金融市场学（双语）教案.doc

课程名称： 金融市场学（双语） 开课系（部）： 金融系 制定人： 审核人： 制定时间： 广东金融学院教务处 制一、课程简介课程类别：专业必修课（双语）授课对象：本科层次金融学专业学时与学分：54学时，3学分使用教材：Mishkin, Eakins “Financial Markets and Institutions”中国人民大学出版社 2007年参考教材：Stephen G.Cecchetti，货币、银行与金融市场，北京大学出版社，2006年张亦春、郑振龙，金融市场学第二版， 高等教育出版社2005.1二、教学目的与教学要求：金融市场学的教学目的是要求学生掌握金融市场的基本理论和基本知识，掌握金融市场的各种运行机制，主要金融变量之间的相互联系，并能运用所学理论、知识和方法分析解决金融市场的相关问题，达到金融学专业培养目标的要求，为日后进一步学习、理论研究和实际工作奠定扎实的基础。本课程坚持理论联系实际为特色，结合本专业学生的特点，采用英文原版教材，突出双语教学，将学科有关知识向纵深化、专业化、国际化方向发展，对于培养金融学专业人才有重要意义。本课程的先导课程为西方经济学、金融学等专业基础课程，并要求学生的英语听、说、读、写能力达到大学英语四级水平。第 一 次课 3学时本次课教学重点：1、 了解金融市场学这门课程的重要性2、 明确学习金融市场学的目的本次课教学难点金融市场的种类本次课教学内容：Chapter 1: Why Study Financial Markets and Institutions1. Why Study Financial Markets?Financial markets, such as bond and stock markets, are crucial in our economy.(1)These markets channel funds from savers to investors, thereby promoting economic efficiency.(2)Market activity affects personal wealth, the behavior of business firms, and economy as a whole2.Why Study Financial Institutions?We will also spend considerable time discussing financial institutionsthe corporations, organizations, and networks that operate the so-called “marketplaces.” These institutions play a crucial role in improving the efficiency of the economy. We will look at:(1)Central Banks and the Conduct of Monetary PolicyThe role of the Fed and foreign counterparts(2)Structure of the Financial SystemHelps get funds from savers to investors(3)Banks and Other Financial InstitutionsIncludes the role of insurance companies, mutual funds, pension funds, etc.(4)Financial InnovationFocusing on the improvements in technology and its impact on how financial products are delivered(5)Managing Risk in Financial InstitutionsFocusing on risk management in the financial institution.3.Applied Managerial PerspectiveFinancial institutions are among the largest employers in the U.S. and often pay high salaries.Knowing how financial institutions are managed may help you better deal with them.4.How Will We Study Financial Markets and Institutions(1)Basic Analytic FrameworkSimplified models are constructed, explained, and then manipulated to illustrate various phenomena.(2)“Practicing Manager” cases are used to tie theoretical and empirical aspects.教学组织(含课堂教学方法、 辅助手段、师生互动、时间分配、板书设计、重点如何突出，难点如何解决等)：1、以课堂讲解为主，适当穿插对学生的提问。2、时间安排上90%用于理论讲解，10%用于提问。3、以PPT文件为主，数理模型等重点部分充分板书。作业布置：Why it is important that financial market offer individuals the ability to buy and sell financial instruments quickly and cheaply?本次课推荐和参考文献1、彼得.S.罗斯：货币市场与资本市场，北京，机械工业出版社，19982、王兆星、吴国祥等：金融市场学，北京，中国金融出版社，19993、夏德仁等：货币银行学，北京，中国金融出版社，1997本次课实践教学设计：结合学生熟悉的金融机构，举例说明金融机构所发挥的作用，让学生有一个更直观的定位。课后自我总结分析：应该充分阐述本课程与其他学科的关系，让学生准确找到本门课程在学科体系中的地位很作用。应该多从身边的金融现象出发，让学生学会发现身边的金融。第二次课 3学时本次课教学重点：1.了解金融市场的主体类型、及其参与金融市场活动的特征2.考察金融市场的基本结构，了解金融市场的组成部分3.熟悉金融市场各部分的运行特征和主要参与者4.熟悉金融市场的基本功能本次课教学难点熟悉金融市场的基本功能本次课教学内容：Chapter 2 : Overview of the Financial System 1、Structure of Financial Markets（1） Debt and Equity Markets For Debt Marketsa) Short-Term (maturity 10 year)c) Intermediate term (maturity in-between)d) Represented $41 trillion at the end of 2007.For Equity Market a) Pay dividends, in theory foreverb) Represents an ownership claim in the firmc) Total value of all U.S. equity was $18 trillion at the end of 2005.