貨幣金融學(xué) 米什金ppt課件

1、Chapter 2An Overview of the Financial System2.1 Function of Financial MarketsPerform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of fundsDirect finance: borrowers borrow funds directly from lenders in financial markets

2、by selling them securities. FIGURE 1 Flows of Funds Through the Financial SystemFunction of Financial MarketsPromotes economic efficiency by producing an efficient allocation of capital, which increases production Directly improve the well-being of consumers by allowing them to time purchases better

3、2.2 Structure of Financial Markets2.2.1 Debt and Equity MarketsDebt instrumentsA bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular intervals until a specified date (maturity date).Maturity: number of years (term)

4、until that instruments expiration date. short-term: less than a year. long-term: ten years of longer intermediate-term: between one and ten yearsEquities Claims to share in the net income and the assets of a business.Equities often make periodic payments (dividends) to their holders and have no matu

5、rity date.Owing stock means you own a portion of the firm and thus have the right to vote on issues important to the firm and to elect its directors.The main disadvantage of owning a corporations equities rather than its debt is that an equity holder is a residual claimant; that is ,the corporation

6、must pay all its debt holders before it pays its equity holdersThe advantage of holding equities is that equity holders benefit directly from any increases in the corporations profitability or asset value.In US, the size of the debt market is often larger than the size of the equities market.2.2.2 P

7、rimary and Secondary MarketsA primary market is a financial market in which new issues of a security are sold to initial buyers by the corporation or government agency borrowing the funds.A secondary market is a financial market in which securities that have been previously issued can be resold.Inve

8、stment Banks underwrite securities in primary market.It guarantees an price for a corporations securities and then sells them to the public.Brokers and dealers work in secondary markets funds.The New York and American stock exchanges and NASDAQ are the best-known examples of secondary markets.Two im

9、portant functions of secondary markets:They make the financial instruments more liquid.They determine the price of the security that issuing firm sells in the primary market. 2.2.3 Exchanges and Over-the-Counter (OTC) MarketsExchanges: buyers and sellers of securities meet in one centrall location t

10、o conduct trades. NYSE, Chicago Board of TradeOTC Markets: dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter to anyone who comes to them and is willing to accept their prices.Foreign exchange, Federal funds.2.2.4 Money and Cap

11、ital MarketsMoney markets deal in short-term debt instrumentsCapital markets deal in longer-term debt and equity instruments. 2.3 Financial Market Instruments2.3.1 Money Market InstrumentsLeast price fluctuations and the least risky.Table 1 Principal Money Market Instruments(1) US Treasury BillsShor

12、t-term debt instruments of the U.S. government One-, three-, and six-month maturities.Have no interest payments and are sold at a discount.The most liquid and the safest.(2) Negotiable Bank Certificates of DepositCD is a debt instrument sold by a bank to depositors that pays annual interest of a giv

13、en amount and at maturity pays back the original purchase price.Negotiable CDs are CDs sold in escondary markets.An extremely important source of funds for commercial banks.(3)Commercial PaperA short-term debt instrument issued by large banks and well-known corporations.Growth is substantial.(4) Ban

14、kers AcceptancesA bank draft issued by a firm, payable at some future date, and guaranteed for a fee by the bank that stamps it “accepted.Often resold in a secondary market at a discount and the amount outstanding declined.(5) Repurchase AgreementsRepos are effectively short-term loans for which Tre

15、asury bills serve as collateral.An important source of bank funds and the most important lenders in this market are large corporations.(6) Federal fundsOvernight loans between banks of their deposits at the Federal Reserve.These loans are not made by the Federal Reserve but rather by banks to other

16、banksThe interest rate, called federal funds rate, is a closely watched barometer.What about China?我國銀行間拆借市場于1996年聯(lián)網(wǎng)試運轉(zhuǎn)，其買賣方式有信譽拆借和回購兩種， 以回購為主。世界上最著名的基準(zhǔn)利率有倫敦同業(yè)拆借利率(LIBOR, London Interbank Offered Rate)和美國聯(lián)邦基金利率。 2007年1月1日，SHIBOR開場對外發(fā)布。全稱是“上海銀行間同業(yè)拆借利(Shanghai Interbank Offered Rate，SHIBOR)，被稱為中國的LIBO

17、R ，是中國人民銀行希望培育的基準(zhǔn)利率體系。Shibor報價銀行團現(xiàn)由16家商業(yè)銀行組成。報價銀行是公開市場一級買賣商或外匯市場做市商，在中國貨幣市場上人民幣買賣相對活潑、信息披露比較充分的銀行。目前，對社會公布的Shibor種類包括隔夜、1周、2周、1個月、3個月、6個月、9個月及1年。到目前為止，我國典型的短期國庫券數(shù)量少，不能構(gòu)成有規(guī)模的買賣市場 。 Table 2 Principal Capital Market Instruments2.3.2 Capital Market Intruments(1) Stock中國股票分類：A股、B股2005年之前：國家股、法人股、流通股開戶：資金

