldbeprofitable12TypesofRiskFacedbyFIscredit(default)riskinterestrateriskliquidityriskexchangeraterisk13Credit(Default)RiskCredit(default)riskistheriskthattheborrowerwillbeunwillingorunabletoliveuptothetermsoftheliabilityFIsemployexpertsinriskassessmenttoevaluatedefaultriskusesinformationfrombalancesheets,incomestatements,andcreditchecks14InterestRateRiskInterestrateriskistheriskthattheinterestratewillunexpectedlychangesothatthecostsofanFIsliabilitiesexceeditsearningsonassetsanFI’sprofitabilitydependsonthespreadbetweentheinterestrateearnedonassetsandthatpaidonliabilitiesFIshaverespondedtothisriskbyusingadjustablerateloansandfinancialfutures,options,andswaps15LiquidityRiskLiquidityriskistheriskthatoccurswhenanFIisrequiredtomakeapaymentwhenitsassetsarelong-termandcannotbequicklyconvertedtoliquidfundswithoutacapitallossdepositorsunexpectedlywithdrawfundsaninsurancecompanyincurshighlossesduetoanunexpectedcatastrophicevent16ExchangeRateRiskExchangerateriskistheriskthatchangesintheexchangeratewillcausethedollarvalueofaforeigncurrencyorforeignfinancialassetstofall17TheBalanceSheetsofFIsAbalancesheetisanaccountingstatementthatpresentsthemonetaryvalueoftheassets,liabilities,andnetworthataspecificpointintimeforanFI,assetsincludeloansandsecuritiesforanFI,liabilitiesincludedepositsandborrowedfundsAssetsmustbeequaltothesumofliabilitiesandnetworth18Deposit-TypeFIsDepositoryinstitutionshavealargeportionofliabilitiesasdepositsDepositoryinstitutionsincludecommercialbanksthriftssavingsandloanassociations(S&Ls)savingsbankscreditunions19CommercialBanksCommercialbanksaretypicallydefinedasinstitutionsthatissuedepositliabilitiesthatarecheckableandextendloanstocommercialbusinessesTheydomanyotherthingsaswellissuetimeandsavingsdepositsoffermanyothertypesofloans20CommercialBanksDepositsfallintothreecategoriestransactionsdepositscanbeexchangedforcurrencyandareusedbywritingacheckorusinganelectronictransfersavingsdepositscannotbewithdrawnbywritingacheckbutarehighlyliquidtimedepositshaveascheduledmaturityandiffundsarewithdrawnearlythereisapenalty21CommercialBanksDepositsarethemainsourceoffundsforabankbankshavedevelopedothernondepositsourcesoffundsfedfundsrepurchaseagreementsEurodollarborrowings22CommercialBanksAbankmustdecidehowbesttouseitsfundstomaximizeprofitandminimizeriskthebankwilltrytodiversifyitsportfoliobyholdingamixofloansthebankwillalsoholdreserveassetsincreasesliquidityrequiredbytheFed23SavingsAssociationsSavingsassociationsincludeS&LsandsavingsbanksdevelopedtohelpfinancetheconstructionandpurchaseofhomesThemajorsourceoffundsforsavingsassociationsaretime,savings,andcheckabledepositsThemajoruseoffundsforsavingsassociationsismortgageloans24SavingsAssociationsDuringthe1980s,theS&Lindustryexperiencedmultiplestrains(theS&L“crisis”)morethan500institutionsbecameinsolventandwereseizedbyregulatorsatthetaxpayers’expense($124billion)theFinancialInstitutionsReform,Recovery,andEnforcementAct(FIRREA)of1989createdanewfederalregulatorystructuretoresolvethiscrisis25CreditUnionsCreditunionsarecooperative,nonprofit,tax-exemptassociationsoperatedsolelyforthebenefitofmembersmembersmustsharea“commonbond”Themajorsourceoffundsforcreditunionsaremembers’savingsaccountsThemajoruseoffundsforcreditunionsareconsumerloansandmortgageloans26Contractual-TypeFIsContractual-typeFIshaveliabilitiesthataredefinedbycontractgenerallycallforregularpaymentstotheFIsinexchangeforfuturepaymentsunderspecifiedconditions(contingentclaims)Contractual-typeFIsincludelifeinsurancecompaniespensionfundspropertyandcasualtycompanies27LifeInsuranceCompaniesLifeinsurancecompaniesofferprotectionagainstthefinancialcosts,losses,andreductionsinincomeassociatedwithdeath,disability,oldage,andvariousotherhealthproblemspremiumsarepaidtothecompanythecompanylendsthesefundsnotoverlyconcernedaboutliquiditythecompanyusestheincomefromtheseloanstopaybenefitstopolicyholders28PensionFundsPensionfundsaretax-exemptinstitutionssetuptoprovideparticipantswithretirementincomesomearerunbyprivatecompanies,whileothersareassociatedwithgovernmentalunitslittleneedforliquiditysolong-termsecuritiesarepurchased29PropertyandCasualtyCompaniesPropertyandcasualtycompaniesprovidefinancialprotectionagainstunexpectedoccurrencesonpropertyautomobilesandhomesThesefirmsaretaxedatthefullcorporaterateThestreamofpaymentsmadetoindividualsismuchlesspredictablethanforlifeinsurancecompanies30Investment-TypeFIsThemajortypesofFIsintheinvestmentcategoryaremutualfundsacquireandpoolfundsfromthepublicinvestthefundsincapitalmarketinstrumentsreturntheincomereceived(minusamanagementfee)toinvestorsmoneymarketmutualfundsareanexampleoffundsthatarelimitedtoaparticulartypeoffinancialclaim31FinanceCompany-TypeFIsFinancecompanieslendfundstohouseholdstofinancethepurchaseofconsumerdurablesandtobusinessestofinanceinventoriesandtheacquisitionofequipmentinthepast,theseFIsloanedfundstoborrowersconsideredriskytoday,theseFIslendtoalltypesofborrowers32PullingThingsTogetherContractual-typeFIsarethelargestgroupintermsoftotalassetsEachgroupcanbedistinguishedfromothergroupsbythefinancialservicestheyspecializeinandthecompositionoftheirbalancesheets33PullingThingsTogetherThecompositionofeachFI’sbalancesheetwilldependontherangeoffinancialservicesofferedanyspecializationinservicesofferedthetaxstatusoftheinstitutionthenatureoftheinstitution’sliabilitieslegalconstraintsorregulationsgoverningthetypesofassetsandliabilitiesthatcanbeacquired34TrendTowardFinancialSupermarketsBanksareincreasinglytryingtoenterthemarketstraditionallyprovidedbyotherFIsOtherFIsaretryingtoenterthemarketstraditionallyservedbybanksTheGramm-Leach-BlileyAct(GLBA)removedbarriersbetweenbankingandotherfinancialservicescreatedholdingcompaniestolinkcommercialbankswithsecurities,andinsurancefirms35SummaryofMajorPointsIngeneral,FIsareprofit-seekingfirmsthatlinkupnetborrowersandnetlendersandintheprocessprovidethepublicwithawiderangeoffinancialservicesThequantity,quality,andtypeoffinancialservicesofferedbyFIswillvarywiththeperceivedprofitabilityofengaginginvariousactivities36SummaryofMajorPointsFIsprovideservicestothepublictoreducetherisksandcostsassociatedwithborrowingandlendingandotherfinancialtransactionsalsoaffordthepublicprotectionagainstthefinancialcostsassociatedwithvariouscontingenciesalsofulfillthedemandforvariousfinancialclaims37SummaryofMajorPointsMostFIsareheavilyregulatedhistorically,regulationtendedtoencouragespecializationandlimitedcompetitionmorerecently,FIshavecometoappreciatethebenefitsofdiversifyingandprovidingawiderrangeofservicesthishasledtoattemptstoinnovatearoundexistingregulationsandcompetitionhasincreasedrecentchangeshaveallowedFIstoaffiliateundercommonownership38SummaryofMajorPointsAllFIsareexposedtoriskscredit(default)risktheriskthataborrowerwillnotliveuptothetermoftheliabilityinterestraterisktheriskthatunexpectedchangesintheinterestratewillcausethevalueoffixed-ratefinancialassetstofallliquidityrisktheriskthattheFIwillnothavethenecessaryfundsavailableexchangeraterisktheriskthatunexpectedchangesintheexchangeratewillcauselossesinthevalueofforeignfinancialassets39SummaryofMajorPointsThedifferenceamongFIsmanifestthemselvesinthefinancialservicestheyspecializeinandtheirbalancesheetsthecompositionofabalancesheetdependsonthe
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