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Economics of Money, Banking, and Financial Markets, 5e (Mishkin)
Chapter 10 Economic Analysis of Financial Regulation

10.1 Asymmetric Information as a Rationale for Financial Regulation

1) Depositors lack of information about the quality of bank assets can lead to
A) bank panics.
B) bank booms.
C) sequencing.
D) asset transformation.
Answer: A
Ques Status: Previous Edition
AACSB: Analytical Thinking

2) The fact that banks operate on a "sequential service constraint" means that
A) all depositors share equally in the bank's funds during a crisis.
B) depositors arriving last are just as likely to receive their funds as those arriving first.
C) depositors arriving first have the best chance of withdrawing their funds.
D) banks randomly select the depositors who will receive all of their funds.
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking

3) Depositors have a strong incentive to show up first to withdraw their funds during a bank
crisis because banks operate on a
A) last-in, first-out constraint.
B) sequential service constraint.
C) double-coincidence of wants constraint.
D) everyone-shares-equally constraint.
Answer: B
Ques Status: Previous Edition
AACSB: Reflective Thinking

4) Because of asymmetric information, the failure of one bank can lead to runs on other banks.
This is the
A) too-big-to-fail effect.
B) moral hazard problem.
C) adverse selection problem.
D) contagion effect.
Answer: D
Ques Status: Previous Edition
AACSB: Analytical Thinking

1
Copyright © 2019 Pearson Education, Inc.
5) The contagion effect refers to the fact that
A) deposit insurance has eliminated the problem of bank failures.
B) bank runs involve only sound banks.
C) bank runs involve only insolvent banks.
D) the failure of one bank can hasten the failure of other banks.
Answer: D
Ques Status: Previous Edition
AACSB: Reflective Thinking

6) During the boom years of the 1920s, bank failures were quite
A) uncommon, averaging less than 30 per year.
B) uncommon, averaging less than 100 per year.
C) common, averaging about 600 per year.
D) common, averaging about 1,000 per year.
Answer: C
Ques Status: Previous Edition
AACSB: Application of Knowledge

7) To prevent bank runs and the consequent bank failures, the United States established the
________ in 1934 to provide deposit insurance.
A) FDIC
B) SEC
C) Federal Reserve
D) ATM
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

8) The primary difference between the "payoff" and the "purchase and assumption" methods of
handling failed banks is
A) that the FDIC guarantees all deposits when it uses the "payoff" method.
B) that the FDIC guarantees all deposits when it uses the "purchase and assumption" method.
C) that the FDIC is more likely to use the "payoff" method when the bank is large and it fears
that depositor losses may spur business bankruptcies and other bank failures.
D) that the FDIC is more likely to use the purchase and assumption method for small institutions
because it will be easier to find a purchaser for them compared to large institutions.
Answer: B
Ques Status: Previous Edition
AACSB: Reflective Thinking

2
Copyright © 2019 Pearson Education, Inc.
9) Deposit insurance has not worked well in countries with
A) a weak institutional environment.
B) strong supervision and regulation.
C) a tradition of the rule of law.
D) few opportunities for corruption.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

10) When one party to a transaction has incentives to engage in activities detrimental to the other
party, there exists a problem of
A) moral hazard.
B) split incentives.
C) ex ante shirking.
D) pre-contractual opportunism.
Answer: A
Ques Status: Previous Edition
AACSB: Ethical Understanding and Reasoning Abilities

11) Moral hazard is an important concern of insurance arrangements because the existence of
insurance
A) provides increased incentives for risk taking.
B) is a hindrance to efficient risk taking.
C) causes the private cost of the insured activity to increase.
D) creates an adverse selection problem but no moral hazard problem.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

12) When bad drivers line up to purchase collision insurance, automobile insurers are subject to
the
A) moral hazard problem.
B) adverse selection problem.
C) assigned risk problem.
D) ill queue problem.
Answer: B
Ques Status: Previous Edition
AACSB: Reflective Thinking

3
Copyright © 2019 Pearson Education, Inc.
13) Deposit insurance is only one type of government safety net. All of the following are types of
government support for troubled financial institutions EXCEPT
A) forgiving tax debt.
B) lending from the central bank.
C) lending directly from the government's treasury department.
D) nationalizing and guaranteeing that all creditors will be repaid their loans in full.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

14) Although the FDIC was created to prevent bank failures, its existence encourages banks to
A) take too much risk.
B) hold too much capital.
C) open too many branches.
D) buy too much stock.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

15) A system of deposit insurance

A) attracts risk-taking entrepreneurs into the banking industry.
B) encourages bank managers to decrease risk.
C) increases the incentives of depositors to monitor the riskiness of their bank's asset portfolio.
D) increases the likelihood of bank runs.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

16) The government safety net creates ________ problem because risk-loving entrepreneurs
might find banking an attractive industry.
A) an adverse selection
B) a moral hazard
C) a lemons
D) a revenue
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

17) Since depositors, like any lender, only receive fixed payments while the bank keeps any
surplus profits, they face the ________ problem that banks may take on too ________ risk.
A) adverse selection; little
B) adverse selection; much
C) moral hazard; little
D) moral hazard; much
Answer: D
Ques Status: Previous Edition
AACSB: Reflective Thinking
4
Copyright © 2019 Pearson Education, Inc.
18) Acquiring information on a bank's activities in order to determine a bank's risk is difficult for
depositors and is another argument for government
A) regulation.
B) ownership.
C) recall.
D) forbearance.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

