現(xiàn)代金融學(xué)第一講

ModernFinanceBeijingTechnologyandBusinessUniversitySchoolofEconomicsChengYueEmail:cherrych@WhoamI?WhatIwanttosayaboutthemoduleTotheStudents貨幣、銀行和金融市場(chǎng)經(jīng)濟(jì)學(xué)(第8版)(MBA精選教材·英文影印版)(THEECONOMICSOFMONEY,BANKINGANDFINANCIALMARKETS)

作者:（美國(guó)）米什金(FredericS.Mishkin)

出版社：北京大學(xué)出版社現(xiàn)代金融學(xué)

主編：楊德勇

出版社：經(jīng)濟(jì)科學(xué)出版社其他參考書：

FinancialMarketsandInstitutionsAuthor：JeffMadura

RecommendedTextbooksTextbooks1、ClassParticipation（40%）

Attendance

Courseworkassignment/Presentations2、Examination

（60%）Assessment1、LearningResources:TextbookNewspapersWebsite:http:////PreliminaryRemarks

2、LectureNotes:

Email:finance_en@126.comPassword:finance2013PreliminaryRemarks

contd.3、Language:Vocabulary

Audio&Videos

美國(guó)國(guó)家公共廣播電臺(tái)NPR：http:///

英國(guó)廣播公司BBC：http://news.bbc.co.uk/

PreliminaryRemarks

contd.StartworkImmediatelyTherequiredeffort

HowtoLearn

SomeSuggestionsforOrganisingYourStudy1Introduction

Financeisthescienceoffundsmanagement.Financeincludessavingmoneyandoftenincludeslendingmoney.Thefieldoffinancedealswiththeconceptsoftime,moneyandriskandhowtheyareinterrelated.Italsodealswithhowmoneyisspentandbudgeted.

----WikipediaWhatisfinance?Definition:(1)moneyresources,income,etc.

(2)thescienceofmanagingmoney---------Webster'sNewWorlddictionaryWhatisfinance?Fromamacroperspective

Financeisimportanttotheeconomy.

FromamicroperspectiveFinanceispersonallyimportant.WhyisFinanceImportant?Threeperspectives:Howbusinessesraiseandinvestcapital;---------CorporateFinanceHowindividualsallocatetheirsavingsamongdifferentinvestmentalternatives;---------InvestmentsHowmarketsfunctiontoequatethedemandforcapitalbyfirmsandthesupplyofcapitalbyinvestors.---------FinancialMarketandIntermediations,TheEconomicsofMoney,BankingandFinancialMarkets

FinanceWhatareIncludedinThisModule?FinancialmarketsBankingandfinancialinstitutionsMoneyModuleStructureLecture1IntroductionLecture2AnOverviewoftheFinancialSystemLecture3InterestRateDeterminationLecture4Risk&TermStructureofInterestRatesLecture5EquityMarketsLecture6AnEconomicAnalysisofFinancialStructureLecture7CommercialBankOperationsLecture8BankRegulationLecture9FinancialCrisesDefinitionofFinancialMarkets:Marketsinwhichfundsaretransferredfrompeoplewhohaveasurplusofavailablefundstopeoplewhohaveashortageofavailablefunds.Part1：FinancialMarkets

Channelfundsfromsaverstoinvestors,therebypromotingeconomicefficiencyAffectspersonalwealthandbehavior

ofbusinessfirmse.g.FinancialMarketsNow

Corporations

Households

(Needmoney)

$

(havemoneytoinvest)

Future

Corporations

Households

(havemoney)

$

(Wantmoneyback)

BasicConcepts:Security(financialinstrument):Aclaimontheborrower'sfutureincomethatissoldbytheborrowertothelender.Asset:Afinancialclaimorpieceofpropertythatisastoreofvalue.FinancialMarketsBond:Adebtsecuritythatpromisestomakepaymentsperiodicallyforaspecifiedperiodoftime.Aerestrate:Thecostofborrowingorthepricepaidfortherentaloffunds(usuallyexpressedasapercentageperyear).BondMarketsOnapersonallevelhighinterestratescoulddeteryoufrombuyingahouseoracarbecausethecostoffinancingitwouldbehigh.highinterestratescouldencourageyoutosavebecauseyoucanearnmoreinterestincomebyputtingasidesomeofyourearningsassavings.OnamoregenerallevelInterestratesaffectnotonlyconsumers’willingnesstospendorsavebutalsobusinesses’investmentdecisions.TheImportanceofInterestRatesTreasurybills短期國(guó)庫(kù)券

