货币金融学（第十三版）课件 英文第9章 银行业与金融机构管理

TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionChapter9BankingandtheManagementofFinancialInstitutionsCopyright©2022,2019,2016PearsonEducation,Inc.AllRightsReservedPreviewThischapterexamineshowbanksattempttomaximizetheirprofits.Althoughthediscussionthatfollowsfocusesprimarilyoncommercialbanks,manyofthesameprinciplesapplytootherfinancialintermediariesaswell.LearningObjectives(1of2)9.1Summarizethefeaturesofabankbalancesheet.9.2Applychangestoabank’sassetsandliabilitiesonaT-account.9.3Identifywaysinwhichbankscanmanagetheirassetsandliabilitiestomaximizeprofit.LearningObjectives(2of2)9.4Listthewaysinwhichbanksdealwithcreditrisk.9.5Applygapanddurationanalysisandidentifyinterest-raterisk.9.6Examineoff-balancesheetactivities.TheBankBalanceSheet(1of2)Liabilities:CheckabledepositsNontransactiondepositsBorrowingsBankcapitalTheBankBalanceSheet(2of2)Assets:ReservesCashitemsinprocessofcollectionDepositsatotherbanksSecuritiesLoansOtherassetsTable1BalanceSheetofAllCommercialBanks(ItemsasaPercentageoftheTotal,June2020)

(1of2)Assets(UsesofFunds)*BlankLiabilities(SourcesofFunds)BlankReservesandcashitems15%Checkabledeposits14%SecuritiesBlankNontransactiondepositsBlankU.S.governmentandagency16Savingsdeposits52Stateandlocalgovernmentandothersecurities4Small-denominationtimedeposits2BlankBlankLarge-denominationtimedeposits9BlankBlankBorrowings10BlankBlankBankcapital13Table1BalanceSheetofAllCommercialBanks(ItemsasaPercentageoftheTotal,June2020)(2of2)Assets(UsesofFunds)*BlankLiabilities(SourcesofFunds)BlankLoansBlankBlankBlankCommercialandindustrial14BlankBlankRealestate23BlankBlankConsumer7BlankBlankOther8BlankBlankOtherassets(forexample,physicalcapital)13BlankBlankTotal100Total100*Inorderofdecreasingliquidity.Source:FederalReserveBankofSt.Louis,F

