货币金融学（第十三版）课件 英文 第1章 为什么学习货币、银行和金融市场

TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionChapter1WhyStudyMoney,Banking,andFinancialMarkets?PreviewToexaminehowtheworkingsoffinancialmarketssuchasbond,stockandforeignexchangemarketsaffectyoureverydaylifeToexaminehowfinancialinstitutionssuchasbanks,investmentandinsurancecompaniesworkToexaminetheroleofmoneyintheeconomyLearningObjectives(1of2)1.1Recognizetheimportanceoffinancialmarketsintheeconomy.1.2Describehowfinancialintermediationandfinancialinnovationaffectbankingandtheeconomy.1.3Identifythebasiclinksamongmonetarypolicy,thebusinesscycle,andeconomicvariables.LearningObjectives(2of2)1.4Explaintheimportanceofexchangeratesinaglobaleconomy.1.5Explainhowthestudyofmoney,banking,andfinancialmarketsmayadvanceyourcareer.1.6Describehowthetextapproachestheteachingofmoney,bankingandfinancialmarketsWhyStudyFinancialMarkets?Thefinancialdifficultiesof2007-2009surroundingthecollapseofhousingmarketsinseveralcountriesandtherecentpandemichavehaddeepandprofoundconsequencesforeconomicagentsaroundtheworld.FinancialmarketsaremarketsinwhichfundsaretransferredfrompeopleandfirmswhohaveanexcessofavailablefundstopeopleandfirmswhohaveaneedoffundsTheBondMarketandInterestRatesAsecurity(financialinstrument)isaclaimontheissuer’sfutureincomeorassets.Abondisadebtsecuritythatpromisestomakepaymentsperiodicallyforaspecifiedperiodoftime.Aninterestrateisthecostofborrowingorthepricepaidfortherentaloffunds.Figure1InterestRatesonSelectedBonds,1950–2020Source:FederalReserveBankofSt.Louis,F

R

E

Ddatabase:/series/TB3MS;/series/GS10;/series/BAATheStockMarketCommonstockrepresentsashareofownershipinacorporation.Ashareofstockisaclaimontheresidualearningsandassetsofthecorporation.Figure2StockPricesasMeasuredbytheDowJonesIndustrialAverage,1950–2020Source:FederalReserveBankofSt.Louis,F

R

E

Ddatabase:/series/DJIAWhyStudyFinancialInstitutionsandBanking?(1of3)Financialintermediaries:institutionsthatborrowfundsfrompeoplewhohavesavedandinturnmakeloanstopeoplewhoneedfunds.Banks:acceptdepositsandmakeloansOtherfinancialinstitutions:insurancecompanies,financecompanies,pensionfunds,mutualfundsandinvestmentcompaniesWhyStudyFinancialInstitutionsandBanking?(2of3)Financialinnovation:thedevelopmentofnewfinancialproductsandservicesCanbeanimportantforceforgoodbymakingthefinancialsystemmoreefficientE-finance:theabilitytodeliverfinancialserviceselectronicallyWhyStudyFinancialInstitutionsandBanking?(3of3)Financialcrises:majordisruptionsinfinancialmarketsthatarecharacterizedbysharpdeclinesinassetpricesandthefailuresofmanyfinancialandnonfinancialfirms.WhyStudyMoneyandMonetaryPolicy?Evidencesuggeststhatmoney,definedasanythingthatisgenerallyacceptedaspaymentforgoodsorservicesorintherepaymentofdebts,playsanimportantroleingeneratingbusinesscycles.Recessions(unemployment)andexpansionsaffectallofus.Monetarytheorytieschangesinthemoneysupplytochangesinaggregateeconomicactivityandthepricelevel.Money,BusinessCycles,andInflationTheaggregatepricelevelistheaveragepriceofgoodsandservicesinaneconomyAcontinualriseinthepricelevel(inflation)affectsalleconomicplayersDatashowaconnectionbetweenthemoneysupplyandthepricelevelFigure3MoneyGrowth(M2AnnualRate)andtheBusinessCycleintheUnitedStates,1950–2020Source:FederalReserveBankofSt.Louis,F

R

E

Ddatabase:/series/M2SLFigure4AggregatePriceLevelandtheMoneySupplyintheUnitedStates,1960–2020Source:

FederalReserveBankofSt.Louis,F

R

E

Ddatabase:/series/M2SL;/series/GDPDEFFigure5AverageInflationRateVersusAverageRateofMoneyGrowthforSelectedCountries,2009–2019Source:

FederalReserveBankofSt.Louis,F

R

E

Ddatabase:/MoneyandInterestRatesInterestratesarethepriceofmoneyPriorto1980,therateofmoneygrowthandtheinterestrateonlong-termTreasurybondswerecloselytiedSincethen,therelationshipislessclear,buttherateofmoneygrowthisstillanimportantdeterminantofinterestratesFigure6MoneyGrowth(M2AnnualRate)andInterestRates(Long-TermU.S.TreasuryBonds),1950–2020Source:

