chapter-p金融体系概览

An

Overviewof

the

FinancialSystemchapter

3chapter

3An

Overview

of

the

Financial

System金融体系概览的功能的类型工具§1. Function

ofFinancial

Markets§2.

Classifications

of

Financial

Markets§3.

Financial

Market

Instruments§4.Function

of

Financial

Intermediaries金融中介的功能§5.Financial

Intermediaries

金融中介机构§1. Function

of

FinancialMarkets的功能间接融资直接融资Why

is

direct

finance

so

important?为什么直接融资如此重要OneSaving

$1000Having

noinvestmentopportunityOtherHaving

nomoneyHaving

investmentopportunityWant

to

buy

a

newhouseFinancial

MarketFunction

of

Financial

Markets的功能Allows

transfers

of

funds

from or

businesswithout

investment

opportunities

to

one

who

hasthem

使

从没有投资机会的个人或企业转向有投资机会的个人或企业Improves

economic

efficiency

提高了经济效率§2.

Classifications

of

Financial

Markets的类型市场市场Debt

MarketsEquity

MarketsMoney

MarketsCapital

Markets资本市场§2.

Classifications

of

Financial

Markets的类型Debt

Markets

市场Short-term

(maturity

<

1

year)

Money

MarketLong-term

(maturity

>1

year)

Capital

MarketEquity

Markets

市场Common

stocks普通股Features:特点No

maturity

无到期期限Holders

getdividends

periodically持有人可以定期获得分红Holders

are

residual

claimants

持有人是剩余索取者Holders

have

the

corporations’

ownershiprights.持有人拥有公司所会见纽约交易所在人民董事长1990年10月国际研讨会与会代表的2.Equity

Markets市场Primary

Markets

一级市场New

securityissues

soldtoinitial

buyersSecondary

Markets

二级市场Securities

previouslyissued

are

bought

and

soldFunction

of

Secondary

Markets

二级市场的作用Making

financial

instruments

more

liquid

and

thusmore

easer

forselling

in

the

Primary

Markets

使金融工具更具有流动性，从而在一级市场更容易销售Determining

the

price

ofthesecurity

that

the

issuer

sellsin

thePrimary

Markets

决定一级市场

的价格Exchanges

交易所Trades

conducted

in

central

locations

(e.g.,

New

York

Stock

Exchange)Over-the-Counter

Markets

场 易市场Dealers

at

differentlocations

buy

and

sellNew

York

Stock

ExchangeNew

YorkStock

ExchangeShanghai

Stock

ExchangeOver-the-Counter

MarketsNASDAQ

纳斯达克the

National

Association

of

SecuritiesDealers

Automated

Quotationsystem

商自动报价系统The

number

of

companies

listed

onNASDAQ

is

more

than

that

onany

of

the

other

stockexchanges

in

the

United

States,including

theNew

York

Stock

Exchange

(NYSE)

and

the

AmericanStock任何一个证交Exchange(AMEX)纳斯达克上市公司的数量比所都多，包括纽交所和美交所The

majority

of

companies

listed

onNASDAQ

are

smallerthanmostofthose

on

the

NYSE

and

AMEX

在纳斯达克上市的是较小公司is

called

an

over-the-counter

market

称为场 易市场3.

Money

and

Capital

Markets货币和资本市场Money

MarketsA

financial

market

in

whichpeople

trade

short-termfinancial

instruments(lessthan

1

year)交易短期金融工具的市场Capital

Markets

资本市场A

financial

market

in

whichpeople

trade

long-termfinancial

instruments(1

yearor

longer)交易长期金融工具的市场MoneymarketsecuritiesComparisoncapitalmarketsecuritiesliquid>fluctuatein

price<safe>§3.