（2）Primary and Secondary MarketsFor Primary Marketa) New security issues sold to initial buyersb) Typically involves an investment bank who underwrites the offeringFor Secondary Marketa) Securities previously issued are bought and soldb) Examples include the NYSE and Nasdaqc) Involves both brokers and dealers (do you know the difference?（3）Exchanges and Over-the-Counter MarketsFor ExchangesTrades conducted in central locations (e.g., New York Stock Exchange, CBT) For Over-the-Counter Marketsa) Dealers at different locations buy and sellb) Best example is the market for Treasury securities（4）Money and Capital Markets2、Internationalization of Financial Markets（1）International Bond MarketForeign bonds:Denominated in a foreign currency;Targeted at a foreign market（2）Eurobonds and EurocurrenciesEurobondsa) Denominated in one currency, but sold in a different marketb) now larger than U.S. corporate bond market)c) Over 80% of new bonds are Eurobonds.Eurocurrency Marketa) Foreign currency deposited outside of home countryb) Eurodollars are U.S. dollars deposited, say, London.c) Gives U.S. borrows an alternative source for dollars.（2） World Stock MarketsU.S. stock markets are no longer always the largestat one point, Japans was larger3、Function of Financial Intermediaries（1） Transactions Costs（2）Asymmetric Information: Adverse Selection and Moral HazardAdverse Selectiona) Before transaction occursb) Potential borrowers most likely to produce adverse outcome are ones most likely to seek a loanc) Similar problems occur with insurance where unhealthy people want their known medical problems coveredMoral Hazarda) After transaction occursb) Hazard that borrower has incentives to engage in undesirable (immoral) activities making it more likely that wont pay loan backc) Again, with insurance, people may engage in risky activities only after being insuredd) Another view is a conflict of interest4、Financial Institutions（1）Depository Institutions（2）Contractual Savings Institutions（3）Investment Intermediaries5、Regulation of the Financial System（1） Increasing Information Available to Investors（2）Ensuring the Soundness of Financial Intermediaries（3）Improving Control of Monetary Policy（4）Financial Regulation Abroad教学组织(含课堂教学方法、 辅助手段、师生互动、时间分配、板书设计、重点如何突出，难点如何解决等)：1、以课堂讲解为主，适当穿插对学生的提问。2、时间安排上90%用于理论讲解，10%用于提问。3、以PPT文件为主，数理模型等重点部分充分板书。作业布置：Give some example of moral hazard in daily life.本次课推荐和参考文献1、彼得.S.罗斯：货币市场与资本市场，北京，机械工业出版社，19982、王兆星、吴国祥等：金融市场学，北京，中国金融出版社，19993、夏德仁等：货币银行学，北京，中国金融出版社，1997本次课实践教学设计：从金融市场的结构，国际化以及金融管制等方面让学生更深入地把握该门课的内容。课后自我总结分析：做概述的时候要多结合一些实际例子，如亚洲金融危机，巴林银行的倒闭，次贷危机的影响等等，以增强趣味性。第三次课 3学时本次课教学重点：1、在现代经济和金融体系中，利率的主要功能2、实际利率与名义利率的区别本次课教学难点：实际利率与名义利率的区别本次课教学内容：Chapter 3 : What Do Interest Rates Mean and What Is Their Role in Valuation? 1、Measuring Interest Rates（1）Present Value a) Different debt instruments have very different streams of cash payments to the holder (known as cash flows), with very different timing. b) All else being equal, debt instruments are evaluated against one another based on the amount of each cash flow and the timing of each cash flow.c) This evaluation, where the analysis of the amount and timing of a debt instruments cash flows lead to its yield to maturity or interest rate, is called present value analysis.d) The concept of present value (or present discounted value) is based on the commonsense notion that a dollar of cash flow paid to you one year from now is less valuable to you than a dollar paid to you today. This notion is true because you could invest the dollar in a savings account that earns interest and have more than a dollar in one year.