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Lecture Money and capital markets: Chapter 4 – Peter S. Rose, Milton H.Marquis - TRƯỜNG CÁN BỘ QUẢN LÝ GIÁO DỤC THÀNH PHỐ HỒ CHÍ MINH

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Chapter 4



The Future of the Financial 


System and the Money and 



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4 ­ 3


<i>McGraw­Hill/Irwin</i>


<i>Money and Capital Markets, 9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>


LearningObjectives



ã <sub>Toexploretheeconomic,demographic,social,and</sub>


technologicalforcesreshapingthefinancialsystemtoday.


ã Tolearnaboutrecenttrendsinthefinancialsystemandhow


theymayaffectusinthefuture.


ã Tounderstandhowtheproblemsthefinancialsystemfaces


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ã <sub>Powerfulforcesarereshapingfinancialinstitutionsand</sub>


financialservicestoday.


ã Theseforcesforchangeincludepowerfulnewtrendswithin


thefinancialsectoritself,majorchangesinthestructureand
functioningoftheeconomy,andnewsocialanddemographic


trendsthatarealteringthepublicsneedfornewfinancial


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4ư5


<i>McGrawưHill/Irwin</i>


<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>


FinancialForces



ReshapingtheMoneyandCapitalMarketsToday



ã <i><sub>Financialinnovation</sub></i><sub>ưthedevelopmentofmanynewfinancial</sub>


servicesandinstruments


ã <i>Serviceproliferation</i>ưtheexpansionofthemenuoffinancial
servicesoffered


ã <i>Competition</i>ưtheintensestruggleforthecustomersbusiness


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ReshapingtheMoneyandCapitalMarketsToday



ã <i><sub>Deregulation</sub></i><sub>ưthelighteningoreliminationofgovernment</sub>


rulesbroughtaboutbyastrategyof<i>privatization</i>ofthe
financialsector<i></i>


ã <i><sub>Convergence</sub></i><sub>ưtheblurringofthetraditionaldistinctions</sub>



amongdifferenttypesoffinancialưserviceinstitutions


ã <i><sub>Homogenization</sub></i><sub>ưthegrowingsimilarityintheservicemenus</sub>


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<i>McGrawưHill/Irwin</i>


<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>


FinancialForces



ReshapingtheMoneyandCapitalMarketsToday



ã <i><sub>Globalization</sub></i><sub>ưtheglobalexpansionofoperationsandthe</sub>


fallingofgeographicalbarriers


ã <i>Marketbroadening</i>ưtheexpansionoftraditionallylocal


marketstobecomeregional,national,oreveninternationalin
scope<i></i>


ã <i><sub>Securitization</sub><sub>ư</sub></i><sub>thepoolingofloansandtheissuanceof</sub>


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ReshapingtheFinancialSystem



ã <i><sub>Agingpopulation</sub></i><sub>ưthereisagreaterneedforretirement,tax</sub>


andestateplanning



ã <i>Changingbasicfamilyunit</i>ưtheriseintheproportionof
singleưparenthouseholds,parentsandchildrenlivingapart,
immigrants,andwellưeducatedworkingwomenwillincrease
thedemandfornewformsofhousing,daycarefacilities,


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<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>

Social,Economic,&DemographicForces


ReshapingtheFinancialSystem


ã <i><sub>Displacementofmanufacturingindustriesbyservice</sub></i>
<i>industriesinmoredevelopedeconomies</i>


ã <i>Technologicalinnovation</i>ưthedisseminationandstorageof
informationtodayisbroader,cheaper,faster,andmore


accurate


ã <i><sub>Internationalization of markets</sub></i><sub> ­ such as the emergence of the </sub>


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