北京大学光华管理学院本科生经济学PPT课件

1、第1页/共98页货币和金融体系 Target short term interest rate Open market operations Entire spectrum interest rate, asset prices etc. I,C,NX AS,AD第2页/共98页1 Modern Financial System The role of financial system Money market Fixed interest rate assets Stock market Foreign exchange market Financial intermediaries Com

2、mercial banks Insurance companies Mutual funds第3页/共98页Financial IntermediariesA financial intermediary is an institution that transforms the funds it gathers from many individuals into financial assets.A mutual fund is a financial intermediary that creates a stock portfolio and then resells shares o

3、f this portfolio to individual investors.A pension fund is a type of mutual fund that holds assets in order to provide retirement income to its members.A life insurance company sells policies that guarantee a payment to a policyholders beneficiaries when the policyholder dies.A bank is a financial i

4、ntermediary that provides liquid assets in the form of bank deposits to lenders and uses those funds to finance the illiquid investments or investment spending needs of borrowers.第4页/共98页Three Tasks of a Financial SystemEach of the four financial assets serves a different purpose in addressing the t

5、hree fundamental tasks of a financial system: reducing transaction costs the cost of making a deal; reducing financial risk uncertainty about future outcomes that involves financial gains and losses; and providing liquid assets assets that can be quickly converted into cash (in contrast to illiquid

6、assets, which cant).第5页/共98页金融体系的角色 分散风险 汇集信息 增加流动性 沟通储蓄和投资，提升投资效率第6页/共98页第7页/共98页The function of the financial systems Transfer resources across time sector and regions Manage risks Pools and subdivides funds Clearinghouse function第8页/共98页第9页/共98页Financial assets Money Saving accounts Credit market

7、 instruments:bond etc Common stocks Monet market funds and mutual funds Pension funds Financial derivatives第10页/共98页第11页/共98页2 The special case of money The evolution of money The history of money Barter Commodity money Modern money第12页/共98页监狱里的货币香烟.第13页/共98页什么是货币我们为什么需要它？什么可以当货币?5个标准:被广泛接受 质量标准化 耐用

8、 durable 重量轻，便于携带 可分割 第14页/共98页 Components of the money supply Currency Checking deposits第15页/共98页什么是货币我们为什么需要它？LEARNING OBJECTIVE2M1: 最窄的定义M1 : 流通中的现金，支票账户，活期存款账户，旅行支票 包括:1.流通中的纸币和硬币，不是银行持有的和国库持有的2.支票账户.3.旅行支票4.活期存款第16页/共98页中国的划分M0：流通中现金（货币供给量统计的机构范围之外的现金发行）M1：M0企业存款（企业存款扣除单位定期存款和自筹基建存款）机关团体部队存款农村存

9、款信用卡类存款（个人持有）M2：M1城乡居民储蓄存款企业存款中具有定期性质的存款（单位定期存款和自筹基建存款）外币存款信托类存款M3：M2金融债券商业票据大额可转让定期存单等M1，即狭义货币；M2，即广义货币；M2M1即准货币。 第17页/共98页第18页/共98页The demand for money Moneys function Medium of exchange Unit of account A store of value第19页/共98页 The costs of holding money Transaction demand for money Asset demand第

10、20页/共98页第21页/共98页3 banks and the supply of money Goldsmith establishment Fractional reserve banking第22页/共98页第23页/共98页第24页/共98页第25页/共98页第26页/共98页第27页/共98页银行怎么创造货币?银行的资产平衡表准备 Deposits that a bank keeps as cash in its vault or on deposit with the Federal Reserve.法定准备 Reserves that a bank is legally req

11、uired to hold, based on its checking account deposits.法定准备率 The minimum fraction of deposits banks are required by law to keep as reserves.超额准备 Reserves that banks hold over and above the legal requirement.第28页/共98页银行怎么创造货币?资产资产 负债和权益负债和权益准备准备$34,150储蓄存款储蓄存款$295,053贷款贷款$221,083短期负债$64,161转存于其他银行的存款$

12、4,441长期负债$46,750证券$110,597其他负债$37,216建筑和设备$5,628总负债$443,189其他$117,425股东权益$50,135总资产$493,324股东权益$493,324银行的资产平衡表第29页/共98页银行怎么创造货币? 你（个人）在工商银行的活期账户里，存入1000块钱，工商银行的资产和负债都增加1000元这个行为没有增加货币因为流通中的现金减少了1000，活期存款增加了1000，M1没变化资产负债准备 1000存款 1000第30页/共98页资产负债准备100活期存款1000贷款900工商行可以保留100作为法定准备，贷出去900，比如贷款给某个买汽车

