商业银行管理ROSE7e课后答案Chapter1.docx
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商业银行管理ROSE7e课后答案Chapter1
CHAPTER1
ANOVERVIEWOFBANKSANDTHEFINANCIAL-SERVICESSECTOR
GoalofThisChapter:
Inthischapteryouwilllearnaboutthemanyrolesfinancialserviceprovidersplayintheeconomytoday.Youwillexaminehowandwhythebankingindustryandthefinancialservicesmarketplaceasawholeisrapidlychanging,becomingnewanddifferentaswemoveforwardintothefuture.Youwillalsolearnaboutnewandoldservicesofferedtothepublic.
KeyTopicsinThisChapter
∙PowerfulForcesReshapingtheIndustry
∙WhatisaBank?
∙TheFinancialSystemandCompetingFinancial-ServiceInstitutions
∙OldandNewServicesOfferedtothePublic
∙KeyTrendsAffectingAllFinancial-ServiceFirms
∙Appendix:
CareerOpportunitiesinFinancialServices
ChapterOutline
I.Introduction:
PowerfulForcesReshapingtheIndustry
II.WhatIsaBank?
A.DefinedbytheFunctionsItServesandtheRolesItPlay:
B.BanksandtheirPrincipalCompetitors
C.LegalBasisofaBank
D.DefinedbytheGovernmentAgencyThatInsuresItsDeposits
III.TheFinancialSystemandCompetingFinancial-ServiceInstitutions
A.SavingsAssociations
B.CreditUnions
C.MoneyMarketFunds
D.MutualFunds
E.HedgeFunds
F.SecurityBrokersandDealers
G.InvestmentBankers
H.FinanceCompanies
I.FinancialHoldingCompanies
J.LifeandProperty/CasualtyInsuranceCompanies
IV.TheServicesBanksandManyofTheirClosestCompetitorsOfferthePublic
A.ServicesBanksHaveOfferedThroughoutHistory
1.CarryingOutCurrencyExchanges
2.DiscountingCommercialNotesandMakingBusinessLoans
3.OfferingSavingsDeposits
4.SafekeepingofValuablesandCertificationofValue
5.SupportingGovernmentActivitieswithCredit
6.OfferingCheckingAccounts(DemandDeposits)
7.OfferingTrustServices
B.ServicesBanksandManyofTheirFinancial-ServiceCompetitorsHaveOfferedMoreRecently
1.GrantingConsumerLoans
2.FinancialAdvising
3.ManagingCash
4.OfferingEquipmentLeasing
5.MakingVentureCapitalLoans
6.SellingInsurancePolicies
7.SellingRetirementPlans
C.DealinginSecurities:
OfferingSecurityBrokerageandInvestmentBankingServices
1.OfferingSecurityUnderwriting
2.OfferingMutualFundsandAnnuities
3.OfferingMerchantBankingServices
4.OfferingRiskManagementandHedgingServices
V.KeyTrendsAffectingAllFinancial-ServiceFirms
A.ServiceProliferation
B.RisingCompetition
C.GovernmentDeregulation
D.AnIncreasinglyInterest-SensitiveMixofFunds
E.TechnologicalChangeandAutomation
F.ConsolidationandGeographicExpansion
G.Convergence
H.Globalization
VI.ThePlanofThisBook
VII.Summary
ConceptChecks
1-1.Whatisabank?
Howdoesabankdifferfrommostotherfinancial-serviceproviders?
Abankshouldbedefinedbywhatitdoes;inthiscase,banksaregenerallythosefinancialinstitutionsofferingthewidestrangeoffinancialservices.Otherfinancialserviceprovidersoffersomeofthefinancialservicesofferedbyabank,butnotallofthemwithinoneinstitution.
1-2.UnderU.S.lawwhatmustacorporationdotoqualifyandberegulatedasacommercialbank?
UnderU.S.law,commercialbanksmustoffertwoessentialservicestoqualifyasbanksforpurposesofregulationandtaxation,demand(checkable)depositsandcommercialloans.Morerecently,CongressdefinedabankasanyinstitutionthatcouldqualifyfordepositinsuranceadministeredbytheFDIC.
1-3.Whyaresomebanksreachingouttobecomeone-stopfinancialserviceconglomerates?
Isthisagoodideainyouropinion?
Therearetworeasonsthatbanksareincreasinglybecomingone-stopfinancialserviceconglomerates.Thefirstreasonistheincreasedcompetitionfromothertypesoffinancialinstitutionsandtheerosionofbanks’traditionalserviceareas.ThesecondreasonistheFinancialServicesModernizationActwhichhasallowedbankstoexpandtheirroletobefullserviceproviders.
1-4.Whichbusinessesarebanking’sclosestandtoughestcompetitors?
Whatservicesdotheyofferthatcompetedirectlywithbanks’services?
Amongabank’sclosestcompetitorsaresavingsassociations,creditunions,moneymarketfunds,mutualfunds,hedgefunds,securitybrokersanddealers,investmentbanks,financecompanies,financialholdingcompanies,andlifeandproperty-casualtyinsurancecompanies.Allofthesefinancialserviceprovidersareconvergingandembracingeachother’sinnovations.TheFinancialServicesModernizationActhasallowedmanyofthesefinancialserviceproviderstoofferthepublicone-stopshoppingforfinancialservices.
1-5.Whatishappeningtobanking’sshareofthefinancialmarketplaceandwhy?