FederalReserveBankofSt.Louis,F

R

E

Ddatabase:/series/M2SL;/series/GS10FiscalPolicyandMonetaryPolicyMonetarypolicyisthemanagementofthemoneysupplyandinterestratesConductedintheUnitedStatesbytheFederalReserveSystem(Fed)FiscalpolicydealswithgovernmentspendingandtaxationBudgetdeficitistheexcessofexpendituresoverrevenuesforaparticularyearBudgetsurplusistheexcessofrevenuesoverexpendituresforaparticularyearAnydeficitmustbefinancedbyborrowingFigure7GovernmentBudgetSurplusorDeficitasaPercentageofGrossDomesticProduct,1950–2019Source:

FederalReserveBankofSt.Louis,F

R

E

Ddatabase:/series/FYFSGDA188STheForeignExchangeMarketTheforeignexchangemarket:wherefundsareconvertedfromonecurrencyintoanotherTheforeignexchangerateisthepriceofonecurrencyintermsofanothercurrency.Theforeignexchangemarketdeterminestheforeignexchangerate.WhyStudyInternationalFinanceFinancialmarketshavebecomeincreasinglyintegratedthroughouttheworld.Theinternationalfinancialsystemhastremendousimpactondomesticeconomies:Howacountry’schoiceofexchangeratepolicyaffectitsmonetarypolicy?Howcapitalcontrolsimpactdomesticfinancialsystemsandthereforetheperformanceoftheeconomy?WhichshouldbetheroleofinternationalfinancialinstitutionsliketheI

M

F?Figure8ExchangeRateoftheU.S.Dollar,1973–2020Source:

FederalReserveBankofSt.Louis,F

R

E

Ddatabase:/series/TWEXMand/series/DTWEXBGSTheInternationalFinancialSystemFinancialmarketshavebecomeincreasinglyintegratedthroughouttheworld.Theinternationalfinancialsystemhastremendousimpactondomesticeconomies:Howacountry’schoiceofexchangeratepolicyaffectitsmonetarypolicy?Howcapitalcontrolsimpactdomesticfinancialsystemsandthereforetheperformanceoftheeconomy?WhichshouldbetheroleofinternationalfinancialinstitutionsliketheI

M

F?Money,Banking,andFinancialMarketsandYourCareerUnderstandingmonetarypolicymayhelpyoupredictwheninterestrateswillriseorfall,helpyoumakedecisionsaboutwhetheritisbettertoborrownowortowaituntillater,knowhowbanksandotherfinancialinstitutionsaremanagedwhichmayhelpyougetabetterdealwhenyouneedtoborrowfromthemandmayenableyoutomakebetterinvestmentdecisions,whetherforyourselforforthecompanyyouworkforHowWeWillStudyMoney,Banking,andFinancialMarketsAsimplifiedapproachtothedemandforassetsTheconceptofequilibriumBasicsupplyanddemandtoexplainbehaviorinfinancialmarketsThesearchforprofitsAnapproachtofinancialstructurebasedontransactioncostsandasymmetricinformationAggregatesupplyanddemandanalysisExploringtheWeb(1of2)TheimportanceoftheWorldWideWebisemphasizedinseveralways:First,youcanviewthemostcurrentdataforahighpercentageofthein-textdatafiguresbyusingeTexttoaccesstheFederalReserveBankofSt.Louis’sFREDdatabase.Second,attheendofalmosteverychapterthereareseveralreal-timedataanalysisproblems,whichaskyoutodownloadthemostrecentdatafromtheFederalReserveBankofSt.Louis’sFREDdatabaseandthenusethesedatatoanswerinterestingquestions.ExploringtheWeb(2of2)Third,thereareadditionalWebexercisesattheendofmanychaptersthatpromptyoutovisitsitesrelatedtothechapterandusethemtolearnmoreaboutmacroeconomicissues.Appendix1:DefiningAggregateOutput,Income,thePriceLevel,andtheInflationRateAggregateOutputandIncomeThemostcommonlyreportedmeasureofaggregateoutput,thegrossdomesticproduct(G

D

P),isthemarketvalueofallfinalgoodsandservicesproducedinacountryduringthecourseofayear.Aggregateincome,thetotalincomeoffactorsofproduction(land,labor,andcapital)fromproducinggoodsandservicesintheeconomyduringthecourseoftheyear,isequaltoaggregateoutput.RealVersusNominalMagnitudes(1of2)Whenthetotalvalueoffinalgoodsandservicesiscalculatedusingcurrentprices,theresultingG

D

PmeasureisreferredtoasnominalG

D

P.Thewordnominalindicatesthatvaluesaremeasuredusingcurrentprices.RealVersusNominalMagnitudes(2of2)Amorereliablemeasureofeconomicproductionexpressesvaluesintermsofpricesforanarbitrarybaseyear,currently2005.G

D

Pmeasuredwithconstant