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Lecture Principles of money, banking, and financial markets (12th edition): Chapter 16 - Ritter, Silber, Udell

Chapter 16 - Financial system design. In this chapter you will learn to analyze the stockholder-lender and manager-stockholder conflicts; understand the different financial structures that limit these conflicts; compare and contrast the financial system design of Germany, Japan, the United Kingdom, and the United States. | Chapter 16 Financial System Design Copyright © 2009 Pearson Addison-Wesley. All rights reserved. Learning Objectives • Analyze the stockholder-lender and managerstockholder conflicts • Understand the different financial structures that limit these conflicts • Compare and contrast the financial system design of Germany, Japan, the United Kingdom, and the United States Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 16-2 Introduction • As Eastern European countries adopt capitalism, they are faced with task of designing a financial system • Two models in industrialized nations are: – Markets-oriented—United States and United Kingdom – Banking-oriented—Germany and Japan • Chapter examines/contrasts the two models • Ends with observations/recommendations for emerging capitalistic countries Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 16-3 1 Information and System Design • All financial systems have things in common – Payments system—processing of checks and electronic transfers – Specialized Financial Intermediaries — organizations or activities designed to perform specific functions within the financial system – Deposit Insurance—protecting individual depositor – Central Bank—responsible for issuing currency and implementing monetary policy Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 16-4 Information and System Design (Cont.) • However, there are significant differences – Primarily related to how businesses obtain financing – The private ownership of business leads to two fundamental problems that are handled differently by the financial sectors in the various systems • Both are based on the issue of asymmetric information • Stockholder-lender conflict • Management-stockholder conflict Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 16-5 Information and System Design (Cont.) • Stockholder-Lender Conflict – Adverse selection—firm owners (stockholders) have an incentive to understate their .