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山东大学货币经济学（英）授课教案
课程代码
课程名称
授课教师姓名
0023100710-4
Monetary Economics
Kong Danfeng (孔丹凤)
金融数学 2011 级 39 人
授课对象
留学生 2 人（荷兰、意大利）
本单元或章节的教学目的与要求
Chapter 8 An Economic Analysis of Financial Structure
授课日期
授课方式
职称
授课时数
授课地点
月 日（ ）
授课+讨论
Professor
18 周 周 3
中心理综楼 208
The development of a new literature in economics on asymmetric information and financial structure in recent years
now enables financial institutions to be taught with basic economic principles rather than placing emphasis on a set of
facts that students may find boring and so will forget after the final exam. This chapter provides an outline of this
literature to the student and provides him or her with an economic understanding of why our financial system is
structured the way it is.
The chapter begins with a discussion of eight basic facts about financial structure. Students find some of these facts
to be quite surprising which piques their interest and stimulates them to want to understand the economics behind our
financial structure. The next two sections then explain these facts by providing an understanding of how transactions
costs and asymmetric information affect financial structure. My experience with teaching this material is that it is very
intuitive and so is easy for students to learn. Furthermore, students find the material inherently exciting because it
explains phenomena that they know are important in the real world. I have also found that it helps students to learn facts
about the financial system because they now have a framework to make sense out of all these facts.
After developing this analysis, the chapter contains a section on “Conflicts of Interest,” which discusses what
conflicts of interest are and why we should care about them. It is important to emphasize to students that conflicts of
interest occur when people who are supposed to act in the interests of the investing public by providing them with reliable
information, instead have incentives (conflicting interests) to deceive the public to benefit themselves and their corporate
clients.
授课主要内容及学时分配
Chapter 8 An Economic Analysis of Financial Structure
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
Basic Puzzles About Financial Structure Throughout the World
Transactions Costs
How Transactions Costs Influence Financial Structure
How Financial Intermediaries Reduce Transaction Costs

Asymmetric Information: Adverse Selection and Moral Hazard

The Lemons Problem: How Adverse Selection Influences Financial Structure
Lemons in the Stock and Bond Markets
Tools to Help Solve Adverse Selection Problems

How Moral Hazard Affects the Choice Between Debt and Equity Contracts
Moral Hazard in Equity Contracts: The Principal-Agent Problem
Tools to Help Solve the Principal-Agent Problem

How Moral Hazard Influences Financial Structure in Debt Markets
Tools to Help Solve Moral Hazard in Debt Contracts Summary

Conflicts of Interest
Why Do We Care About Conflicts of Interest?
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Why Do Conflicts of Interest Arise?
What Has Been Done to Remedy Conflicts of Interest?
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Financial Crises and Aggregate Economic Activity
Factors Causing Financial Crises

Summary
重点、难点及对学生的要求（掌握、熟悉、了解、自学）
 Why Study Money and Monetary Policy?
Money and Business Cycles
Money and Inflation
Money and Interest Rates
Conduct of Monetary Policy
Fiscal Policy and Monetary Policy
主要外语词汇
Chapter 8 An Economic Analysis of Financial Structure
agency theory
collateral
unsecured debt
venture capital firm
economies of scope
free-rider problem
principal-agent problem restrictive covenants
incentive-compatible
conflicts o f interest
initial public offering (IPO)
secured debt
spinning
state-owned banks
costly state verification
net worth (equity capital)
辅助教学情况（多媒体课件、板书、绘图、标本、示教等）
多媒体课件、板书
课程网站资源 http://www.course.sdu.edu.cn/G2S/Template/View.aspx?action=view&courseType=0&courseId=325
复习思考题
Chapter 8 An Economic Analysis of Financial Structure
1. How can economies of scale help explain the existence of financial intermediaries?
2. Describe two ways in which financia1 intermediaries help lower transaction costs in the economy.
3. Would moral hazard and adverse selection still arise in financia1 markets if information were not asymmetric?
Explain.
4. How do standard accounting principles help financial markets work more efficiently?
5. Do you think the lemons problem would be more severe for stocks traded on the New York Stock Exchange or those
traded over-the-counter? Explain .
6. Which firms are most likely to use bank financing rather than to issue bonds or stacks to finance their activities? Why?
7. How can the existence or asymmetric information provide a rationale for government regulation of financial markets?
8. Would you be more willing to lend to a friend if she put all of her life savings into her business than you would if she
had not done so? Why?
9. Wealthy people often worry that others will seek to marry them only for their money. Is this a problem of adverse
selection?
10. The more collateral there is backing a loan, the less the lender has to worry about adverse selection. Is this statement
true, false, or uncertain? Explain your answer.
l l . How does the free-rider problem aggravate adverse selection and moral hazard problems in financial markets?
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12. Explain how the separation of ownership and control in American corporations might 1ead to poor management.
13. Why can the provision or several types or financial services by one firm lead to a lower cost of information
production?
14. How does the provision of several types of financial services by one firm lead to conflicts of interest?
15. How can conflicts of interest make financia1 service firms less efficient?
16. Describe two conflicts of interest that occur when underwriting and research are provided by a single investment
system?
17. How does spinning lead to a less efficient financial system?
18. Describe two conflicts of interest that occur in accounting firms.
19. Which provisions of Sarbanes-Oxley do you think are beneficial, and which are not?
20. Which provisions of the Global Legal Settlement do you think are beneficial, and which are not?
参考教材（资料）
1、Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 8th Edition,
Pearson Education, 2007.
2、米什金，《货币金融学（中文版）》（第九版）（郑艳文、荆国勇译），中国人民大学出版社，2011 年。
3、姜旭朝、胡金焱、孔丹凤，《货币经济学》（第二版），经济科学出版社，2008 年。
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