Financial

Market

Instruments工具债券ernment

Agency

Securities机构债券1、Money

Market

Instruments

工具(1)

Treasury

bills

国库券(2)

Negotiable s

of

deposits

可转让定期存单(3)

Commercial

paper

商业票据(4)

Banker’s

acceptances

银行可承兑票据(5)

Repurchase

agreements(repos)

再回购协议(6)

Federalfunds

基金2、Capital

Market

Instruments

资本市场工具(1)

Stocks

(have

been

introduced

at

§2)(2)Mortgages

抵押(3)Corporate

Bonds

公司债券(4) ernment

Securities(5)(6)

State

and

Local ernment

Bonds

州和地方

债券(7)Consumer

and

Bank

Commercial

Loans

消费者和银行商业3、Internationalization

Financial

Market

Instruments工具Short-term

debt

instruments

(3,

6,

9,

and

12month)短期pay

interestby

initially

selling

at

a

discount时用打折的方法支付利息流动性最强最安全Most

liquid

of

all

Money

MarketInstrumentsThe

safest

of

all

Money

Market

Instruments

在(2)Negotiable s

of

deposits

可转让定期存单Banks

pay

annual

interest

ofa

givenamount

银行支付利息At

maturity

banks

paydepositors

back

the

original

purchase

amount到期时银行归还存款人的本金Could

beresold

in

asecondary

market

可以在二级市场出售large

denominations(>$100,000)

面额较大1、Money

Market

Instruments工具(1)

Treasury

bills

国库券(3)

Commercial

paper商业票据工具Short-term

debt

instruments

issued

by

large

banks

and

well-known

corporations

由大银行和知名企业

的短期TypesPromissory

notes

(debtor→creditor)

商业期票Commercial

drafts(creditor→debtor)

商业汇票Change

in

commercial

paper(CP)商业票据的变化Beforethe

1960s: a

commercial

credit

instrument

商业信用工具After

the

1960s:

has

been

changed

into

araising

instrument筹资工具(4)

Banker’s

acceptances

银行承兑汇票Bank

draftsissued

by

firms,

payable

at

some

future

date.Commercial

draftsonly e

effective

after

being

accepted.商业汇票必须承兑后才能生效Acceptors:承兑人Firms

、Banks→Banker’sacceptances

银行承兑的汇票Features特点Issued

by

a

firm,

but

guaranteed

by

a

bank;企业 ，银行担保The

issuing

firm

depositthe

required

funds

into

itsaccount;企业把规定的 存入银行账户If

the

firm

fail

to

pay

the

draft,

the

bankis

obligated

to

make

goodon

the

draft;企业拒付时，由银行承担责任Can

be

resold

in

a

secondary

market

at

a

discount可以在二级市场贴现China

Banker’s

Acceptances(5)

Repurchase

agreements

(repos)再回购协议Features特点A

maturity

is

less

than

2weeks;

期限在两周以内Treasury

bills

serve

as

collateral;

国库券作为担保Lenders

are

mostly

large

corporations,borrowers

are

banks.人是大公司，借款人是银行Operation

process

操作程序A

large

corporation

has

some

idle

funds

in

its

bank

account,

it

wouldlike

to

lend;

大公司在银行有闲置 ，想要贷出It

use

this

funds

to

buy

Treasury

bills

from

a

bank;向银行

国库券They

agree

the

bank

repurchases

the

bills

the

next

1

or

2

weeks

ata按较高price

slightly

above

purchase

one;

双方协定银行在1、2价格购回The

bank

repurchases

the

bills

topay

off

the

loan.银行购回国库券归还(6)

Federalfunds基金Overnight

loans

between

banks

银行之间的隔夜Banks’

deposits

at

theFed

银行在 储备银行的存款Federal

fundsmarket

基金市场Lending

banks

transfer

fundsto

the

borrowing

banks

using

theFed’s

wire

transfer

systemFederalfunds

rate

基金利率The

interest

rate

charged

on

federal

funds

loansA

sensitive

indicator

of

the

cost

to

banks

of

borrowing

fundsfrom

otherbanks.2、Capital

Market

Instruments

资本市场工具(2)

Mortgages

抵押The

structure

or

landserves

as

collateral

建筑物或土地作为担保

the

amount

of

residential

mortgages

is

more

than

quadruple

ofcommercial

andfarm

oneinUSA住房抵押

是

商业和农业 的四倍Three ernment

agencies

provide

funds

by

selling

bonds

andbuyingmortgages

三个机构通过买入抵押

、卖出 提供The

Federal

National

Mortgage

Association

(FNMA,

Fannie

Mae)The ernment

National

Mortgage

Association

(GNMA,

Ginnie

Mae)The

Federal

Home

Loan

Mortgage

Corporation

(FHLMC,

Freddie

Mae)(2)

