六届团支书联席会复习宝典级宏课件佚名1 chap4

Saving,Investment,andtheFinancialSystemChapter4TheFinancialSystemThefinancialsystemconsistsofinstitutionsthathelptomatchoneperson’ssavingwithanotherperson’sinvestment.Itmovestheeconomy’sscarceresourcesfromsaverstoborrowers.4.1FinancialInstitutions

intheU.S.EconomyThefinancialsystemismadeupoffinancialinstitutionsthatcoordinatetheactionsofsaversandborrowers.Financialinstitutionscanbegroupedintotwodifferentcategories:financialmarketsandfinancialintermediaries.4.1.1FinancialMarketsFinancialmarketsaretheinstitutionsthroughwhichsaverscandirectlyprovidefundstoborrowers.FinancialMarketsStockMarketBondMarket4.1.1FinancialMarketsTheBondMarketAbond

isacertificateofindebtednessthat

specifiesobligationsoftheborrowerto

theholderofthebond.CharacteristicsofaBondTerm:Thelengthoftimeuntilthebondmatures.CreditRisk:Theprobabilitythattheborrowerwillfailtopaysomeoftheinterestorprincipal.TaxTreatment:Thewayinwhichthetaxlawstreattheinterestonthebond.Municipalbondsarefederaltaxexempt.在下列每一对选项中，你预期哪一种债券会支付高利率？并解释之。a.美国政府债券或东欧政府债券。b.在2005年偿还本金的债券或在2025年偿还本金的债券。c.可口可乐的债券或在你家车库经营的软件公司的债券。d.联邦政府发行的债券或纽约州政府发行的债券。练习题

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比较4.1.1FinancialMarkets

TheStockMarketStockrepresentsaclaimtopartialownershipinafirmandistherefore,aclaimtotheprofitsthatthefirmmakes.Thesaleofstocktoraisemoneyiscalledequityfinancing.Comparedtobonds,stocksofferbothhigherriskandpotentiallyhigherreturns.ThemostimportantstockexchangesintheUnitedStatesaretheNewYorkStockExchange,theAmericanStockExchange,andNASDAQ.4.1.1TheStockMarketMostnewspaperstocktablesprovidethefollowinginformation:Price(ofashare)Volume(numberofsharessold)Dividend(profitspaidtostockholders)Price-earningsratio4.1.2FinancialIntermediariesFinancialintermediariesarefinancialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.FinancialIntermediariesBanksMutualFunds4.1.2FinancialIntermediariesBankstakedepositsfrompeoplewhowanttosaveandusethedepositstomakeloanstopeoplewhowanttoborrow.paydepositorsinterestontheirdepositsandchargeborrowersslightlyhigherinterestontheirloans.4.1.2FinancialIntermediaries

BanksBankshelpcreateamediumofexchangebyallowingpeopletowritechecksagainsttheirdeposits.Amediumofexchangesisanitemthatpeoplecaneasilyusetoengageintransactions.Thisfacilitatesthepurchasesofgoodsandservices.4.1.2FinancialIntermediaries:

MutualFundsAmutualfund

isaninstitutionthatsellssharestothepublicandusestheproceedstobuyaselection,orportfolio,ofvarioustypesofstocks,bonds,orboth.Theyallowpeoplewithsmallamountsofmoneytoeasilydiversify.4.1.2FinancialIntermediaries：OtherFinancialInstitutions

CreditunionsPensionfundsInsurancecompaniesLoansharks4.2SavingandInvestmentintheNationaleAccountsRecallthatGDPisbothtotaleinaneconomyandtotalexpenditureontheeconomy’soutputofgoodsandservices:Y=C+I+G+NXAssumeaclosedeconomy–onethatdoesnotengageininternationaltrade:Y=C+I+G4.2.1SomeImportantIdentitiesNow,subtractCandGfrombothsidesoftheequation:Y–C–G=ITheleftsideoftheequationisthetotaleintheeconomyafterpayingforconsumptionandgovernmentpurchasesandiscallednationalsaving,orjustsaving(S).SubstitutingSforY-C-G,theequationcanbewrittenas:S=I4.2.1SomeImportantIdentitiesNationalsaving,orsaving,isequalto:S=IS=Y–C–GS=(Y–T–C)+(T–G)4.2.1SomeImportantIdentitiesPrivateSavingPrivatesavingistheamountofethathouseholdshaveleftafterpayingtheirtaxesandpayingfortheirconsumption.Privatesaving=(Y–T–C)PublicSavingPublicsavingistheamountoftaxrevenuethatthegovernmenthasleftafterpayingforitsspending.Publicsaving=(T–G)4.2.1SomeImportantIdentitiesSurplusandDeficitIfT>G,thegovernmentrunsabudgetsurplus

becauseitreceivesmoremoneythanitspends.ThesurplusofT-Grepresentspublicsaving.IfG>T,thegovernmentrunsabudgetdeficit

becauseitspendsmoremoneythanitreceivesintaxrevenue.假定GDP等于10万亿美元；

消费等于6.5万亿美元；

政府购买为2万亿美元；

预算赤字3千亿美元。计算公共储蓄，税收，私人储蓄，国民储蓄和投资。练习题

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计算4.2.2TheMeaningof

SavingandInvestmentFortheeconomyasawhole,savingmustbeequaltoinvestment.