Whatkindofbankingandfinancialsystemdoyouforeseeforthefutureifpresenttrendscontinue?
TheFinancialServicesModernizationActof1999allowedmanyofthebanks’closestcompetitorstoofferawidearrayoffinancialservicestherebytakingawaymarketsharefrom“traditional”banks.Banksandtheirclosestcompetitorsareconvergingintoone-stopshoppingforfinancialservicesandthistrendshouldcontinueinthefuture
1-6.Whatdifferentkindsofservicesdobanksofferthepublictoday?
Whatservicesdotheirclosestcompetitorsoffer?
Banksofferthewidestrangeofservicesofanyfinancialinstitution.Theyofferthriftdepositstoencouragesavingandcheckable(demand)depositstoprovideameansofpaymentforpurchasesofgoodsandservices.Theyalsoprovidecreditthroughdirectloans,bydiscountingthenotesthatbusinesscustomershold,andbyissuingcreditguarantees.Additionally,theymakeloanstoconsumersforpurchasesofdurablegoods,suchasautomobiles,andforhomeimprovements,etc.Banksalsomanagethepropertyofcustomersundertrustagreementsandmanagethecashpositionsoftheirbusinesscustomers.Theypurchaseandleaseequipmenttocustomersasanalternativetodirectloans.Manybanksalsoassisttheircustomerswithbuyingandsellingsecuritiesthroughdiscountbrokeragesubsidiaries,theacquisitionandsaleofforeigncurrencies,thesupplyingofventurecapitaltostartnewbusinesses,andthepurchaseofannuitiestosupplyfuturefundingatretirementorforotherlong-termprojectssuchassupportingacollegeeducation.Alloftheseservicesarealsoofferedbytheirclosestcompetitors.Banksandtheirclosestcompetitorsareconvergingandbecomingthefinancialdepartmentstoresofthemodernera.
1-7.Whatisafinancialdepartmentstore?
Auniversalbank?
Whydoyouthinktheseinstitutionshavebecomesoimportantinthemodernfinancialsystem?
Financialdepartmentstoreanduniversalbankrefertothesameconcept.Afinancialdepartmentstoreisaninstitutionwherebanking,fiduciary,insurance,andsecuritybrokerageservicesareunifiedunderoneroof.Abankthatoffersalltheseservicesisnormallyreferredtoasauniversalbank.Thesehavebecomeimportantbecauseofconvergenceandchangesinregulationsthathaveallowedfinancialserviceproviderstoofferallservicesunderoneroof
1-8.Whydobanksandotherfinancialintermediariesexistinmodernsociety,accordingtothetheoryoffinance?
Therearemultipleapproachestoansweringthisquestion.Thetraditionalviewofbanksasfinancialintermediariesseesthemassimultaneouslyfulfillingthefinancial-serviceneedsofsavers(surplus-spendingunits)andborrowers(deficit-spendingunits),providingbothasupplyofcreditandasupplyofliquidassets.Anewerviewseesbanksasdelegatedmonitorswhoassessandevaluateborrowersonbehalfoftheirdepositorsandearnfeesforsupplyingmonitoringservices.Banksalsohavebeenviewedinrecenttheoryassuppliersofliquidityandtransactionsservicesthatreducecostsfortheircustomersand,throughdiversification,reducerisk.Banksarealsocriticalinthepaymentsystemforgoodsandservicesandhaveplayedanincreasinglyimportantroleasaguarantorandariskmanagementroleforcustomers.
1-9.Howhavebankingandthefinancialservicesmarketchangedinrecentyears?
Whatpowerfulforcesareshapingfinancialmarketsandinstitutionstoday?
Whichoftheseforcesdoyouthinkwillcontinueintothefuture?
Bankingisbecomingamorevolatileindustrydue,inpart,toderegulationwhichhasopenedupindividualbankstothefullforceofthefinancialmarketplace.Atthesametimethenumberandvarietyofbankingserviceshasincreasedgreatlyduetothepressureofintensifyingcompetitionfromnonbankfinancial-serviceprovidersandchangingpublicdemandformoreconvenientlyandreliablyprovidedservices.Addingtotheintensityofcompetition,foreignbankshaveenjoyedsuccessintheireffortstoentercountriesoverseasandattractawayprofitabledomesticbusinessandhouseholdaccounts.
1-10.Canyouexplainwhymanyoftheforcesyounamedintheanswertothepreviousquestionhaveledtosignificantproblemsforthemanagementofbanksandotherfinancialfirmsandtheirstockholders?
Thenetresultofrecentchangesinbankingandthefinancialservicesmarkethasbeentoputgreaterpressureupontheirearnings,resultinginmorevolatilereturnstostockholdersandanincreasedbankfailurerates.Someexpertsseebanks'roleandmarketshareshrinkingduetorestrictivegovernmentregulationsandintensifyingcompetition.Institutionshavealsobecomemoreinnovativeintheirserviceofferingsandinfindingnewsourcesoffunding,suchasoff-balance-sheettransactions.Theincreasedriskfacedbyinstitutionstoday,therefore,hasforcedmanagerstomoreaggressivelyutilizeawidearrayoftoolsandtechniquestoimproveandstabilizetheirearningsstreamsandmanagethevariousriskstheyface.
1-11.Whatdoyouthinkthefinancialservicesindustrywilllooklike2
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