国际金融市场与机构.doc

【美联储的主要构成成份】Identify the key components of the Fed that dictate monetary policyFederal reserve district banks.联邦储备区银行Member banks会员银行Board of governors董事会Federal open market committee(FOMC)联邦公开市场委员会Advisory committees联邦顾问委员会【联邦储备银行的职能】Fed district banks facilicate operations within the banking system by clearing checks,replacing old currency, and providing loans to depository institutions in need of funds. They also collect economic data and conduct research projects on commercial banking and economic trends.【货币政策工具】Monetary policy tools1. Open market operations公开市场操作2. Adjustments in the discount rate调整贴现利率3. Adjustments in the reserve requirement ratio调整法定存款准备金利率【The new York district bank is considered the most important.纽约联邦储备区银行被认为是最重要的。】【Each Fed district bank has nine directors ,six are elected by member banks, of these six directors, three are professional banks and three are businessman，the other three directors are appointed by the board of governors.每个联邦储备区银行，有九个成员组成，六个是来自会员银行选举出来，其中三人来自专业银行，三人为商人，另外三人来自理事会。】【理事会】Board of governorsThe board of governors is made up of seven individual members with offices in Washington D.C理事会的7个人是由华盛顿官方组成。【理事会的职能】 regulating commercial banks and controlling monetary policy.【联邦公开市场委员会】FOMC is made up of the seven members of the board of governors plus the presidents of five fed district banks.【FOMC主要职能】promote high employment, economic growth and price stability. commandcomposeProvide fundsAdvisoryCommittee【Board of governors】l Regulates member banks and holding companies.l Sets reseve requirements.【Federal reseve district banks】l Clear checksl Replace old currencyl Provide loans to depository insititutions.【Federal openmarket committee】l Conducts open market operationssupervisionMember banksTrading deskBoard of governorsRegulates member banks and holding companies.Sets reseve requirements.【公开市场如何操作如何影响利率】the Fed can have a strong influence on these rates by controlling the supply of loanable funds.when the fed uses open market operations to increase bank funds ,banks have more funds that can be loaned out. This can influence various market-determined interest rates.1.he federal funds rate may decline because some banks have a larger supply of excess funds to lend out in the federal funds market.2.banks with excess funds may offer new loans at a lower inerest rates in order to make use of these funds.3.these banks may also lower interest rates offered on deposits because they have more than adequate funds to conduct existing operations.【货币政策工具】Ms(货币供给量)=B(基础货币)*m(货币乘数) B=C(现金)+R(准备金)M1=C(现金)+D(存款) M2=M1+Ds(活期存款)+Dt(定期存款) M1=B*m1 M2=B*m2以此类推中央银行买卖的地点必须是在公开的市场上交易只能买卖国债(无违约风险)且公开市场是二级市场。【美联储公开市场买卖open market purchase】国家经济衰退(购买) RBMs SAiIY国家经济过热(卖出) RBMs SAiIY【调整贴现率】贴现公式Fv(1-idn360) (n:未到期天数，Fv票面金额)【调整贴现率的三种方法】1.adjustment credit2.sesonal credit3.extended creditidRBMs idRBMs【调整法定存款准备金】RRmMsM(货币乘数)=1/r或1/r+c+c m=M/B=(C+D)/(C+R)=(C/D+1)/(C/D+R/D) 令C/D=C m=(C+1)/(C+R/D)【纯粹凯恩斯理论pure keynesian theory】纯粹凯恩斯主义理论(需求决定论)认为大萧条是由于有效需求不足导致的。1.币量的变化对宏观经济是有影响的2.供给创造需求3.古典学派：货币中性论；凯恩斯：货币非中性论。Purchase(购买)Id(降低贴现利率)RR(减少法定存款准备金率)Ms iCIADY(correcting a weak economy)SaleIdRRMs iCIADY(correcting high inflation)紧缩经济政策restrictive【凯恩斯主义的观点总结summary of Keynesian view】FedInvestorsBank FundsincreaseInterest ratesdecreaseAggregateSpendingincreases扩张经济政策stimulate monetary policyFedInvestorsBank FundsincreaseInterest ratesdecreaseAggregateSpendingincreases紧缩性货币政策restrictive monetary policy【贷不足对扩张性货币政策的影响effects of a credit crunch on a stimulative policy】A credit crunch may partially offset the desired effects of a stimulative monetary policy and magnify the effects of a restrictive monetary policy.【费雪方程式】MV=PQ【凯恩斯与弗里德曼理论的比较】Y(名义国民收入)CPIY(总产出) 弗里德曼(短期有效)中介为MsMsiIADY扩张性货币政策凯恩斯(长期有效)中介为iSAiYCDAieSADAi1. Keynesians and monetarists also differ in the relative importance they assign to inflation and unemployment.2. Keynesians tend to focus on maintaining low unemployment and are therefore more willing to tolerate any inflation that results from stimulative monetary policies3. Monetarists are more concerned about maintaining low inflation and are therefore more willing to tolerate what they refer to as a natual rate of unemployment.【理性预期理论theory of rational expectations】The theory of rational expectations holds that the public accounts for all existing information when forming its expectations.【菲利普斯曲线phillips curve】this relationship suggested that government policy designed to cure unemployment appear to place upward pressure on wages. In addition, government policies designed to cure inflation can cause more unemployment. This negative relationship came to be known as the Phillips curve.【货币政策时滞lags in monetary policy】1.recognition lag认识时滞：the lag between the time a problem arise and the time It is recognized.2.implementation lag: the lag from the time a serious problem is recognized until the time the fed implements a policy to resolve .3.impact lag: after the fed implements a policy ,there will be an impact lag until the policy has its full impact on the economy.【货币市场money market】1.treasury bills 2.commercial paper 3.negotiable certificates of deposit 4.repurchase agreements 5.federal funds 6.bankers acceptances(国债：4周30天 13周91天 26周182天)国债特点：五违约风险，二级市场很好，有很活跃的活动性，安全性好，预期收益率低，可免地方税。【债券基础知识】Bonds represent long-term debt securities that are issued by government agencies or corporations.Bonds: bearer bonds, registered bonds【债券的收益率Bond Yields】the yield to maturity is the annualized discount rate that equates the future coupon and principal payments to the initial proceeds received from the bond offering.【国债报价treasury bond quotations】Bid买价报价Ask卖价报价 eg:120:17 fv*(120*17/32) 一个点为1/32【国债和联邦机构债券treasury and federal agency bonds】1.stripped treasury bonds拆分债券，剥离债券2.inflation-index treasury bonds 通货膨胀指数债券3.brady bonds布雷迪债券4.Federal agency bonds联邦机构债券A.government national mortgage association(ginnie mae)B.the federal home loan mortgage association(Freddie mae)C.the fed