19) The existence of deposit insurance can increase the likelihood that depositors will need
deposit protection, as banks with deposit insurance
A) are likely to take on greater risks than they otherwise would.
B) are likely to be too conservative, reducing the probability of turning a profit.
C) are likely to regard deposits as an unattractive source of funds due to depositors' demands for
safety.
D) are placed at a competitive disadvantage in acquiring funds.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

20) In May 1991, the FDIC announced that it would sell the government's final 26% stake in
Continental Illinois, ending government ownership of the bank that it had rescued in 1984. The
FDIC took control of the bank, rather than liquidate it, because it believed that Continental
Illinois
A) was a good investment opportunity for the government.
B) could be the Chicago branch of a new governmentally-owned interstate banking system.
C) was too big to fail.
D) would become the center of the new midwest region central bank system.
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking

21) If the FDIC decides that a bank is too big to fail, it will use the ________ method, effectively
ensuring that ________ depositors will suffer losses.
A) payoff; large
B) payoff; no
C) purchase and assumption; large
D) purchase and assumption; no
Answer: D
Ques Status: Previous Edition
AACSB: Reflective Thinking

5
Copyright © 2019 Pearson Education, Inc.
22) Federal deposit insurance covers deposits up to $250,000, but as part of a doctrine called
"too-big-to-fail" the FDIC sometimes ends up covering all deposits to avoid disrupting the
financial system. When the FDIC does this, it uses the
A) "payoff" method.
B) "purchase and assumption" method.
C) "inequity" method.
D) "Basel" method.
Answer: B
Ques Status: Previous Edition
AACSB: Application of Knowledge

23) The result of the too-big-to-fail policy is that ________ banks will take on ________ risks,
making bank failures more likely.
A) small; fewer
B) small; greater
C) big; fewer
D) big; greater
Answer: D
Ques Status: Previous Edition
AACSB: Reflective Thinking

24) A problem with the too-big-to-fail policy is that it ________ the incentives for ________ by
big banks.
A) increases; moral hazard
B) decreases; moral hazard
C) decreases; adverse selection
D) increases; adverse selection
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

25) The too-big-to-fail policy

A) reduces moral hazard problems.
B) puts large banks at a competitive disadvantage in attracting large deposits.
C) treats large depositors of small banks inequitably when compared to depositors of large
banks.
D) allows small banks to take on more risk than large banks.
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking

6
Copyright © 2019 Pearson Education, Inc.
26) Increased size of financial institutions resulting from financial consolidation increases the
________ problem, because there are now more large institutions whose failure would expose
the financial system to systemic risk.
A) too-big-to-fail
B) asset transformation
C) transactions costs
D) economies of scale
Answer: A
Ques Status: New
AACSB: Reflective Thinking

27) Financial consolidation of banks with other financial services in recent years poses
government safety net problems. The safety net intended for depository institutions may be
A) extended to other activities such as securities underwriting.
B) too small to do any good.
C) filled with large gaps.
D) unnecessarily increased when there is a problem in an area that does not impact depository
institutions.
Answer: A
Ques Status: New
AACSB: Reflective Thinking

28) The government safety net creates both an adverse selection problem and a moral hazard
problem. Explain.
Answer: The adverse selection problem occurs because risk-loving individuals might view the
banking system as a wonderful opportunity to use other peoples' funds knowing that those funds
are protected. The moral hazard problem comes about because depositors will not impose
discipline on the banks since their funds are protected and the banks knowing this will be
tempted to take on more risk than they would otherwise.
Ques Status: Previous Edition
AACSB: Reflective Thinking

7
Copyright © 2019 Pearson Education, Inc.
10.2 Types of Financial Regulation

1) Regulators attempt to reduce the riskiness of banks' asset portfolios by

A) limiting the amount of loans in particular categories or to individual borrowers.
B) encouraging banks to hold risky assets such as common stocks.
C) establishing a minimum interest rate floor that banks can earn on certain assets.
D) requiring collateral for all loans.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

2) A well-capitalized financial institution has ________ to lose if it fails and thus is ________
likely to pursue risky activities.
A) more; more
B) more; less
C) less; more
D) less; less
Answer: B
Ques Status: Previous Edition
AACSB: Reflective Thinking

3) A bank failure is less likely to occur when

A) a bank holds less U.S. government securities.
B) a bank suffers large deposit outflows.
C) a bank holds fewer excess reserves.
D) a bank has more bank capital.
Answer: D
Ques Status: Previous Edition
AACSB: Reflective Thinking

4) The leverage ratio is the ratio of a bank's

A) assets divided by its liabilities.
B) income divided by its assets.
C) capital divided by its total assets.
D) capital divided by its total liabilities.
Answer: C
Ques Status: Previous Edition
AACSB: Application of Knowledge

5) To be considered well capitalized, a bank's leverage ratio must exceed

A) 10%.
B) 8%.
C) 5%.
D) 3%.
Answer: C
Ques Status: Previous Edition
AACSB: Application of Knowledge
8
Copyright © 2019 Pearson Education, Inc.
6) The FDIC must take steps to close down banks whose equity capital is less than ________ of
assets.
A) 4%
B) 3%
C) 2%
D) 1%
Answer: C
Ques Status: Previous Edition
AACSB: Application of Knowledge

7) Off-balance-sheet activities
A) generate fee income with no increase in risk.
B) increase bank risk but do not increase income.
C) generate fee income but increase a bank's risk.
D) generate fee income and reduce risk.
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking

8) The Basel Accord, an international agreement, requires banks to hold capital based on
A) risk-weighted assets.
B) the total value of assets.
C) liabilities.
D) deposits.
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

