曼昆宏观经济学英文版26saving_investment
曼昆版26章 储蓄投资和金融体系
▪ 直到九十年代以后，指数基金才真正获得了巨大发展。
1994年到1996年是指数基金取得成功的三年。1994年，
标准普尔500指数增长了1.3%，超过了市场上78%的股票
基金的表现；1995年，标准普尔500指数取得了37%的增
长率，超过了市场上85%的股票基金的表现；1996年，标
准普尔500指数增长了23%，又一次超过了市场上75%的
=
Y–C–G
= 在用于消费和政府购买后剩下的一个经济中的总 收入
储蓄、投资和金融体系
10
储蓄与投资
国民收入恒等式： Y = C + I + G + NX
本章中我们考察封闭经济： Y=C+I+G
解出I：
国民储蓄
I = Y – C – G = (Y – T – C) + (T – G)
储蓄 = 封闭经济中的投资
② 以20家著名的交通运输业公司股票为编制对象——道琼斯 运输业股价平均指数；
③ 以15家著名的公用事业公司股票为编制对象——道琼斯公 用事业股价平均指数；
④ 以上述三种股价平均指数所涉及的65家公司股票为编制对 象——道琼斯股价综合平均指数。
储蓄、投资和金融体系
4
股票指数——标准普尔500指数
▪ 标准普尔500指数 （Standard&Poor‘s 500 index ，S&P
储蓄、投资和金融体系
11
预算赤字与盈余
预算盈余 = 税收收入大于政府支出的余额 = T–G = 公共储蓄
预算赤字 = 政府支出引起的税收收入短缺 = G–T = – (公共储蓄)
储蓄、投资和金融体系
12
主动学习 1
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件——26saving_investment
Some Important Identities • Assume a closed economy – one that does not engage in international trade: Y=C+I+G
Copyright © 2004 South-Western
Some Important Identities • Now, subtract C and G from both sides of the equation: Y – C – G =I • The left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving, or just saving (S).
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Financial Intermediaries • Banks
• Banks help create a medium of exchange by allowing people to write checks against their deposits.
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Financial Intermediaries • Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.
经典：26saving-investment-曼昆-微观经济学课件
Copyright © 2004 South-Western
FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY
• Financial markets are the institutions through which savers can directly provide funds to borrowers.
• Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.
• The Stock Market
• Stock represents a claim to partial ownership in a firm and is therefore, a claim to the profits that the firm makes.
• The sale of stock to raise money is called equity financing.
the holder of the bond.
IOU
• Characteristics of a Bond
• Term: The length of time until the bond matures.
• Credit Risk: The probability that the borrower will fail to pay some of the interest or principal.
26saving_investment 曼昆 微观经济学(课堂PPT)
• Stock Market • Bond Market
ห้องสมุดไป่ตู้• Financial Intermediaries
• Banks • Mutual Funds
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FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY
Copyright © 2004 South-Western
Financial Markets
• The Stock Market
• Most newspaper stock tables provide the following information:
• Price (of a share) • Volume (number of shares sold) • Dividend (profits paid to stockholders) • Price-earnings ratio
• The Stock Market
• Stock represents a claim to partial ownership in a firm and is therefore, a claim to the profits that the firm makes.
• The sale of stock to raise money is called equity financing.
• Tax Treatment: The way in which the tax laws treat the interest on the bond.
• Municipal bonds are federal tax exempt.
