米什金货币金融学(商学院版)第9章课件.ppt

Chapter9 BankingandtheManagementofFinancialInstitutions 9 1TheBankBalanceSheet 9 1 1Liabilities 1 CheckabledepositBankaccountsthatallowtheownertowritecheckstothirdparties Includes Demanddeposit NOWaccounts MMDAs similartomoneymarketmutualfundsandnotsubjecttoreserverequirementsOncearethemostimportantsourceofbankfunds butthesharehasshrunkovertime Usuallythelowest costsourceofbankfund 2 NontransactionDepositPrimarysourceofbankfunds Ownerscannotwritechecks buttheinterestratesareusuallyhigher Twotypes Savingsaccounts Timedeposit haveafixedmaturitylength 3 BorrowingsMoreandmoreimportant 4 BankCapitalThedifferencebetweentotalassetsandliabilities 8 Raisedbysellingnewstockorfromretainedearnings Isacushionagainstadropinthevalueofitsassets 9 1 2Assets 1 ReservesReserves Vaultcash Depositsinanaccountatthecentralbank requiredreserves excessreserves Nointerestpayment Banksholdreservesfortworeasons 1 Reserverequirement2 Reservesarethemostliquidandcanbeusedtomeetitsobligationswhenfundsarewithdrawn 中国的历次调整 2 CashitemsinprocessofcollectionSupposeacheckwrittenonanaccountatanotherbankisdepositedinyourbankandthefundsforthischeckhavenotyetbeenreceivedfromtheotherbank 3 DepositsatotherbanksManysmallbanksholddepositsinlargerbanksinexchangeforavarietyofservices Alloftheabovethreearereferredtoascashitems Importanceshrinkingovertime 4 SecuritiesAnimportantincome earningasset 23 Madeupentirelyofdebtinstruments 5 LoanBanksmaketheirprofitsprimarilybyissuingloans 66 Typicallylessliquidandhaveahigherprobabilityofdefaultthanotherassets 5 OtherassetsThephysicalcapitalownedbythebanks 浦发银行2011年资产负债表 9 2BasicBanking AssettransformationSellingliabilitieswithonesetofcharacteristicsandusingtheproceedstobuyassetswithadifferentsetofcharacteristics Borrowsshortandlendslong T accountAnalysis Depositof 100cashintoFirstNationalBankAssetsLiabilitiesVaultCash 100CheckableDeposits 100 Reserves Depositof 100checkintoFirstNationalBankAssetsLiabilitiesCashitemsinprocessCheckableDeposits 100ofcollection 100FirstNationalBankSecondNationalBankAssetsLiabilitiesAssetsLiabilitiesCheckableCheckableReservesDepositsReservesDeposits 100 100 100 100Conclusion Whenbankreceivesdeposits reserves byequalamount whenbanklosesdeposits reserves byequalamount BasicBanking MakingaProfit 9 3GeneralPrinciplesofBankManagement 1 LiquidityManagement2 AssetManagementManagingCreditRiskManagingInterest rateRisk3 LiabilityManagement4 CapitalAdequacyManagement 9 3 1LiquidityManagement Reserverequirement 10 Excessreserves 10millionAssetsLiabilitiesReserves 20millionDeposits 100millionLoans 80millionBankCapital 10millionSecurities 10millionDepositoutflowof 10millionAssetsLiabilitiesReserves 10millionDeposits 90millionLoans 80millionBankCapital 10millionSecurities 10millionWith10 reserverequirement bankstillhasexcessreservesof 1million nochangesneededinbalancesheet LiquidityManagement NoexcessreservesAssetsLiabilitiesReserves 10millionDeposits 100millionLoans 90millionBankCapital 10millionSecurities 10millionDepositoutflowof 10millionAssetsLiabilitiesReserves 0millionDeposits 90millionLoans 90millionBankCapital 10millionSecurities 10million LiquidityManagement 1 BorrowfromotherbanksorcorporationsAssetsLiabilitiesReserves 9millionDeposits 90millionLoans 90millionBorrowings 9millionSecurities 10millionBankCapital 10million2 