9) The Basel Accord requires banks to hold as capital an amount that is at least ________ of their
risk-weighted assets.
A) 10%
B) 8%
C) 5%
D) 3%
Answer: B
Ques Status: Previous Edition
AACSB: Application of Knowledge

9
Copyright © 2019 Pearson Education, Inc.
10) Under the Basel Accord, assets and off-balance sheet activities were sorted according to
________ categories with each category assigned a different weight to reflect the amount of
________.
A) 2; adverse selection
B) 2; credit risk
C) 4; adverse selection
D) 4; credit risk
Answer: D
Ques Status: Previous Edition
AACSB: Application of Knowledge

11) The practice of keeping high-risk assets on a bank's books while removing low-risk assets
with the same capital requirement is known as
A) competition in laxity.
B) depositor supervision.
C) regulatory arbitrage.
D) a dual banking system.
Answer: C
Ques Status: Previous Edition
AACSB: Application of Knowledge

12) Banks engage in regulatory arbitrage by

A) keeping high-risk assets on their books while removing low-risk assets with the same capital
requirement.
B) keeping low-risk assets on their books while removing high-risk assets with the same capital
requirement.
C) hiding risky assets from regulators.
D) buying risky assets from arbitragers.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

13) Because banks engage in regulatory arbitrage, the Basel Accord on risk-based capital
requirements may result in
A) reduced risk taking by banks.
B) reduced supervision of banks by regulators.
C) increased fraudulent behavior by banks.
D) increased risk taking by banks.
Answer: D
Ques Status: Previous Edition
AACSB: Reflective Thinking

10
Copyright © 2019 Pearson Education, Inc.
14) One of the criticisms of Basel 2 is that it is procyclical. That means that
A) banks may be required to hold more capital during times when capital is short.
B) banks may become professional at a cyclical response to economic conditions.
C) banks may be required to hold less capital during times when capital is short.
D) banks will not be required to hold capital during an expansion.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

15) Overseeing who operates banks and how they are operated is called
A) prudential supervision.
B) hazard insurance.
C) regulatory interference.
D) loan loss reserves.
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

16) The chartering process is especially designed to deal with the ________ problem, and regular
bank examinations help to reduce the ________ problem.
A) adverse selection; adverse selection
B) adverse selection; moral hazard
C) moral hazard; adverse selection
D) moral hazard; moral hazard
Answer: B
Ques Status: Previous Edition
AACSB: Analytical Thinking

17) The chartering process is similar to ________ potential borrowers and the restriction of risk
assets by regulators is similar to ________ in private financial markets.
A) screening; restrictive covenants
B) screening; branching restrictions
C) identifying; branching restrictions
D) identifying; credit rationing
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

18) Banks will be examined at least once a year and given a CAMELS rating by examiners. The
L stands for
A) liabilities.
B) liquidity.
C) loans.
D) leverage.
Answer: B
Ques Status: Previous Edition
AACSB: Application of Knowledge
11
Copyright © 2019 Pearson Education, Inc.
19) The federal agencies that examine banks include
A) the Federal Reserve System.
B) the Internal Revenue Service.
C) the SEC.
D) the U.S. Treasury.
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

20) Banks are required to file ________ usually quarterly that list information on the bank's
assets and liabilities, income and dividends, and so forth.
A) call reports
B) balance reports
C) regulatory sheets
D) examiner updates
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

21) Regular bank examinations and restrictions on asset holdings help to indirectly reduce the
________ problem because, given fewer opportunities to take on risk, risk-prone entrepreneurs
will be discouraged from entering the banking industry.
A) moral hazard
B) adverse selection
C) ex post shirking
D) post-contractual opportunism
Answer: B
Ques Status: Previous Edition
AACSB: Reflective Thinking

22) The current supervisory practice toward risk management

A) focuses on the quality of a bank's balance sheet.
B) determines whether capital requirements have been met.
C) evaluates the soundness of a bank's risk-management process.
D) focuses on eliminating all risk.
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking

12
Copyright © 2019 Pearson Education, Inc.
23) Regulations designed to provide information to the marketplace so that investors can make
informed decisions are called
A) disclosure requirements.
B) efficient market requirements.
C) asset restrictions.
D) capital requirements.
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

24) The Dodd-Frank legislation of 2010 requires the largest banks in the United States to
conduct annual
A) stress tests.to see if the banks have sufficient capital to operate under dire scenarios.
B) stress tests to see if the banks buildings can withstand severe weather.
C) management evaluations to see if the managers deserve bonuses.
D) liability evaluations to make sure that they have sufficient insurance.
Answer: A
Ques Status: New
AACSB: Application of Knowledge

25) The global financial crisis pointed out the need for consumer education and protection in
financial areas such as mortgage loans. In response, with the passage of the Dodd-Frank
legislation, Congress created
A) the Consumer Financial Protection Bureau.
B) the Internal Revenue Service.
C) the Consumer Oversight Committee.
D) the lender of last resort.
Answer: A
Ques Status: New
AACSB: Reflective Thinking

26) Consumer protection legislation includes legislation to

A) reduce discrimination in credit markets.
B) require banks to make loans to everyone who applies.
C) reduce the amount of interest that bank's can charge on loans.
D) require banks to make periodic reports to the Better Business Bureau.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

13
Copyright © 2019 Pearson Education, Inc.
27) An important factor in producing the global financial crisis was
A) lax consumer protection regulation.
B) onerous rules placed on mortgage originators.
C) weak incentives for mortgage brokers to use complicated mortgage products.
D) strong incentives for the mortgage brokers to verify income information.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

