货币金融学米什金ch

Chapter2,AnOverviewoftheFinancialSystem,2.1FunctionofFinancialMarkets,PerformtheessentialfunctionofchannelingfundsfromeconomicplayersthathavesavedsurplusfundstothosethathaveashortageoffundsDirectfinance:borrowersborrowfundsdirectlyfromlendersinfinancialmarketsbysellingthemsecurities.,FIGURE1FlowsofFundsThroughtheFinancialSystem,FunctionofFinancialMarkets,Promoteseconomicefficiencybyproducinganefficientallocationofcapital,whichincreasesproductionDirectlyimprovethewell-beingofconsumersbyallowingthemtotimepurchasesbetter,2.2StructureofFinancialMarkets,2.2.1DebtandEquityMarketsDebtinstrumentsAbondoramortgage,whichisacontractualagreementbytheborrowertopaytheholderoftheinstrumentfixeddollaramountsatregularintervalsuntilaspecifieddate(maturitydate).Maturity:numberofyears(term)untilthatinstrumentsexpirationdate.short-term:lessthanayear.long-term:tenyearsoflongerintermediate-term:betweenoneandtenyears,EquitiesClaimstoshareinthenetincomeandtheassetsofabusiness.Equitiesoftenmakeperiodicpayments(dividends)totheirholdersandhavenomaturitydate.Owingstockmeansyouownaportionofthefirmandthushavetherighttovoteonissuesimportanttothefirmandtoelectitsdirectors.,Themaindisadvantageofowningacorporationsequitiesratherthanitsdebtisthatanequityholderisaresidualclaimant;thatis,thecorporationmustpayallitsdebtholdersbeforeitpaysitsequityholdersTheadvantageofholdingequitiesisthatequityholdersbenefitdirectlyfromanyincreasesinthecorporationsprofitabilityorassetvalue.InUS,thesizeofthedebtmarketisoftenlargerthanthesizeoftheequitiesmarket.,2.2.2PrimaryandSecondaryMarketsAprimarymarketisafinancialmarketinwhichnewissuesofasecurityaresoldtoinitialbuyersbythecorporationorgovernmentagencyborrowingthefunds.Asecondarymarketisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissuedcanberesold.,InvestmentBanksunderwritesecuritiesinprimarymarket.Itguaranteesanpriceforacorporationssecuritiesandthensellsthemtothepublic.Brokersanddealersworkinsecondarymarketsfunds.TheNewYorkandAmericanstockexchangesandNASDAQarethebest-knownexamplesofsecondarymarkets.,Twoimportantfunctionsofsecondarymarkets:Theymakethefinancialinstrumentsmoreliquid.Theydeterminethepriceofthesecuritythatissuingfirmsellsintheprimarymarket.,2.2.3ExchangesandOver-the-Counter(OTC)MarketsExchanges:buyersandsellersofsecuritiesmeetinonecentralllocationtoconducttrades.NYSE,ChicagoBoardofTradeOTCMarkets:dealersatdifferentlocationswhohaveaninventoryofsecuritiesstandreadytobuyandsellsecurities“overthecounter”toanyonewhocomestothemandiswillingtoaccepttheirprices.Foreignexchange,Federalfunds.,2.2.4MoneyandCapitalMarketsMoneymarketsdealinshort-termdebtinstrumentsCapitalmarketsdealinlonger-termdebtandequityinstruments.,2.3FinancialMarketInstruments,2.3.1MoneyMarketInstrumentsLeastpricefluctuationsandtheleastrisky.,Table1PrincipalMoneyMarketInstruments,(1)USTreasuryBillsShort-termdebtinstrumentsoftheU.S.governmentOne-,three-,andsix-monthmaturities.Havenointerestpaymentsandaresoldatadiscount.Themostliquidandthesafest.,(2)NegotiableBankCertificatesofDepositCDisadebtinstrumentsoldbyabanktodepositorsthatpaysannualinterestofagivenamountandatmaturitypaysbacktheoriginalpurchaseprice.NegotiableCDsareCDssoldinescondarymarkets.Anextremelyimportantsourceoffundsforcommercialbanks.,(3)CommercialPaperAshort-termdebtinstrumentissuedbylargebanksandwell-knowncorporations.Growthissubstantial.(4)BankersAcceptancesAbankdraftissuedbyafirm,payableatsomefuturedate,andguaranteedforafeebythebankthatstampsit“accepted”.Oftenresoldinasecondarymarketatadiscountandtheamountoutstandingdeclined.,(5)RepurchaseAgreementsReposareeffectivelyshort-termloansforwhichTreasurybillsserveascollateral.Animportantsourceofbankfundsandthemostimportantlendersinthismarketarelargecorporations.,(6)FederalfundsOvernightloansbetweenbanksoftheirdepositsattheFederalReserve.TheseloansarenotmadebytheFederalReservebutratherbybankstootherbanksTheinterestrate,calledfederalfundsrate,isacloselywatchedbarometer.,WhataboutChina?,我国银行间拆借市场于1996年联网试运行，其交易方式有信用拆借和回购两种，以回购为主。