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___________________is the problem created by asymmetric information after the transaction occurs. Moral hazard in financial markets is the risk(hazard) that the borrower might engage in activities that are undesirable(immoral) from the lender’s point of view because they make it less likely that loan will be paid back.

A. Transaction cost
B. Risk sharing
C. None of them
D. Moral hazard

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By issuing its own financial claims the commercial bank in essence transforms a longer-term asset into a short-term one by giving the borrower a loan for the desired investment horizon. This function of financial institutions is called ________________________.

A. diversification
B. maturity intermediation
C. information processing cost
D. None of them

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This economic function of financial institution-transforming more risky assets into less risky ones-is called _____________________.

A. diversification
B. maturity intermediation
C. information processing cost
D. None of them

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What are the economic functions of financial institution discussed in this chapter?

A. providing maturity intermediation
B. risk reduction via diversification
C. reducing the costs of contracting and information processing
D. Providing a payment mechanism

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diversification 的中文为：

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A. Transaction cost B. Risk sharing C. None of them D. Moral hazard

By issuing its own financial claims the commercial bank in essence transforms a longer-term asset into a short-term one by giving the borrower a loan for the desired investment horizon. This function of financial institutions is called ________________________.

This economic function of financial institution-transforming more risky assets into less risky ones-is called _____________________.

What are the economic functions of financial institution discussed in this chapter?

diversification 的中文为：

A. Transaction cost
B. Risk sharing
C. None of them
D. Moral hazard