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Ddatabase:/releases/h8/current/and/releases/H6/current.BasicBanking(1of3)CashDeposit:FirstNationalBankBlankBlankBlankFirstNationalBankBlankBlankBlankAssetsBlankLiabilitiesBlankAssetsBlankLiabilitiesBlankVaultcash+$100Checkabledeposits+$100Reserves+$100Checkabledeposits+$100Openingofacheckingaccountleadstoanincreaseinthebank’sreservesequaltotheincreaseincheckabledeposits.BasicBanking(2of3)FirstNationalBankBlankBlankBlankAssetsBlankLiabilitiesBlankCashitemsinprocessofcollection+$100Checkabledeposits+$100CheckDeposit:Whenabankreceivesadditionaldeposits,itgainsanequalamountofreserves;whenitlosesdeposits,itlosesanequalamountofreserves.FirstNationalBankBlankBlankBlankAssetsBlankLiabilitiesBlankReserves+$100Checkabledeposits+$100SecondNationalBankBlankBlankBlankAssetsBlankLiabilitiesBlankReservesnegative$100Checkabledepositsnegative$100BasicBanking(3of3)Makingaprofit:FirstNationalBankBlankBlankBlankAssetsBlankLiabilitiesBlankRequiredreserves+$10Checkabledeposits+$100Excessreserves+$90BlankBlankFirstNationalBankBlankBlankBlankAssetsBlankLiabilitiesBlankRequiredreserves+$10Checkabledeposits+$100Loans+$90BlankBlankAssettransformation:sellingliabilitieswithonesetofcharacteristicsandusingtheproceedstobuyassetswithadifferentsetofcharacteristicsThebankborrowsshortandlendslongGeneralPrinciplesofBankManagementLiquidityManagementAssetManagementLiabilityManagementCapitalAdequacyManagementCreditRiskInterest-rateRiskLiquidityManagementandtheRoleofReserves(1of6)Excessreserves:AssetsBlankLiabilitiesBlankReserves$20MDeposits$100MLoans$80MBankCapital$10MSecurities$10MBlankBlankAssetsBlankLiabilitiesBlankReserves$10MDeposits$90MLoans$80MBankCapital$10MSecurities$10MBlankBlankSupposeabank’srequiredreservesare10%.Ifabankhasampleexcessreserves,adepositoutflowdoesnotnecessitatechangesinotherpartsofitsbalancesheet.LiquidityManagementandtheRoleofReserves(2of6)Shortfall:AssetsBlankLiabilitiesBlankReserves$10MDeposits$100MLoans$90MBankCapital$10MSecurities$10MBlankBlankAssetsBlankLiabilitiesBlankReserves$0Deposits$90MLoans$90MBankCapital$10MSecurities$10MBlankBlankReservesarealegalrequirementandtheshortfallmustbeeliminated.Excessreservesareinsuranceagainstthecostsassociatedwithdepositoutflows.LiquidityManagementandtheRoleofReserves(3of6)Borrowing:AssetsLiabilitiesBlankReserves$9MDeposits$90MLoans$90MBorrowing$9MSecurities$10MBankCapital$10MCostincurredistheinterestratepaidontheborrowedfundsLiquidityManagementandtheRoleofReserves(4of6)Securitiessale:AssetsBlankLiabilitiesBlankReserves$9MDeposits$90MLoans$90MBankCapital$10MSecurities$1MBlankBlankThecostofsellingsecuritiesisthebrokerageandothertransactioncosts.LiquidityManagementandtheRoleofReserves(5of6)FederalReserve:AssetsBlankLiabilitiesBlankReserves$9MDeposits$90MLoans$90MBorrowfromFed$9MSecurities$10MBankcapital$10MBorrowingfromtheFedalsoincursinterestpaymentsbasedonthediscountrate.LiquidityManagementandtheRoleofReserves(6of6)Reduceloans:AssetsBlankLiabilitiesBlankReserves$9MDeposits$90MLoans$81MBankCapital$10MSecurities$10MBlankBlankReductionofloansisthemostcostlywayofacquiringreserves.Callinginloansantagonizescustomers.Otherbanksmayonlyagreetopurchaseloansatasubstantialdiscount.AssetManagement(1of2)Threegoals:Seekthehighestpossiblereturnsonloansandsecurities.Reducerisk.Haveadequateliquidity.AssetManagement(2of2)FourTools:Findborrowerswhowillpayhighinterestratesandhavelowpossibilityofdefaulting.Purchasesecuritieswithhighreturnsandlowrisk.Lowerriskbydiversifying.Balanceneedforliquidityagainstincreasedreturnsfromlessliquidassets.LiabilityManagementRecentphenomenonduetoriseofmoneycenterbanksExpansionofovernightloanmarketsandnewfinancialinstruments(suchasnegotiableC

Ds)Checkabledepositshavedecreasedinimportanceassourceofbankfunds.CapitalAdequacyManagement(1of4)Bankcapitalhelpspreventbankfailure.Theamountofcapitalaffectsreturnfortheowners(equityholders)ofthebank.RegulatoryrequirementCapitalAdequacyManagement(2of4)HowBankCapitalHelpsPreventBankFailure:HighCapitalBankBlankBlankBlankLowCapitalBankBlankBlankBlankAssetsBlankLiabilitiesBlankAssetsBlankLiabilitiesBlankReserves$10millionDeposits$90millionReserves$10millionDeposits$96millionLoans$90millionBankcapital$10millionLoans$90millionBankcapital$4millionHighCapitalBankBlankBlankBlankLowCapitalBankBlankBlankBlankAssetsBlankLiabilitiesBlankAssetsBlankLiabilitiesBlankReserves$10millionDeposits$90millionReserves$10millionDeposits$96millionLoans$85millionBankcapital$5millionLoans$85millionBankcapitalnegative$1millionCapitalAdequacyManagement(3of4)HowtheAmountofBankCapitalAffectsReturnstoEquityHolders:ReturnonAssets:netprofitaftertaxesperdollarofassetsReturnonEquity:netprofitaftertaxesperdollarofequitycapitalRelationshipbetweenR

