金融专业英语-第四讲-什么是货币

金融专业英语第四讲

WhatisMoney?(什么是货币）2024/4/62LearningObjectivesLearnaboutdefinitionsandfunctionsofMoney(货币的含义和功能);WhyandhowMoneypromoteseconomicefficiency(对经济运行效率产生的重要作用);Howitsformshaveevolvedovertime(货币体系的演变);Howmoneyiscurrentlymeasured(货币的计量方式).MeaningofMoneyMoney(orthe“moneysupply”):anythingthatisgenerallyacceptedaspaymentforgoodsorservicesorintherepaymentofdebts.货币（也称为货币供给）任何一种被普遍接受的、可以作为购买商品和服务支付手段的或者用于偿付债务的物品。2024/4/63MeaningofMoneyNarrow（狭义）definition:Currency:papermoneyandcoins（通货、货币——纸币和硬币）Aratherbroad（广义）definition：Checks（支票）+checkingaccountdeposits（支票存款）:

alsoconsideredasmoney+savingdeposits（储蓄存款）:

canbeconvertedintocurrencyorcheckingaccountdepositquicklyandeasily.2024/4/64MeaningofMoney2024/4/65“Joeisrich—hehasanawfullotofmoney.”“Sheilawouldbeawonderfulcatch;shehasagoodjobandearnsalotofmoney.”MeaningofMoneyInfinancialeconomics,Moneyisastockconcept（存量概念）andisdifferentfrom:Wealth（财富）:thetotalcollectionofpiecesofpropertythatservetostorevalueastockconcept:storevaluenotonlyincludemoney,butalsootherassets:bonds,stock,art,land,cars,houses,furniture,etc.Income（收入）:aflowofearningsperunitoftimeaflowconcept（流量概念）Include:(a)laborincome(e.g.wage)and(b)capitalincome(e.g.rent,dividend,etc.)

2024/4/66FunctionsofMoney1.MediumofExchange(交易媒介）Reducestransactioncosts降低交易成本abartereconomy:goodsandservicesareexchangeddirectlyPromotesspecializationanddivision促进专业化分工进程

Without

money,workersandotherresourcescouldnotbepaidexceptintheoutputproduced.

2024/4/67物物交换经济FunctionsofMoney1.MediumofExchange(交易媒介）Amediumofexchangemust:beeasilystandardizedbewidelyacceptedbedivisiblebeeasytocarrynotdeterioratequickly2024/4/68商品必须满足以下条件才能发挥货币功能：a.易于标准化b.被普遍接受c.易于分割d.易于携带e.不会很快腐坏变质FunctionsofMoney

2024/4/69FunctionsofMoney3.StoreofValue（价值储存）Usedtosavepurchasingpowerovertime储存购买力Otherassetsalsoservethisfunction.Stocks,bonds,land,houses,art,jewelry,etc.Moneyisthemostliquidofallassetsbutlosesvalueduringinflation.货币是流动性最高的资产，但是当发生通货膨胀时，其价值储藏的功能会减弱。Inflation通货膨胀Hyperinflation恶性通货膨胀Mostcentralbankstargetanannualinflationrateforacountryofaround2%to3%.2024/4/610FunctionsofMoney2024/4/6112024/4/612FunctionsofMoneyHYPERINFLATIONEvolutionofthePaymentsSystemPaymentsSystem:

themethodofconductingtransactionsintheeconomy.经济中进行交易的方式CommodityMoney

商品货币Positive:valuable,easilystandardizedanddivisiblecommodities(e.g.preciousmetals,cigarettes)Negative:tooheavyandhardtotransportfromoneplacetoanotherFiatMoney法定货币mustauthorizedbygovernmentpositive:lightandiseasytocarry;negative:beingeasilystolenandexpensivetotransport.Isbitcoinfiatmoney?2024/4/6135EvolutionofthePaymentsSystemCommodityMoneypapercurrencychecksCreditcardpaymentElectronicpaymentEvolutionofthePaymentsSystemChecks(支票):aninstructiontoyourbanktotransfermoneyfromyouraccount向你的开户行发出的一个指令，要求银行把钱从你的账户转移至存入该支票的人的账户。Shortcomings:ittakestimetogetchecksfromoneplacetoanother:mailingthecheck异地转移成本papershufflingcost纸质支票处理成本2024/4/615EvolutionofthePaymentsSystemE-Money(electronicmoney,电子货币):Debitcard借记卡Creditcard信用卡Stored-valuecard

储值卡E-cash(电子现金）usedontheinternettopurchasegoodsorservices.e.g.zhifubao,WeChat2024/4/616AreWeHeadedforaCashlessSociety?2024/4/617无现金社会？WillCryptocurrencyBecometheMoneyoftheFuture?BitcoinisthefirsttypeofCryptocurrencycreatedin2009.By“mining”,Bitcoiniscreatedbydecentralizeduserswhentheyusetheircomputingpowertoverifyandprocesstransactions.AlthoughBitcoinfunctionsasamediumofexchangeitisunlikelytobecomethemoneyofthefuturebecauseitperformslesswellasaunitofaccountandastoreofvalue.2024/4/618比特币去中心化WillCryptocurrencyBecometheMoneyoftheFuture?2024/4/619数字货币BTC/USDpriceWillCryptocurrencyBecometheMoneyoftheFuture?2024/4/620数字货币MeasuringMoneyM0

=currency通货papermoneyorcoinsinthehandsofthenonbankpublic非银行的居民持有的纸币和硬币M1=currency+traveler’schecks+demanddeposits+othercheckabledepositstraveler’schecks:旅行支票仅指非银行签发的旅行支票。demanddeposits:活期存款--包括不支付利息的商业往来账户以及银行签发的旅行支票。othercheckabledeposits:其他可开具支票的存款包括其他所有的可开具支票的存款，尤其是由家庭居民持有的支付利息的支票账户。2024/4/621MeasuringMoneyM2=M1+small-denominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundsharessmalldenominationtimedeposit:小额定期存款(<100,000USD)savingdeposits:储蓄存款moneymarketdepositaccountsandmoneymarketmutualfundshares:货币市场存款账户、货币市场共同基金2024/4/622美联储货币供给总量2024/4/623/categories/24通货旅行支票活期存款其他可开具支票的存款小额定期存款储蓄存款和货币市场存款账户货币市场共同基金2024/4/624MeasuresofMoneySupplyinChina我国货币层次划分为：（1）M0=流通中现金；（2）M1=M0+银行活期存款（企事业单位，可开支票）；（3）M2=M1+企业定期存款+储蓄存款+证券公司客户保证金。考虑到非存款类金融机构在存款类金融机构的存款和住房公积金存款规模已较大，对货币供应量的影响较大，2011年10月起，人民银行将上述两类存款纳入广义货币供应量（M2）统计范围。Figure1M1andM2AggregatesANDGrowthRatesfrom1999–20202024/4/6252024/4/626Figure1:description

活期存款增速大于定期存款增速。意味需求增加，投资上涨，一定的通胀压力。

定期存款增速大于活期存款增速。意味着实体经济中投资机会短缺，需求减弱2024/4/627SummaryMoneyservesthreeprimaryfunctions:asamediumofexchange,asaunitofaccount,andasastoreofvalue.Thepaymentssystemhasevolvedovertime.Twodifferentmeasuresofthemoneysupply,M1andM2.Thesemeasuresarenotequivalent