貨幣銀行01教學(xué)課件

1、Chapter 01,Why Study Money, Banking, and Financial Markets?,Why Study Money, Banking, and Financial Markets,To examine how financial markets such as bond and stock markets work To examine how financial institutions such as banks work To examine the role of money in the economy,Part1 Introduction,Cha

2、p1 Why Study Money, Banking and Financial Markets? Chap2 An overviews of the Financial System Chap3 What is Money?,Part2 Financial Markets and Financial Institutions,Chap4 Understanding Interest Rates Chap5 The Behavior of Interest Rates Chap6 Banking,FIGURE 1 Interest Rates on Selected Bonds, 19502

3、008,Sources: Federal Reserve Bulletin; /releases/H15/data.htm.,Part3 Central Banking and the Conduct of Monetary Policy,Chap7 Structure of Central banks Chap8 Multiple Deposit Creation and the Money Supply Process Chap9 Determinants of the Money Supply Chap10 Tools of Monetary

4、Policy Chap11 What should central Banks Do? Monetary Policy Goals, Strategy and Tactics,Part4 Money Theory,Chap12 The Demand for Money Chap13 Aggregate Demand and Supply Analysis Chap14 Transmission Mechanisms of Monetary Policy: The Evidence Chap15 Money and Inflation,FIGURE 4 Aggregate Price Level

5、 and the Money Supply in the United States, 19502008,Sources: /fred/data/gdp/gdpdef; /releases/h6/hist/h6hist10.txt.,Money and Inflation,The aggregate price level is the average price of goods and services in an economy A continual rise in the price level (infla

6、tion) affects all economic players Data shows a connection between the money supply and the price level,FIGURE 5 Average Inflation Rate Versus Average Rate of Money Growth for Selected Countries, 19972007,Source: International Financial Statistics.,FIGURE 6 Money Growth (M2 Annual Rate) and Interest

7、 Rates (Long-Term U.S. Treasury Bonds), 19502008,Sources: Federal Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt.,Money and Interest Rates,Interest rates are the price of money Prior to 1980, the rate of money growth and the interest rate on long-term Treasu

8、ry bonds were closely tied Since then, the relationship is less clear but the rate of money growth is still an important determinant of interest rates,FIGURE 3 Money Growth (M2 Annual Rate) and the Business Cycle in the United States, 19502008,Note: Shaded areas represent recessions. Source: Federal

9、 Reserve Bulletin, p. A4, Table 1.10; /releases/h6/hist/h6hist1.txt.,How We Will Study Money, Banking, and Financial Markets,A simplified approach to the demand for assets The concept of equilibrium Basic supply and demand to explain behavior in financial markets The search for

10、 profits An approach to financial structure based on transaction costs and asymmetric information Aggregate supply and demand analysis,References,米什金，貨幣金融學(xué)（中文）（8)，清華大學(xué)出版社，2009 米什金，貨幣金融學(xué)（中文）（9)，人民大學(xué)出版社，2011 易綱、吳有昌，貨幣銀行學(xué)，上海人民出版社，1999年 武康平， 貨幣銀行學(xué)教程清華大學(xué)出版社2006年 黃達(dá)，貨幣銀行學(xué)， 中國(guó)人民大學(xué)出版社2000年 戴國(guó)強(qiáng)，貨幣銀行學(xué)， 上海財(cái)經(jīng)大學(xué)

11、出版社，2003 托馬斯，貨幣，銀行業(yè)和金融市場(chǎng)機(jī)械工業(yè)出版社2008 R.哈里斯著，梁小民譯：貨幣理論，中國(guó)金融出版社，北京，1989,Chapter 3,What Is Money?,Meaning of Money（貨幣）,What is it? Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts.,Meaning of Money,Money (a stock concept) is

12、 different from: Currency: consist of dollar bills（鈔票） and coins（硬幣）, currency is one type of money. Wealth（財(cái)富）: the total collection of pieces of property that serve to store value Income（收入）: flow of earnings per unit of time (a flow concept),Functions of Money,Medium of Exchange（交易媒價(jià)）: Eliminates

13、 the trouble of finding a double coincidence of needs (reduces transaction costs) Promotes specialization A medium of exchange must be easily standardized be widely accepted be divisible be easy to carry not deteriorate quickly,Functions of Money,Unit of Account（計(jì)算單位）: used to measure value in the e