18、帳戶與證券帳戶深、滬委托買賣：市價委托、限價委托；方式：、當(dāng)面、網(wǎng)絡(luò)成交：“時間優(yōu)先、價錢優(yōu)先、電腦集合競價以構(gòu)成最大成交量為原那么清算交割：余額清算，T1買賣費用：傭金不得高于3，每筆買賣傭金缺乏5元的，按5元收取 ；印花稅1 ；過戶費：每千股1元，小于元收元滬市，深市無；委托費：每筆成交1-5元。我國：1990年，上海證券買賣所成立1991年，深圳證券買賣所成立。1990年底，只需13家上市公司. 截至2021年底，滬深兩市上市公司達2026家，涵蓋主板、中小板和創(chuàng)業(yè)板。其中，在上海證券買賣所上市的公司從當(dāng)初的“老八股，開展到如今的890家；在深圳證券買賣所上市的公司從最早的“老五家，擴展

19、到如今的1家。上市公司總市值達26.43萬億元，居全球前三名，流通市值19.01萬億元。其中，上交所總市值17.87萬億元，流通市值14.01萬億元；深交所總市值8.56萬億元，流通市值4.99萬億元。A股市場融資總額為3.65萬億元(包含曾經(jīng)退市或被吸收合并的公司)，其中，首發(fā)募集資金1.89萬億元，增發(fā)募集資金1.37萬億元，配股募集資金0.39萬億元。投資者規(guī)模不斷擴展。股票賬戶數(shù)達1.53億戶，其中，有效賬戶1.32億戶。(2)MortgagesLoans to households or firms to purchase housing, land, or other real s

20、tructures, where the structure or land itself serves as collateral for the loans.Largest debt market in the US.Three government agencies: FNMA, GNMA, FHLMC(3) Corporate BondsIssued by corporations with very strong credit ratings.The typical corporate bond sends the holder an interest payment twice a

21、 year and pays off the face value when the bond matures.Convertible bond: have the additional feature of allowing the holder to convert them into a specified number of shares of stock at any time up to the maturity date.(4)Government SecuritiesIssued by the Treasury to finance the deficits of the fe

22、deral government.The most liquid security.(5) Government Agency SecuritiesIssued by government agencies.(6)State and Local Government Bonds (Municipal bonds)Issued by state and local governments.(7)Consumer and Bank Commercial Loans2.4 Internationalization of Financial Markets (Glossary)Foreign Bond

23、s: sold in a foreign country and denominated in that countrys currencyEurobond: bond denominated in a currency other than that of the country in which it is soldEurocurrencies: foreign currencies deposited in banks outside the home countryEurodollars: U.S. dollars deposited in foreign banks outside

24、the U.S. or in foreign branches of U.S. banksWorld Stock MarketsHelp finance federal government also2.5 Function of Financial Intermediaries: Indirect FinanceFinancial intermediation is the primary route for moving funds from lenders to borrowers.2.5.1 Lower transaction costs (time and money spent i

25、n carrying out financial transactions). Economies of scaleLiquidity services2.5.2 Reduce the exposure of investors to riskRisk Sharing (Asset Transformation)Diversification2.5 Function of Financial Intermediaries: Indirect Finance2.5.3 Deal with asymmetric information problems(before the transaction

26、) Adverse Selection: try to avoid selecting the risky borrower.Gather information about potential borrower.(after the transaction) Moral Hazard: ensure borrower will not engage in activities that will prevent him/her to repay the loan. Sign a contract with restrictive covenants. 2.5 Function of Fina

27、ncial Intermediaries: Indirect FinanceConclusion:Financial intermediaries allow “small savers and borrowers to benefit from the existence of financial markets. Table 3 Primary Assets and Liabilities of Financial Intermediaries2.6 Types of Financial Intermediaries2.6.1 Depository InstitutionsFinancia

28、l intermediaries that accept deposits from individuals and institutions and make loans.(1)Commercial banks largest in US(2)Savings and Loan Associations and Mutual Savings BanksBecome more alike(3)Credit UnionsVery small cooperative lending institutions.2.6.2 Contractual Savings Institutions(1) Life

29、 Insurance Companies(2) Fire and Casualty Insurance Companies(3) Pension Funds and Government Retirement Funds2.6.3 Investment Intermediaries(1) Finance Companies(2) Mutual Funds(3) Money Market Mutual Funds(4)Investment BanksTable 4 Principal Financial Intermediaries and Value of Their AssetsTypes of Financial Intermediaries in China以中國人民銀行為指點，國有商業(yè)銀行為主體，多種金融機構(gòu)并存，分工協(xié)作的金融中介機構(gòu)體系：2021年，我國銀行業(yè)金融機構(gòu)包括政策性銀行及國家開發(fā)銀行3家，大型商業(yè)銀行5家，股份制商業(yè)銀行12家，城市