《货币和资本市场》PPT课件

MoneyandCapitalMarkets,1,Chapter,EighthEdition,FinancialInstitutionsandInstrumentsinaGlobalMarketplace,PeterS.Rose,McGrawHill/Irwin,SlidesbyYee-Tien(Ted)Fu,FunctionsandRolesoftheFinancialSystemintheGlobalEconomy,LearningObjectives,Tounderstandthefunctionsperformedandtherolesplayedbythesystemoffinancialmarketsandinstitutionsintheglobaleconomy.Toexploreseveralkeytermsandconceptsofthemoneyandcapitalmarkets.Todiscoverhowimportantthefinancialsystemisinincreasingourstandardofliving,generatingnewjobs,andbuildingoursavingstomeettomorrowsfinancialneeds.,Introduction,Thefinancialsystemisthecollectionofmarkets,institutions,laws,regulations,andtechniquesthroughwhichbonds,stocks,andothersecuritiesaretraded,interestratesaredetermined,andfinancialservicesareproducedanddeliveredaroundtheworld.,Introduction,Theprimarytaskofthefinancialsystemistomovescarceloanablefundsfromthosewhosavetothosewhoborrowtobuygoodsandservicesandtomakeinvestmentsinnewequipmentandfacilities,sothattheglobaleconomycangrowandthestandardoflivingcanincrease.,FlowswithintheGlobalEconomicSystem,Thebasicfunctionoftheeconomicsystemistoallocatescarceresourcesland,labor,managementskill,andcapitaltoproducethegoodsandservicesneededbysociety.Theglobaleconomygeneratesaflowofproductioninreturnforaflowofpayments.Thecircularflowofproductionandincomeisinterdependentandneverending.,FlowswithintheGlobalEconomicSystem,FlowswithintheGlobalEconomicSystem,TheRoleofMarketsintheGlobalEconomicSystem,Inmosteconomiesaroundtheworld,marketscarryoutthecomplextaskofallocatingresourcesandproducinggoodsandservices.Themarketplacedetermineswhatgoodsandserviceswillbeproducedandinwhatquantitiesthroughtheirprices.Marketsalsodistributeincomebyrewardingsuperiorproducerswithincreasedprofits,higherwages,andothereconomicbenefits.,TypesofMarkets,Thereareessentiallythreetypesofmarketswithintheglobaleconomicsystem.Thefactormarketsallocatethefactorsofproductiontotheownersofproductiveresources.Consumingunitsusemostoftheirincomefromfactormarketstopurchasegoodsandservicesinproductmarkets.,TypesofMarkets,Thefinancialmarketschannelsavingstothoseindividualsandinstitutionsneedingmorefundsforspendingthanareprovidedbytheircurrentincomes.,TypesofMarkets,TheFinancialMarketsandtheFinancialSystem:ChannelforSavingsandInvestment,Thefinancialmarketsmakepossibletheexchangeofcurrentincomeforfutureincomeandthetransformationofsavingsintoinvestmentsothatproduction,employment,andincomecangrow.Thesuppliersoffundstothefinancialsystemcanexpectnotonlytorecovertheiroriginalfundsbutalsotoearnadditionalincomeasarewardforwaitingandforassumingrisk.,TheGlobalFinancialSystem,FunctionsPerformedbytheGlobalFinancialSystemandtheFinancialMarkets,Savingsfunction.Theglobalsystemoffinancialmarketsandinstitutionsprovidesaconduitforthepublicssavings.Wealthfunction.Thefinancialinstrumentssoldinthemoneyandcapitalmarketsprovideanexcellentwaytostorewealth.Liquidityfunction.Financialmarketsprovideliquidityforsaverswhoholdfinancialinstrumentsbutareinneedofmoney.,FunctionsPerformedbytheGlobalFinancialSystemandtheFinancialMarkets,Creditfunction.Globalfinancialmarketsfurnishcredittofinanceconsumptionandinvestmentspending.Paymentsfunction.Theglobalfinancialsystemprovidesamechanismformakingpaymentsforgoodsandservices.,FunctionsPerformedbytheGlobalFinancialSystemandtheFinancialMarkets,Riskprotectionfunction.Thefinancialmarketsaroundtheworldofferbusinesses,consumers,andgovernmentsprotectionagainstlife,health,property,andincomerisks.Policyfunction.Thefinancialmarketsareachannelthroughwhichgovernmentsmayattempttostabilizetheeconomyandavoidinflation.,TypesofFinancialMarketsWithintheGlobalFinancialSystem,Themoneymarketisforshort-term(oneyearorless)loans,whilethecapitalmarketfinanceslong-terminvestmentsbybusinesses,governments,andhouseholds.Inparticular,governmentsborrowfromcommercialbanksinthemoneymarket,whileinthecapitalmarket,insurancecompanies,mutualfunds,securitydealers,andpensionfundssupplythefundsforbusinesses.,TypesofFinancialMarketsWithintheGlobalFinancialSystem,ThemoneymarketmaybesubdividedintoTreasurybills,certificatesofdeposit(CDs),bankersacceptances,commercialpaper,federalfundsandEurocurrencies.Thecapitalmarketmaybesubdividedintomortgageloans,tax-exempt(municipal)bonds,consumerloans,EurobondsandEuronotes,corporatestock,andcorporatenotesandbonds.,TypesofFinancialMarketsWithintheGlobalFinancialSystem,Inopenmarkets,financialinstrumentsaresoldtothehighestbidder,andtheycanbetradedasoftenasisdesirablebeforetheymature.Innegotiatedmarkets,theinstrumentsaresoldtooneorafewbuyersunderprivatecontract.Financialcapitalisraisedwhennewlyissuedsecuritiesaresoldintheprimarymarkets.Securitytradinginthesecondarymarketsthenprovidesliquidityfortheinvestors.,TypesofFinancialMarketsWithintheGlobalFinancialSystem,Inthespotmarket,assetsorfinancialservicesaretradedforimmediatedelivery(usuallywithintwobusinessdays).Contractscallingforthefuturedeliveryoffinancialinstrumentsaretradedinthefuturesorforwardmarket.Contractsgrantingtherighttobuyorsellcertainsecuritiesatspecifiedpriceswithinacertainperiodaretradedintheoptionsmarket.,Credit,theCommonCommodity.Theshiftingofborrowersamongmarketshelpstoweldthepartsoftheglobalfinancialsystemtogetherandtobringthecreditcostsinthedifferentmarketsintobalancewithoneanother.SpeculationandArbitrage.Speculatorswhowatchforprofitablearbitrageopportunitieshelptomaintainconsistentpricesamongthemarkets.,FactorsTyingAllFinancialMarketsTogether,FactorsTyingAllFinancialMarketsTogether,PerfectandEfficientMarkets.Thereissomeresearchevidencesuggestingthatfinancialmarketsarecloselytiedtooneanotherduetotheirnearperfectionandefficiency.Intherealworldhowever,marketimperfectionandinformationasymmetryexist.,TheDynamicFinancialSystem,Theglobalfinancialsystemisrapidlychanging.Inparticular,therearetrendstowardthederegulationoffinancialinstitutionsandservices,theharmonizationofregulations,andglobalintegration,leadingtomoreintensecompetitionaswellasthedevelopmentofnewfinancialservices.,ThePlanofThisBook,PartOneprovidesanoverviewoftheglobalfinancialsystemitsroleintheworldseconomyanditsbasiccharacteristics.PartTwoexaminestheforcesthatshapeinterestratesandthepricesoffinancialinstruments.PartThreedrawsourattentiontothemoneymarketanditsprincipalinstrumentsandinstitutions(includingthecentralbank).,ThePlanofThisBook,PartFourgivesacloserlookatcommercialbanks,creditunions,savingsandloanassociations,moneymarketfunds,insurancecompanies,pensionfunds,mutualfunds,andotherfinancial-servicefirms.PartFiveturnstotheroleofgovernmentsfederal,state,andlocalwithintheglobalfinancialsystem.,ThePlanofThisBook,PartSixfocusesonthefinancialactivitiesofnonfinancialbusinessfirmsandconsumers.PartSevenisdevotedtotheinternationalfinancialsystemandfuturetrendsinglobalfinance.,MoneyandCapitalMarketsinCyberspace,Formoreonthenatureofthefinancialsystem,seehttp:/homepages.uel.ac.uk/K.Bain/fimac223.html.Helponplanningforsavingsandinvestmentsisavailableat/investor.shtml.HowmuchwealthdoestheU.S.reallyhaveandhowunevenlyisitdistributed?See/research/description.htm#1.113andhttp:/woodrow.mpls.frb.fed.us/research/.,MoneyandCapitalMarketsinCyberspace,Foradiscussionoftheimportantrolesperformedbycapitalmarketswithinthefinancialsystem,see/finance/.ForfurtherdiscussiononthelowU.S.savingsrate,see,MoneyandCapitalMarketsinCyberspace,SomeexpertsseetheInternetasanearlyperf