Chap_26储蓄、投资与金融体系(PPT50).ppt

1、,Saving, Investment, and the Financial System储蓄、投资与金融体系,Chapter 26,Financial Institutions in the U.S. Economy,The financial system is made up of financial institutions that coordinate the actions of savers and borrowers. Financial institutions can be grouped into two different categories: financial

2、markets and financial intermediaries.,美国经济中的金融机构,金融体系由帮助协调储蓄者与借贷者的各种金融机构所组成。 金融机构可以分为两种类型：金融市场和金融中介机构。,Financial Institutions in the U.S. Economy美国经济中的金融机构,Financial Markets 金融市场 Stock Market 股票市场 Bond Market 债券市场 Financial Intermediaries 金融中介机构 Banks 银行 Mutual Funds 共同基金,Financial Intermediaries金融中

3、介机构,Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介机构储蓄者可以通过它间接地向借款者提供资金的金融机构。,Financial Intermediaries: Mutual Funds,A mutual fund is an institution that sells shares to the public and uses the proceeds to buy a selection, or

4、portfolio, of various types of stocks, bonds, or both. They allow people with small amounts of money to easily diversify.,金融中介机构: 共同基金,共同基金 是一个向公众出售股份，并用收入购买各种股票、债券，或股票与债券都有的选择，或资产组合的机构。 它们可以使钱并不多的人进行多元化投资。,Financial Intermediaries ：Other Financial Institutions 金融中介机构：其他金融机构,Credit unions 信用社 Pensio

5、n funds 养老基金 Insurance companies 保险公司 Loan sharks 地方高利贷者,Saving and Investment in the National Income Accounts国民收入帐户中的储蓄与投资,Recall that GDP is both total income in an economy and total expenditure on the economys output of goods and services: 我们还记得，GDP既是一个经济的总收入，又是用于经济的物品与劳务产量的总支出。 Y = C + I + G + N

6、X,Some Important Identities一些重要的恒等式,Assume a closed economy one that does not engage in international trade: 假设一个封闭经济不与其他经济交易的经济。 Y = C + I + G,Some Important Identities,Now, subtract C and G from both sides of the equation: Y C G =I The left side of the equation is the total income in the economy a

7、fter paying for consumption and government purchases and is called national saving, or just saving (S).,一些重要恒等式,现在，从上面等式两边减去C 和 G ，得出: Y C G =I 这个等式的左边是在用于消费和政府购买之后留下的总收入，这个量被称为国民储蓄，或简称 储蓄 (S)。,Some Important Identities一些重要的恒等式,Substituting S for Y-C-G, the equation can be written as: 用S代替Y-C-G ，上式可

8、以写为： S = I,Some Important Identities一些重要的恒等式,National saving, or saving, is equal to: 国民储蓄或储蓄等于： S = I S = Y C G S = (Y T C) + (T G),The Meaning of Saving and Investment,National Saving National saving is the total income in the economy that remains after paying for consumption and government purcha

9、ses. Private Saving Private saving is the amount of income that households have left after paying their taxes and paying for their consumption. Private saving = (Y T C),储蓄与投资的含义,国民储蓄 国民储蓄一个经济在用于消费和政府购买后剩下的总收入。 私人储蓄 私人储蓄家庭在支付了税收和消费之后剩余的收入量。 私人储蓄 = (Y T C),The Meaning of Saving and Investment,Public S

10、aving Public saving is the amount of tax revenue that the government has left after paying for its spending. Public saving = (T G),储蓄与投资的含义,公共储蓄 公共储蓄政府在支付其支出后剩余的税收收入量。 公共储蓄 = (T G),The Meaning of Saving and Investment,Surplus and Deficit If T G, the government runs a budget surplus because it receiv

11、es more money than it spends. The surplus of T - G represents public saving. If G T, the government runs a budget deficit because it spends more money than it receives in tax revenue.,储蓄与投资的含义,预算盈余与预算赤字 如果TG，政府由于得到的资金大于支出，政府有预算赢余。 这种 T-G 的盈余代表 公共储蓄。 如果 GT， 政府支出大于其税收收入，政府有预算赤字。,The Meaning of Saving

12、and Investment 储蓄与投资的含义,For the economy as a whole, saving must be equal to investment. 对整个经济而言，储蓄必定等于投资。 S = I,The Market for Loanable Funds可贷资金市场,Financial markets coordinate the economys saving and investment in the market for loanable funds. 金融市场在 可贷资金市场上协调经济中的储蓄与投资。,The Market for Loanable Fund

13、s可贷资金市场,The market for loanable funds is the market in which those who want to save supply funds and those who want to borrow to invest demand funds. 可贷资金市场想储蓄提供资金的人和想为投资需求借资金的人的市场。,The Market for Loanable Funds可贷资金市场,Loanable funds refers to all income that people have chosen to save and lend out,

