chapter-p金融體系概覽

An

Overviewof

the

FinancialSystemchapter

3chapter

3An

Overview

of

the

Financial

System金融體系概覽的功能的類(lèi)型工具§1. Function

ofFinancial

Markets§2.

Classifications

of

Financial

Markets§3.

Financial

Market

Instruments§4.Function

of

Financial

Intermediaries金融中介的功能§5.Financial

Intermediaries

金融中介機(jī)構(gòu)§1. Function

of

FinancialMarkets的功能間接融資直接融資Why

is

direct

finance

so

important?為什么直接融資如此重要OneSaving

$1000Having

noinvestmentopportunityOtherHaving

nomoneyHaving

investmentopportunityWant

to

buy

a

newhouseFinancial

MarketFunction

of

Financial

Markets的功能Allows

transfers

of

funds

from or

businesswithout

investment

opportunities

to

one

who

hasthem

使

從沒(méi)有投資機(jī)會(huì)的個(gè)人或企業(yè)轉(zhuǎn)向有投資機(jī)會(huì)的個(gè)人或企業(yè)Improves

economic

efficiency

提高了經(jīng)濟(jì)效率§2.

Classifications

of

Financial

Markets的類(lèi)型市場(chǎng)市場(chǎng)Debt

MarketsEquity

MarketsMoney

MarketsCapital

Markets資本市場(chǎng)§2.

Classifications

of

Financial

Markets的類(lèi)型Debt

Markets

市場(chǎng)Short-term

(maturity

<

1

year)

Money

MarketLong-term

(maturity

>1

year)

Capital

MarketEquity

Markets

市場(chǎng)Common

stocks普通股Features:特點(diǎn)No

maturity

無(wú)到期期限Holders

getdividends

periodically持有人可以定期獲得分紅Holders

are

residual

claimants

持有人是剩余索取者Holders

have

the

corporations’

ownershiprights.持有人擁有公司所會(huì)見(jiàn)紐約交易所在人民董事長(zhǎng)1990年10月國(guó)際研討會(huì)與會(huì)代表的2.Equity

Markets市場(chǎng)Primary

Markets

一級(jí)市場(chǎng)New

securityissues

soldtoinitial

buyersSecondary

Markets

二級(jí)市場(chǎng)Securities

previouslyissued

are

bought

and

soldFunction

of

Secondary

Markets

二級(jí)市場(chǎng)的作用Making

financial

instruments

more

liquid

and

thusmore

easer

forselling

in

the

Primary

Markets

使金融工具更具有流動(dòng)性，從而在一級(jí)市場(chǎng)更容易銷(xiāo)售Determining

the

price

ofthesecurity

that

the

issuer

sellsin

thePrimary

Markets

決定一級(jí)市場(chǎng)

的價(jià)格Exchanges

交易所Trades

conducted

in

central

locations

(e.g.,

New

York

Stock

Exchange)Over-the-Counter

Markets

場(chǎng) 易市場(chǎng)Dealers

at

differentlocations

buy

and

sellNew

York

Stock

ExchangeNew

YorkStock

ExchangeShanghai

Stock

ExchangeOver-the-Counter

MarketsNASDAQ

納斯達(dá)克the

National

Association

of

SecuritiesDealers

Automated

Quotationsystem

商自動(dòng)報(bào)價(jià)系統(tǒng)The

number

of

companies

listed

onNASDAQ

is

more

than

that

onany

of

the

other

stockexchanges

in

the

United

States,including

theNew

York

Stock

Exchange

(NYSE)

and

the

AmericanStock任何一個(gè)證交Exchange(AMEX)納斯達(dá)克上市公司的數(shù)量比所都多，包括紐交所和美交所The

majority

of

companies

listed

onNASDAQ

are

smallerthanmostofthose

on

the

NYSE

and

AMEX

在納斯達(dá)克上市的是較小公司is

called

an

over-the-counter

market

稱(chēng)為場(chǎng) 易市場(chǎng)3.