28) Competition between banks

A) encourages greater risk taking.
B) encourages conservative bank management.
C) increases bank profitability.
D) eliminates the need for government regulation.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

29) Regulations that reduced competition between banks included

A) branching restrictions.
B) bank reserve requirements.
C) the dual system of granting bank charters.
D) interest-rate ceilings.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

30) The ________ that required separation of commercial and investment banking was repealed
in 1999.
A) the Federal Reserve Act.
B) the Glass-Steagall Act.
C) the Bank Holding Company Act.
D) the Monetary Control Act.
Answer: B
Ques Status: Previous Edition
AACSB: Application of Knowledge

31) Which of the following is NOT a reason financial regulation and supervision is difficult in
real life?
A) Financial institutions have strong incentives to avoid existing regulations.
B) Unintended consequences may happen if details in the regulations are not precise.
C) Regulated firms lobby politicians to lean on regulators to ease the rules.
D) Financial institutions are not required to follow the rules.
Answer: D
Ques Status: Previous Edition
AACSB: Reflective Thinking

14
Copyright © 2019 Pearson Education, Inc.
32) Who has regulatory responsibility when a bank operates branches in many countries?
A) It is not always clear.
B) the WTO
C) the U.S. Federal Reserve System
D) the first country to submit an application
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

33) The collapse of the Bank of Credit and Commerce International, BCCI, showed the difficulty
of international banking regulation. BCCI operated in more than ________ countries and was
supervised by the small country of ________.
A) 70; Luxembourg
B) 100; Monaco
C) 70; Monaco
D) 100; Luxembourg
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

34) Agreements such as the ________ are attempts to standardize international banking
regulations.
A) Basel Accord
B) UN Bank Accord
C) GATT Accord
D) WTO Accord
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

35) The Basel Committee ruled that regulators in other countries can ________ the operations of
a foreign bank if they believe that it lacks effective oversight.
A) restrict
B) encourage
C) renegotiate
D) enhance
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

15
Copyright © 2019 Pearson Education, Inc.
10.3 Web Appendix 1: The 1980s Banking and Savings and Loan Crisis

1) In the ten year period 1981-1990, the rate of commercial bank failures was approximately
________ times greater than that in the period from 1934 to 1980.
A) two
B) three
C) five
D) ten
Answer: D
Ques Status: Revised
AACSB: Application of Knowledge

2) Moral hazard and adverse selection problems increased in prominence in the 1980s
A) as deregulation required savings and loans and mutual savings banks to be more cautious.
B) following a burst of financial innovation in the 1970s and early 1980s that produced new
financial instruments and markets, thereby widening the scope for risk taking.
C) following a decrease in federal deposit insurance from $100,000 to $40,000.
D) as interest rates were sharply decreased to bring down inflation.
Answer: B
Ques Status: Previous Edition
AACSB: Reflective Thinking

3) During the 1960s, 1970s, and early 1980s, traditional bank profitability declined because of
A) financial innovation that increased competition from new financial institutions.
B) a decrease in interest rates to fight the inflation problem.
C) a decrease in deposit insurance.
D) increased regulation that prohibited banks from making risky real estate loans.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

4) The Depository Institutions Deregulation and Monetary Control Act of 1980

A) separated investment banks and commercial banks.
B) restricted the use of ATS accounts.
C) imposed restrictive usury ceilings on large agricultural loans.
D) increased deposit insurance from $40,000 to $100,000.
Answer: D
Ques Status: Previous Edition
AACSB: Application of Knowledge

16
Copyright © 2019 Pearson Education, Inc.
5) Prior to the 1980s, S&Ls and mutual savings banks were restricted almost entirely to
A) commercial real estate loans.
B) home mortgages.
C) education loans.
D) vacation loans.
Answer: B
Ques Status: Previous Edition
AACSB: Application of Knowledge

6) One of the problems experienced by the savings and loan industry during the 1980s was
A) managers lack of expertise to manage risk in new lines of business.
B) heavy regulations in the new areas open to S&Ls.
C) slow growth in lending.
D) close monitoring by the FSLIC.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

7) In the early stages of the 1980s banking crisis, financial institutions were especially harmed by
A) declining interest rates from late 1979 until 1981.
B) the severe recession in 1981-82.
C) the disinflation from mid 1980 to early 1983.
D) the increase in energy prices in the early 80s.
Answer: B
Ques Status: Previous Edition
AACSB: Reflective Thinking

8) When regulators chose to allow insolvent S&Ls to continue to operate rather than to close
them, they were pursuing a policy of
A) regulatory forbearance.
B) regulatory kindness.
C) ostrich reasoning.
D) ignorance reasoning.
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

9) Savings and loan regulators allowed S&Ls to include in their capital calculations a high value
for intangible capital called
A) goodwill.
B) salvation.
C) kindness.
D) retribution.
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

17
Copyright © 2019 Pearson Education, Inc.
10) Reasons regulators chose to follow regulatory forbearance rather than to close the insolvent
S&Ls include all of the following EXCEPT
A) they had insufficient funds to close all of the insolvent S&Ls.
B) they were friends with the S&L owners.
C) they hoped the problem would go away.
D) they did not have the authority to close the insolvent S&Ls.
Answer: D
Ques Status: Previous Edition
AACSB: Reflective Thinking

11) The policy of ________ exacerbated ________ problems as savings and loans took on
increasingly huge levels of risk on the slim chance of returning to solvency.
A) regulatory forbearance; moral hazard
B) regulatory forbearance; adverse hazard
C) regulatory agnosticism; moral hazard
D) regulatory agnosticism; adverse hazard
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