14、conomy reduces transaction costs Store of Value（價(jià)值尺度）: used to save purchasing power over time. other assets also serve this function Money is the most liquid of all assets but loses value during inflation,Evolution of the Payments System（支付制度的演變）,Commodity Money（商品貨幣）: valuable, easily standardized

15、 and divisible commodities (e.g. precious metals, cigarettes). Fiat Money（不兌現(xiàn)紙幣）: paper money decreed by governments as legal tender（法定貨幣）.,Evolution of the Payments System,Checks（支票）: an instruction to your bank to transfer money from your account Electronic Payment (電子支付，e.g. online bill pay). E-M

16、oney (electronic money，電子貨幣): Debit card Stored-value card (smart card) E-cash,Measuring Money,How do we measure money? Which particular assets can be called “money”? Construct monetary aggregates using the concept of liquidity: M1 (most liquid assets) = currency（通貨） + travelers checks（旅行支票） + deman

17、d deposits （活期存款）+ other checkable deposits（其他支票存款）.,Measuring Money,M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits（小面額定期存款） + savings deposits and money market deposit accounts （儲(chǔ)蓄存款和貨幣市場(chǎng)存款賬戶(hù)）+ money market mutual fund shares（retail）（貨幣市場(chǎng)互助基金份額（非機(jī)構(gòu)持有）.,T

18、able 1 Measures of the Monetary Aggregates,Monetary Aggregates,存款的種類(lèi)：* 活期存款：這種存款，支用時(shí)須使用銀行規(guī)定的支票，又稱(chēng)為支票存款。企業(yè)、個(gè)人、政府機(jī)關(guān)、金融機(jī)構(gòu)都能在銀行開(kāi)立活期存款賬戶(hù)。 定期存款：指那些具有確定的到期期限才準(zhǔn)提取的存款。 儲(chǔ)蓄存款：這主要是針對(duì)居民個(gè)人積蓄貨幣之需所開(kāi)辦的一種存款業(yè)務(wù)。一般不能據(jù)此簽發(fā)支票，支用時(shí)只能提取現(xiàn)金或先轉(zhuǎn)入存戶(hù)的活期存款賬戶(hù)。它可以進(jìn)一步分為活期和定期兩大類(lèi)。,中國(guó)的貨幣計(jì)量： M0 = 流通中現(xiàn)金 M1 = M0 + 企事業(yè)單位活期存款 M2 = M1 + 企事業(yè)單位定期

19、存款+居民儲(chǔ)蓄存款 + 證券公司客戶(hù)保證金 + 其他存款,M1 vs. M2,Does it matter which measure of money is considered? M1 and M2 can move in different directions in the short run (see figure). Conclusion: the choice of monetary aggregate is important for policymakers.,FIGURE 1 Growth Rates of the M1 and M2 Aggregates, 1960200

20、8,Sources: Federal Reserve Bulletin, p. A4, Table 1.10, various issues; Citibase databank; /releases/h6/hist/h6hist1.txt.,How Reliable are the Money Data?,Revisions are issued because: Small depository institutions report infrequently Adjustments must be made for seasonal varia

21、tion We probably should not pay much attention to short-run movements in the money supply numbers, but should be concerned only with longer-run movements,Table 2 Growth Rate of M2: Initial and Revised Series, 2008 (percent, compounded annual rate),19912007年M2與GDP增長(zhǎng)率,表1 美英德法四國(guó)批發(fā)物價(jià)指數(shù),指數(shù)1913=100 數(shù)據(jù)來(lái)源：馬

22、君潞：國(guó)際貨幣制度研究， 中國(guó)財(cái)政經(jīng)濟(jì)出版社，1995。,In 1944, there was a meeting of 44 nations at Bretton Woods, New Hampshire. The meeting was called the Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference. An international agreement, called Bretton Woods Agreement, was reac

23、hed to govern monetary policy among nations The purpose was to design a postwar international monetary system.,Bretton Woods System: 1945-1972,Under the Bretton Woods System, the U.S. dollar was pegged to gold at $35 per ounce and other currencies were pegged to the U.S. dollar. Each country was res

24、ponsible for maintaining its exchange rate within 1% of the adopted par value by buying or selling foreign reserves as necessary. The Bretton Woods System was a dollar-based gold exchange standard.,Bretton Woods System: 1945-1972,世界出口貿(mào)易年平均增長(zhǎng)率， 19481976年為7.7%， 19131938年，平均每年只增長(zhǎng)0.7%。,On one hand, perf