14、rather than use for their own consumption. 可贷资金是指人们选择储蓄并贷出而不用于自己消费的所有收入。,The supply of loanable funds comes from people who have extra income they want to save and lend out. The demand for loanable funds comes from households and firms that wish to borrow to make investments.,Supply and Demand for L

15、oanable Funds,可贷资金的供给来自那些有额外收入并想储蓄和贷出的人。 可贷资金的需求来自希望借款进行投资的家庭和企业。,可贷资金的供给与需求,The interest rate is the price of the loan. It represents the amount that borrowers pay for loans and the amount that lenders receive on their saving. The interest rate in the market for loanable funds is the real interest

16、rate.,Supply and Demand for Loanable Funds,利率 是贷款的价格。 它代表借款者要为贷款支付的量以及贷款者从其储蓄得到的量。 可贷资金市场上的利率是实际利率。,可贷资金的供给与需求,Supply and Demand for Loanable Funds可贷资金的供给与需求,Financial markets work much like other markets in the economy. 金融市场的运行很像经济中其他市场的运行。 The equilibrium of the supply and demand for loanable fund

17、s determines the real interest rate. 可贷资金市场的供给与需求均衡决定了实际利率。,Loanable Funds (in billions of dollars) 可贷资金,0,Interest Rate 利率,Figure 1 Market for Loanable Funds 图1. 可贷资金市场,Supply and Demand for Loanable Funds,Government Policies That Affect Saving and Investment Taxes and saving Taxes and investment G

18、overnment budget deficits,可贷资金的供给与需求,影响储蓄与投资的政府政策 税收与储蓄 税收与投资 政府预算赤字,Policy 1: Saving Incentives 政策1：储蓄激励,Taxes on interest income substantially reduce the future payoff from current saving and, as a result, reduce the incentive to save. 对利息收入征税大大减少了现期储蓄的未来 收益，因此，减少了对人们储蓄的激励。,Figure 2 An Increase in

19、 the Supply of Loanable Funds,Loanable Funds,(in billions of dollars),0,Interest,Rate,图2. 可贷资金供给增加,可贷资金 (10亿美元),0,5%,供给, S1,$1,200,需求,Policy 2: Investment Incentives 政策2： 储蓄与投资,An investment tax credit increases the incentive to borrow. 投资税收优惠提高了借款的激励。 Increases the demand for loanable funds. 提高了对可贷

20、资金的需求。 Shifts the demand curve to the right. 使需求曲线向右移动。 Results in a higher interest rate and a greater quantity saved. 导致更高的利率和更大的储蓄量。,Figure 3 An Increase in the Demand for Loanable Funds,Loanable Funds,(in billions of dollars),0,Interest,Rate,图3. 可贷资金需求增加,可贷资金 (10亿美元),0,5%,$1,200,供给,需求, D1,Policy

21、 3: Government Budget Deficits and Surpluses政策3：政府预算赤字与盈余,When the government spends more than it receives in tax revenues, the short fall is called the budget deficit. 当政府支出大于其税收收入时引起的收入短缺被称为预算赤字。 The accumulation of past budget deficits is called the government debt. 过去预算赤字的积累被称为政府债务。,Policy 3: Go

22、vernment Budget Deficits and Surpluses,Government borrowing to finance its budget deficit reduces the supply of loanable funds available to finance investment by households and firms. This fall in investment is referred to as crowding out. The deficit borrowing crowds out private borrowers who are t

23、rying to finance investments.,政策3：政府预算赤字与盈余,当政府借款为其预算赤字筹资时，它就减少了可用于家庭和企业为投资而筹借的可贷资金的供给。 这种投资的减少被称为挤出. 政府为其预算赤字借款 挤出了那些想为投资筹资的私人借款者。,图4. 政府预算赤字的后果,可贷资金 (10亿美元),0,$1,200,供给, S1,需求,5%,Figure 5 The U.S. Government Debt,Percent,of GDP,1790,1810,1830,1850,1870,1890,1910,1930,1950,1970,1990,2010,0,20,40,60

24、,80,100,120,图5. 美国政府债务,独立战争,内战,一战,二战,GDP的百分比,Summary,The U.S. financial system is made up of financial institutions such as the bond market, the stock market, banks, and mutual funds. All these institutions act to direct the resources of households who want to save some of their income into the hand

25、s of households and firms who want to borrow.,小结,美国金融体系由各种金融机构所组成，例如，债券市场、股票市场、银行和共同基金。 所有这些机构的作用都是使那些想把一部分收入储蓄起来的家庭的资源流入那些想借款的家庭和企业的手中。,Summary,National income accounting identities reveal some important relationships among macroeconomic variables. In particular, in a closed economy, national saving must equal investment. Financial institutions attempt to match one persons saving with another per