貨幣金融學(xué)（第十三版）課件 英文 第2章 金融體系概覽

TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionChapter2AnOverviewoftheFinancialSystemCopyright?2022,2019,2016PearsonEducation,Inc.AllRightsReservedPreviewTostudytheeffectsoffinancialmarketsandfinancialintermediariesontheeconomy,weneedtoacquireanunderstandingoftheirgeneralstructureandoperation.Thischapterbeginsthatprocessbypresentinganoverviewofthestudyoffinancialmarketsandinstitutions.LearningObjectives(1of2)2.1Compareandcontrastdirectandindirectfinance.2.2Identifythestructureandcomponentsoffinancialmarkets.2.3Listanddescribethedifferenttypesoffinancialmarketinstruments.2.4Recognizetheinternationaldimensionsoffinancialmarkets.LearningObjectives(2of2)2.5Summarizetherolesoftransactioncosts,risksharing,andinformationcostsastheyrelatetofinancialintermediaries.2.6Listanddescribethedifferenttypesoffinancialintermediaries.2.7Identifythereasonsforandlistthetypesoffinancialmarketregulations.FunctionofFinancialMarkets(1of2)PerformstheessentialfunctionofchannelingfundsfromeconomicplayersthathavesavedsurplusfundstothosethathaveashortageoffundsDirectfinance:borrowersborrowfundsdirectlyfromlendersinfinancialmarketsbysellingthemsecuritiesFunctionofFinancialMarkets(2of2)Promoteseconomicefficiencybyproducinganefficientallocationofcapital,whichincreasesproductionDirectlyimprovethewell-beingofconsumersbyallowingthemtotimepurchasesbetterFigure1FlowsofFundsThroughtheFinancialSystemStructureofFinancialMarkets(1of2)DebtandEquityMarketsDebtinstruments(maturity)Equities(dividends)PrimaryandSecondaryMarketsInvestmentbanksunderwritesecuritiesinprimarymarkets.Brokersanddealersworkinsecondarymarkets.StructureofFinancialMarkets(2of2)ExchangesandOver-the-Counter(O

