何谓金融市场(共12).ppt

1、1Chapter 1Why Study Money, Banking, and Financial Markets?2Why Study Financial Markets?(1)l何謂金融市場(financial markets)? l 交易金融商品(financial instruments)的地方。圖解l金融商品 = 有價證券（security）= papers + lawsl ex. Stocks(股票)、bonds(債券) v.s. interest rate(利率) 、 Exchange rate (外匯)l 同學自由發揮，想想還有誰？3資金需求者資金供給者金融工具金融工具資金資金

2、金融市場（投資）（融資）4Why Study Financial Markets?(2)lBonds v.s. Interest rate Marketsl Def. of a bond: A debt(債務) security that promise to make payments(支付本金及利息) periodically for a specified period of time. l 由資金需求者發行(issue):l國內外公司(企業) ： 公司債 (corporate bonds) l國內外政府 ：公債(government bonds) l金融中介機構(i.e. 銀行 ban

3、ks)：金融債券(financial bonds) 5Why Study Financial Markets?(3)lBonds v.s. Interest rate Marketsl Def. of interest rate : The cost of borrowing or the price paid for the rental of funds. 表示法： l 市場利率的種類:l存款利率 l貸款利率l與債市息息相關的利率：see Fig. 1 l 利率與貨幣(money)的關係 2100%2%1006Why Study Financial Markets?(4)lStock Ma

4、rketsl Def. of a stock : 公司所有權的表徵 1. represents a share(股份) of ownership in a corporation. 2. It is a security that is a claim on the earnings and assets of the corporation(公司).l 股票的種類:l普通股(common stocks) l特別股(preferred stocks)l美國道瓊指數歷史圖：see Fig. 2 7Fig. 2 美國道瓊工業指數價格歷史圖美國道瓊工業指數價格歷史圖8Why Study Financ

5、ial Markets?(5)lForeign Exchange Marketsl Def. of foreign exchange : 兩國國幣之比值稱之。 表示法：l 外匯的重要性:l國際貿易l政府政策 l避險與套利 33.301NTDFXUSD9Why Study Banking and Financial Institutions?lFinancial IntermediationlHelps get funds from savers to investorsl Banks and Money SupplylCrucial role in creation of moneyl Financial Innovation10Fiscal Policy and Monetary Policyl財政政策(Fiscal policy )l稅收l 政府支出l 政府預算赤字或盈餘l貨幣政策(Monetary