金融学课件：第02章 金融制度

1、1第二章: 金融制度Copyright 陈国进，2004学习目的学习目的了解金融制度运行规律利率决定机制 23金融市场金融中介盈余单位赤字单位4经由市场的资金流动金融市场金融中介盈余单位赤字单位5经由中介的资金流动市场Intermediaries盈余单位Deficit Units6经由中介和市场的资金流动市场中介盈余单位赤字单位7经由市场和中介的资金流动市场中介盈余单位赤字单位8资金流动: 非中介化MarketsIntermediariesSurplus UnitsDeficit Units市场中介盈余单位赤字单位9金融制度的六大基本功能: 时空间资源转移 风险管理 清算和支付结算 资源集聚和

2、股权细分 信息提供 解决激励问题10汇率举例15000 15260 15450 100109时间3% / (direct)1.73% /150 /9%/140 /日本英国1115000 16241 15450 100109时间3% / (direct)8.27% /150 /9%/149 /日本英国12汇率举例15000 (borrowed)15450 15450 Repaid 100Invested109Matures时间3% / (direct)3% /150 /9%/Forward /日本英国13US Treasury Yiled Curve, Jan 974.505.005.506.0

3、06.507.007.50051015202530Years to MaturityAnnualized Yield (%)14Yield ComparisonsApril 95USCorporateCorporateTreasuryHigh QualityM ed Quality1 - 10 Years6.92%7.57%7.86%10 + Years7.65%8.15%8.55%15收益率计算()($105 $100) $50.10 10%$100期末价格 期初价格现金股利收益率期初价格收益率16Security Returns-60.00-40.00-20.000.0020.0040.0

4、060.00192519301935194019451950195519601965197019751980198519901995Year% ReturnBillsBondsStocksInflation17Consolidated Indicies1.000010.0000100.00001000.0000192519301935194019451950195519601965197019751980198519901995YearIndex (Log Scale)Bills_IndexBonds_IndexStocks_IndexInflation_Index18Frequency of Returns010203040506070-50-40-30-20-1001020304050PercentProbabilityFreq_BillsFreq_BondsFreq_St