货币金融学课件-任康钰-Ch01-2014-B

1、Part 1 Introduction 2013 Pearson Education, Inc. All rights reserved. 1-2 Course DescriptorText: Economics of Money, Banking and Financial Markets, 10th edition.Website resources: http:/ Time: 2 hours per weekAssessment: daily performance(participants & exercises) 30%; final examination 70% 2013

2、 Pearson Education, Inc. All rights reserved. 1-3 For your reference the scores last year(2012) (Scores on the test)班级班级最高分最高分最低分最低分平均分平均分1 191.591.542.542.573.6373.632 28888474772.2772.273 389.589.551.551.572.9872.984 490.590.555.555.575.6775.675 58989343468.2268.226 687.587.5505071.471.47 789.589.

3、534.534.569.1069.108 887.587.5404068.5768.57 2013 Pearson Education, Inc. All rights reserved. 1-4 总体情况总体情况 参加考试：182人 最高分：91.5 最低分：34 平均分：71.41 分 布：34368372290102030405060708090-100)80-90)70-80)60-70) 50,60)50 2013 Pearson Education, Inc. All rights reserved. 1-5 说明：如果想在申请国内、外学校时找我写推荐信，本门课和下学期的国际金融课

4、程综合成绩都要高于85分。 2013 Pearson Education, Inc. All rights reserved. 1-6 Chapter 1 Why Study Money, Banking, and Financial Markets? 2013 Pearson Education, Inc. All rights reserved. 1-7 Foreword: The Economics of Money,Banking and Financial Markets in your life List some news in these areas you have note

5、d recently; Recall some experiences related to the finance from you or your family.1. 你最近听到的一个和金融有关的新闻（事件）是什么？2. 据你所知，你家庭持有的金融产品包括哪些？ 2013 Pearson Education, Inc. All rights reserved. 1-8 【所有的金融所有的金融逻辑逻辑 原来都是月原来都是月饼饼券的券的逻辑逻辑】月饼证券化：厂商印100元月饼券，65元卖给经销商，经销商80元卖给A，A把票送给B，B40元卖给黄牛，厂商最后50元向黄牛收购。没生产月饼，厂商赚1

6、5，经销赚15，A送人情，B赚40，黄牛赚10。厂商只生产月饼票就行了。 2013 Pearson Education, Inc. All rights reserved. 1-9 Preview To examine how financial markets such as bond, stock and foreign exchange markets work To examine how financial institutions such as banks, investment and insurance companies work To examine the role o

7、f money in the economy 2013 Pearson Education, Inc. All rights reserved. 1-10 I. Why Study Financial Markets? Financial markets are markets in which funds are transferred from people and Firms who have an excess of available funds to people and Firms who have a need of fundsChannel funds from savers

8、 to investors, thereby promoting economic efficiencyAffect personal wealth and behavior of business firms 2013 Pearson Education, Inc. All rights reserved. 1-11 1.1 The Bond Market and Interest Rates A security (financial instrument) is a claim on the issuers future income or assets. A bond is a deb

9、t security that promises to make payments periodically for a specified period of time. An interest rate is the cost of borrowing or the price paid for the rental of funds. 2013 Pearson Education, Inc. All rights reserved. 1-12 Figure 1 Interest Rates on Selected Bonds, 19502011Sources: Based on Fede

10、ral Reserve Bulletin; /releases/H15/data.htm. 2013 Pearson Education, Inc. All rights reserved. 1-13 Source: http:/ 2013 Pearson Education, Inc. All rights reserved. 1-14 1.2 The Stock Market Common stock represents a share of ownership in a corporation A share of stock is a cl

11、aim on the residual earnings and assets of the corporation 2013 Pearson Education, Inc. All rights reserved. 1-15 Figure 2 Stock Prices as Measured by the Dow Jones Industrial Average, 19502011Source: Based on Dow Jones Indexes: http:/ 2013 Pearson Education, Inc. All rights reserved. 1-16 Stock Pri

12、ces as Measured by the Dow Jones Industrial Average, 20072012.9 2013 Pearson Education, Inc. All rights reserved. 1-17 Stock Prices as Measured by the Dow Jones Industrial Average, 20092014.9 2013 Pearson Education, Inc. All rights reserved. 1-18 上上证综证综合指数合指数 2009-2014.9 2013 Pearson Education, Inc.

