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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Professor Shiller mentions three theoretical purposes of banks. What are these?
(More than one answer may apply.)
(a) By having knowledge of the local communities, the banks can make use of their reputation to address an adverse selection problem.
(b) Through constant monitoring, banks solve a moral hazard problem that firms take excessive risk with borrowed capital.
(c) Banks provide liquidity, which is a positive economic good.
(d) Banks honor the notes of goldsmiths, ensuring the public’s access to gold.
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