Money

and

Capital

Markets貨幣和資本市場(chǎng)Money

MarketsA

financial

market

in

whichpeople

trade

short-termfinancial

instruments(lessthan

1

year)交易短期金融工具的市場(chǎng)Capital

Markets

資本市場(chǎng)A

financial

market

in

whichpeople

trade

long-termfinancial

instruments(1

yearor

longer)交易長(zhǎng)期金融工具的市場(chǎng)MoneymarketsecuritiesComparisoncapitalmarketsecuritiesliquid>fluctuatein

price<safe>§3.

Financial

Market

Instruments工具債券ernment

Agency

Securities機(jī)構(gòu)債券1、Money

Market

Instruments

工具(1)

Treasury

bills

國(guó)庫(kù)券(2)

Negotiable s

of

deposits

可轉(zhuǎn)讓定期存單(3)

Commercial

paper

商業(yè)票據(jù)(4)

Banker’s

acceptances

銀行可承兌票據(jù)(5)

Repurchase

agreements(repos)

再回購(gòu)協(xié)議(6)

Federalfunds

基金2、Capital

Market

Instruments

資本市場(chǎng)工具(1)

Stocks

(have

been

introduced

at

§2)(2)Mortgages

抵押(3)Corporate

Bonds

公司債券(4) ernment

Securities(5)(6)

State

and

Local ernment

Bonds

州和地方

債券(7)Consumer

and

Bank

Commercial

Loans

消費(fèi)者和銀行商業(yè)3、Internationalization

Financial

Market

Instruments工具Short-term

debt

instruments

(3,

6,

9,

and

12month)短期pay

interestby

initially

selling

at

a

discount時(shí)用打折的方法支付利息流動(dòng)性最強(qiáng)最安全Most

liquid

of

all

Money

MarketInstrumentsThe

safest

of

all

Money

Market

Instruments

在(2)Negotiable s

of

deposits

可轉(zhuǎn)讓定期存單Banks

pay

annual

interest

ofa

givenamount

銀行支付利息At

maturity

banks

paydepositors

back

the

original

purchase

amount到期時(shí)銀行歸還存款人的本金Could

beresold

in

asecondary

market

可以在二級(jí)市場(chǎng)出售large

denominations(>$100,000)

面額較大1、Money

Market

Instruments工具(1)

Treasury

bills

國(guó)庫(kù)券(3)

Commercial

paper商業(yè)票據(jù)工具Short-term

debt

instruments

issued

by

large

banks

and

well-known

corporations

由大銀行和知名企業(yè)

的短期TypesPromissory

notes

(debtor→creditor)

商業(yè)期票Commercial

drafts(creditor→debtor)

商業(yè)匯票Change

in

commercial

paper(CP)商業(yè)票據(jù)的變化Beforethe

1960s: a

commercial

credit

instrument

商業(yè)信用工具After

the

1960s:

has

been

changed

into

araising

instrument籌資工具(4)

Banker’s

acceptances

銀行承兌匯票Bank

draftsissued

by

firms,

payable

at

some

future

date.Commercial

draftsonly e

effective

after

being

accepted.商業(yè)匯票必須承兌后才能生效Acceptors:承兌人Firms

、Banks→Banker’sacceptances

銀行承兌的匯票Features特點(diǎn)Issued

by

a

firm,

but

guaranteed

by

a

bank;企業(yè) ，銀行擔(dān)保The

issuing

firm

depositthe

required

funds

into

itsaccount;企業(yè)把規(guī)定的 存入銀行賬戶(hù)If

the

firm

fail

to

pay

the

draft,

the

bankis

obligated

to

make

goodon

the

draft;企業(yè)拒付時(shí)，由銀行承擔(dān)責(zé)任Can

be

resold

in

a

secondary

market

at

a

discount可以在二級(jí)市場(chǎng)貼現(xiàn)China

Banker’s

Acceptances(5)