matureinoneyearorlesssoldatadiscountoftheparvaluetocreateapositiveyieldtomaturity.regardedastheleastriskyinvestmentavailableTreasurynotes中期國(guó)庫(kù)券

matureintwototenyears.Theyhaveacouponpaymenteverysixmonths.Treasurybonds長(zhǎng)期國(guó)庫(kù)券

havethelongestmaturity,fromtwentyyearstothirtyyears.haveacouponpaymenteverysixmonthscommonlyissuedwithmaturityofthirtyyears.U.S.GovernmentBondsBondMarketandInterestRatesFigure1-1:InterestRatesonSelectedBonds,1950–2010Stockmarket股票市場(chǎng):inwhichclaimsontheearningsofcorporations（sharesofstock）aretraded.Commonstock普通股:Asecuritythatisaclaimontheearningsandassetsofacorporation.TheStockMarket上證A股歷史走勢(shì)圖Thestockmarketisaplacewherepeoplecangetrich—orpoor—quickly.Withoutthem,financialmarketswouldnotbeabletomovefundsfrompeoplewhosavetopeoplewhohaveproductiveinvestmentopportunities.Part2：BankingandFinancialInstitutions1.StructureoftheFinancialSystem

Thefinancialsystemiscomplex,comprisingmanydifferenttypesofprivatesectorfinancialinstitutions,includingbanks,insurancecompanies,mutualfunds,financecompanies,andinvestmentbanks,allofwhichareheavilyregulatedbythegovernment.2.BanksandOtherFinancialInstitutionsbanks:Financialinstitutionsthatacceptdepositsandmakeloans(suchascommercialbanks,savingsandloanassociations,mutualsavingsbanks,andcreditunions).otherfinancialinstitutions:insurancecompanies,financecompanies,pensionfunds,mutualfunds,investmentbanks.Money！Whatismoney?MeaningofMoneyinDailyLife

currency:papermoney+coinswealth

income:aflow

ofearningsperunitoftimeMeaningofMoneyTheDefinitionofMoneyinEconomicsanythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebtsHistoryofMoneyBeforemoney:BarterCommodityMoneyHistoryofMoneycontd.StandardizedcoinageEgypt,1580–1200B.C.Colombia,15thcentury

HistoryofMoneycontd.Papercurrency北宋交子大明寶鈔HistoryofMoneycontd.Representativemoney（代用貨幣）Fiatmoney（不兌現(xiàn)紙幣）papercurrencydecreedbygovernmentsaslegaltender(meaningthatlegallyitmustbeacceptedaspaymentfordebts)butnotconvertibleintocoinsorpreciousmetalTheterm‘representativemoney’hasbeenusedinthepast“tosignifythatacertainamountofbullionwasstoredinaTreasurywhiletheequivalentpaperincirculation”FunctionsofMoneyMediumofExchangebartereconomy:“doublecoincidenceofwants”

----youhavetofindsomeonewhohasagoodorserviceyouwantandwhoalsowantsthegoodorserviceyouhavetoofferFunctionsofMoneycontd.MediumofExchangeCriteria:easilystandardized--simpletoascertainitsvaluewidelyaccepteddivisible--easyto“makechange”easytocarrymustnotdeterioratequicklyFunctionsofMoneycontd.UnitofAccount

MoneyisusedtomeasurevalueintheeconomyreducestransactioncostsinaneconomybyreducingthenumberofpricesthatneedtobeconsideredFunctionsofMoneycontd.StoreofValueMoney:

arepositoryofpurchasingpowerovertimeLiquidity:

therelativeeaseandspeedwithwhichanassetcanbeconvertedintoamediumofexchange

EvolutionofthePaymentsSystemCommodityMoneyMoneymadeupofpreciousmetalsoranothervaluablecommodityiscalledcommoditymoney.Problemswithcommoditymoney:veryheavyandishardtotransportfromoneplacetoanotherEvolutionofthePaymentsSystemFiatMoneylegaltenderAdvantages:

muchlighterthancoinsorpreciousmetal

Drawbacks:

easilystolenandcanbeexpensivetotransportinlargeamountsbecauseoftheirbulkEvolutionofthePaymentsSystemChecks

Acheckisaninstructionfromyoutoyourbanktotransfermoneyfromyouraccounttosomeoneelse’sac