S=I下列哪种情况代表投资，哪种情况代表储蓄？a.你家的庭拿到抵押贷款并购买房子。b.你用你的200美元工资购买IBM公司的股票。c你赚了1000美元并将之存入银行。d你从银行借了1000美元买一辆用于送比萨饼的汽车。练习题

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投资与储蓄的区别4.3TheMarketforLoanableFundsFinancialmarketscoordinatetheeconomy’ssavingandinvestmentinthemarketforloanablefunds.Themarketforloanablefunds

isthemarketinwhichthosewhowanttosavesupplyfundsandthosewhowanttoborrowtoinvestdemandfunds.4.3TheMarketforLoanableFundsLoanablefundsreferstoallethatpeoplehavechosentosaveandlendout,ratherthanusefortheirownconsumption.Thesupplyofloanablefundscomesfrompeoplewhohaveextraetheywanttosaveandlendout.4.3.1SupplyandDemandforLoanableFundsInterestRateLoanableFunds(inbillionsofdollars)Supply603%806%Figure1Thesupplycurveofloanablefunds0Thedemandforloanablefunds

comesfromhouseholdsandfirmsthatwishtoborrowtomakeinvestments.4.3.1SupplyandDemandforLoanableFundsInterestRateLoanableFunds(inbillionsofdollars)Demand507%4%80Figure2Thedemandcurveofloanablefunds0Theinterestrateisthepriceoftheloan.Itrepresentstheamountthatborrowerspayforloansandtheamountthatlendersreceiveontheirsaving.Theinterestrateinthemarketforloanablefundsistherealinterestrate.4.3.1SupplyandDemandforLoanableFunds4.3.1SupplyandDemandforLoanableFundsFinancialmarketsworkmuchlikeothermarketsintheeconomy.Theequilibriumofthesupplyanddemandforloanablefundsdeterminestherealinterestrate.0Figure3MarketforLoanableFundsInterestRateLoanableFunds(inbillionsofdollars)DemandSupply605%4.3.2GovernmentPoliciesThatAffectSavingandInvestmentGovernmentPoliciesThatAffectSavingandInvestmentTaxesandsavingTaxesandinvestmentGovernmentbudgetdeficits4.3.2Policy1:

SavingIncentivesTaxesoninterestesubstantiallyreducethefuturepayofffromcurrentsavingand,asaresult,reducetheincentivetosave.Policy1:

SavingIncentivesAtaxdecreaseincreasestheincentiveforhouseholdstosaveatanygiveninterestrate.

Thesupplyofloanablefundscurveshiftstotheright.Theequilibriuminterestratedecreases.Thequantitydemandedforloanable fundsincreases.Figure4AnIncreaseintheSupplyofLoanableFundsLoanableFunds(inbillionsofdollars)0InterestRateSupply,S1S22....whichreducestheequilibriuminterestrate...3....andraisestheequilibriumquantityofloanablefunds.Demand1.Taxincentivesforsavingincreasethesupplyofloanablefunds...5%$1,2004%$1,600ABPolicy1:

SavingIncentivesIfachangeintaxlawencouragesgreatersaving,theresultwillbelowerinterestratesandgreaterinvestment.4.3.2Policy2:InvestmentIncentivesAninvestmenttaxcreditincreasestheincentivetoborrow.Increasesthedemandforloanablefunds.Shiftsthedemandcurvetotheright.Resultsinahigherinterestrateandagreaterquantitysaved.Figure5AnIncreaseintheDemandforLoanableFundsLoanableFunds(inbillionsofdollars)0InterestRate1.Aninvestmenttaxcreditincreasesthedemandforloanablefunds...2....whichraisestheequilibriuminterestrate...3....andraisestheequilibriumquantityofloanablefunds.SupplyDemand,D1

D25%$1,2006%$1,400AB4.3.2Policy2:InvestmentIncentivesIfachangeintaxlawsencouragesgreaterinvestment,theresultwillbehigherinterestratesandgreatersaving.4.3.2Policy3:

GovernmentBudgetDeficitsandSurplusesWhenthegovernmentspendsmorethanitreceivesintaxrevenues,theshortfalliscalledthebudgetdeficit.Theaccumulationofpastbudgetdeficitsiscalledthegovernmentdebt.4.3.2Policy3:

GovernmentBudgetDeficitsandSurplusesAbudgetdeficitdecreasesthesupplyofloanablefunds.

Shiftsthesupplycurvetotheleft.Increasestheequilibriuminterestrate.Reducestheequilibriumquantityofloanablefunds.Figure6:TheEffectofaGovernmentBudgetDeficitLoanableFunds(inbillionsofdollars)0InterestRate3....andreducestheequilibriumquantityofloanablefunds.S22....whichraisestheequilibriuminterestrate...Supply,S1Demand$1,2005%$8006%1.Abudgetdeficitdecreasesthesupplyofloanablefunds...AB4.3.2Policy3:

GovernmentBudgetDeficitsandSurplusesWhengovernmentreducesnationalsavingbyrunningadeficit,theinterestraterisesandinvestmentfalls.4.3.2Policy3:

GovernmentBudgetDeficitsandSurplusesGovernmentborrowingtofinanceitsbudgetdeficitreducesthesupplyofloanablefundsavailabletofinanceinvestmentbyhouseholdsandfirms.Thisfallininvestmentisreferredtoascrowdingout.Thedeficitborrowingcrowdsoutprivate borrowerswhoaretryingtofinanceinvestments.4.3.2Policy3:

GovernmentBudgetDeficitsandSurplusesAbudgetsurplusincreasesthesupplyofloanablefunds,reducestheinterestrate,andstimulatesinvestment.Figure7TheU.S.GovernmentDebtPercentofGDP17901810183018501870189019101930195019701990RevolutionaryWar2010CivilWarWorldWarIWorldWarII020406080100120SummaryTheU.S.financialsyst