12) Regulatory forbearance

A) meant delaying the closing of "zombie S&Ls" as their losses mounted during the 1980s.
B) had the advantage of benefiting healthy S&Ls at the expense of "zombie S&Ls," as insolvent
institutions lost deposits to health institutions.
C) had the advantage of permitting many insolvent S&Ls the opportunity to return to
profitability, saving the FSLIC billions of dollars.
D) increased adverse selection dramatically.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

13) The major provisions of the Competitive Equality Banking Act of 1987 include
A) expanding the responsibilities of the FDIC, which is now the sole administrator of the federal
deposit insurance system.
B) the establishment of the Resolution Trust Corporation to manage and resolve insolvent thrifts
placed in conservatorship or receivership.
C) directing the Federal Home Loan Bank Board to continue to pursue regulatory forbearance.
D) prompt corrective action when a bank gets in trouble.
Answer: C
Ques Status: Previous Edition
AACSB: Application of Knowledge

18
Copyright © 2019 Pearson Education, Inc.
14) The S&L Crisis can be analyzed as a principal-agent problem. The agents in this case, the
________, did not have the same incentive to minimize cost to the economy as the principals, the
________.
A) politicians/regulators; taxpayers
B) taxpayers; politician/regulators
C) taxpayers; bank managers
D) bank managers; politicians/regulators
Answer: A
Ques Status: Previous Edition
AACSB: Ethical Understanding and Reasoning Abilities

15) "Bureaucratic gambling" refers to

A) the strategy of thrift managers that they would not be audited by thrift regulators in the 1980s
due to the relatively weak bureaucratic power of thrift regulators.
B) the risk that thrift regulators took in publicizing the plight of the S&L industry in the early
1980s.
C) the strategy adopted by thrift regulators of lowering capital requirements and pursuing
regulatory forbearance in the 1980s in the hope that conditions in the S&L industry would
improve.
D) the risk that regulators took in going to Congress to ask for additional funds.
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking

16) That several hundred S&Ls were not even examined once in the period January 1984
through June 1986 can be explained by
A) Congress's unwillingness to allocate the necessary funds to thrift regulators.
B) regulators' reluctance to find the specific problem thrifts that they knew existed.
C) slower growth in lending meant that less regulation was needed.
D) Congress's unwillingness to listen to campaign contributors.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

17) The bailout of the savings and loan industry was much delayed and, therefore, much more
costly to taxpayers because
A) of regulators' initial attempts to downplay the seriousness of problems within the thrift
industry.
B) politicians listened to the taxpayers rather than the S&L lobbyists.
C) Congress did not wait long enough for many of the problems in the thrift industry to correct
themselves.
D) regulators could not be fired, therefore, they didn't care if they did a good job or not.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking

19
Copyright © 2019 Pearson Education, Inc.
18) An analysis of the political economy of the savings and loan crisis helps one to understand
A) why politicians aided the efforts of thrift regulators, raising regulatory appropriations and
encouraging closing of insolvent thrifts.
B) why thrift regulators were so quick to inform Congress of the problems that existed in the
thrift industry.
C) why thrift regulators willingly acceded to pressures placed upon them by members of
Congress.
D) why politicians listened so closely to the taxpayers they represented.
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking

19) Taxpayers were served poorly by thrift regulators in the 1980s. This poor performance
cannot be explained by
A) regulators' desire to escape blame for poor performance, leading to a perverse strategy of
"bureaucratic gambling."
B) regulators' incentives to accede to pressures imposed by politicians, who sought to keep
regulators from imposing tough regulations on institutions that were major campaign
contributors.
C) Congress's dogged determination to protect taxpayers from the unsound banking practices of
managers at many of the nation's savings and loans.
D) politicians strong incentives to act in their own interests rather than the interests of the
taxpayers.
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking

20) The Federal Home Loan Bank Board and the FSLIC, both of which failed in their regulatory
tasks, were abolished by the
A) Competitive Equality Banking Act of 1987.
B) Financial Institutions Reform, Recovery and Enforcement Act of 1989.
C) Office of Thrift Supervision.
D) Office of the Comptroller of the Currency.
Answer: B
Ques Status: Previous Edition
AACSB: Application of Knowledge

21) The Resolution Trust Corporation was created by the FIRREA in order to
A) manage and resolve insolvent S&Ls.
B) build up trust in government regulation.
C) regulate the S&L industry.
D) purchase large amounts of government debt.
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge

20
Copyright © 2019 Pearson Education, Inc.
Another Random Scribd Document
with Unrelated Content
 THE OLD MAID

Ah, Heaven! How soon my body will be old!

I powder and I perfume and I tire
With the long wasting of my one desire.
I choose fair colors, furs, and antique gold
To draw men's eyes and hands, and yet how cold,
How careless are their eyes. I see the fire
Flame from my neighbor, and I can aspire
To only friendship. I have tried the bold,
The luring attitude, the timid mien,
The boyish, wise, or simple, all in vain.
I know the women laugh at me, but oh,
How can I let my dreamed perfection go?
I am a woman, I must have a man
Only to ratify my nature's plan.
 MADNESS?

They say I'm mad because I stare

And look as tho' they were not there,
Because I only speak when aught
Occurs to me by way of thought.

Instead of serving Fashion's creeds,

I cut my coat to fit my needs.
I laugh at grief and only weep
When noisy life disturbs my sleep.

My dreams are delicate and wild;

Was ever wise man so beguiled?—
Mad, am I mad!—then pray that you
May some day hope for madness too!
 THE SCHOLAR

From what sweet masters have I fathomed doubt,

What love and laughter taught me to be blind;
How patient did they point the letters out
Latin and Greek to my bewildered mind.