13、 All rights reserved. 1-19 Financial Crises 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. 2013 Pearson Education, Inc. All rights reserved. 1-20 1.3 The Foreign Exchange

14、Market The foreign exchange market is where funds are converted from one currency into another The foreign exchange rate is the price of one currency in terms of another currency The foreign exchange market determines the foreign exchange rate 2013 Pearson Education, Inc. All rights reserved. 1-21 F

15、igure 8 Exchange Rate of the U.S. Dollar, 19702011 Source: Federal Reserve; /releases/H10/summary/indexbc_m.txt/. 2013 Pearson Education, Inc. All rights reserved. 1-22 Exchange Rate of the U.S. Dollar, The Broad Index: 1973-2012 (1973.03=100)Source: Federal Reserve: www.federa

16、/releases/; A weighted average of the foreign exchange values of the U.S. dollar against the currencies of a large group of major U.S. trading partners. The index weights, which change over time, are derived from U.S. export shares and from U.S. and foreign import shares.0204060801001201

17、40Jan-73Feb-74Mar-75Apr-76May-77Jun-78Jul-79Aug-80Sep-81Oct-82Nov-83Dec-84Jan-86Feb-87Mar-88Apr-89May-90Jun-91Jul-92Aug-93Sep-94Oct-95Nov-96Dec-97Jan-99Feb-00Mar-01Apr-02May-03Jun-04Jul-05Aug-06Sep-07Oct-08Nov-09Dec-10Jan-12 2013 Pearson Education, Inc. All rights reserved. 1-23 II. Why Study Financ

18、ial Institutions and Banking?2.1 Structure of Financial System2.2 Financial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people: Banks: accept deposits and make loans Other Financial Institutions: insurance companies, finance companies, pension fu

19、nds, mutual funds and investment companies2.3 Financial Innovation: the development of new financial products and services Can be an important force for good by making the financial system more efficient 2013 Pearson Education, Inc. All rights reserved. 1-24 III. Why Study Money and Monetary Policy?

20、Concept: Money is defined as anything that is generally accepted in payment for goods or services or in the repayment of debts.Several important economic variables: Business Cycles: the upward and downward movement of aggregate output produced in the economy. Inflation: a continual increase in the p

21、rice level. Interest Rates: the prices for money as a resource. 2013 Pearson Education, Inc. All rights reserved. 1-25 3.1 Money and Business Cycles Evidence suggests that money plays an important role in generating business cycles Recessions (unemployment) and expansions affect all of us 2013 Pears

22、on Education, Inc. All rights reserved. 1-26 Figure 3 Money Growth (M2 Annual Rate) and the Business Cycle in the United States 19502011Source: Based on Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt. 2013 Pearson Education, Inc. All rights reserved.

23、 1-27 3.2 Money and Inflation The aggregate price level is the average price of goods and services in an economy A continual rise in the price level (inflation) affects all economic players Data shows a connection between the money supply and the price level 2013 Pearson Education, Inc. All rights r

24、eserved. 1-28 Figure 4 Aggregate Price Level and the Money Supply in the United States, 19502011Sources: Based on /fred/data/gdp/gdpdef; /releases/h6/hist/h6hist10.txt. 2013 Pearson Education, Inc. All rights reserved. 1-29 Figure 5 Average Inflation Rate Versus

25、 Average Rate of Money Growth for Selected Countries, 2000-2010Source: Based on International Financial Statistics. /imf. 2013 Pearson Education, Inc. All rights reserved. 1-30 3.3 Money and Interest Rates Interest rates are the price of money Prior to 1980, the rate of money growth and the interest rate on long-term Treasury bonds were closely tied Since then, the relationship is less clear but the rate of money growth is still an importa