曼昆《经济学原理(宏观经济学分册)》(第6版)课后习题详解(第26章--储蓄、投资和金融体系)
曼昆《经济学原理（宏观经济学分册）》（第6版）第26章储蓄、投资和金融体系课后习题详解跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
一、概念题1．金融体系（）答：金融体系指由经济中促使一个人的储蓄与另一个人的投资相匹配的机构组成。
一国金融组织体系完善与否，可以由三个标准来衡量，即适应性标准、效率性标准、稳定性标准。
（1）金融组织体系的适应性。
金融组织体系的适应性在理论上可以解释为：任何一种交易行为都只有在与之相适应的制度约束条件下才能发生，即不同的交易方式，与之相对应的制度约束框架也应该不相同。
（2）金融组织体系的效率性。
金融组织体系的效率性是指特定的金融组织体系能够保证金融交易活动低成本地顺利进行和储蓄向投资转化的程度。
（3）金融组织体系的稳定性。
金融组织体系的稳定性是指金融组织体系在保证金融稳定均衡、协调和有序运行等方面的能力状态。
2．金融市场（）答：金融市场指资金供求双方运用各种金融工具，通过各种途径实现货币借贷和资金融通的交易活动的总称。
其含义有广义和狭义之分。
广义是指金融机构与客户之间、各金融机构之间、客户与客户之间所有以资金商品为交易对象的金融交易，包括存款、贷款、信托、租赁、保险、票据抵押与贴现、股票债券买卖等全部金融活动。
狭义则一般限定在以票据和有价证券为交易对象的融资活动范围之内。
3．债券（）答：债券指由筹资者（即债务人）向投资者（即债权人）出具的、承诺在一定时期支付利息和到期归还本金的债务凭证。
它是表明债权债务关系的有价证券。
对债券发行人来说，它是一种债务，是按照约定条件（包括期限、利率、本息偿还方式等）支付利息和偿还本金的书面承诺；对债券持有人来说，它是一种债权，是按照约定条件要求发行人付息还本的权利。
CHAPTER 26 曼昆经济学
CHAPTER 26 SA VING, INVESTMENT, AND THE FINANCIALSYSTEMLEARNING OBJECTIVES:By the end of this chapter, students should understand:➢some of the important financial institutions in the U.S. economy.➢how the financial system is related to key macroeconomic variables.➢the model of the supply and demand for loanable funds in financial markets.➢how to use the loanable-funds model to analyze various government policies.➢how government budget deficits affect the U.S. economy.KEY POINTS:1.The U.S. financial system is made up of many types of financial institutions, such as the bondmarket, the stock market, banks, and mutual funds. All these institutions act to direct the resources of households who want to save some of their income into the hands of households and firms who want to borrow.2.National income accounting identities reveal some important relationships amongmacroeconomic variables. In particular, for a closed economy, national saving must equal investment. Financial institutions are the mechanism through which the economy matches one person’s saving with another person’s investment.3.The interest rate is determined by the supply and demand for loanable funds. The supply ofloanable funds comes from households who want to save some of their income and lend it out.The demand for loanable funds comes from households and firms who want to borrow for investment. To analyze how any policy or event affects the interest rate, one must consider how it affects the supply and demand for loanable funds.4.National saving equals private saving plus public saving. A government budget deficitrepresents negative public saving and, therefore, reduces national saving and the supply ofloanable funds available to finance investment. When a government budget deficit crowds out investment, it reduces the growth of productivity and GDP.OUTLINE:I. Definition of financial system: the group of institutions in the economy that help tomatch one person’s saving with another person’s investment.II. Financial Institutions in the U.S. EconomyA. Financial Markets1. Definition of financial markets: financial institutions through whichsavers can directly provide funds to borrowers.2. The Bond Marketa. Definition of bond: a certificate of indebtedness.b. A bond identifies the date of maturity and the rate of interestthat will be paid periodically until the loan matures.c. One important characteristic that determines a bond’s value isits term. The term is the length of time until the bond matures.All else equal, long-term bonds pay higher rates of interest thanshort-term bonds.d.Another important characteristic of a bond is its credit risk,which is the probability that the borrower will fail to pay someof the interest or principal. All else equal, the more risky abond is, the higher its interest rate.e. A third important characteristic of a bond is its tax treatment.For example, when state and local governments issue bonds(called municipal bonds), the interest income earned by theholders of these bonds is not taxed by the federal government.This makes these bonds more attractive; thus, lowering theinterest rate needed to entice people to buy them.3. The Stock Marketa. Definition of stock: a claim to partial ownership in a firm.b. The sale of stock to raise money is called equity finance; thesale of bonds to raise money is called debt finance.c. Stocks are sold on organized stock exchanges (such as the NewYork Stock Exchange or NASDAQ) and the prices of stocks aredetermined by supply and demand.d. The price of a stock generally reflects the perception of acompany’s future profitability.e. A stock index is computed as an average