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EisexpressedbytheEquityMultiplier:theamountofassetsperdollarofequitycapitalCapitalAdequacyManagement(4of4)Trade-offbetweensafetyandreturnstoequityholders:BenefitstheownersofabankbymakingtheirinvestmentsafeCostlytoownersofabankbecausethehigherthebankcapital,thelowerthereturnonequityChoicedependsonthestateoftheeconomyandlevelsofconfidenceApplication:StrategiesforManagingBankCapitalAsthemanageroftheFirstNationalBank,youhavetomakedecisionsabouttheappropriateamountofbankcapitaltoholdinyourbank.Ourdiscussionofthestrategiesformanagingbankcapitalleadstothefollowingconclusion,whichdeservesparticularemphasis:ashortfallofbankcapitalislikelytoleadabanktoreduceitsassetsandthereforeislikelytocauseacontractioninlending.Application:HowaCapitalCrunchCausedaCreditCrunchDuringtheGlobalFinancialCrisisShortfallsofbankcapitalledtoslowercreditgrowth:Hugelossesforbanksfromtheirholdingsofsecuritiesbackedbyresidentialmortgages.LossesreducedbankcapitalBankscouldnotraisemuchcapitalonaweakeconomyandhadtotightentheirlendingstandardsandreducelending.ManagingCreditRisk(1of2)ScreeningandMonitoring:ScreeningSpecializationinlendingMonitoringandenforcementofrestrictivecovenantsManagingCreditRisk(2of2)Long-termcustomerrelationshipsLoancommitmentsCollateralandcompensatingbalancesCreditrationingManagingInterest-RateRisk:GapAnalysisBlankFirstNationalBankBlankBlankAssetsBlankLiabilitiesBlankRate-sensitiveassets$20millionRate-sensitiveliabilities$50millionVariable-rateandshort-termloansBlankVariable-rateC

DsBlankShort-termsecuritiesBlankMoneymarketdepositaccountsBlankFixed-rateassets$80millionFixed-rateliabilities$50millionReservesBlankCheckabledepositsBlankLong-termloansBlankSavingsdepositsBlankLong-termsecuritiesBlankLong-termC

DsBlankBlankBlankEquitycapitalBlankGapandDurationAnalysis(1of2)Basicgapanalysis:Maturitybuckedapproach:MeasuresthegapforseveralmaturitysubintervalsStandardizedgapanalysis:AccountsfordifferentdegreesofratesensitivityGapandDurationAnalysis(2of2)Usestheweightedaveragedurationofafinancialinstitution’sassetsandofitsliabilitiestoseehownetworthrespondstoachangeininterestrates.Off-Balance-SheetActivities(1of3)Loansales(secondaryloanparticipation)Generationoffeeincome.Examples:Servicingmortgage-backedsecuritiesCreatingS

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Vs(structuredinvestmentvehicles),whichcanpotentiallyexposebankstorisk,asithappenedintheglobalfinancialcrisisOff-Balance-SheetActivities(2of3)Tradingactivitiesandriskmanagementtechniques:Financialfutures,optionsfordebtinstruments,interestrateswaps,transactionsintheforeignexchangemarket,andspeculationPrincipal-agentproblemarisesOff-Balance-SheetActivities(3of3)Internalcontrolstoreducetheprincipal-agentproblem:SeparationoftradingactivitiesandbookkeepingLimitsonexposureValue-at-riskStresstesting