Now I am very wise, I know the 'a'

The little 'a' of doubt's first faint distress
Then, letter perfect, I recall the way
Thro' all the alphabet of bitterness.
 WISDOM'S SECRET

Coerced by Furies who persuaded me

That life was imminent with idleness,
Their jibes made mad, their lashes aided me
To grasp the accident of bitterness.

Come storm! I cried, come passion and despair,

For calm inhibits growth!—I called on fire
To sear my comfortable days, and wear
The nights to wastes of torment and desire.

Then pausing breathless, in a little wood

I met with Wisdom laughing in the sun;
She said, "Lie still, for idleness is good,
And grow in peace as I myself have done."
 CAGED

Once I had wings—I had no heart to fly,

They put me in a cage, I did not die.
They tamed me, taught me tricks and bade me sing;
I waited, bore it patiently; one thing
I knew, that some day it might be
The cage would open and I should be free.
I waited endlessly,—at last the day!
Faint with delight I thought to fly away,
Ah, but the mockery of that open door!—
My wings were powerless, I could fly no more.
 THE WIFE SPEAKS

Not all those women you have loved and left,

O my Beloved, can stir my jealousy;
Not the light loves which you forgot for me,
For my heart's fingers made by life most deft
Have mended all the rents their arrows cleft
And from their old enchantments set you free.
But one is my despair, and only she,
The one who loved you, hopeless and bereft.

How can I give as much, who hold your heart

As she, unloved who gave with scorn of gain?
So do the angels; at her name I smart
And feel a sordid bargainer who gives
For fair exchange; I cannot heal the pain,
I am defeated by her while she lives.
 THE ALTAR

Some take comfort from a star,

Thro' the slow grey surge of Time,
Some take joy from ruddy war,
Lust of conflict, heat of crime.

In these days of codes and creeds,

Gods may wander newly born,
Every day for each man's needs
Bringing blessings thro' the morn.

I will take a happy word,

Open heart and hand for play,
And a song which none have heard
For my altar of the day.
 RECENT POETRY
THE COMPLETE WORKS OF WILLIAM WATSON
UNIFORM EDITION. 3 vols. Cloth. 12 mo. $4.00 net per
set. Postage 25 cents. Half Morocco. $12.00 net. Postage
25 cents.
Sold separately as follows

POEMS. 2 vols. $2.50 net. Half Morocco, $7.50 net. Photogravure

Portrait. Postage and packing 20 cents.
The lover of poetry cannot fail to rejoice in this handsome
edition.—Philadelphia Press.
A glow of inspiration that merits better than that of any
living poet the high adjective, Vergilian.—New York
Evening Post.
Work which will live, one may venture to say, as long as
the language.—Philadelphia Public Ledger.

NEW POEMS. $1.50 net. Half Morocco, $5.00 net. Postage and
packing 12 cents.
Contains "On Hearing Samaroff Play," "Vivisection," "Leopold of
Belgium," "To Richard Watson Gilder," "To the Invincible
Republic," "Sonnets to Miranda," and "The Woman With the
Serpent's Tongue."
"To the Invincible Republic" is full of a generous and
admiring appreciation. All of these poems are explicit,
strong, and interesting.—New York Sun.
 Times—William Watson is, above all things, an artist who
is proud of his calling and conscientious in every syllable
that he writes. To appreciate his work you must take it as
a whole, for he is in line with the high priests of poetry,
reared, like Ion, in the shadow of the Delphic presences
and memories, and weighing every word of his utterance
before it is given to the world.
Athenæum—His poetry is a "criticism of life," and, viewed
as such, it is magnificent in its lucidity, its elegance, its
dignity.... We revere and admire Mr. Watson's pursuit of a
splendid ideal; and we are sure that his artistic self-
mastery will be rewarded by a secure place in the ranks of
our poets.... We may express our belief that Mr. Watson
will keep his high and honorable station when many
showier but shallower reputations have withered away,
and must figure in any representative anthology of English
poetry.... "Wordsworth's Grave" is, in our judgment, Mr.
Watson's masterpiece ... its music is graver and deeper, its
language is purer and clearer, than the frigid droning and
fugitive beauties of the "Elegy in a Country Churchyard."

SABLE AND PURPLE. $1.25 net. Postage 10 cents.

Boston Transcript—Still the poet whose inspirational
fantasy gives distinction to modern English Literature.
Spectator—A great artist, "Sable and Purple" is of a high
excellence.

The Works of Laurence Hope

INDIA'S LOVE LYRICS, including "The Garden of Kama."

12mo. $1.50 net. Postage 10 cents. Half morocco, $4.00 net.
STARS OF THE DESERT: Poems.
12mo. $1.50 net. Postage 10 cents. Half morocco, $4.00 net.

LAST POEMS.
Translations from the "Book of Indian Love." 12mo. $1.50 net.
Postage 10 cents. Half morocco, $4.00 net.

COMPLETE WORKS.
Uniform Edition. 3 volumes. In box.
INDIA'S LOVE LYRICS.
STARS OF THE DESERT.
LAST POEMS.
Cloth, $4.50 net. Postage 35 cents. Half morocco, $12.00 net.
Postage 50 cents.

SONGS FROM THE GARDEN OF KAMA.

Illustrated from photographs by Mrs. Eardsley Wilmot. Cloth.
4to. $3.00 net. Postage 15 cents.