25、orming the role of the worlds reserve currency, the US dollar should keep its value stable. On the other hand, the international economy needed dollars for liquidity purposes and to satisfy demand for reserve assets. This forced US to run consistently large current account deficits. Triffin argued t

26、hat such persistent deficits would eventually put pressure on the US dollar and lead to the demise of the Bretton Woods system of international exchange.,Triffin Dilemma,Chapter 4,Understanding Interest Rates,Discounting the Future( ),Present Value（現(xiàn)值）,Definition （定義）: A dollar paid to you one year

27、from now is less valuable than a dollar paid to you today,Time Line,$100,$110,Year,0,1,PV,$100,2,$121,n,Cannot directly compare payments scheduled in different points in the time line,$100*(1+i)n,$100,$100,$100,Simple Present Value Formula（簡(jiǎn)單的現(xiàn)值公式）,Time Line,$100,$100,Year,0,1,PV,100,2,$100,$100,n,1

28、00/(1+i),100/(1+i)2,100/(1+i)n,Cannot directly compare payments scheduled in different points in the time line,Four Types of Credit Market Instruments,Simple Loan（簡(jiǎn)易貸款）:The lender provides the borrower with an amount of money, which must be repaid to the lender at the maturity date along with an add

29、itional payment for the interest.,Fixed-Payment Loan（定期定額貸款）:This type of loan has the same cash flow throughout the life of the loan.,Coupon Bond（息票債券）:A coupon bond pays the owner of the bond a fixed interest rate (coupon payment) every year until the maturity date, when a specified final amount i

30、s paid.,Four Types of Credit Market Instruments,Discount Bond（貼現(xiàn)發(fā)行債券）:A discount bond is bought at a price below its face value (at a discount), and the face value is repaid at the maturity date.,Yield to Maturity(到期收益率),Definition（定義）： The interest rate that equates the present value of cash flow p

31、ayments received from a debt instrument（未來(lái)現(xiàn)金流的現(xiàn)值） with its value today（今天的價(jià)值）,代表債券價(jià)格,代表第t期債券的利息,代表債券的期數(shù),代表債券本金,代表到期收益率,The formula of Yield to Maturity(到期收益率的公式),運(yùn)用到期收益率計(jì)算 例題1,Table 1 Yields to Maturity on a 10%-Coupon-Rate Bond Maturing in Ten Years(Face Value = $1,000),When the coupon bond is pric

32、ed at its face value, the yield to maturity equals the coupon rate,The price of a coupon bond and the yield to maturity are negatively related,The yield to maturity is greater than the coupon rate when the bond price is below its face value,Consol(統(tǒng)一公債) or Perpetuity（永久債券）,Definition: A bond with no

33、 maturity date that does not repay principal but pays fixed coupon payments forever,For coupon bonds, this equation gives the current yield, an easy to calculate approximation to the yield to maturity,Discount Bond（貼現(xiàn)發(fā)行債券）,1-57,Other Measures of Interest Rates,1-58,Current Yield（當(dāng)期收益率）,、 C ic = P Tw

34、o Characteristics Is better approximation to yield to maturity, nearer price is to par and longer is maturity of bond Change in current yield always signals change in same direction as yield to maturity,1-59,(F P) 360 idb = x F (number of days to maturity) One year bill, P = $900, F = $1000,$1000 $9

35、00 360 idb = x = 0.099 = 9.9% $1000 365 Two Characteristics Understates yield to maturity; longer the maturity, greater is understatement Change in discount yield always signals change in same direction as yield to maturity,Yield on a Discount Basis（貼現(xiàn)收益率）, 2006 Pearson Addison-Wesley. All rights re

36、served,1-60,Bond Page of the Newspaper,Rate of Return（回報(bào)率）,Definiton(定義): the rate of return is defined as the payments to the owner plus the change in its value.,Rate of Return and Interest Rates,The return equals the yield to maturity only if the holding period equals the time to maturity A rise i

37、n interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding period The more distant a bonds maturity, the greater the size of the percentage price change associated with an interest-rate change,Rate of Return and Interest Rates (contd),The more distant a bonds maturity, the lower the rate of return the occurs as a result of an increase in the interest rate Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise,Table 2 One-Year Returns on Different-Maturity