（2）Yield to Maturity（3）Other Measures of Interest Rates（ Current Yield ,Yield on a Discount Basis）2、The Distinction Between Real And Nominal Interest ratesReal interest ratea) Interest rate that is adjusted for expected changes in the price levelb) Real interest rate more accurately reflects true cost of borrowingc) When the real rate is low, there are greater incentives to borrow and less to lend3、 The Distinction Between Interest Rates and Returns4、 When the real rate is low, there are greater incentives to borrow and less to lend教学组织(含课堂教学方法、 辅助手段、师生互动、时间分配、板书设计、重点如何突出，难点如何解决等)：1、采用多媒体教学，些新知识通过教师讲解进行，一些与本节课相关的已学知识或金融最新动态，通过提问和课堂讨论展开，增加学生的参与性与主动性，增加学生学习的兴趣和提高解决问题的能力。同时，通过已学知识和本节课堂中新知识的结合讲解，增强学生对已学知识的巩固，提高其横向思维的能力。2、讲解90分钟，学生思考、讨论、回答问题占20分钟，课后练习安排占10分钟。3、作为必须掌握的重点应该多次强调，并通过提问和案例分析，强化学生对其的理解和记忆。作为难点的内容，除了课堂中的详细讲解外，通过布置相关作业，要求学生回去自己通过搜集资料，做相关的课后练习，理解和掌握难点。4、对于重点及难点，尤其是数理模型，充分板书并讲解推导过程及难点。作业布置：You have $1000 to invest and are considering two options:A.5 percent for two years followed by 7 percent for two years.B.6 percent for four yearsWhich option would you choose? Provide the calculation to justify your answer.本次课推荐和参考文献1、彼得.S.罗斯：货币市场与资本市场，北京，机械工业出版社，19982、王兆星、吴国祥等：金融市场学，北京，中国金融出版社，19993、夏德仁等：货币银行学，北京，中国金融出版社，19974、郑先炳：利息导论，北京，中国金融出版社，1991本次课实践教学设计：1、分析我国不断调高利率举措的经济含义和对我们生活的影响。、2、用Excel计算年金表的由来，进一步理解货币的时间价值课后自我总结分析：重点突出理论及其经济学含义，同时鉴于学生数理知识比较薄弱，重点讲解数理模型的推导、含义及应用。第四次课 3学时本次课教学重点：1、 影响利率变化的因素2、 债券市场的需求和供给曲线的变化本次课教学难点：影响利率变化的因素本次课教学内容：Chapter 4: Why Do Interest Rates Change? 1.Determining Asset Demand(1)Wealth, (2)Expected return (3)Risk (4)Liquidity 2. Supply and Demand in the Bond MarketSummary of Shifts in the Demand for Bonds a) Wealth: in a business cycle expansion with growing wealth, the demand for bonds rises, conversely, in a recession, when income and wealth are falling, the demand for bonds fallsb) Expected returns: higher expected interest rates in the future decrease the demand for long-term bonds, conversely, lower expected interest rates in the future increase the demand for long-term bondsc) Risk: an increase in the riskiness of bonds causes the demand for bonds to fall, conversely, an increase in the riskiness of alternative assets (like stocks) causes the demand for bonds to rised) Liquidity: increased liquidity of the bond market results in an increased demand for bonds, conversely, increased liquidity of alternative asset markets (like the stock market) lowers the demand for bondsSummary of Shifts in the Supply of Bondsa) Expected Profitability of Investment Opportunities: in a business cycle expansion, the supply of bonds increases, conversely, in a recession, when there are far fewer expected profitable investment opportunities, the supply of bonds fallsb) Expected Inflation: an increase in expected inflation causes the supply of bonds to increasec) Government Activities: higher government deficits increase the supply of bonds, conversely, government surpluses decrease the supply of bonds3. Changes in Equilibrium Interest Rates 1) If expected inflation rises from 5% to 10%, the expected return on bonds relative to real assets falls and, as a result, the demand for bonds falls2) The rise in expected inflation also means that the real cost of borrowing has declined, causing the quantity of bonds supplied to increase3) When the demand for bonds falls and the quantity of bonds supplied increases, the equilibrium bond price falls4) Since the bond price is negatively related to the interest rate, this means that the interest rate will rise教学组织(含课堂教学方法、 辅助手段、师生互动、时间分配、板书设计、重点如何突出，难点如何解决等)：1、采用多媒体教学，些新知识通过教师讲解进行，一些与本节课相关的已学知识或金融最新动态，通过提问和课堂讨论展开，增加学生的参与性与主动性，增加学生学习的兴趣和提高解决问题的能力。