现代金融学第一讲

ModernFinanceBeijingTechnologyandBusinessUniversitySchoolofEconomicsChengYueEmail:cherrych@WhoamI?WhatIwanttosayaboutthemoduleTotheStudents货币、银行和金融市场经济学(第8版)(MBA精选教材·英文影印版)(THEECONOMICSOFMONEY,BANKINGANDFINANCIALMARKETS)

作者:（美国）米什金(FredericS.Mishkin)

出版社：北京大学出版社现代金融学

主编：杨德勇

出版社：经济科学出版社其他参考书：

FinancialMarketsandInstitutionsAuthor：JeffMadura

RecommendedTextbooksTextbooks1、ClassParticipation（40%）

Attendance

Courseworkassignment/Presentations2、Examination

（60%）Assessment1、LearningResources:TextbookNewspapersWebsite:http:////PreliminaryRemarks

2、LectureNotes:

Email:finance_en@126.comPassword:finance2013PreliminaryRemarks

contd.3、Language:Vocabulary

Audio&Videos

美国国家公共广播电台NPR：http:///

英国广播公司BBC：http://news.bbc.co.uk/

PreliminaryRemarks

contd.StartworkImmediatelyTherequiredeffort

HowtoLearn

SomeSuggestionsforOrganisingYourStudy1Introduction

Financeisthescienceoffundsmanagement.Financeincludessavingmoneyandoftenincludeslendingmoney.Thefieldoffinancedealswiththeconceptsoftime,moneyandriskandhowtheyareinterrelated.Italsodealswithhowmoneyisspentandbudgeted.

----WikipediaWhatisfinance?Definition:(1)moneyresources,income,etc.

(2)thescienceofmanagingmoney---------Webster'sNewWorlddictionaryWhatisfinance?Fromamacroperspective

Financeisimportanttotheeconomy.

FromamicroperspectiveFinanceispersonallyimportant.WhyisFinanceImportant?Threeperspectives:Howbusinessesraiseandinvestcapital;---------CorporateFinanceHowindividualsallocatetheirsavingsamongdifferentinvestmentalternatives;---------InvestmentsHowmarketsfunctiontoequatethedemandforcapitalbyfirmsandthesupplyofcapitalbyinvestors.---------FinancialMarketandIntermediations,TheEconomicsofMoney,BankingandFinancialMarkets

FinanceWhatareIncludedinThisModule?FinancialmarketsBankingandfinancialinstitutionsMoneyModuleStructureLecture1IntroductionLecture2AnOverviewoftheFinancialSystemLecture3InterestRateDeterminationLecture4Risk&TermStructureofInterestRatesLecture5EquityMarketsLecture6AnEconomicAnalysisofFinancialStructureLecture7CommercialBankOperationsLecture8BankRegulationLecture9FinancialCrisesDefinitionofFinancialMarkets:Marketsinwhichfundsaretransferredfrompeoplewhohaveasurplusofavailablefundstopeoplewhohaveashortageofavailablefunds.Part1：FinancialMarkets

Channelfundsfromsaverstoinvestors,therebypromotingeconomicefficiencyAffectspersonalwealthandbehavior

ofbusinessfirmse.g.FinancialMarketsNow

Corporations

Households

(Needmoney)

$

(havemoneytoinvest)

Future

Corporations

Households

(havemoney)

$

(Wantmoneyback)

BasicConcepts:Security(financialinstrument):Aclaimontheborrower'sfutureincomethatissoldbytheborrowertothelender.Asset:Afinancialclaimorpieceofpropertythatisastoreofvalue.FinancialMarketsBond:Adebtsecuritythatpromisestomakepaymentsperiodicallyforaspecifiedperiodoftime.Aerestrate:Thecostofborrowingorthepricepaidfortherentaloffunds(usuallyexpressedasapercentageperyear).BondMarketsOnapersonallevelhighinterestratescoulddeteryoufrombuyingahouseoracarbecausethecostoffinancingitwouldbehigh.highinterestratescouldencourageyoutosavebecauseyoucanearnmoreinterestincomebyputtingasidesomeofyourearningsassavings.OnamoregenerallevelInterestratesaffectnotonlyconsumers’willingnesstospendorsavebutalsobusinesses’investmentdecisions.TheImportanceofInterestRatesTreasurybills短期国库券

