货币金融学米什金一类教资

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1、Copyright 2010 Pearson Addison-Wesley. All rights reserved.Chapter 1Why Study Money, Banking, and Financial Markets?为什么研究货币、银行为什么研究货币、银行和金融市场和金融市场Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-2Why Study Money, Banking, and Financial Markets 研究货币、银行和金融市场的原因研究货币、银行和金融市场的原因 To examine ho

2、w financial markets such as bond, stock and foreign exchange markets work 考察诸如债券、股票以及外汇市场的考察诸如债券、股票以及外汇市场的运行机制运行机制 To examine how financial institutions such as banks and insurance companies work 考察诸如银行和保险公司等金融机构的运行机制考察诸如银行和保险公司等金融机构的运行机制 To examine the role of money in the economy 考察在整体经济运行过程中货币所发挥

3、的作考察在整体经济运行过程中货币所发挥的作用用Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-3Financial Markets金融市场金融市场 Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds （金融）市场是资金从拥有闲置（金融）市场是资金从拥有闲置资金的人那里转移到资金短缺者手中的场所资金的人那里转移到资金短缺者

4、手中的场所Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-4The Bond Market and Interest Rates 债券市场和利率债券市场和利率 A security (financial instrument) is a claim on the issuers future income or assets 证券（金融工具）是对于发行者的未来收益或者证券（金融工具）是对于发行者的未来收益或者资产的一种求偿权资产的一种求偿权 A bond is a debt security that promises

5、to make payments periodically for a specified period of time 债券是承诺在约定期限债券是承诺在约定期限内定期偿付的债务证券内定期偿付的债务证券 An interest rate is the cost of borrowing or the price paid for the rental of funds 利率是借款的成本或者是用于偿付资利率是借款的成本或者是用于偿付资金租费的价格金租费的价格Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-5FIGURE 1

6、 Interest Rates on Selected Bonds, 19502008图图1 19501 195020082008年部分债券利率年部分债券利率Sources: Federal Reserve Bulletin; www.federalreserve.gov/releases/H15/data.htm.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-6The Stock Market股票市场股票市场 Common stock represents a share of ownership in a corp

7、oration 普通股股票代表了普通股股票代表了其持有人对于公司具有一定份额的所有权其持有人对于公司具有一定份额的所有权 A share of stock is a claim on the earnings and assets of the corporation一股股票代表了对于公司的资产和收益所具有的求偿权一股股票代表了对于公司的资产和收益所具有的求偿权 Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-7FIGURE 2 Stock Prices as Measured by the Dow Jones Indu

8、strial Average, 19502008 图图2 19502 195020082008年以道琼斯工业平均指年以道琼斯工业平均指数显示的股票价格情况数显示的股票价格情况Source: Dow Jones Indexes: http:/ 2010 Pearson Addison-Wesley. All rights reserved.1-8Financial Institutions and Banking 金融机构和银行金融机构和银行 Financial Intermediaries: institutions that borrow funds from people who have

9、 saved and make loans to other people 金融中介机构：金融中介机构：是指那些向储蓄者借入资金并且向其他需要资金的人提供贷是指那些向储蓄者借入资金并且向其他需要资金的人提供贷款的机构款的机构 Banks: accept deposits and make loans 银行银行: 吸收吸收存款并且发放贷款存款并且发放贷款 Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks 其他金

10、融机构：其他金融机构：保险公司、金融（财务）公司、养老基金、共同基金以及投资保险公司、金融（财务）公司、养老基金、共同基金以及投资银行等银行等 Financial Innovation: in particular, the advent of the information age and e-finance 金融创新：特别是在信息时代和电子金融兴起的条件下涌现金融创新：特别是在信息时代和电子金融兴起的条件下涌现出来出来Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-9Financial Crises金融危机金融危机

11、Financial crises are major disruptions in financial markets that are characterized by sharp declines in asset prices and the failures of many financial and nonfinancial firms. 金融危机是指以资产价格的急剧下跌以及大量金融机构和非金融危机是指以资产价格的急剧下跌以及大量金融机构和非金融类企业的破产倒闭为特征的金融市场出现的严重崩溃现金融类企业的破产倒闭为特征的金融市场出现的严重崩溃现象象Copyright 2010 Pea