世界上最著名的基准利率有伦敦同业拆借利率(LIBOR,LondonInterbankOfferedRate)和美国联邦基金利率。2007年1月1日，SHIBOR开始对外发布。全称是“上海银行间同业拆借利”(ShanghaiInterbankOfferedRate，SHIBOR)，被称为中国的LIBOR，是中国人民银行希望培养的基准利率体系。Shibor报价银行团现由16家商业银行组成。报价银行是公开市场一级交易商或外汇市场做市商，在中国货币市场上人民币交易相对活跃、信息披露比较充分的银行。目前，对社会公布的Shibor品种包括隔夜、1周、2周、1个月、3个月、6个月、9个月及1年。到目前为止，我国典型的短期国库券数量少，不能形成有规模的交易市场。,Table2PrincipalCapitalMarketInstruments,2.3.2CapitalMarketIntruments,(1)Stock中国股票分类：A股、B股2005年之前：国家股、法人股、流通股开户：资金帐户与证券帐户（深、沪）委托买卖：市价委托、限价委托；方式：电话、当面、网络成交：“时间优先、价格优先”、电脑集合竞价（以形成最大成交量为原则）清算交割：余额清算，T1交易费用：佣金不得高于3，每笔交易佣金不足5元的，按5元收取；印花税1；过户费：每千股1元，小于元收元（沪市，深市无）；委托费：每笔成交1-5元。,我国：1990年，上海证券交易所成立1991年，深圳证券交易所成立。1990年底，只有13家上市公司.截至2010年底，沪深两市上市公司达2026家，涵盖主板、中小板和创业板。其中，在上海证券交易所上市的公司从当初的“老八股”，发展到现在的890家；在深圳证券交易所上市的公司从最早的“老五家”，扩大到现在的1136家。上市公司总市值达26.43万亿元，居全球前三名，流通市值19.01万亿元。其中，上交所总市值17.87万亿元，流通市值14.01万亿元；深交所总市值8.56万亿元，流通市值4.99万亿元。A股市场融资总额为3.65万亿元(包含已经退市或被吸收合并的公司)，其中，首发募集资金1.89万亿元，增发募集资金1.37万亿元，配股募集资金0.39万亿元。投资者规模不断扩大。股票账户数达1.53亿户，其中，有效账户1.32亿户。,(2)MortgagesLoanstohouseholdsorfirmstopurchasehousing,land,orotherrealstructures,wherethestructureorlanditselfservesascollateralfortheloans.LargestdebtmarketintheUS.Threegovernmentagencies:FNMA,GNMA,FHLMC,(3)CorporateBondsIssuedbycorporationswithverystrongcreditratings.Thetypicalcorporatebondsendstheholderaninterestpaymenttwiceayearandpaysoffthefacevaluewhenthebondmatures.Convertiblebond:havetheadditionalfeatureofallowingtheholdertoconvertthemintoaspecifiednumberofsharesofstockatanytimeuptothematuritydate.,(4)GovernmentSecuritiesIssuedbytheTreasurytofinancethedeficitsofthefederalgovernment.Themostliquidsecurity.(5)GovernmentAgencySecuritiesIssuedbygovernmentagencies.,(6)StateandLocalGovernmentBonds(Municipalbonds)Issuedbystateandlocalgovernments.(7)ConsumerandBankCommercialLoans,2.4InternationalizationofFinancialMarkets(Glossary),ForeignBonds:soldinaforeigncountryanddenominatedinthatcountryscurrencyEurobond:bonddenominatedinacurrencyotherthanthatofthecountryinwhichitissoldEurocurrencies:foreigncurrenciesdepositedinbanksoutsidethehomecountryEurodollars:U.S.dollarsdepositedinforeignbanksoutsidetheU.S.orinforeignbranchesofU.S.banksWorldStockMarketsHelpfinancefederalgovernmentalso,2.5FunctionofFinancialIntermediaries:IndirectFinance,Financialintermediationistheprimaryrouteformovingfundsfromlenderstoborrowers.2.5.1Lowertransactioncosts(timeandmoneyspentincarryingoutfinancialtransactions).EconomiesofscaleLiquidityservices2.5.2ReducetheexposureofinvestorstoriskRiskSharing(AssetTransformation)Diversification,2.5FunctionofFinancialIntermediaries:IndirectFinance,2.5.3Dealwithasymmetricinformationproblems(beforethetransaction)AdverseSelection:trytoavoidselectingtheriskyborrower.Gatherinformationaboutpotentialborrower.(afterthetransaction)MoralHazard:ensureborrowerwillnotengageinactivitiesthatwillpreventhim/hertorepaytheloan.Signacontractwithrestrictivecovenants.,2.5FunctionofFinancialIntermediaries:IndirectFinance,Conclusion:Financialintermediariesallow“small”saversandborrowerstobenefitfromtheexistenceoffinancialmarkets.,Table3PrimaryAssetsandLiabilitiesofFinancialIntermediaries,2.6TypesofFinancialIntermediaries,2.6.1DepositoryInstitutionsFinancialintermediariesthatacceptdepositsfromindividualsandinstitutionsandmakeloans.(1)CommercialbankslargestinUS(2)SavingsandLoanAssociationsandMutualSavingsBanksBecomemorealike(3)CreditUnionsVerysmallcooperativelendinginstitutions.,2.6.2ContractualSavingsInstitutions(1)LifeInsuranceCompanies(2)FireandCasualtyInsuranceCompanies(3)PensionFundsandGovernmentRetirementFunds,2.6.3InvestmentIntermediaries(1)FinanceCompanies(2)MutualFunds(3)MoneyMarketMutualFunds(4)InvestmentBanks,Table4PrincipalFinancialIntermediariesandValueofTheirAssets,TypesofFinancialIntermediariesinChina,以中国人民银行为领导，国有商业银行为主体，多种金融机构并存，分工协作的金融中介机构体系：2010年，我国银行业金融机构包括政策性银行及国家开发银行3家，大型商业银行5家，股份制商业银行12家，城市商业银行147家，农村商业银行85家，农村合作银行223家，农村信用社2,646家，邮