INDIA'S LOVE LYRICS

By Laurence Hope
The New York Commercial:
Its colors are elemental, silver and gold and red. It is
heavy with the breath of citron groves, cool with the
tinkling of temple bells, and the air of night, and the cries
of wild peacocks and parrots.... In many ways this volume
of translation is the most important contribution to poetry
that the season has as yet brought forth.
The Baltimore Sun:
There is nothing stale or hackneyed in this book;
newness, freshness, and variety are found on every page.
These poems are true lyrics, for they give us true glimpses
into the hearts of men.
The Chicago Tribune:
A volume of passionate love poems written by a true poet.
The Chicago Inter-Ocean:
They are in several metres, handled always with graceful
ease, and often with intensity. The coloring is vivid and
the music subtle. The book is redolent with the
atmosphere of the Arabian Nights.
The Boston Evening Transcript:
Mr. Hope is a thorough artist to his fingertips, and his
choice of words and images is as keen and exact as his
ability to adapt Indian literature to the more prosaic mood
and tongue of the Anglo-Saxon.
The Athenæum:
Mr. Hope has caught admirably the dominant notes of this
Indian love poetry, its delirious absorption in the instant,
its out-of-door air, its melancholy.

STARS OF THE DESERT

By Laurence Hope
The Washington Mirror:
The author has so completely infused the charm of the
Orient into this volume that one is transported for the time
 and lost in the poetic beauty of his surroundings, finds no
jarring chord nor is disposed to shrink from the frankness
of this translation of oriental verse.
The Chicago Tribune:
It is still a question whether these are direct translations
or whether they are written in the Hindu style by Laurence
Hope. Perhaps she has done for the Hindu poets what
FitzGerald did for Omar.
The Conservator:
He seems to exhale an oriental atmosphere. He sings
musically. I can follow the delicate strain by which Hope
saves himself from stepping beyond the bounds of a vital
reserve.
The New York Star:
The author is imbued with the glowing passion of Eastern
romance.
The New York Globe:
The theme, in almost every instance love, is treated with
feverish abandon.

KING ALFRED'S JEWEL

THIRD EDITION
By KATRINA TRASK. Author of "Night and Morning," "Mors et
Victoria," etc. Cloth, 12mo. $1.25 net. Postage 10 cents. With
Colored Frontispiece reproducing the Jewel now at Oxford.
The English speaking world has waited a thousand years
for a worthy dramatic impersonation of King Alfred. And
here it is.... The play will stand not alone upon the
 grateful response it wins from the English national heart,
but as a work of art.... The author is supremely a poet,
the master of metaphor not less than of melody.... It is a
play not only to be read but to be acted.... This vivid
drama is not cast in the conventional classic mould. It is
distinctly and wholly English in spirit and form, and
intensely modern—but breathing the air of morning, of
springtime, of fresh adventure.—Henry Mills Alden, The
New York Times Saturday Review.
King Alfred's noble and vigorous character is limned with
great skill, while Elfreda, a graceful and innocent maiden,
flits through the play like a woodland fairy.—The Glasgow
Evening News, Scotland.
The living Alfred lives in this gracious play, for the author
has fashioned his great spirit out of the mist of time.—
James Douglas, The Star, London.

ARTHUR SYMONS

POEMS
A Collected Edition of the Poet's work, issued in two volumes,
with a Photogravure Portrait as Frontispiece. 8vo. $3.00
net. Postage 24 cents. Half morocco, $10.00 net.

THE FOOL OF THE WORLD AND OTHER POEMS

12mo. $1.50 net. Postage 15 cents. Half morocco, $5.00 net.
Stands at the head of all British poets of his generation.—
New York Evening Post.
One of the truest poets that modern England owns.—
Bookman.
THE POEMS OF ERNEST DOWSON
Illustrations and a Cover-design by Aubrey Beardsley. An
Introductory Memoir by Arthur Symons, and a Portrait.
12mo. $1.50 net. Half morocco, $4.00. Postage 10 cents.
Belongs to the class that Rossetti does, with a touch of
Herrick, and something which is Dowson, and Dowson
alone.—Dr. Talcott Williams in Book News.

POEMS OF ARTHUR CHRISTOPHER BENSON.

Cloth. 12mo. $1.50 net. Postage 12 cents.
In this volume we have a welcome gathering together of
the principal poems issued by Mr. Arthur Christopher
Benson during the past sixteen years.... In this new form
his poems should make new friends.—London Daily
Telegraph.

CARMINA. By Thomas A. Daly.

Cloth. 12mo. $1.00 net. Postage 10 cents.
A collection of poems by this well-known author of Italian,
Irish and American verse. The volume contains all of the
most popular verses from "Canzoni," in addition to many
new ones of equal appeal.

NEW POEMS. By Richard Le Gallienne.

Cloth. 12mo. $1.50.

THE WIND AMONG THE REEDS. Poems

W. B. Yeats. 12mo. $1.25 net. Half morocco, $4.00. Postage 10
cents.
 The genuine spirit of Irish antiquity and Irish folk lore—the
very spirit of the myth-makers is in him.—Mr. William
Archer.

THE RUBAIYAT OF OMAR KHAYYAM

Cloth, 50 cents net; Leather, 75 cents net. Postage 4 cents.
Rendered into English verse by Edward Fitzgerald. With 9
illustrations.

THE ROSARY AND OTHER POEMS

By Robert Cameron Rogers. 12mo. $1.25 net. Half morocco,
$4.00. Postage 10 cents.
A Landorian touch of divine simplicity.—The Dial.

THE WORKS OF FRANCIS THOMPSON

POEMS. Square 12mo. $1.75 net. Postage 10 cents.