Repurchase

agreements

(repos)再回購(gòu)協(xié)議Features特點(diǎn)A

maturity

is

less

than

2weeks;

期限在兩周以?xún)?nèi)Treasury

bills

serve

as

collateral;

國(guó)庫(kù)券作為擔(dān)保Lenders

are

mostly

large

corporations,borrowers

are

banks.人是大公司，借款人是銀行Operation

process

操作程序A

large

corporation

has

some

idle

funds

in

its

bank

account,

it

wouldlike

to

lend;

大公司在銀行有閑置 ，想要貸出It

use

this

funds

to

buy

Treasury

bills

from

a

bank;向銀行

國(guó)庫(kù)券They

agree

the

bank

repurchases

the

bills

the

next

1

or

2

weeks

ata按較高price

slightly

above

purchase

one;

雙方協(xié)定銀行在1、2價(jià)格購(gòu)回The

bank

repurchases

the

bills

topay

off

the

loan.銀行購(gòu)回國(guó)庫(kù)券歸還(6)

Federalfunds基金Overnight

loans

between

banks

銀行之間的隔夜Banks’

deposits

at

theFed

銀行在 儲(chǔ)備銀行的存款Federal

fundsmarket

基金市場(chǎng)Lending

banks

transfer

fundsto

the

borrowing

banks

using

theFed’s

wire

transfer

systemFederalfunds

rate

基金利率The

interest

rate

charged

on

federal

funds

loansA

sensitive

indicator

of

the

cost

to

banks

of

borrowing

fundsfrom

otherbanks.2、Capital

Market

Instruments

資本市場(chǎng)工具(2)

Mortgages

抵押The

structure

or

landserves

as

collateral

建筑物或土地作為擔(dān)保

the

amount

of

residential

mortgages

is

more

than

quadruple

ofcommercial

andfarm

oneinUSA住房抵押

是

商業(yè)和農(nóng)業(yè) 的四倍Three ernment

agencies

provide

funds

by

selling

bonds

andbuyingmortgages

三個(gè)機(jī)構(gòu)通過(guò)買(mǎi)入抵押

、賣(mài)出 提供The

Federal

National

Mortgage

Association

(FNMA,

Fannie

Mae)The ernment

National

Mortgage

Association

(GNMA,

Ginnie

Mae)The

Federal

Home

Loan

Mortgage

Corporation

(FHLMC,

Freddie

Mae)(2)

MortgagesAnsecondary

marketfor

mortgages抵押

二級(jí)市場(chǎng)The

development

ofmortgages-backed

security抵押支持債券的發(fā)展Reason

原因Traditional

mortgages

are

not

liquid抵押 缺乏流動(dòng)性Creation

產(chǎn)生1970 GNMA

createdOperation

Process程序

Features

特點(diǎn)safety

and

liquidity安全和流動(dòng)性O(shè)peration

Processindividuals①lend

④pay②guaranteefinancial

institutions

GNMA③sel

⑤passthird

parties(security

owners)(2)

MortgagesMortgages-backed

Securities

抵押支持Operation

Process

操作程序GNMA

guarantees

interest

and

principal

payments

on

bundles

of的利息standardized

mortgages

GNMA對(duì)打包的標(biāo)準(zhǔn)化抵押和本金支付提供擔(dān)保，F(xiàn)inancial

institutions

gather

a

group

of

guaranteed

mortgages

into

a出售bundle

and

sell

it

as

a

security

to

a

third

party金融機(jī)構(gòu)把給第Individuals

pay

off

the

guaranteed

mortgages

借款人償還抵押Financial

institutions

pass

the

payments

to

the

ownersofsecurities金融機(jī)構(gòu)把支付的 轉(zhuǎn)交給 持有人(3)

