3. Which of the following is not a motive for bank capital regulation a) the procyclical nature of bank lending b) the need to protect depositors and creditors of banks c) the macroeconomic implications of bank failures on the credit channel d) the special role banks play in the monetary policy transmission mechanism 4. Seignorage is a) The license required to open a commercial bank b) Another term for the intermediation function ) The difference between the monetary and the commodity value of money d) The costs of running a conmercial bank