management 企业管理类英文版课件 1

Saving,Investment,andtheFinancialSystem,13,FinancialInstitutionsintheU.S.Economy,FinancialsystemGroupofinstitutionsintheeconomyThathelpmatchOnepersonssavingWithanotherpersonsinvestmentFinancialmarketsFinancialinstitutionsSaverscandirectlyprovidefundstoborrowers,2,FinancialInstitutionsintheU.S.Economy,FinancialmarketsThebondmarketBondCertificateofindebtednessTimeofmaturity-atwhichtheloanwillberepaidRateofinterestPrincipal-amountborrowedTerm-lengthoftimeuntilmaturityCreditriskTaxtreatment,3,FinancialInstitutionsintheU.S.Economy,FinancialmarketsThestockmarketStockClaimtopartialownershipinafirmOrganizedstockexchangesStockprices:demandandsupplyEquityfinanceSaleofstocktoraisemoneyStockindexAverageofagroupofstockprices,4,FinancialInstitutionsintheU.S.Economy,FinancialintermediariesFinancialinstitutionsSaverscanindirectlyprovidefundstoborrowersBanksTakeindepositsfromsaversBankspayinterestMakeloanstoborrowersBankschargeinterestFacilitatepurchasingofgoodsandservicesChecksmediumofexchange,5,FinancialInstitutionsintheU.S.Economy,FinancialintermediariesMutualfundsInstitutionthatsellssharestothepublicUsestheproceedstobuyaportfolioofstocksandbondsAdvantagesDiversificationAccesstoprofessionalmoneymanagers,6,SavingS=YC-GS=I,9,Saving&InvestmentinNationalIncomeAccounts,SomeimportantidentitiesT=taxesminustransferpaymentsS=YCGS=(YTC)+(TG)Privatesaving,YTCIncomethathouseholdshaveleftafterpayingfortaxesandconsumptionPublicsaving,TGTaxrevenuethatthegovernmenthasleftafterpayingforitsspending,10,Saving&InvestmentinNationalIncomeAccounts,SomeimportantidentitiesBudgetsurplus:TG0ExcessoftaxrevenueovergovernmentspendingBudgetdeficit:TG0Shortfalloftaxrevenuefromgovernmentspending,11,Saving&InvestmentinNationalIncomeAccounts,ThemeaningofSavingandInvestingS=ISaving=InvestmentFortheeconomyasawholeOnepersonssavingscanfinanceanotherpersonsinvestment,12,TheMarketforLoanableFunds,MarketforloanablefundsMarketThosewhowanttosavesupplyfundsThosewhowanttoborrowtoinvestdemandfundsOneinterestrateReturntosavingCostofborrowingAssumptionSinglefinancialmarket,13,TheMarketforLoanableFunds,SupplyanddemandofloanablefundsSourceofthesupplyofloanablefundsSavingSourceofthedemandforloanablefundsInvestmentPriceofaloan=realinterestrateBorrowerspayforaloanLendersreceiveontheirsaving,14,TheMarketforLoanableFunds,SupplyanddemandofloanablefundsAsinterestraterisesQuantitydemandeddeclinesQuantitysuppliedincreasesDemandcurveSlopesdownwardSupplycurveSlopesupward,15,Themarketforloanablefunds,1,16,Supply,Demand,5%,$1,200,Theinterestrateintheeconomyadjuststobalancethesupplyanddemandforloanablefunds.Thesupplyofloanablefundscomesfromnationalsaving,includingbothprivatesavingandpublicsaving.Thedemandforloanablefundscomesfromfirmsandhouseholdsthatwanttoborrowforpurposesofinvestment.Heretheequilibriuminterestrateis5percent,and$1,200billionofloanablefundsaresuppliedanddemanded.,TheMarketforLoanableFunds,Policy1:savingincentivesSheltersomesavingfromtaxationAffectsupplyofloanablefundsIncreaseinsupplySupplycurveshiftsrightNewequilibriumLowerinterestrateHigherquantityofloanablefundsGreaterinvestment,17,Savingincentivesincreasethesupplyofloanablefunds,2,18,Supply,S1,Demand,5%,$1,200,AchangeinthetaxlawstoencourageAmericanstosavemorewouldshiftthesupplyofloanablefundstotherightfromS1toS2.Asaresult,theequilibriuminterestratewouldfall,andthelowerinterestratewouldstimulateinvestment.Heretheequilibriuminterestratefallsfrom5percentto4percent,andtheequilibriumquantityofloanablefundssavedandinvestedrisesfrom$1,200billionto$1,600billion.,S2,4%,$1,600,1.Taxincentivesforsavingincreasethesupplyofloanablefunds.,3.andraisestheequilibriumquantityofloanablefunds.,2.Whichreducestheequilibriuminterestrate.,TheMarketforLoanableFunds,Policy2:investmentincentivesInvestmenttaxcreditAffectdemandforloanablefundsIncreaseindemandDemandcurveshiftsrightNewequilibriumHigherinterestrateHigherquantityofloanablefundsGreatersaving,19,Investmentincentivesincreasethedemandforloanablefunds,3,20,Supply,Demand,D1,5%,$1,200,Ifthepassageofaninvestmenttaxcreditencouragedfirmstoinvestmore,thedemandforloanablefundswouldincrease.Asaresult,theequilibriuminterestratewouldrise,andthehigherinterestratewouldstimulatesaving.Here,whenthedemandcurveshiftsfromD1toD2,theequilibriuminterestraterisesfrom5percentto6percent,andtheequilibriumquantityofloanablefundssavedandinvestedrisesfrom$1,200billionto$1,400billion.,D2,6%,$1,400,1.Aninvestmenttaxcreditincreasesthedemandforloanablefunds.,2.whichraisestheequilibriuminterestrate.,3.andraisestheequilibriumquantityofloanablefunds.,TheMarketforLoanableFunds,Policy3:governmentbudgetdeficitsandsurplusesGovernment-startswithbalancedbudgetThenstartsrunningabudgetdeficitChangeinsupplyofloanablefundsDecreaseinsupplySupplycurveshiftsleftNewequilibriumHigherinterestrateSmallerquantityofloanablefunds,21,Theeffectofagovernmentbudgetdeficit,4,22,Supply,S1,Demand,5%,$1,200,Whenthegovernmentspendsmorethanitreceivesintaxrevenue,theresultingbudgetdeficitlowersnationalsaving.Thesupplyofloanablefundsdecreases,andtheequilibriuminterestraterises.Thus,whenthegovernmentborrowstofinanceitsbudgetdeficit,itcrowdsouthouseholdsandfirmsthatotherwisewouldborrowtofinanceinvestment.Here,whenthesupplyshiftsfromS1toS2,theequilibriuminterestraterisesfrom5percentto6percent,andtheequilibriumquantityofloanablefundssavedandinvestedfallsfrom$1,200billionto$800billion.,S2,6%,$800,1.Abudgetdeficitdecreasesthesupplyofloanablefunds.,3.andreducestheequilibriumquantityofloanablefunds.,2.whichraisestheequilibriuminterestrate.,TheMarketforLoanableFunds,Policy3:governmentbudgetdeficitsandsurplusesCrowdingoutDecreaseininvestmentResultsfromgovernmentborrowingGovernment-budgetdeficitInterestraterisesInvestmentfalls,23,TheMarketforLoanableFunds,Policy3:governmentbudgetdeficitsandsurplusesGovernmentbudgetsurplusIncreasesupplyofloanablefundsReduceinterestrateStimulatesinvestment,24,DebtofU.S.federalgovernmentAsapercentageofU.S.GDPFluctuated0%ofGDPin1836to107%ofGDPin194530-40%ofGDPinrecentyearsWarprimarycauseoffluctuationsingovernmentdebt:DebtfinancingofwarappropriatepolicyTaxratessmoothovertimeShiftspartofthecostofwarstofuturegenerations,ThehistoryofU.S.governmentdebt,25,TheU.S.governmentdebt,5,26,ThedebtoftheU.S.federalgovernment,expressedhereasapercentageofGDP,hasvariedthroughouthistory.Wartimespendingistypicallyassociatedwithsubstantialincreasesingovernmentdebt.,LargeincreaseingovernmentdebtCannotbeexplainedbywarAround1980Presiden