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A Study on the Relationship between the Development of Financial Intermediaries and Financial Stability

Author: CaiRuoSi
Tutor: ZhuMengZuo
School: Xiamen University
Course: Finance
Keywords: Financial stability Financial intermediaries Financial regulation
CLC: F830
Type: Master's thesis
Year: 2005
Downloads: 377
Quote: 0
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Abstract


In this paper, based on the theory of financial stability, to explore the development of financial intermediation, the impact on financial stability. With the globalization of markets, liberalization and integration wave constantly promote the importance of financial stability have become increasingly prominent, it is the core foundation for effective operation of the market economy, as a practical resource configuration provides the basis of rational decision-making, as well as savings and investment to create a good atmosphere. There are many factors affecting financial stability, monetary stability, asset prices and the stability of the financial institutions. Many scholars believe that financial stability can be seen as the stability of the financial institutions, mainly banks' stability, or understanding without affecting market confidence in the financial system and most of the major financial institutions operating sound; financial instability often financial intermediaries the vulnerability or abnormal fluctuations in asset prices for the performance, in the extreme case, the collapse of the financial sector of economic activity and even political structures have a serious negative impact, which is the main basis of the status of monitoring financial stability. Based on the above point of view, explores the growing disintermediation of financial investment, financial intermediaries important impact on financial stability. Development of financial stability of financial intermediation has many positive significance, including to make up for the defects of the financial market transaction costs and information asymmetries, liquidity insurance, as well as to provide investors with financial intermediaries, investment comparative advantage in risk management and participation costs who participate more effectively in the market investment. In addition, competition between financial intermediaries and financial markets and interactive development to promote the financial system as a whole is more perfect. At the same time, we need to face the financial disintermediation negative impact on the development of the financial system as a whole. Financial intermediation of instability, and the principal-agent problem between investors and financial intermediaries, and the resulting transfer risk makes financial intermediaries, investment decisions are not always the goal of maximizing the interests of investors; financial investment the disintermediation improve social monitoring costs. This paper summarizes a part of the traditional and the modern theory of financial intermediation and financial stability are closely related, a comprehensive exposition of both positive and negative impact of the development of financial intermediaries financial stability, in the case of increasing disintermediation of the financial investment, maintain financial stability The six measures. We believe that a country's financial development depends on financial intermediation to promote the role of financial intermediaries do depends on the effective operation of the financial regulatory. The thesis is divided into six parts, the main content of the various parts are as follows: 1, Introduction. Introduces the research background, literature and research methods and frameworks. Financial stability theory summarized. This section focuses on the concept of financial stability and characteristics, as well as financial stability theory. 3, the theory of financial intermediation, interpretation and investigation of the development of financial intermediaries. In this chapter we explore finance

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory
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