貨幣金融學(xué),米什金PPT課件

1、Chapter 1,Why Study Money, Banking, and Financial Markets? 為什么研究貨幣、銀行和金融市場(chǎng),Why Study Money, Banking, and Financial Markets 研究貨幣、銀行和金融市場(chǎng)的原因,To examine how financial markets such as bond, stock and foreign exchange markets work 考察諸如債券、股票以及外匯市場(chǎng)的運(yùn)行機(jī)制 To examine how financial institutions such as banks a

2、nd insurance companies work 考察諸如銀行和保險(xiǎn)公司等金融機(jī)構(gòu)的運(yùn)行機(jī)制 To examine the role of money in the economy 考察在整體經(jīng)濟(jì)運(yùn)行過(guò)程中貨幣所發(fā)揮的作用,Financial Markets 金融市場(chǎng),Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds （金融）市場(chǎng)是資金從擁有閑置資金的人那里轉(zhuǎn)移到資金短缺者手中的場(chǎng)所,

3、The Bond Market and Interest Rates 債券市場(chǎng)和利率,A security (financial instrument) is a claim on the issuers future income or assets 證券（金融工具）是對(duì)于發(fā)行者的未來(lái)收益或者資產(chǎn)的一種求償權(quán) A bond is a debt security that promises to make payments periodically for a specified period of time 債券是承諾在約定期限內(nèi)定期償付的債務(wù)證券 An interest rate is t

4、he cost of borrowing or the price paid for the rental of funds 利率是借款的成本或者是用于償付資金租費(fèi)的價(jià)格,FIGURE 1 Interest Rates on Selected Bonds, 19502008 圖1 19502008年部分債券利率,Sources: Federal Reserve Bulletin; /releases/H15/data.htm.,The Stock Market 股票市場(chǎng),Common stock represents a share of owner

5、ship in a corporation 普通股股票代表了其持有人對(duì)于公司具有一定份額的所有權(quán) A share of stock is a claim on the earnings and assets of the corporation一股股票代表了對(duì)于公司的資產(chǎn)和收益所具有的求償權(quán),FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 19502008 圖2 19502008年以道瓊斯工業(yè)平均指數(shù)顯示的股票價(jià)格情況,Source: Dow Jones Indexes: ,Financial Ins

6、titutions and Banking 金融機(jī)構(gòu)和銀行,Financial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people 金融中介機(jī)構(gòu)：是指那些向儲(chǔ)蓄者借入資金并且向其他需要資金的人提供貸款的機(jī)構(gòu) Banks: accept deposits and make loans 銀行: 吸收存款并且發(fā)放貸款 Other Financial Institutions: insurance companies, finance compa

7、nies, pension funds, mutual funds and investment banks 其他金融機(jī)構(gòu)：保險(xiǎn)公司、金融（財(cái)務(wù)）公司、養(yǎng)老基金、共同基金以及投資銀行等 Financial Innovation: in particular, the advent of the information age and e-finance 金融創(chuàng)新：特別是在信息時(shí)代和電子金融興起的條件下涌現(xiàn)出來(lái),Financial Crises 金融危機(jī),Financial crises are major disruptions in financial markets that are ch

8、aracterized by sharp declines in asset prices and the failures of many financial and nonfinancial firms. 金融危機(jī)是指以資產(chǎn)價(jià)格的急劇下跌以及大量金融機(jī)構(gòu)和非金融類企業(yè)的破產(chǎn)倒閉為特征的金融市場(chǎng)出現(xiàn)的嚴(yán)重崩潰現(xiàn)象,Money and Business Cycles 貨幣與經(jīng)濟(jì)周期,Evidence suggests that money plays an important role in generating business cycles 實(shí)證研究結(jié)果表明貨幣在經(jīng)濟(jì)周期的產(chǎn)生過(guò)程中發(fā)揮了

9、重要的作用 Recessions (unemployment) and expansions affect all of us 經(jīng)濟(jì)衰退（失業(yè)）和經(jīng)濟(jì)擴(kuò)張對(duì)于每一個(gè)人都會(huì)產(chǎn)生影響 Monetary Theory ties changes in the money supply to changes in aggregate economic activity and the price level 貨幣理論考察的是貨幣供應(yīng)的數(shù)量變化與總體經(jīng)濟(jì)活動(dòng)和物價(jià)水平的變化之間的關(guān)系,FIGURE 3 Money Growth (M2 Annual Rate) and the Business Cycle

10、 in the United States, 19502008 圖3 19502008年美國(guó)的貨幣供應(yīng)量增長(zhǎng)（M2年增長(zhǎng)率）與經(jīng)濟(jì)周期情況,Note: Shaded areas represent recessions. 注：陰影部分為經(jīng)濟(jì)衰退 Source: Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt.,Money and Inflation 貨幣與通貨膨脹,The aggregate price level is the average pr