matureinoneyearorlesssoldatadiscountoftheparvaluetocreateapositiveyieldtomaturity.regardedastheleastriskyinvestmentavailableTreasurynotes中期国库券

matureintwototenyears.Theyhaveacouponpaymenteverysixmonths.Treasurybonds长期国库券

havethelongestmaturity,fromtwentyyearstothirtyyears.haveacouponpaymenteverysixmonthscommonlyissuedwithmaturityofthirtyyears.U.S.GovernmentBondsBondMarketandInterestRatesFigure1-1:InterestRatesonSelectedBonds,1950–2010Stockmarket股票市场:inwhichclaimsontheearningsofcorporations（sharesofstock）aretraded.Commonstock普通股:Asecuritythatisaclaimontheearningsandassetsofacorporation.TheStockMarket上证A股历史走势图Thestockmarketisaplacewherepeoplecangetrich—orpoor—quickly.Withoutthem,financialmarketswouldnotbeabletomovefundsfrompeoplewhosavetopeoplewhohaveproductiveinvestmentopportunities.Part2：BankingandFinancialInstitutions1.StructureoftheFinancialSystem

Thefinancialsystemiscomplex,comprisingmanydifferenttypesofprivatesectorfinancialinstitutions,includingbanks,insurancecompanies,mutualfunds,financecompanies,andinvestmentbanks,allofwhichareheavilyregulatedbythegovernment.2.BanksandOtherFinancialInstitutionsbanks:Financialinstitutionsthatacceptdepositsandmakeloans(suchascommercialbanks,savingsandloanassociations,mutualsavingsbanks,andcreditunions).otherfinancialinstitutions:insurancecompanies,financecompanies,pensionfunds,mutualfunds,investmentbanks.Money！Whatismoney?MeaningofMoneyinDailyLife

currency:papermoney+coinswealth

income:aflow

ofearningsperunitoftimeMeaningofMoneyTheDefinitionofMoneyinEconomicsanythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebtsHistoryofMoneyBeforemoney:BarterCommodityMoneyHistoryofMoneycontd.StandardizedcoinageEgypt,1580–1200B.C.Colombia,15thcentury

HistoryofMoneycontd.Papercurrency北宋交子大明宝钞HistoryofMoneycontd.Representativemoney（代用货币）Fiatmoney（不兑现纸币）papercurrencydecreedbygovernmentsaslegaltender(meaningthatlegallyitmustbeacceptedaspaymentfordebts)butnotconvertibleintocoinsorpreciousmetalTheterm‘representativemoney’hasbeenusedinthepast“tosignifythatacertainamountofbullionwasstoredinaTreasurywhiletheequivalentpaperincirculation”FunctionsofMoneyMediumofExchangebartereconomy:“doublecoincidenceofwants”

----youhavetofindsomeonewhohasagoodorserviceyouwantandwhoalsowantsthegoodorserviceyouhavetoofferFunctionsofMoneycontd.MediumofExchangeCriteria:easilystandardized--simpletoascertainitsvaluewidelyaccepteddivisible--easyto“makechange”easytocarrymustnotdeterioratequicklyFunctionsofMoneycontd.UnitofAccount

MoneyisusedtomeasurevalueintheeconomyreducestransactioncostsinaneconomybyreducingthenumberofpricesthatneedtobeconsideredFunctionsofMoneycontd.StoreofValueMoney:

arepositoryofpurchasingpowerovertimeLiquidity:

therelativeeaseandspeedwithwhichanassetcanbeconvertedintoamediumofexchange

EvolutionofthePaymentsSystemCommodityMoneyMoneymadeupofpreciousmetalsoranothervaluablecommodityiscalledcommoditymoney.Problemswithcommoditymoney:veryheavyandishardtotransportfromoneplacetoanotherEvolutionofthePaymentsSystemFiatMoneylegaltenderAdvantages:

muchlighterthancoinsorpreciousmetal

Drawbacks:

easilystolenandcanbeexpensivetotransportinlargeamountsbecauseoftheirbulkEvolutionofthePaymentsSystemChecks

Acheckisaninstructionfromyoutoyourbanktotransfermoneyfromyouraccounttosomeoneelse’sac