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1、FinancialInstitutionsMelbourneBusinessSchoolClassNotes!Overview!of!Financial!Institutions!Neither!a!borrower!nor!a!lender!be,!!For!loan!oft!loses!both!itself!and!friend,!And!borrowing!dulls!the!edge!of!husbandry;!This!above!all,!to!thine!own!self!be!true!!And!it!must!follow!as
2、!the!night!the!day!!Thou!canst!not!then!be!false!to!any!man!…!Polonius!to!his!son!Laertes!from!The$Tragedy$of$Hamlet,$Prince$of$Denmark!By!William!Shakespeare!!Introduction!This!course!is!about!financial!intermediaries:!commercial!banks,!investment!banks,!investment!managers,!
3、insurance!firms,!payments!providers!(like!Visa),!and!others!(the!terms!financial!institutions!and!financial!intermediaries!are!used!interchangeably!in!this!course).!!An!example!will!illustrate!what!financial!intermediation!is,!and!how!it!relates!to!financial!markets.!!Don’t!wo
4、rry!if!you!are!unfamiliar!with!some!of!the!terms!used!here,!this!class!is!an!overview,!we!will!get!into!all!the!specific!definitions!in!the!relevant!classes.!!!!Market$versus$intermediation$example$Think!of!a!firm,!the!Acme!Corporation,!that!has!a!valuable!investment!opportuni
5、ty,!but!is!not!generating!enough!cash!to!selfRfinance!that!project.!!So,!Acme!needs!to!borrow!from!firms!or!households!that!have!surplus!funds!and!can!therefore!supply!capital.!!To!meet!its!demand!for!capital!from!the!supply!of!capital!the!firm!can!do!one!of!two!things.!?Go!di
6、rectly!to!the!suppliers!of!capital!through!the!financial$markets.!!!The!firm!could!issue!corporate!bonds!or!commercial!paper!(or!equity)!directly!to!firms!and!households!that!have!surplus!funds!that!need!to!be!invested!for!a!period.!!For!instance,!a!household!that!is!saving!fo
7、r!childrens’!education!might!buy!Acme's!!corporate!bonds.!!Or,!a!corporation!that!wants!the!flexibility!of!having!a!lot!of!working!capital!might!buy!Acme’s!90!day!commercial!paper.!!!A!firm!like!Acme!would!usually!get!some!help!(from!an!investment!bank)!to!find!the!investors!w
8、ho!will!buy!the!bonds!or!commercial!paper,!but!essentially,!b
