Financial System

1. Federal Reserve

1.1. Lender of Last Resort

2. Liquidity

3. Information

3.1. Bank

3.1.1. Adverse Selection

3.1.2. Mortal Hazard

4. FDIC (Federal Deposit Insurance Corporation)

5. Risk Sharing

6. SEC (Securities and Exchange Commission)

7. Financial Asset

7.1. Money

7.1.1. Money Market

7.1.1.1. Assets

7.2. Security

7.2.1. Financial Market

7.2.1.1. Direct Finance

7.2.1.1.1. Debt Market

7.2.1.1.2. Equity Market

7.2.1.2. Capital Market

7.2.1.2.1. Bond

7.2.1.2.2. Securitized Loan

7.2.1.2.3. Stock

7.2.1.3. Primary Market

7.2.1.3.1. IPO (Initial Public Offering)

7.2.1.4. Secondary Market

7.3. Foreing Exchange

7.4. Bubble

8. Financial Institutions

8.1. Financial Intermediaries

8.1.1. Indirect Finance

8.1.1.1. Bank

8.1.1.1.1. Alt-ABrorrower

8.1.1.1.2. Subprime Borrower

8.1.1.2. Insurance Company

8.1.1.3. Credit Union

8.1.1.4. Mutual Fund

8.1.1.4.1. Portfolio

8.1.1.5. Hedge Fund