11、ice of goods and services in an economy 物價(jià)總水平是指經(jīng)濟(jì)中商品和服務(wù)的平均價(jià)格 A continual rise in the price level (inflation) affects all economic players 物價(jià)總水平的持續(xù)上升（通貨膨脹）將會(huì)對(duì)于所有經(jīng)濟(jì)主體產(chǎn)生影響 Data shows a connection between the money supply and the price level 有關(guān)數(shù)據(jù)表明貨幣供應(yīng)量和物價(jià)總水平之間存在著聯(lián)系,FIGURE 4 Aggregate Price Level and th

12、e Money Supply in the United States, 19502008 圖4 19502008年美國(guó)的物價(jià)總水平和貨幣供應(yīng)量,Sources: /fred/data/gdp/gdpdef; /releases/h6/hist/h6hist10.txt.,FIGURE 5 Average Inflation Rate Versus Average Rate of Money Growth for Selected Countries, 19972007 圖5 19972007年部分國(guó)家平均通貨膨脹率與

13、貨幣供應(yīng)量平均增長(zhǎng)比率,Source: International Financial Statistics.,Money and Interest Rates 貨幣與利率,Interest rates are the price of money 利率是貨幣的價(jià)格 Prior to 1980, the rate of money growth and the interest rate on long-term Treasury bonds were closely tied 20世紀(jì)80年代以前，貨幣供應(yīng)量的增長(zhǎng)和美國(guó)長(zhǎng)期國(guó)債利率之間存在著密切的聯(lián)系 Since then, the rel

14、ationship is less clear but the rate of money growth is still an important determinant of interest rates 20世紀(jì)80年代以后，兩者之間的關(guān)系變得比較模糊，然而貨幣供應(yīng)量的增長(zhǎng)依然是利率的重要影響因素之一,FIGURE 6 Money Growth (M2 Annual Rate) and Interest Rates (Long-Term U.S. Treasury Bonds), 19502008 圖6 19502008年貨幣供應(yīng)量增長(zhǎng)（M2年增長(zhǎng)率）和利率（美國(guó)政府長(zhǎng)期國(guó)債）情況,So

15、urces: Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt.,Monetary and Fiscal Policy 貨幣政策與財(cái)政政策,Monetary policy is the management of the money supply and interest rates 貨幣政策是指對(duì)于貨幣和利率的管理 Conducted in the U.S. by the Federal Reserve System (Fed) 在美國(guó)，貨幣政策是由

16、聯(lián)邦儲(chǔ)備體系(Fed)來(lái)執(zhí)行的 Fiscal policy deals with government spending and taxation 財(cái)政政策是對(duì)于政府支出和稅收問(wèn)題的管理 Budget deficit is the excess of expenditures over revenues for a particular year 預(yù)算赤字是指在特定的一年中政府的支出超過(guò)稅收收入的差額 Budget surplus is the excess of revenues over expenditures for a particular year 預(yù)算盈余是指在特定的一年中政府稅

17、收收入超過(guò)支出的差額 Any deficit must be financed by borrowing 預(yù)算赤字必須通過(guò)借款來(lái)彌補(bǔ),FIGURE 7 Government Budget Surplus or Deficit as a Percentage of Gross Domestic Product, 19502008 圖7 19502008年政府預(yù)算盈余或預(yù)算赤字占國(guó)內(nèi)生產(chǎn)總值的百分比,Source: /usbudget/fy06/sheets/hist01z2.xls.,The Foreign Exchange Market 外匯市場(chǎng),The fo

18、reign exchange market is where funds are converted from one currency into another 外匯市場(chǎng)是指進(jìn)行貨幣兌換活動(dòng)的場(chǎng)所 The foreign exchange rate is the price of one currency in terms of another currency 外匯匯率是指一個(gè)國(guó)家貨幣對(duì)于另一個(gè)國(guó)家貨幣的價(jià)格 The foreign exchange market determines the foreign exchange rate 外匯市場(chǎng)決定了外匯匯率,FIGURE 8 Excha

19、nge Rate of the U.S. Dollar, 19702008 圖8 19702008年美元匯率變動(dòng)情況,Source: Federal Reserve: /releases/H10/summary/indexbc_m.txt/.,International Finance 國(guó)際金融,Financial markets have become increasingly integrated throughout the world.在全世界范圍內(nèi)，金融市場(chǎng)的一體化趨勢(shì)不斷增強(qiáng) The international financial sys

20、tem has tremendous impact on domestic economies:國(guó)際金融體系對(duì)于各國(guó)的國(guó)內(nèi)經(jīng)濟(jì)活動(dòng)具有極為重要的影響 How a countrys choice of exchange rate policy affect its monetary policy? 一個(gè)國(guó)家匯率政策的選擇是如何影響到這個(gè)國(guó)家的貨幣政策的？ How capital controls impact domestic financial systems and therefore the performance of the economy? 資本管制措施對(duì)于國(guó)內(nèi)金融體系和整體經(jīng)濟(jì)績(jī)效會(huì)產(chǎn)生什么樣的影響 ? Which should be the role of international financial institutions like t