Corporate

Bonds

公司債券Corporations

pay

the

holders

interest

every

year;When

bondsmature,

corporations

pay

off

the

face

valueConvertible

bonds

可轉(zhuǎn)換債券Special

corporations

bondsi

are

lower

than

typical

corporationsbondsCan

increasein

value

if

P

of

the

stockappreciates債券ernment(4) ernment

Securities

Issuing

purpose

is

to

finance

the

deficits

of

theThe

most

liquid

inthe

capital

market(5)ernment

Agency

Securities機(jī)構(gòu)Issued

byGNMAThe

Federal

Farm

Credit

BankAnd

so

on(6)

State

andLocal ernment

Bonds

地方 債券Municipal

Bonds

市政債券Issuing

purpose

is

to

finance

expenditures

on

schools,

roads,

andother

large

programs;The

interest

payments

are

exempt

from

federal e

tax

andstate

taxes

inthe

issuing

state(7)

Consumer

and

Bank

Commercial

Loans消費(fèi)者和銀行商業(yè)特點(diǎn)No

secondary

markets沒(méi)有二級(jí)市場(chǎng)The

least

liquid

in

the

capital

market在資本市場(chǎng)流動(dòng)性3、Internationalization

Financial

Market

Instruments國(guó)際

工具Foreign

bonds

(sold

in

a

foreign

country

and

denominated

in

thatcountry’s

currency)

外國(guó)債券

（在國(guó)外

以所在國(guó)貨幣標(biāo)價(jià)）2.

Eurobonds

(sold

in

a

foreign

country,

but denominated

in

an

othercountry’s

currency)

歐洲債券（在國(guó)外 以另一國(guó)貨幣標(biāo)價(jià)）Now

largerthan

U.S.

corporate

bond

market3、Eurocurrencies

歐洲貨幣Foreign

currenciesdeposited

in

banks

outside

the

home

country,Eurodollars歐洲

—U.S.

dollarsdepositedinforeign

banksoutsidethe

U.S.

A.orin

foreignbranches

of

U.S.banks.§4.

Function

of

Financial

Intermediaries金融中介的功能1、Reducing

Transaction

Costs

降低交易成本2、Providing

investors

with

some

interest

and

liquidityservices

向投資者提供利息和流動(dòng)性服務(wù)3、Solving

Asymmetric

Information

in

financial

markets解決 的信息不對(duì)稱(chēng)§4.

Function

of

Financial

Intermediaries金融中介的功能1、Reducing

Transaction

Costs

降低交易成本Reduce

transactions

costs

by

develo

expertise通過(guò)發(fā)展專(zhuān)業(yè)化降低交易成本taking

advantage

of

economies

of

scale利用規(guī)模經(jīng)濟(jì)2.分散風(fēng)險(xiǎn)§4.

Function

of

Financial

Intermediaries金融中介的功能3、Solving

Asymmetric

Information

in

financialmarkets

解決 的信息不對(duì)稱(chēng)One

party

often

does

not

know

enough

about

theother

party

to

make

accurate

decisions

in

financialmarkets.

在

上，交易的一方無(wú)法獲得有關(guān)另一方足夠的信息，以做出準(zhǔn)確的決策Asymmetric

Information:

AdverseSelection,and

Moral

Hazard信息不對(duì)稱(chēng)：逆向選擇和道德風(fēng)險(xiǎn)esareAdverse

Selection逆向選擇Before

transaction

occursPotential

borrowers

most

likely

to

produce

adverseones

most

likely

to

seek

loans

and

be

selectedMoral

Hazard道德風(fēng)險(xiǎn)After

transaction

occurs2.

Hazard

that

borrower

has

incentives

to

engage

in

undesirable(immoral)

activities

making

it

more

likely

that

won’t

payloanbackFinancial

intermediaries

reduce

adverse

selection

and

moral

hazardproblems,

enabling

them

to

make

profits§5.FinancialIntermediaries金融中介機(jī)構(gòu)的類(lèi)型2、Contractualsaving

institutions

契約性?xún)?chǔ)蓄機(jī)構(gòu)Life

Insurance

Company

人壽保