课件货币金融学7版英文课件2大学课件20

Chapter2AnOverview

oftheFinancialSystem©2005PearsonEducationCanadaInc.第一页，共十三页。FunctionofFinancialMarkets1.Allowstransfersoffundsfrompersonorbusinesswithoutinvestmentopportunitiestoonewhohasthem2.Improveseconomicefficiency2*©2005PearsonEducationCanadaInc.第二页，共十三页。ClassificationsofFinancialMarkets1. DebtMarkets Short-term(maturity<1year)MoneyMarket Long-term(maturity>1year)CapitalMarket2. EquityMarkets Commonstocks1. PrimaryMarket Newsecurityissuessoldtoinitialbuyers2. SecondaryMarket Securitiespreviouslyissuedareboughtandsold1. Exchanges Tradesconductedincentrallocations(e.g.,TorontoStockExchangeandNewYorkStockExchange)2. Over-the-CounterMarkets Dealersatdifferentlocationsbuyandsell3*©2005PearsonEducationCanadaInc.第三页，共十三页。InternationalizationofFinancialMarketsInternationalBondMarket 1.Foreignbonds 2.EurobondsNowlargerthanU.S.corporatebondmarketWorldStockMarkets U.S.stockmarketsarenolongeralwaysthelargest:Japansometimeslarger4*©2005PearsonEducationCanadaInc.第四页，共十三页。FunctionofFinancialIntermediariesFinancialIntermediaries1. Engageinprocessofindirectfinance2. Moreimportantsourceoffinancethansecuritiesmarkets3. NeededbecauseoftransactionscostsandasymmetricinformationTransactionsCosts1. Financialintermediariesmakeprofitsbyreducingtransactionscosts2. Reducetransactionscostsbydevelopingexpertiseandtakingadvantageofeconomiesofscale5*©2005PearsonEducationCanadaInc.第五页，共十三页。FunctionofFinancialIntermediariesRiskSharing1. Createandsellassetswithlowriskcharacteristicsandthenusethefundstobuyassetswithmorerisk(alsocalledassettransformation).2. Alsolowerriskbyhelpingpeopletodiversifyportfolios6*©2005PearsonEducationCanadaInc.第六页，共十三页。AsymmetricInformation:

AdverseSelection,andMoralHazardAdverseSelection1. Beforetransactionoccurs2. PotentialborrowersmostlikelytoproduceadverseoutcomesareonesmostlikelytoseekloansandbeselectedMoralHazard1. Aftertransactionoccurs2. Hazardthatborrowerhasincentivestoengageinundesirable(immoral)activitiesmakingitmorelikelythatwon’tpayloanbackFinancialintermediariesreduceadverseselectionandmoralhazardproblems,enablingthemtomakeprofits7*©2005PearsonEducationCanadaInc.第七页，共十三页。FinancialIntermediaries©2005PearsonEducationCanadaInc.8第八页，共十三页。SizeofFinancialIntermediaries9*©2005PearsonEducationCanadaInc.第九页，共十三页。RegulatoryAgencies©2005PearsonEducationCanadaInc.10第十页，共十三页。RegulatoryAgencies©2005PearsonEducationCanadaInc.11第十一页，共十三页。RegulationofFinancialMarketsTwoMainReasonsforRegulation1. IncreaseinformationtoinvestorsA. DecreasesadverseselectionandmoralhazardproblemsB. Securitiescommissionsforcecorporationstodiscloseinformation2. EnsuringthesoundnessoffinancialintermediariesA. PreventsfinancialpanicsB. Chartering,reportingrequirements,restrictionsonassetsandactivities,depositinsurance,andanti-competitivemeasures12*©2005PearsonEducationCanadaInc.第十二页，共十三页。内容总结Chapter