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C)Markets:Exchanges:N

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E,ChicagoBoardofTradeO

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Cmarkets:Foreignexchange,FederalfundsMoneyandCapitalMarkets:Moneymarketsdealinshort-termdebtinstrumentsCapitalmarketsdealinlonger-termdebtandequityinstrumentsFinancialMarketInstruments(1of2)Table1PrincipalMoneyMarketInstrumentsTypeofInstrumentAmount($billions,endofyear)1990Amount($billions,endofyear)2000Amount($billions,endofyear)2010Amount($billions,endofyear)2019U.S.Treasurybills5276471,7672,416Negotiablebankcertificatesofdeposit(largedenominations)5471,0531,9231,859Commercialpaper5581,6021,0581,045Federalfundsandsecurityrepurchaseagreements3721,1973,5984,356Source:FederalReserveFinancialAccountsoftheUnitedStates:/releases/Z1FinancialMarketInstruments(2of2)Table2PrincipalCapitalMarketInstrumentsTypeofInstrumentAmount($billions,endofyear)1990Amount($billions,endofyear)2000Amount($billions,endofyear)2010Amount($billions,endofyear)2019Corporatestocks(marketvalue)3,53017,62823,56754,624Residentialmortgages2,6765,20510,44611,159Corporatebonds1,7034,99110,33714,033U.S.governmentsecurities(marketablelong-term)2,3403,1717,40514,204U.S.governmentagencysecurities1,4464,3457,5989,431Stateandlocalgovernmentbonds9571,1392,9613,068Bankcommercialloans8181,4972,0013,818Consumerloans8111,7282,6474,181Commercialandfarmmortgages8381,2762,4503,230Source:FederalReserveFinancialAccountsoftheUnitedStates:/releases/Z1InternationalizationofFinancialMarketsForeignBonds:soldinaforeigncountryanddenominatedinthatcountry’scurrencyEurobond:bonddenominatedinacurrencyotherthanthatofthecountryinwhichitissoldEurocurrencies:foreigncurrenciesdepositedinbanksoutsidethehomecountryEurodollars:U.S.dollarsdepositedinforeignbanksoutsidetheUnitedStatesorinforeignbranchesofU.S.banksWorldStockMarkets:helpfinancecorporationsintheUnitedStatesandtheU.S.federalgovernmentFunctionofFinancialIntermediaries:IndirectFinance(1of3)Lowertransactioncosts(timeandmoneyspentincarryingoutfinancialtransactions)EconomiesofscaleLiquidityservicesReducetheexposureofinvestorstoriskRisksharing(assettransformation)DiversificationFunctionofFinancialIntermediaries:IndirectFinance(2of3)Dealwithasymmetricinformationproblems:AdverseSelection(beforethetransaction):trytoavoidselectingtheriskyborrowerbygatheringinformationaboutthemMoralHazard(afterthetransaction):ensureborrowerwillnotengageinactivitiesthatwillpreventhim/hertorepaytheloan.Signacontractwithrestrictivecovenants.FunctionofFinancialIntermediaries:IndirectFinance(3of3)Financialintermediariescanalsoachieveeconomiesofscope;thatis,theycanlowerthecostofinformationproductionforeachservicebyapplyingoneinformationresourcetomanydifferentservices,buttheycanalsocreatepotentialcostsintermsofconflictsofinterest.Overallconclusion:Financialintermediariesallow“small”saversandborrowerstobenefitfromtheexistenceoffinancialmarkets.TypesofFinancialIntermediaries(1of6)Table3PrimaryAssetsandLiabilitiesofFinancialIntermediariesDepositoryinstitutions(banks)TypeofIntermediaryPrimaryLiabilities(SourcesofFunds)PrimaryAssets(UsesofFunds)CommercialbanksDepositsBusinessandconsumerloans,mortgages,U.S.governmentsecurities,andmunicipalbondsSavingsandloanassociationsDepositsMortgagesMutualsavingsbanksDepositsMortgagesCreditunionsDepositsConsumerloansTypesofFinancialIntermediaries(2of6)[Table3Continued]ContractualsavingsinstitutionsTypeofIntermediaryPrimaryLiabilities(SourcesofFunds)PrimaryAssets(UsesofFunds)LifeinsurancecompaniesPremiumsfrompoliciesCorporatebondsandmortgagesFireandcasualtyinsurancecompaniesPremiumsfrompoliciesMunicipalbonds,corporatebondsandstock,andU.S.governmentsecuritiesPensionfunds,governmentretirementfundsEmployerandemployeecontributionsCorporatebondsandstockTypesofFinancialIntermediaries(3of6)[Table3Continued]InvestmentintermediariesTypeofIntermediaryPrimaryLiabilities(SourcesofFunds)PrimaryAssets(UsesofFunds)FinancecompaniesCommercialpaper,stocks,bondsConsumerandbusinessloansMutualfundsSharesStocks,bondsMoneymarketmutualfundsSharesMoneymarketinstrumentsHedgefundsPartnershipparticipationStocks,bonds,loans,foreigncurrencies,andmanyotherassetsTypesofFinancialIntermediaries(4of6)Table4PrimaryFinancialIntermediariesandValueofTheirAssetsDepositoryinstitutions(banks)TypeofIntermediaryValueofAssets($billions,endofyear)1990ValueofAssets($billions,endofyear)2000ValueofAssets($billions,endofyear)2010ValueofAssets($billions,endofyear)2019Commercialbanks,savingsandloans,andmutualsavingsbanks4,7447,68712,82118,518Creditunions2174418761,534TypesofFinancialIntermediaries(5of6)[Table4Continued]ContractualsavingsinstitutionsTypeofIntermediaryValueofAssets($billions,endofyear)1990ValueofAssets($billions,endofyear)2000ValueofAssets($billions,endofyear)2010ValueofAssets($billions,endofyear)2019Lifeinsurancecompanies1,3673,1365,1688,508Fireandcasualtyinsurancecompanies5338661,3612,650Pensionfunds(private)1,6194,4236,61410,919Stateandlocalgovernmentretirementfunds8202,2904,7799,335TypesofFinancialIntermediaries(6of6)[Table4Continued]InvestmentintermediariesTypeofIntermediaryValueofAssets($billions,endofyear)1990ValueofAssets($billions,endofyear)2000ValueofAssets($billions,endofyear)2010ValueofAssets($billions,endofyear)2019Financecompanies6121,1401,5891,528Mutualfunds6084,4357,87317,660Moneymarketmutualfunds4931,8122,7553,634Source:FederalReserveFinancialAccountsoftheUnitedStates:/releases/Z1,TablesL110,L114,L115,L116,L118,L120,L121,L122,L127.RegulationoftheFinancialSystem(1of4)Toincreasetheinformationavailabletoinvestors:ReduceadverseselectionandmoralhazardproblemsReduceinsidertrading(S

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C)RegulationoftheFinancialSystem(2of4)Toensurethesoundnessoffinancialintermediaries:Restrictionsonentry(charteringprocess).Disclosureofinformation.Restrictionsonassetsandactivities(controlholdingofriskyassets).DepositInsurance(avoidbankruns).Limitsoncompetition(mostlyinthepast):BranchingRestrictionsoninterestratesRegulationoftheFinancialSystem(3of4)Table5PrincipalRegulatoryAgenciesoftheU.S.FinancialSystemRegulatoryAgencySubjectofRegulationNatureofRegulationsSecuritiesandExchangeCommission(S

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C)OrganizedexchangesandfinancialmarketsRequiresdisclosureofinformation;restrictsinsidertradingCommoditiesFuturesTradingCommission(C

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C)FuturesmarketexchangesRegulatesproceduresfortradinginfuturesmarketsOfficeoftheComptrolleroftheCurrencyFederally-charteredcommercialbanksandthriftinstitutionsChartersandexaminesthebooksoffederallycharteredcommercialbanksandthriftinstitutions;imposesrestrictionsonassetstheycanholdNationalCreditUnionAdministration(N

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A)Federally-charteredcreditunionsChartersandexaminesthebooksoffederallycharteredcreditunionsandimposesrestrictionsonassetstheycanholdRegulationoftheFinancialSystem(4of4)[Table5Continued]RegulatoryAgencySubjectofRegulationNatureofRegulationsStatebankingandinsurancecommissionsState-chartereddepositoryinstitutionsandinsurancecompaniesCharterandexaminethebooksofstate-charteredbanksandinsurancecompanies,imposerestrictionsonassetstheycanhold,andimpos