tailieunhanh - MUTUAL FUND BANKING: A MARKET APPROACH

Interested in becoming amoney market credit analyst? Your job will be to identify issuers that carry minimal credit risk to the fund, meaning that they have a very high likelihood of repaying the fund when their securities mature. But within this group of very high quality compa- nies, you’ll be making distinctions, evaluating which securities should have a higher yield than others, and how much that yield premium should be. To do this work, you’ll review balance sheets, income statements, business plans, stock prices, and any other indicators of financial wherewithal, with a strong focus on short-term assets and liabilities. You’ll look at the rating agency opinions as well as. | Mutual Fund Banking A Market Approach Tyler Cowen and Randall Kroszner Introduction We examine mutual fund banking as an alternative form of financial intermediation. Individuals would hold checkable deposits at financial intermediaries structured as mutual funds. Although the nominal value of depositor holdings would not be fixed risk could be hedged through the choice of portfolios. The regulations embodied in the Glass-Steagall Act federal deposit insurance and Federal Reserve operations would not be necessary to provide a sound and efficient banking and financial system. Our treatment of mutual fund banking is intended as a likely and viable scenario for the evolution of banking and financial institutions under laissez faire. After a brief discussion of problems with current institutions we outline the operation of a mutual fund banking system and the forces that would encourage its evolution and development. Comparisons and contrasts with a number of related ideas will help clarify the mutual fund banking proposal. The Current Depository Institution Crisis When examining policy alternatives stability and security of the monetary and financial sectors is a consideration of prime concern. Current regulatory policy utilizes deposit insurance and a lender of last resort as a response to the instabilities of a debt-based fractional Cato Journal Vol. 10 No. 1 Spring Summer 1990 . Copyright Cato Institute. All rights reserved. Tyler Cowen is Associate Professor of Economics at George Mason University and Randall Kroszner is Assistant Professor of Economics at the University of Chicago Graduate School of Business. The authors wish to thank Robert Barro Richard Cooper Kevin Dowd David Glasner Stephan Kalb David Meiselman Giovanna Mossetti Joseph Salerno and Stergios Skaperdas for useful comments and discussions. An earlier version of the paper was presented at the Cato Institute s Seventh Annual Monetary Conference which was funded by the George Edward Durell .

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