12、rson Addison-Wesley. All rights reserved.1-10Money and Business Cycles货币与经济周期货币与经济周期 Evidence suggests that money plays an important role in generating business cycles 实证研究结果表明货币在经济周期的产生过程中发实证研究结果表明货币在经济周期的产生过程中发挥了重要的作用挥了重要的作用 Recessions (unemployment) and expansions affect all of us 经济衰退（失业）和经济衰退（失

13、业）和经济扩张对于每一个人都会产生影响经济扩张对于每一个人都会产生影响 Monetary Theory ties changes in the money supply to changes in aggregate economic activity and the price level 货币理论考察的是货币供应的数量变化与总体经济活动和物货币理论考察的是货币供应的数量变化与总体经济活动和物价水平的变化之间的关系价水平的变化之间的关系Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-11FIGURE 3 Money G

14、rowth (M2 Annual Rate) and the Business Cycle in the United States, 19502008 图图3 19503 195020082008年年美国的货币供应量增长（美国的货币供应量增长（M2M2年增长率）与经济周期情况年增长率）与经济周期情况Note: Shaded areas represent recessions. 注：阴影部分为经济衰退注：阴影部分为经济衰退Source: Federal Reserve Bulletin, p. A4, Table 1.10; www.federalreserve.gov/releases/h

15、6/hist/h6hist1.txt.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-12Money and Inflation货币与通货膨胀货币与通货膨胀 The aggregate price level is the average price of goods and services in an economy 物价总水平是指经济中商品和服务的平均价格物价总水平是指经济中商品和服务的平均价格 A continual rise in the price level (inflation) affects all

16、economic players 物价总水平的持续上升（通货膨胀）将会对于所有经济主体物价总水平的持续上升（通货膨胀）将会对于所有经济主体产生影响产生影响 Data shows a connection between the money supply and the price level 有关数据有关数据表明货币供应量和物价总水平之间存在着联系表明货币供应量和物价总水平之间存在着联系Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-13FIGURE 4 Aggregate Price Level and the Mon

17、ey Supply in the United States, 19502008 图图4 19504 195020082008年美国的物价总水平年美国的物价总水平和货币供应量和货币供应量Sources: www.stls.frb.org/fred/data/gdp/gdpdef; www.federalreserve.gov/releases/h6/hist/h6hist10.txt.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-14FIGURE 5 Average Inflation Rate Versus Aver

18、age Rate of Money Growth for Selected Countries, 19972007 图图5 19975 199720072007年部分国年部分国家平均通货膨胀率与货币供应量平均增长比率家平均通货膨胀率与货币供应量平均增长比率Source: International Financial Statistics.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-15Money and Interest Rates货币与利率货币与利率 Interest rates are the price of

19、 money 利率是货币利率是货币的价格的价格 Prior to 1980, the rate of money growth and the interest rate on long-term Treasury bonds were closely tied 20世纪世纪80年代以前，货币供应量的增长和美国长期国债利年代以前，货币供应量的增长和美国长期国债利率之间存在着密切的联系率之间存在着密切的联系 Since then, the relationship is less clear but the rate of money growth is still an important d

20、eterminant of interest rates 20世纪世纪80年代以后，两者之间的关系变得比较模糊，然而年代以后，两者之间的关系变得比较模糊，然而货币供应量的增长依然是利率的重要影响因素之一货币供应量的增长依然是利率的重要影响因素之一Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-16FIGURE 6 Money Growth (M2 Annual Rate) and Interest Rates (Long-Term U.S. Treasury Bonds), 19502008 图图6 19506 1950

21、20082008年货年货币供应量增长（币供应量增长（M2M2年增长率）和利率（美国政府长期国债）情况年增长率）和利率（美国政府长期国债）情况Sources: Federal Reserve Bulletin, p. A4, Table 1.10; www.federalreserve.gov/releases/h6/hist/h6hist1.txt.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-17Monetary and Fiscal Policy货币政策与财政政策货币政策与财政政策 Monetary policy

22、is the management of the money supply and interest rates 货币政策是指对于货货币政策是指对于货币和利率的管理币和利率的管理 Conducted in the U.S. by the Federal Reserve System (Fed) 在美国，货币政策是由联邦储备体系在美国，货币政策是由联邦储备体系(Fed)来执来执行的行的 Fiscal policy deals with government spending and taxation 财政政策是对于政府支出和税收问题的管理财政政策是对于政府支出和税收问题的管理 Budget de