同时，通过已学知识和本节课堂中新知识的结合讲解，增强学生对已学知识的巩固，提高其横向思维的能力。2、讲解90分钟，学生思考、讨论、回答问题占20分钟，课后练习安排占10分钟。3、作为必须掌握的重点应该多次强调，并通过提问和案例分析，强化学生对其的理解和记忆。作为难点的内容，除了课堂中的详细讲解外，通过布置相关作业，要求学生回去自己通过搜集资料，做相关的课后练习，理解和掌握难点。4、对于重点及难点，尤其是数理模型，充分板书并讲解推导过程及难点。作业布置：How is the equilibrium interest rate determined in the bond market? Explain why the interest rate will move toward equilibrium if it is temporarily above or below the equilibrium rate.本次课推荐和参考文献1、彼得.S.罗斯：货币市场与资本市场，北京，机械工业出版社，19982、王兆星、吴国祥等：金融市场学，北京，中国金融出版社，19993、夏德仁等：货币银行学，北京，中国金融出版社，19974、郑先炳：利息导论，北京，中国金融出版社，1991本次课实践教学设计：1 学会用画图的方式来分析各要素的变化对利率的影响课后自我总结分析：重点突出理论及其经济学含义，鼓励学生数学推导需求曲线和供给曲线的走向以加深理解其经济含义。第 五 次课 3学时本次课教学重点：预期理论、市场分割理论和偏好理论和可待资金利率理论对期限结构的解释本次课教学难点：利率的风险结构本次课教学内容：Chapter 5:How Do The Risk and Term Structure Affect Interest Rates?1、Risk Structure of Interest Rates（1）Default risk: The chance that the issuer of the bond will be unable to pay back.（2）Risk premium: The (positive) spread between the interest rates on bonds with default risk and bonds without default risk (default-free bonds = U.S. Treasury bonds).（3） Liquidity premium: Advantage for government bonds.（4） Taxation: Advantage for municipal bonds.教学组织(含课堂教学方法、 辅助手段、师生互动、时间分配、板书设计、重点如何突出，难点如何解决等)：1、以课堂讲解为主，适当穿插对学生的提问和相关知识点的EXCEL演示。2、以相关软件（EXCEL等）为辅助手段，力争让学生能够更直观地理解相关理论。3、时间安排上70%用于理论讲解，30%用于提问及EXCEL演示。4、以PPT文件为主，数理模型等重点部分充分板书。5、对于重点及难点，尤其是数理模型，充分板书并讲解推导过程及难点。作业布置：An investor is boasting about his ability to obtain a better return than everyone elses. Using the tools in this chapter, how would you explain his performance?本次课推荐和参考文献1、彼得.S.罗斯：货币市场与资本市场，北京，机械工业出版社，19982、王兆星、吴国祥等：金融市场学，北京，中国金融出版社，1999本次课实践教学设计：对利率风险进行全面的分析，让学生充分理解其表现形式，加强风险防范意识。课后自我总结分析：重点突出理论及其经济学含义，同时鉴于学生数理知识比较薄弱，重点讲解数理模型的推导、含义及应用。第 六 次课 3学时本次课教学重点：期限偏好理论和可待资金利率理论的主要观点本次课教学难点：期限偏好理论和可待资金利率理论的主要观点本次课教学内容：Chapter 5:How Do The Risk and Term Structure Affect Interest Rates?Term structure of interest ratesFacts to be explained:1Interest rates for different maturities move together.2.Yield curves tend to have an upward slope when short rates are low and downwardslope when short rates are high.3.The yield curve is typically upward sloping.2Term Structure of Interest Rates（1）Pure Expectations Theorya) Key Assumption: Bonds of different maturities are perfect substitutesb) Implication: Re on bonds of different maturities are equal To illustrate what this means, consider two alternative investment strategies for a two-year time horizon.a) Buy $1 of one-year bond, and when it matures, buy another one-year bond with your money.b) Buy $1 of two-year bond and hold it.The important point of this theory is that if the Expectations Theory is correct, your expected wealth is the same (a the start) for both strategies. Of course, your actual wealth may differ, if rates change unexpectedly after a year.