of a group of stockprices.B. Financial Intermediaries1. Definition of financial intermediaries: financial institutions throughwhich savers can indirectly provide funds to borrowers.2. Banksa. The primary role of banks is to take in deposits from peoplewho want to save and then lend them out to others who want toborrow.b. Banks pay depositors interest on their deposits and chargeborrowers a higher rate of interest to cover the costs of runningthe bank and provide the bank owners with some amount ofprofit.c. Banks also play another important role in the economy byallowing individuals to use checking deposits as a medium ofexchange.3. Mutual Fundsa. Definition of mutual fund: an institution that sells shares tothe public and uses the proceeds to buy a portfolio of stocksand bonds.b. The primary advantage of a mutual fund is that it allowsindividuals with small amounts of money to diversify.c.Mutual funds called “index funds” buy all of the stocks of a givenstock index. These funds have generally performed better thanfunds with active fund managers. This may be true because theytrade stocks less frequently and they do not have to pay the salariesof fund managers.C. Summing Up1. There are many financial institutions in the U.S. economy.2. These institutions all serve the same goal—moving funds from savers toborrowers.III.Saving and Investment in the National Income AccountsA. Some Important Identities1. Remember that GDP can be divided up into four components:consumption, investment, government purchases, and net exports.2. We will assume that we are dealing with a closed economy (an economythat does not engage in international trade or international borrowingand lending). This implies that GDP can now be divided into onlythree components:3. To isolate investment, we can subtract C and G from both sides:4. The left-hand side of this equation (Y–C–G) is the total income in theeconomy after paying for consumption and government purchases.This amount is called national saving.5. Definition of national saving (saving): the total income in theeconomy that remains after paying for consumption andgovernment purchases.6. Substituting saving (S) into our identity gives us:7. This equation tells us that saving equals investment.8. Let’s go back to our definition of national saving once aga in:9. We can add taxes (T) and subtract taxes (T):10. The first part of this equation (Y–T–C) is called private saving; thesecond part (T–G) is called public saving.a. Definition of private saving: the income that householdshave left after paying for taxes and consumption.b. Definition of public saving: the tax revenue that thegovernment has left after paying for its spending.c. Definition of budget surplus: an excess of tax revenue overgovernment spending.d.Definition of budget deficit: a shortfall of tax revenue fromgovernment spending.Note: The important point to make here is that with a government budget deficit, public saving is negative and the public sector is thus “dissaving.” To make up for this shortfall, it must go to the loanable funds market and borrow the money. This will reduce the supply of loanable funds available for investment.11. The fact that S = I means that for the economy as a whole saving mustbe equal to investment.a. The bond market, the stock market, banks, mutual funds, andother financial markets and institutions stand between the twosides of the S = I equation.b. These markets and institutions take in the nation's saving anddirect it to the nation's investment.B. The Meaning of Saving and Investment1.In macroeconomics, investment refers to the purchase of new capital,such as equipment or buildings.Note: You will have to keep reminding yourself what the term “investment” means to macroeconomists. Outside of the economics pro fession, most people use the terms “saving” and “investing” interchangeably.2. If an individual spends less than he earns and uses the rest to buy stocksor mutual funds, economists call this saving.IV. The Market for Loanable FundsA. Definition of market for loanable funds: the market in which those who wantto save supply funds and those who want to borrow to invest demand funds.B.Supply and Demand for Loanable FundsFigure 11. The supply of loanable funds comes from those who spend less thanthey earn. The supply can occur directly through the purchase of somestock or bonds or indirectly through a financial intermediary.2. The demand for loans comes from households and firms who wish toborrow