23、ficit is the excess of expenditures over revenues for a particular year 预算赤字是指在特定的一预算赤字是指在特定的一年中政府的支出超过税收收入的差额年中政府的支出超过税收收入的差额 Budget surplus is the excess of revenues over expenditures for a particular year 预算盈余是指在特定预算盈余是指在特定的一年中政府税收收入超过支出的差额的一年中政府税收收入超过支出的差额 Any deficit must be financed by borrowi

24、ng 预算赤字预算赤字必须通过借款来弥补必须通过借款来弥补Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-18FIGURE 7 Government Budget Surplus or Deficit as a Percentage of Gross Domestic Product, 19502008 图图7 19502008年政府预算年政府预算盈余或预算赤字占国内生产总值的百分比盈余或预算赤字占国内生产总值的百分比Source: www.gpoaccess.gov/usbudget/fy06/sheets/hist0

25、1z2.xls.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-19The Foreign Exchange Market 外汇市场外汇市场 The foreign exchange market is where funds are converted from one currency into another 外汇市场是指进行货币兑换活动的场所外汇市场是指进行货币兑换活动的场所 The foreign exchange rate is the price of one currency in terms of an

26、other currency 外汇汇率是指一个国家货币对于另一个国家货外汇汇率是指一个国家货币对于另一个国家货币的价格币的价格 The foreign exchange market determines the foreign exchange rate 外汇市场决定了外汇汇率外汇市场决定了外汇汇率Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-20FIGURE 8 Exchange Rate of the U.S. Dollar, 19702008 图图8 19708 197020082008年美元汇率年美元汇率变动

27、情况变动情况 Source: Federal Reserve: www.federalreserve.gov/releases/H10/summary/indexbc_m.txt/.Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-21International Finance国际金融国际金融 Financial markets have become increasingly integrated throughout the world.在全世界范围内，金融市场的一体化趋势不断增强在全世界范围内，金融市场的一体化趋势不

28、断增强 The international financial system has tremendous impact on domestic economies:国际金融体系对于各国的国内经济活动具有极为重要的影响国际金融体系对于各国的国内经济活动具有极为重要的影响 How a countrys choice of exchange rate policy affect its monetary policy? 一个国家汇率政策的选择是如一个国家汇率政策的选择是如何影响到这个国家的货币政策的？何影响到这个国家的货币政策的？ How capital controls impact domes

29、tic financial systems and therefore the performance of the economy? 资本管制措施对于国内金融体系和整体经济绩效会产资本管制措施对于国内金融体系和整体经济绩效会产生什么样的影响生什么样的影响 ? Which should be the role of international financial institutions like the IMF? 诸如国际货币基金诸如国际货币基金组织（组织（IMF）之类的国际金融机构应该发挥什么样的作用）之类的国际金融机构应该发挥什么样的作用 ?Copyright 2010 Pearson

30、Addison-Wesley. All rights reserved.1-22How We Will Study Money, Banking, and Financial Markets我们在研究货币、银行和金融市场过程中使用的方法我们在研究货币、银行和金融市场过程中使用的方法 A simplified approach to the demand for assets 资产需求分析的简化方法资产需求分析的简化方法 The concept of equilibrium 均衡的概念均衡的概念 Basic supply and demand to explain behavior in fin

31、ancial markets 用于解释金融市场用于解释金融市场行为的基本供求分析方法行为的基本供求分析方法 The search for profits 对利润的追求对利润的追求 An approach to financial structure based on transaction costs and asymmetric information 基于交易成本和信息不对称理论的金融结构基于交易成本和信息不对称理论的金融结构分析方法分析方法 Aggregate supply and demand analysis 总供给总供给总需求分析方法总需求分析方法Copyright 2010 Pe

32、arson Addison-Wesley. All rights reserved.1-23FIGURE 9 Federal Reserve Board Website 图图9 9 联邦储备委员会网站联邦储备委员会网站 Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-24FIGURE 10 Excel Spreadsheet with Interest-Rate Data图图10 10 利率数据的利率数据的ExcelExcel表格表格Copyright 2010 Pearson Addison-Wesley. All rights reserved.1-25FIGURE 11 Excel Graph of Interest-Rate Data 图图11 11 利率数据的利率数据的ExcelExcel图示图示