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1、Chapter Twenty,U.S. Financial Intermediaries,Learning objectives,After studying this chapter you should be able to: 1. Define financial intermediary 2. Tell the function of financial intermediaries 3. Know the way of classifying American financial intermediaries,Notes,I. New Words 1. substantially a
2、dv. 大大地greatly 2. classification n. 分类to divide according to class 3. to rescue vt. 援救to save from troubles, harm or danger 4. to pursue vt. 从事to carry out 5. to blur vt. 变得模糊起来to make sth. difficult to see clearly 6. legislation n. 立法；所制定的法律，e.g. banking银行立法,Notes,7. mutuals n. 互助团体，合作团体cooperative
3、s 8. livelihood n. 生活，e.g. to gain or make or earn a 谋生 9. theft n. 受偷窃/被盗窃 10. catastrophic a. 灾难的disastrous 11. contractual a. 契约性的 12. bread winner 养家活口的人；负担生计的人,Notes,II. Useful and Idiomatic Expressions 1. to take advantage of. 趁机利用to capitalize on. 2. for the sake of. 为起见 3. mortgage on the se
4、curity of the property 以房产作抵押所获抵押贷款 4. at initial offering 在证券初次公开发行时 5. to make contribution to. 对作出贡献,Notes,6. in exchange for. 为换取 7. to lose ones house to fire 房子被火烧毁 8. to write check against. 凭开支票，依据开出支票 9. to pay claims on the company 支付向公司提出的索赔款项 10. interest on. 所生利息,Notes,III. Key Terms 1.
5、 investment trust （英）投资信托公司（also known as investment company=a company that invests the funds provided by shareholders in a wide variety of securities. It makes its profits from the income and capital gains provided by these securities.） 2. thrifts=thrift institutions（美）节俭机构（其中包括“互助储蓄银行”mutual savin
6、gs banks，“储蓄与放款协会”savings and loan associations，和“信用协会”credit unions） 3. depository institution 存款机构 4. corporate structure 公司结构 5. checkable deposits （美）可开支票或汇票的存款deposits accounts that may be drawn against by writing checks or drafts 6. consumer loan 消费贷款,Notes,7. contractual savings institutions
7、约定储蓄机构 8. commercial paper 商业票据（美）存款单any notes, drafts, checks, or deposit certificates used in business 9. banking legislation 银行立法banking law 10. brokerage commission 经纪人佣金brokerage: the fee charged by a broker for buying or selling shares, insurance, etc. 11. fidelity family 忠诚家庭 12. open-end fun
8、d 开放式基金（与closed-end fund相对，a closed-end fund is a fund that sells a fixed number of shares of stock and does not continue to accept investments）,Notes,13. over-the-counter market 场外交易市场 又称 OTC market, a secondary market in which dealers at different locations who have an inventory of securities stan
9、d ready to buy and sell securities to anyone who comes to them and is willing to accept their prices 14. premium n. （保险学中的）保险费the consideration（对价）payable for a contract of insurance or life insurance 15. claim n. 索赔,Main Text,Definition of Financial Intermediary Financial intermediaries refer to th
10、ose institutions that borrow funds from people who have saved and then make loans to those who have productive opportunities and want to make investments and buy goods and services. In the U.S., banks, insurance companies, mutual funds and finance companies are regarded as financial intermediaries.
11、In the U.K., a bank, building society, finance house, insurance company, investment trust, etc., that holds funds borrowed from lenders in order to make loans to borrowers, are examples of financial intermediaries.,Main Text,Function of U.S. Financial Intermediaries Financial intermediaries act as g
12、o-betweens. They move funds from lenders to borrowers. Due to the help of financial intermediaries borrower-spenders obtain such funds. In addition, financial intermediaries can substantially reduce transaction costs because their large size allow them to take advantage of economies of scale, both i
13、n reducing transaction costs and information costs in financial markets of various kinds.,Main Text,Classification of U.S. Financial Intermediaries 1. Depository Institutions (for the sake of simplicity they are often referred to as banks) 2. Contractual Savings Institutions 3. Investment Intermedia
14、ries,1. What is your definition of financial intermediary? 2. What are the main functions performed by financial intermediaries? 3. How do you classify financial intermediaries? 4. Whats the difference between open-end fund and closed-end fund?,Questions for Chapter 20,This is the end of Chapter 20,Thank you for your attention,