米什金货币金融学(商学院版)第1章课件

货币金融学

(ECONOMICSOFMONEY&FINANCE)薛彤

学习内容:《货币金融学》是教育部确定的“财经类专业核心课程”之一，也是我校国贸学院国贸、金融专业以及国贸二学位通开的专业必修课程，是一门基础课程。内容涉及金融学的各个方面，系统阐述金融学的基本理论、基本知识及其运动规律；客观介绍世界上主流金融理论及其最新研究成果、金融实务运作的机制及最新发展。

教学目的本课程的目的是使学生系统地了解和掌握金融学的基本概念、基本原理、基本知识、基本思想和方法，对货币、信用、利率、金融机构、金融市场、国际金融、金融宏观调控、金融监管等基本范畴、内在关系及其运动规律有较系统的掌握；使学生了解国内外金融问题的现状，掌握观察和分析金融问题的正确方法，培养辨析金融理论和解决金融实际问题的能力；又要为后继课程的学习作好业务、思想和心理上的准备，还要为学生毕业后从事有关工作打下良好的基础。

教材：Mishkin,Frederic,TheEconomicsofMoney,Banking,andFinancialMarkets,（商学院版）,2010年，人民大学出版社最终成绩:1.期末考试：60％2.平时成绩：40％周次教学内容纲要1Ch1WhyStudyMoney,Banking,andFinancialMarkets?2Ch2AnOverviewoftheFinancialSystem.3Ch3WhatisMoney?4Ch4UnderstandingInterestRates.5Ch5TheBehaviorofInterestRate6Ch6TheRiskandTermStructureofInterestRates7Ch7TheStockMarket,theTheoryofRationalExpectations,andtheEfficientMarketHypothesis8Ch8AnEconomicAnalysisofFinancialStructures9Ch9Bankingandthemanagementoffinancialinstitutions10Ch10Bankingindustry11Ch12NonbankFinance12Ch13FinancialDerivatives13Ch15StructureofCentralBanksandtheFederalReserveSystem

14Ch16MultipleDepositCreationandtheMoneySupplyProcess

15Ch17DeterminantsoftheMoneySupply16Ch18ToolsofMonetaryPolicy17

OverviewPart1IntroductionPart2FinancialMarketPart3FinancialInstitutionsPart4CentralBanking&MonetaryPolicyChapter1WhyStudyMoney,Banking,andFinancialMarkets?Toexaminehowfinancialmarketssuchasbondandstockmarketswork.Toexaminehowfinancialinstitutionssuchasbanksandinsurancecompanieswork.Toexaminetheroleofmoneyintheeconomy.1.1WhyStudyFinancialMarketsFinancialMarketsMarketsinwhichfundsaretransferredfrompeoplewhohaveanexcessofavailablefundstopeoplewhohaveashortageoffunds1.1.1TheBondMarketandInterestRatesFIGURE1InterestRatesonSelectedBonds,1950–2008Sources:FederalReserveBulletin;/releases/H15/data.htm.Interestratesareimportantonanumberoflevels.Soitisimportanttoexplainfluctuationsininterestrates.Becausedifferentinterestrateshaveatendencytomoveinunison,economistsfrequentlylumpinterestratestogetherandreferto“the”interestrate.InChapter2westudytheroleofbondmarketsandinChapters4through6weexaminewhataninterestrate,howthecommonmovementsininterestratescomeaboutandwhytheinterestrateondifferentbondsvary.1.1.2TheStockMarketCommonstockrepresentsashareofownershipinacorporationAshareofstockisaclaimontheearningsandassetsofthecorporationIssuingstockandsellingittothepublicisawayforcorporationstoraisefundstofinancetheiractivities.Thestockmarketisthemostwidelyfollowedfinancialmarketinalmosteverycountry.Itisaplacewherepeoplecangetrich-orpoor-quickly.FIGURE2StockPricesasMeasuredbytheDowJonesIndustrialAverage,1950–2008Source:DowJonesIndexes:/?u.InChapter2weexaminetheroleofstockmarketandinChapter7wereturntotheissueofhowstockpricesbehaveandrespondtoinformationinthemarketplace.1.2WhyStudyFinancialInstitutionsandBanking?1.2.1StructureofthefinancialsystemFinancialIntermediaries:institutionsthatborrowfundsfrompeoplewhohavesavedandmakeloanstootherpeople.Whyarefinancialintermediariessocrucial？Whyaretheythemostheavilyregulatedbusinessesintheeconomy?WeanswerthesequestionsinChapter8.Banks:acceptdepositsandmakeloansOtherFinancialInstitutions:insurancecompanies,financecompanies,pensionfunds,mutualfundsandinvestmentbanksInChapter9,weexaminehowbanksandotherfinancialinstitutionsmanagetheirassetsandliabilitiestomakeprofits.InChapter10,welookatthebankingindustryandinChapter12,westudythenonbankfinancialinstitutions.1.2.2FinancialInnovation:inparticular,theadventoftheinformationageande-financeInChapter10westudywhyandhowfinancialinnovationtakesplace.1.3WhyStudyMoneyandMonetaryPolicy?1.3.1MoneyandBusinessCycles

EvidencesuggeststhatmoneyplaysanimportantroleingeneratingbusinesscyclesRecessions(unemployment)andexpansionsaffectallofusMonetaryTheorytieschangesinthemoneysupplytochangesinaggregateeconomicactivityandthepricelevelFIGURE3MoneyGrowth(M2AnnualRate)andtheBusinessCycleintheUnitedStates,1950–2008Note:Shadedareasrepresentrecessions.Source:FederalReserveBulletin,p.A4,Table1.10;/releases/h6/hist/h6hist1.txt.FIGURE4AggregatePriceLevelandtheMoneySupplyintheUnitedStates,1950–2008Sources:

/fred/data/gdp/gdpdef;/releases/h6/hist/h6hist10.txt.1.3.2MoneyandInflationFIGURE5AverageInflationRateVersusAverageRateofMoneyGrowthforSelectedCountries,1997–2007Source:InternationalFinancialStatistics.1.3.3MoneyandInterestRatesInterestratesarethepriceofmoneyPriorto1980,therateofmoneygrowthandtheinterestrateonlong-termTreasurybondswerecloselytiedSincethen,therelationshipislessclearbuttherateofmoneygrowthisstillanimportantdeterminantofinterestratesFIGURE6MoneyGrowth(M2AnnualRate)andInterestRates(Long-TermU.S.TreasuryBonds),1950–2008Sources:FederalReserveBulletin,p.A4,Table1.10;/releases/h6/hist/h6hist1.txt.1.3.4ConductofMonetaryPolicyMonetarypolicyisthemanagementofthemoneysupplyandi