13、的简单点说，银行允许你的支票账户增加900额度资产负债B银行存款900准备900假如那个人把900块支付给车主车主把支票存到B银行第31页/共98页资产负债B银行储备90存款900贷款？B银行可以贷款出去多少？第32页/共98页银行怎么创造货币? 银行银行活期存款账户的增加活期存款账户的增加A银行1,000B银行900(= 0.9 x 1,000)第三家银行810(= 0.9 x 900)第四家银行729(= 0.9 x 810).总的存款变化10,000 第33页/共98页简单的存款乘数存款乘数 存款与银行新的准备的比值 银行怎么创造货币?RR1 存款乘数RR1 准备的变化活期存款账户的变化

14、第34页/共98页4 The stock market RISK AND RETURN ON DIFFERENT ASSETS Bubbles and crashes第35页/共98页第36页/共98页第37页/共98页Stock Prices and MacroeconomicsHow do macroeconomists and policy makers deal with the fact that stock prices fluctuate a lot and that these fluctuations can have important economic effects?

15、The short answer is that, for the most part, they adopt an open-minded but watchful attitude.Policy makers assume neither that markets always behave rationally nor that they can outsmart them.第38页/共98页第39页/共98页An Example of a Diversified Mutual Fund第40页/共98页 Efficient market and random walk第41页/共98页

16、CHAPTER 24:MONETARY POLICY AND ECONOMY第42页/共98页1 CENTRALBANKING AND THE FEDERAL RESERVE SYSTEM The essential element of central banking History: banking panics; 1913 Federal Reserve Act Structure Board of governors:7 12 regional reserve banks Federal open market committee Goals Multiple objectives;

17、inflation targeting; exchange rate targeting Central bank independence第43页/共98页中央银行体系LEARNING OBJECTIVE4部分准备的银行体系 银行保留部分的准备.挤兑 很多存款者同时提款 银行恐慌 很多银行都面临着挤兑.第44页/共98页阿根廷2001年的银行恐慌阿根廷中央银行不能阻止银行恐慌.第45页/共98页中央银行体系美国叫做联邦储备银行货币战争对联储有描述，但是对事实的解释基本属于偏见偏见比无知更使人愚蠢 第46页/共98页第47页/共98页 How the central bank determin

18、es short term interest rates FEDS Operation: federal fund rate Open market operations Discount-window lending Reserve requirement policy第48页/共98页Balance sheet of central banks第49页/共98页Operating procedures FOMC Federal funds rate第50页/共98页第51页/共98页How the central bank affects bank reserves Open market

19、 operations The FED desire to sell 1 billion dollars第52页/共98页第53页/共98页 Discount window policy or above the target federal funds rate 2007-2009 crisis Lender of last resort第54页/共98页Reserve requirment The nature of reserves Legal reserve requirments第55页/共98页第56页/共98页Determination of the federal funds

20、rate Demand for bank reserves Supply of bank reserves第57页/共98页第58页/共98页第59页/共98页Unit:100 Million Yuan项目项目 ItemItem2007.08 2007.08 2007.09 2007.09 2007.10 2007.10 2007.11 2007.11 2007.12 2007.12 货币和准货币（M2）387205.04 393098.91 394204.17 399757.91 403401.30 Money & Quasi-money 货币（M1）140993.21 142591

21、.57 144649.33 148009.82 152519.17 Money流通中现金（M0）27822.39 29030.58 28317.78 28987.92 30334.32 Currency in Circulation第60页/共98页项目项目 ItemItem2009.02009.01 1 2009.02 2009.02 2009.02009.03 3 2009.02009.04 4 2009.02009.05 5 2009.02009.06 6 2009.02009.07 7 2009.02009.08 8 2009.02009.09 9 货币和准货币（M2）496135.3

22、1 506708.07 530626.71 540481.21 548263.51 568916.20 573102.85 576698.95 585405.34 Money & Quasi-money 货币（M1）165214.34 166149.60 176541.13 178213.57 182025.58 193138.15 195889.27 200394.83 201708.14 Money流通中现金（M0）41082.37 35141.64 33746.42 34257.27 33559.52 33640.98 34239.30 34406.62 36787.89 Cur

23、rency in Circulation 第61页/共98页中央银行资产负债表单位：亿元人民币 资产资产20072007年年1 1月月1111月月负债负债20072007年年1 1月月11月国外资产 Foreign Assets89451.67 122170.97 储备货币 Reserve Money73380.48 92433.16 外汇 Foreign Exchange88044.93 115031.21 货币发行 Currency Issue30236.40 31389.64 货币黄金 Monetary Gold337.24 337.24 金融性公司存款 Deposits of Fina