funds to make investments. Families generally invest in newhouses while firms may borrow to purchase new equipment or to buildfactories.3. The price of a loan is the interest rate.a. All else equal, as the interest rate rises, the quantity of loanablefunds supplied will increase.b.All else equal, as the interest rate rises, the quantity of loanablefunds demanded will fall.4. At equilibrium, the quantity of funds demanded is equal to the quantityof funds supplied.a. If the interest rate in the market is greater than the equilibriumrate, the quantity of funds demanded would be smaller than thequantity of funds supplied. Lenders would compete forborrowers, driving the interest rate down.b.If the interest rate in the market is less than the equilibrium rate,the quantity of funds demanded would be greater than thequantity of funds supplied. The shortage of loanable fundswould encourage lenders to raise the interest rate they charge.5.The supply and demand for loanable funds depends on the real (ratherthan nominal) interest rate because the real rate reflects the true return to savingand the true cost of borrowing.C. Policy 1: Saving IncentivesFigure 21. Savings rates in the United States are relatively low when comparedwith other countries such as Japan and Germany.2. Suppose that the government changes the tax code to encourage greatersaving.a. This will cause an increase in saving, shifting the supply ofloanable funds to the right.b. The equilibrium interest rate will fall and the equilibriumquantity of funds will rise.3. Thus, the result of the new tax laws would be a decrease in theequilibrium interest rate and greater saving and investment.E. Policy 2: Investment IncentivesFigure 31. Suppose instead that the government passed a new law lowering taxesfor any firm building a new factory or buying a new piece of equipment(through the use of an investment tax credit).a. This will cause an increase in investment, causing the demandfor loanable funds to shift to the right.b. The equilibrium interest rate will rise, and the equilibriumquantity of funds will increase as well.2.Thus, the result of the new tax laws would be an increase in theequilibrium interest rate and greater saving and investment.F. Policy 3: Government Budget Deficits and SurplusesFigure 4Figure 41. A budget deficit occurs if the government spends more than it receivesin tax revenue.2. This implies that public saving (T – G) falls which will lower nationalsaving.a. The supply of loanable funds will shift to the left.b. The equilibrium interest rate will rise, and the equilibriumquantity of funds will decrease.3. When the interest rate rises, the quantity of funds demanded forinvestment purposes falls.4. Definition of crowding out: a decrease in investment that resultsfrom government borrowing.5. When the government reduces national saving by running a budgetdeficit, the interest rate rises and investment falls.ernment budget surpluses work in the opposite way. The supply ofloanable funds increases, the equilibrium interest rate falls, and investment rises.7. Case Study: The History of U.S. Government DebtFigure 5Figure 5a. Figure 5 shows the debt of the U.S. government expressed as apercentage of GDP. In recent years, government debt has beenabout 50 percent of GDP.b. Throughout history, the primary cause of fluctuations ingovernment debt has been wars. However, the U.S. debt alsoincreased substantially during the 1980s when taxes were cutbut government spending was not.c. By the late 1990s, the debt to GDP ratio began declining due tobudget surpluses.d. As of 2002, the Congressional Budget Office was projectingthat the debt-GDP ratio would decline over the next decade toreach 15 percent in 2012.。
saving_investment 曼昆 微观经济学
Copyright © 2004 South-Western
FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY
• The financial system is made up of financial institutions that coordinate the actions of savers and borrowers.
Copyright © 2004 South-Western
Financial Intermediaries • Banks
• take deposits from people who want to save and use the deposits to make loans to people who want to borrow.
Copyright © 2004 South-Western
Financial Markets
• The Bond Market
• A bond is a certificate of indebtedness that
specifies obligations of the borrower to
the holder of the bond.
IOU
• Characteristics of a Bond
• Term: The length of time until the bond matures.
• Credit Risk: The probability that the borrower will fail to pay some of the interest or principal.