MortgagesAnsecondary

marketfor

mortgages抵押

二级市场The

development

ofmortgages-backed

security抵押支持债券的发展Reason

原因Traditional

mortgages

are

not

liquid抵押 缺乏流动性Creation

产生1970 GNMA

createdOperation

Process程序

Features

特点safety

and

liquidity安全和流动性Operation

Processindividuals①lend

④pay②guaranteefinancial

institutions

GNMA③sel

⑤passthird

parties(security

owners)(2)

MortgagesMortgages-backed

Securities

抵押支持Operation

Process

操作程序GNMA

guarantees

interest

and

principal

payments

on

bundles

of的利息standardized

mortgages

GNMA对打包的标准化抵押和本金支付提供担保，Financial

institutions

gather

a

group

of

guaranteed

mortgages

into

a出售bundle

and

sell

it

as

a

security

to

a

third

party金融机构把给第Individuals

pay

off

the

guaranteed

mortgages

借款人偿还抵押Financial

institutions

pass

the

payments

to

the

ownersofsecurities金融机构把支付的 转交给 持有人(3)

Corporate

Bonds

公司债券Corporations

pay

the

holders

interest

every

year;When

bondsmature,

corporations

pay

off

the

face

valueConvertible

bonds

可转换债券Special

corporations

bondsi

are

lower

than

typical

corporationsbondsCan

increasein

value

if

P

of

the

stockappreciates债券ernment(4) ernment

Securities

Issuing

purpose

is

to

finance

the

deficits

of

theThe

most

liquid

inthe

capital

market(5)ernment

Agency

Securities机构Issued

byGNMAThe

Federal

Farm

Credit

BankAnd

so

on(6)

State

andLocal ernment

Bonds

地方 债券Municipal

Bonds

市政债券Issuing

purpose

is

to

finance

expenditures

on

schools,

roads,

andother

large

programs;The

interest

payments

are

exempt

from

federal e

tax

andstate

taxes

inthe

issuing

state(7)

Consumer

and

Bank

Commercial

Loans消费者和银行商业特点No

secondary

markets没有二级市场The

least

liquid

in

the

capital

market在资本市场流动性3、Internationalization

Financial

Market

Instruments国际

工具Foreign

bonds

(sold

in

a

foreign

country

and

denominated

in

thatcountry’s

currency)

外国债券

（在国外

以所在国货币标价）2.

Eurobonds

(sold

in

a

foreign

country,

but denominated

in

an

othercountry’s

currency)

欧洲债券（在国外 以另一国货币标价）Now

largerthan

U.S.

corporate

bond

market3、Eurocurrencies

欧洲货币Foreign

currenciesdeposited

in

banks

outside

the

home

country,Eurodollars欧洲

—U.S.

dollarsdepositedinforeign

banksoutsidethe

U.S.

A.orin

foreignbranches

of

U.S.banks.§4.

Function

of

Financial

Intermediaries金融中介的功能1、Reducing

Transaction

Costs

降低交易成本2、Providing

investors

with

some

interest

and

liquidityservices

向投资者提供利息和流动性服务3、Solving

Asymmetric

Information

in

financial

markets解决 的信息不对称§4.

Function

of

Financial

Intermediaries金融中介的功能1、Reducing

Transaction

Costs

降低交易成本Reduce

transactions

costs

by

develo

expertise通过发展专业化降低交易成本taking

advantage

of

economies

of

scale利用规模经济2.分散风险§4.

Function

of

Financial

Intermediaries金融中介的功能3、Solving

Asymmetric

Information

in

financialmarkets

解决 的信息不对称One

party

often

does

not

know

enough

about

theother

party

to

make

accurate

decisions

in

financialmarkets.

在

上，交易的一方无法获得有关另一方足够的信息，以做出准确的决策Asymmetric

Information:

AdverseSelection,and

Moral

Hazard信息不对称：逆向选择和道德风险esareAdverse

Selection逆向选择Before

transaction

occursPotential

borrowers

most

likely

to

produce

adverseones

most

likely

to

seek

loans

and

be

selectedMoral

Hazard道德风险After

transaction

occurs2.

Hazard

that

borrower

has

incentives

to

engage

in

undesirable(immoral)

activities

making

it

more

likely

that

won’t

payloanbackFinancial

intermediaries

reduce

adverse

selection

and

moral

hazardproblems,

enabling

them

to

make

profits§5.FinancialIntermediaries金融中介机构的类型2、Contractualsaving

institutions

契约性储蓄机构Life

Insurance

Company

人寿保