（2）Market Segmentation Theorya) Key Assumption: Bonds of different maturities are not substitutes at allb) Implication: Markets are completely segmented;interest rate at each maturity aredetermined separately（3）Liquidity Premium Theorya) Key Assumption:Bonds of different maturities are substitutes, but are not perfect substitutesb) Implication: Modifies Pure Expectations Theory with features of Market Segmentation Theory （4）Evidence on the Term Structure教学组织(含课堂教学方法、 辅助手段、师生互动、时间分配、板书设计、重点如何突出，难点如何解决等)：1、以课堂讲解为主，适当穿插对学生的提问和相关知识点的EXCEL演示。2、以相关软件（EXCEL等）为辅助手段，力争让学生能够更直观地理解相关理论。3、时间安排上70%用于理论讲解，30%用于提问及EXCEL演示。4、以PPT文件为主，数理模型等重点部分充分板书。5、对于重点及难点，尤其是数理模型，充分板书并讲解推导过程及难点。作业布置：During a recession, all businesses encounter difficulties at the same time. What would you expect to happen to bone ratings during such an episode?本次课推荐和参考文献1、彼得.S.罗斯：货币市场与资本市场，北京，机械工业出版社，19982、王兆星、吴国祥等：金融市场学，北京，中国金融出版社，1999本次课实践教学设计：以证券市场为例讲解利率的期限结构。课后自我总结分析：重点突出理论及其经济学含义，同时鉴于学生数理知识比较薄弱，重点讲解数理模型的推导、含义及应用。理论知识较为复杂，教学当中要化繁为简，让其明白理论的中心思想。第七次课 3学时本次课教学重点：1、 了解货币市场的主体，货币市场的作用 2、 同业拆借市场的运作机制3、 票据市场的组成部分4、 商业票据和商业票据市场本次课教学难点：同业拆借市场的运作机制本次课教学内容：Chapter 6: Money Market 1、The Money Markets Defined（1） Why Do We Need Money Markets?Money Markets Defineda) Money market securities are usually sold in large denominations ($1,000,000 or more) -wholesale marketsb) They have low default risk c) They mature in one year or less from their issue date （2） Cost Advantagesa) Reserve requirements (Required Deposit Reserve) create additional expense for banks that money markets do not haveb) Regulations on the level of interest banks could offer depositors lead to a significant growth in money markets 2、The Purpose of the Money Marketsa) Investors in Money Market: Provides a place for warehousing surplus funds for short periods of time (cash- opportunity cost)b) Borrowers: money market provide low-cost source of temporary funds3、Who Participates in the Money Markets?（1）U.S. Treasury Department（2）Federal Reserve System（3）Commercial Banks（4）Businesses（5）Investment and Securities Firms（6）Individuals4、Money Market Instruments（1）Treasury Billsa) T-bills have 28-day maturities through 12- month maturities. b) Discounting: When an investor pays less for the security than it will be worth when it matures（2）Federal Fundsa) Short-term funds transferred (loaned or borrowed) between financial institutions, usually for a period of one day.b) Used by banks to meet short-term needs to meet reserve requirements:（3）Repurchase AgreementsA firm sells Treasury securities, but agrees to buy them back at a certain date (usually 314 days later) for a certain price.（4）Negotiable Certificates of DepositA bank-issued security that documents a deposit and specifies the interest rate and the maturity date（5）Commercial PaperUnsecured promissory notes, issued by corporations,that mature in no more than 270 days.（6）Bankers AcceptancesAn order to pay a specified amount to the bearer on a given date if specified conditions have been met, usually delivery of promised goods.（7）EurodollarsEurodollars represent Dollar denominated deposits held in foreign banks.The market is essential since many foreign contracts call for payment is U.S. dollars due to the stability of the dollar, relative to other currencies.5、Comparing Money Market Securities（1）Interest Rates（2）Liquidity6、 Money Market Mutual Funds（1）History of Money Market Mutual Funds（2）Description of Money Market Mutual Funds（3）MMMF Risk（4）Current Trends in MMMFs教学组织(含课堂教学方法、 辅助手段、师生互动、时间分配、板书设计、重点如何突出，难点如何解决等)：1、采用多媒体教学，一些新知识通