SISTER SONGS: An Offering to Two Sisters. With Frontispiece
by Laurence Housman. Square 12mo. $1.75 net. Postage 10 cents.

NEW POEMS. Cloth. Square 12mo. $1.75 net. Postage 10 cents.

THE HOUND OF HEAVEN. Special Edition. 16mo. 50 cents
net. Postage 5 cents. (Also included in "Poems.")

SELECTED POEMS. Cloth, 16mo. $1.50 net. Postage 10 cents.

SAMUEL TAYLOR COLERIDGE

THE POEMS OF. Edited with an Introduction by Ernest Hartley

Coleridge, and numerous Illustrations by Gerald Metcalfe. 8vo.
 $3.50 net. Postage extra. The only complete, definitive,
illustrated edition of the poems of the author of "Christabel,"
"The Ancient Mariner," etc. Several hitherto unpublished poems
are included in this edition.

A. E. HOUSMAN

A SHROPSHIRE LAD. New Edition. Cloth, 16mo. $1.00 net.

Postage 4 cents. Half morocco, $3.00 net; postage 5 cents.

SAPPHO
Memoir, Text, Selected Renderings, and a Literal Translation by Henry
Thornton Wharton. Illustrated in Photogravure. New Edition.
$2.00 net. Postage 10 cents.

THE POETRY OF STEPHEN PHILLIPS

PAOLO AND FRANCESCA: A Tragedy in Four Acts. By

Stephen Phillips. New Edition with Photogravure Frontispiece
after the painting by G. F. Watts, R. A.
12mo Twelfth Edition $1.25 net
New York Times—Nothing finer has come to us from an
English pen in the way of a poetic and literary play since
the appearance of Taylor's "Philip van Artevelde."
Brooklyn Daily Eagle—It is not too much to say that "Paolo
and Francesca" is the most important example of English
dramatic poetry that has appeared since Browning died.
Philadelphia Press—"Paolo and Francesca" has beauty,
passion, and power.... The poem deserves a wide reading
on account of its intrinsic merit and interest.
HEROD: A Tragedy. By Stephen Phillips.
12mo Twenty-First Thousand $1.25 net
Times—Here, then, is a noble work of dramatic
imagination dealing greatly with great passions;
multicolored and exquisitely musical. Mr. Stephen Phillips
is not only a poet, but that still rarer thing, a dramatic
poet.
Mr. William Archer (in The World)—The elder Dumas
speaking with the voice of Milton.
Athenæum—Not unworthy of the author of "The Duchess
of Malfi."

POEMS. By Stephen Phillips. Including "Marpessa" and "Christ in

Hades."
12mo Thirteenth Edition $1.25 net
Times—Mr. Phillips is a poet, one of the half dozen men of
the younger generation, whose writings contain the
indefinable quality which makes for permanence.
Spectator—In his new volume Mr. Stephen Phillips more
than sustains the promise made by his "Christ in Hades";
here is real poetic achievement—the veritable gold of
song.
Literature—No such remarkable book of verse as this has
appeared for several years.

MARPESSA. By Stephen Phillips. With Illustrations by Philip

Connard.
Cloth, 50 cents net Leather, 75 cents net
 William Dean Howells—Tennyson at his age had not done
better.

NEW POEMS. Including "Iole: A Tragedy in One Act"; "Launcelot

and Guinevere," "Endymion," and many other hitherto
unpublished poems.
12mo. Cloth, $1.25 net. Half mor., $4.00 net. Postage 10 cts.

RECENT POETRY

SELECTED POEMS OF JOHN DAVIDSON

12mo
Leather, $1.50 net Cloth, $1.25 net
The Nation—An uncommonly masculine volume.
Chicago Record-Herald—What every admirer of this virile
poet desires, a brief summary of his important work from
which an adequate conception of his style and versatility
can be obtained.
Athenæum—There is urgent need for a collected edition of
Mr. Davidson's poems and plays. The volume and variety
of his poetry ought to win for it wider acceptance. It is
indeed curious that poetry so splendid as Mr. Davidson's
should fail to get fuller recognition. There are many
aspects of his genius which ought to make his work
popular in the best sense of the word. He has almost
invented the modern ballad.... He handles the metre with
masterly skill, filling it with imaginative life and power.
Times—There are not more than two or three living
writers of English verse out of whose poems so good a
 selection could be made. The poems in the selection are
not only positive—they are visible.
Literary World—We count ourselves among those to whom
Mr. Davidson has made himself indispensable.
Daily Mail—Mr. Davidson is our most individual singer. His
variety is as surprising as his virility of diction and thought.
St. James's Gazette—This volume may serve as an
introduction to a poet of noble and distinctive utterance.
New Age—The book contains much that Mr. Davidson's
warmest admirers would best wish to remember him by.
There is a subtle charm about these poems which eludes
definition, which defies analysis.
T. P.'s Weekly—Mr. Davidson is one of the most individual
of living poets; he has a rare lyrical faculty.
Morning Post—Mr. Davidson is as true a poet as we have
now among us ... he has included nothing that we do not
admire.
Daily Graphic—This delightful volume.
Dundee Advertiser—Its poetry gives out a masterful
note.... Mr. Davidson's poem pictures.

Transcriber's Notes

In The Chicago Tribune review for STARS OF THE DESERT by Laurence Hope, "she" may
be a typo for "he."
(Perhaps she has done for the Hindu poets what FitzGerald did)

In the List of Illustrations: "To be Alone, to Watch the Dusk and Weep" has two links:
page 32 links to the poem and Frontispiece links to the illustration.
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