SellSecuritiesAssetsLiabilitiesReserves 9millionDeposits 90millionLoans 90millionBankCapital 10millionSecurities 1million LiquidityManagement 3 BorrowfromFedAssetsLiabilitiesSecurities 10millionBankCapital 10millionReserves 9millionDeposits 90millionLoans 90millionDiscountLoans 9million4 CallinorselloffloansAssetsLiabilitiesReserves 9millionDeposits 90millionLoans 81millionBankCapital 10millionSecurities 10millionConclusion excessreservesareinsuranceagainstabove4costsfromdepositoutflows BankRunofNorthernRock NorthernRockwasbestknownforbecomingthefirstbankin150yearstosufferabankrunafterhavinghadtoapproachtheBankofEnglandforaloanfacility toreplacemoneymarketfunding duringthecreditcrisisin2007 Havingfailedtofindacommercialbuyerforthebusiness itwastakenintopublicownershipin2008 andwasthenboughtbyVirginMoneyin2012 9 3 2AssetManagement ThreeGoals1 Seekthehighestpossiblereturnsonloansandsecurities2 Reducerisk3 Haveadequateliquidity AssetManagement FourTools 1 Findborrowerswhowillpayhighinterestratesandhavelowpossibilityofdefaulting2 Purchasesecuritieswithhighreturnsandlowrisk3 Lowerriskbydiversifying4 Balanceneedforliquidityagainstincreasedreturnsfromlessliquidassets 9 3 3LiabilityManagement 1 Importantsince1960s2 Banksnolongerprimarilydependondeposits3 Whenseeloanopportunities borroworissueCDstoacquirefunds 9 3 4CapitalAdequacyManagement 1 Bankcapitalisacushionthathelpspreventbankfailure 2 Higherisbankcapital lowerisreturnonequityROA NetProfits AssetsROE NetProfits EquityCapitalEM Assets EquityCapitalROE ROA EMCapital EM ROE 3 Tradeoffbetweensafety highcapital andROE 4 Banksalsoholdcapitaltomeetcapitalrequirements5 ManagingCapital A IssueorbuybackstocksB ChangedividendstochangeretainedearningsC Changeassetgrowth CapitalAdequacyManagement PreventingBankFailure 9 4ManagingCreditRisk SolvingAsymmetricInformationProblems9 4 1 ScreeningandMonitoringScreeningSpecializeinLendingMonitoringandEnforcementofRestrictiveCovenants9 4 2EstablishLong TermCustomerRelationships 9 4 3LoanCommitmentAbank scommitmenttoprovideafirmwithloansuptoagivenamountataninterestratethatistiedtosomemarketinterestrate 9 4 4CollateralandCompensatingBalancesCompensatingBalances Afirmreceivingaloanmustkeeparequiredminimumamountoffundsinacheckingaccountatthebank Helpincreasethelikelihoodthataloanwillbepaidoff 9 4 5CreditRationingRefusingtomakeloanseventhoughborrowersarewillingtopaythestatedinterestrateorevenahigherrate Twoforms1 Refusetomakealoaneveniftheborroweriswillingtopayahigherinterestrate 2 Makealoanbutrestrictsthesizetolessthantheborrowerwouldlike 9 5ManagingInterestRateRisk Ifabankhasmorerate sensitiveliabilitiesthanassets ariseininterestratewillreducebankprofitsandadeclineininterestrateswillraisebankprofits ManagingInterest RateRisk GapAnalysisGAP rate sensitiveassets rate sensitiveliabilities 20 50 30millionWheni 5 1 Incomeonassets 1million 5 20m 2 Costsofliabilities 2 5million 5 50m 3 Profits 1m 2 5m 1 5m 5 20m 50m 5 GAP Profits i GAP DurationAnalysis value point i DUR Example i 5 durationofbankassets 3years durationofliabilities 2years assets 5 3 15 liabilities 5 2 10 Iftotalassets 100millionandtotalliabilities 90million thenassets 15million liabilities 9million andbank snetworth by 6millionStrategiestoManageInterest rateRisk1 Rearrangebalance sheet2 Interest rateswap3 Hedgewithfinancialfutures 9