曼昆《经济学原理(宏观经济学分册)》(第6版)笔记(第26章--储蓄、投资和金融体系)教学提纲
曼昆《经济学原理（宏观经济学分册）》（第6版）第26章储蓄、投资和金融体系复习笔记跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
一、美国经济中的金融机构金融体系（financial system）是指经济中促使一个人的储蓄与另一个人的投资相匹配的一组结构。
金融体系由帮助协调储蓄者与借款者的各种金融机构组成。
金融机构可以分为两种类型——金融市场和金融中介机构。
1．金融市场金融市场（financial markets）是储蓄的人可以借以直接向想借款的人提供资金的机构。
经济中两种最重要的金融市场是债券市场和股票市场。
（1）债券市场债券（bond）是规定借款人对债券持有人负有债务责任的证明。
债券就是借据（IOU），规定了贷款偿还的时间，称为到期日，以及在贷款到期之前定期支付的利息的比率。
在美国经济中有几百万种表面上不同的债券，这些债券由于三个重要特点而不同。
①第一个特点是债券的期限——债券到期之前的时间长度。
一些债券是短期的，也许只有几个月，而另一些债券的期限则长达30年。
（英国政府甚至发行了永不到期的债券，称为永久债券。
这种债券永远支付利息，但从不偿还本金。
）债券的利率部分取决于它的期限。
长期债券的风险比短期债券大，因为长期债券持有人要等较长时间才能收回本金。
如果长期债券持有人在到期日之前需要钱，他只能把债券卖给其他人，也许还要以低价出卖，此外别无选择。
为了补偿这种风险，长期债券支付的利率通常高于短期债券。
②第二个重要特点是它的信用风险——借款人不能支付某些利息或本金的可能性。
这种不能支付称为拖欠。
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Copyright 2004 South-Western
Financial Intermediaries Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.
Copyright 2004 South-Western
FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY
Financial markets are the institutions through which savers can directly provide funds to borrowers. Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.
Copyright 2004 South-Western
Financial Intermediaries Banks
take deposits from people who want to save and use the deposits to make loans to people who want to borrow. pay depositors interest on their deposits and charge borrowers slightly higher interest on their loans.
National saving is the total income in the economy that remains after paying for consumption and government purchases.
Private Saving
Private saving is the amount of income that households have left after paying their taxes and paying for their consumption. Private saving = (Y – T – C)
Saving, Investment, and the Financial System
Copyright 2004 South-Western
26
The Financial System
The financial system consists of the group of institutions in the economy that help to match one person's saving with another person's investment. It moves the economy's scarce resources from savers to borrowers.
Compared to bonds, stocks offer both higher risk and potentially higher returns.
The most important stock exchanges in the United States are the New York Stock Exchange, the American Stock Exchange, and NASDAQ.
Copyright 2004 South-Western
FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY
The financial system is made up of financial institutions that coordinate the actions of savers and borrowers. Financial institutions can be grouped into two different categories: financial markets and financial intermediaries.
They allow people with small amounts of money to easily diversify.
Copyright 2004 South-Western
Financial Intermediaries Other Financial Institutions
Copyright 2004 South-Western
Financial Intermediaries Banks
Banks help create a medium of exchange by allowing people to write checks against their deposits.
Financial Intermediaries Mutual Funds
A mutual fund is an institution that sells shares to the public and uses the proceeds to buy a portfolio, of various types of stocks, bonds, or both.
Copyright 2004 South-Western
FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY
Financial Markets
Stock MarkIntermediaries
Banks Mutual Funds
Credit unions Pension funds Insurance companies Loan sharks
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SAVING AND INVESTMENT IN THE NATIONAL INCOME ACCOUNTS
Recall that GDP is both total income in an economy and total expenditure on the economy's output of goods and services: Y = C + I + G + NX
Copyright 2004 South-Western
Financial Markets The Stock Market
Most newspaper stock tables provide the following information:
Price (of a share) Volume (number of shares sold) Dividend (profits paid to stockholders) Price-earnings ratio
Copyright 2004 South-Western
Some Important Identities Substituting S for Y - C - G, the equation can be written as: S=I
Copyright 2004 South-Western
Copyright 2004 South-Western
Some Important Identities Assume a closed economy – one that does not engage in international trade: Y=C+I+G
Copyright 2004 South-Western
Municipal bonds are federal tax exempt.
Copyright 2004 South-Western
Financial Markets The Stock Market
Stock represents a claim to partial ownership in a firm and is therefore, a claim to the profits that the firm makes. The sale of stock to raise money is called equity financing.
Term: The length of time until the bond matures. Credit Risk: The probability that the borrower will fail to pay some of the interest or principal. Tax Treatment: The way in which the tax laws treat the interest on the bond.
A medium of exchanges is an item that people can easily use to engage in transactions.
This facilitates the purchases of goods and services.
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Some Important Identities National saving, or saving, is equal to: S=I S=Y–C–G S = (Y – T – C) + (T – G)
Copyright 2004 South-Western
The Meaning of Saving and Investment National Saving