24、ncial Corporations42943.03 60775.81 其他国外资产 Other Foreign Assets1069.50 6802.52 其他存款性公司 Other Depository Corporations42817.49 60569.24 对政府债权 Claims on Government2856.41 8825.32 其他金融性公司 Other Financial Corporations125.54 206.57 其中：中央政府 Of which: Central Government2856.41 8825.32 非金融性公司存款 Deposits of N

25、on-financial Corporations201.05 267.71 对其他存款性公司债权 Claims on Other Depository Corporations 6484.92 6310.42 活期存款 Demand Deposits201.05 267.71 对其他金融性公司债权 Claims on Other Financial Corporations21917.51 15950.40 发行债券 Bond Issue34337.95 35667.62 对非金融性公司债权 Claims on Non-financial Corporations66.34 63.68 国外

26、负债 Foreign Liabilities926.20 933.08 其他资产 Other Assets11730.92 11979.20 政府存款 Deposits of Government 12907.87 23159.58 总资产总资产 Total Assets132507.77 165299.99 自有资金 Own Capital219.75 219.75 其他负债 Other Liabilities 10735.52 12886.80 总负债总负债 Total Liabilities132507.77 165299.99 第62页/共98页国外资产 Foreign Assets1

27、63731.49179720.25储备货币 Reserve Money129653.44133406.64 外汇 Foreign Exchange150784.95166460.89 货币发行 Currency Issue47672.6640504.78 货币黄金 Monetary Gold337.24669.84金融性公司存款 Deposits of Financial Corporations81980.7892901.86 其他国外资产 Other Foreign Assets12609.3112589.51其他存款性公司 Other Depository Corporations818

28、37.8992797.95对政府债权 Claims on Government16195.9915676.74其他金融性公司 Other Financial Corporations142.9103.9 其中：中央政府 Of which: Central Government16195.9915676.74不计入储备货币的金融性公司存款Deposits of financial corporations excluded from Reserve Money580.49635.72对其他存款性公司债权 Claims on Other Depository Corporations 8378.0

29、67591.72发行债券 Bond Issue43521.2139915.61对其他金融性公司债权 Claims on Other Financial Corporations11852.7511701国外负债 Foreign Liabilities771.49746.92对非金融性公司债权 Claims on Non-financial Corporations44.1243.96政府存款 Deposits of Government 17618.1127247.71其他资产 Other Assets8052.77817.24自有资金 Own Capital219.75219.75总资产总资

30、产 Total AssetsTotal Assets208255.12222550.91其他负债 Other Liabilities 15890.6220378.54总负债总负债 TotalTotal LiabilitiesLiabilities208255.12222550.912009年央行资产负债表第63页/共98页第64页/共98页The Demand for MoneyThe Opportunity Cost of Holding MoneyShort-term interest rates are the interest rates on financial assets tha

31、t mature within six months or less.Long-term interest rates are interest rates on financial assets that mature a number of years in the future.第65页/共98页The Demand for MoneyThe Opportunity Cost of Holding Money第66页/共98页The Money Demand CurveThe money demand curve shows the relationship between the qu

32、antity of money demanded and the interest rate.The Liquidity Preference Model of the Interest Rate第67页/共98页Prices and the Demand for MoneyThe real quantity of money is the nominal quantity of money divided by the aggregate price level. 第68页/共98页Prices and the Demand for MoneyThe Aggregate Price Leve

33、l and Money Demand第69页/共98页The Real Demand for MoneyThe real money demand curve shows the relationship between the real quantity of money demanded and the interest rate.第70页/共98页Shifts of the Real Money Demand CurveChanges in Real Aggregate SpendingChanges in TechnologyChanges in Institutions第71页/共9

34、8页The Velocity Approach to Money DemandThe velocity of money is nominal GDP divided by the nominal quantity of money.According to the velocity of money approach to money demand, the real quantity of money demanded is proportional to real aggregate spending.第72页/共98页The Velocity Approach to Money Dem

35、andThe real demand for money, M/P, is proportional to real GDP, Y, where the constant of proportionality is 1/V.第73页/共98页Money and Interest RatesAccording to the liquidity preference model of the interest rate, the interest rate is determined by the supply and demand for money.The money supply curve

36、 shows how the nominal quantity of money supplied varies with the interest rate.第74页/共98页Equilibrium in the Money Market第75页/共98页The Effect of an Increase in the Money Supply on the Interest Rate第76页/共98页Setting the Federal Funds Rate - Pushing the Interest Rate Down to the Target RateThe target fed

37、eral funds rate is the Federal Reserves desired federal funds rate.第77页/共98页Setting the Federal Funds Rate - Pushing the Interest Rate Up to the Target Rate第78页/共98页The Fed Moves Interest Rates第79页/共98页Monetary Policy and Aggregate DemandExpansionary monetary policy is monetary policy that increases aggregate demand.Contractionary monetar