【PPT精品课件】货币金融学7版英文课件--11-大学课件2
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PPT精品课件货币金融学7版英文课件20大学课件2
© 2005 Pearson Education Canada Inc.
Intervention in a Fixed Exchange Rate System
© 2005 Pearson Education Canada Inc.
Analysis of Figure 2: Intervention in a Fixed Exchange Rate System
© 2005 Pearson Education Canada Inc.
Exchange Rate Intervention, Sell $
1. Sell $, buy F: MB , Ms 2. Ms , P , Eet+1 , expected appreciation of F , RF shifts right in Fig. 1 3. Ms , iD , RD shifts left, go to point 2 and Et 4. In long run, iD returns to old level, RD shifts back, go to point 3: Exchange rate oveducation Canada Inc.
The Gold Standard
If shipping cheap, do alternative 2 1. Gold flows to U.K. 2. MB in U.K, MB in Canada 3. Price level U.K., Canada 4. £ depreciates back to par Two Problems: 1. Country on gold standard loses control of Ms 2. World inflation determined by gold production
Intervention in a Fixed Exchange Rate System
© 2005 Pearson Education Canada Inc.
Analysis of Figure 2: Intervention in a Fixed Exchange Rate System
© 2005 Pearson Education Canada Inc.
Exchange Rate Intervention, Sell $
1. Sell $, buy F: MB , Ms 2. Ms , P , Eet+1 , expected appreciation of F , RF shifts right in Fig. 1 3. Ms , iD , RD shifts left, go to point 2 and Et 4. In long run, iD returns to old level, RD shifts back, go to point 3: Exchange rate oveducation Canada Inc.
The Gold Standard
If shipping cheap, do alternative 2 1. Gold flows to U.K. 2. MB in U.K, MB in Canada 3. Price level U.K., Canada 4. £ depreciates back to par Two Problems: 1. Country on gold standard loses control of Ms 2. World inflation determined by gold production
《货币金融学》PPT课件
金融市场的参与者 包括政府、企业、个人、金融机构等。
3
金融市场的基本功能 资金融通、风险管理、价格发现和信息传递等。
金融市场的监管与风险控制
金融市场监管的必要性
01
维护市场秩序、保护投资者利益、防范金融风险等。
金融市场监管的主要内容
02
市场准入监管、业务运营监管和市场退出监管等。
金融风险的控制与管理
重塑金融竞争格局
金融科技的发展使得新兴金融科技 企业快速崛起，对传统金融机构形 成竞争压力，重塑金融竞争格局。
THANKS
感谢观看
货币等职能。
01
流通手段
货币充当商品交换媒介的职能。
03
贮藏手段
货币退出流通领域作为社会财富的一般代表 被保存起来的职能。
05
02
价值尺度
货币作为表现和衡量其他一切商品价值的尺 度。
04
支付手段
货币作为独立的价值形式进行单方面 运动（如清偿债务、缴纳税款、支付 工资和租金等）时所执行的职能。
06
世界货币 货币在世界市场上执行一般等价物作用的职能。
保险公司
提供各类保险产品和服务，帮 助个人和企业规避风险。
其他金融机构
包括基金管理公司、期货公司、 金融租赁公司等，提供各自领 域的专业金融服务。
金融业务的种类与流程
银行业务
包括存取款、贷款、转账、理财 等，流程一般为申请、审核、办
理和后续服务。
证券业务
包括股票、债券等证券的发行、 交易和投资咨询，流程包括开户、 交易、结算等环节。
金融创新使得金融监管面临新的挑战，如何有效监管成为难题。
金融不稳定因素增多
金融创新可能引发金融市场的波动，增加金融不稳定的因素。
3
金融市场的基本功能 资金融通、风险管理、价格发现和信息传递等。
金融市场的监管与风险控制
金融市场监管的必要性
01
维护市场秩序、保护投资者利益、防范金融风险等。
金融市场监管的主要内容
02
市场准入监管、业务运营监管和市场退出监管等。
金融风险的控制与管理
重塑金融竞争格局
金融科技的发展使得新兴金融科技 企业快速崛起，对传统金融机构形 成竞争压力，重塑金融竞争格局。
THANKS
感谢观看
货币等职能。
01
流通手段
货币充当商品交换媒介的职能。
03
贮藏手段
货币退出流通领域作为社会财富的一般代表 被保存起来的职能。
05
02
价值尺度
货币作为表现和衡量其他一切商品价值的尺 度。
04
支付手段
货币作为独立的价值形式进行单方面 运动（如清偿债务、缴纳税款、支付 工资和租金等）时所执行的职能。
06
世界货币 货币在世界市场上执行一般等价物作用的职能。
保险公司
提供各类保险产品和服务，帮 助个人和企业规避风险。
其他金融机构
包括基金管理公司、期货公司、 金融租赁公司等，提供各自领 域的专业金融服务。
金融业务的种类与流程
银行业务
包括存取款、贷款、转账、理财 等，流程一般为申请、审核、办
理和后续服务。
证券业务
包括股票、债券等证券的发行、 交易和投资咨询，流程包括开户、 交易、结算等环节。
金融创新使得金融监管面临新的挑战，如何有效监管成为难题。
金融不稳定因素增多
金融创新可能引发金融市场的波动，增加金融不稳定的因素。
【PPT精品课件】货币金融学7版英文课件--2-大学课件20
© 2005 Pearson Education Canada Inc.
2-3
Internationalization of Financial Markets
International Bond Market 1. Foreign bonds 2. Eurobonds
Now larger than U.S. corporate bond market World Stock Markets
Financial Intermediaries 1. Engage in process of indirect finance 2. More important source of finance than securities markets 3. Needed because of transactions costs and asymmetric
A. Decreases adverse selection and moral hazard problems
B. Securities commissions force corporations to disclose information
2. Ensuring the soundness of financial intermediaries
1. Exchanges
Trades conducted in central locations (e.g., Toronto Stock Exchange and New York Stock Exchange)
2. Over-the-Counter Markets
Dealers at different locations buy and sell
《货币金融学》ppt课件
货币本身: 价值和职能 ↓转化 生息资本→利率问题
货币资本｛ 经营资本〔主要是金融资本〕
前言
二, 货币资本的微观运动
金融市场和工具
金融机构↗商业银行, 保险公司,证券公司,各种基
金
↘中央银行
前言
三, 货币资本的宏观运动
货币供给与货币需求 货币政策
四, 金融与经济开展
开展中国家的金融压抑到金融自由化
货币金融学
前言
研究对象
货币和货币资本的微观和客观运动规律.
微观上: 要说明的是货币,由货币转化的生息资本,及 对资本进展运营的金融业的作用和运动情况,
宏观上: 国家如何通过控制货币资金的供给和需求, 从而影响其价格和总量, 以此来干预宏观经济.前言学习 Nhomakorabea框架,体系
一,货币和货币资本的根本理论
货币资本｛ 经营资本〔主要是金融资本〕
前言
二, 货币资本的微观运动
金融市场和工具
金融机构↗商业银行, 保险公司,证券公司,各种基
金
↘中央银行
前言
三, 货币资本的宏观运动
货币供给与货币需求 货币政策
四, 金融与经济开展
开展中国家的金融压抑到金融自由化
货币金融学
前言
研究对象
货币和货币资本的微观和客观运动规律.
微观上: 要说明的是货币,由货币转化的生息资本,及 对资本进展运营的金融业的作用和运动情况,
宏观上: 国家如何通过控制货币资金的供给和需求, 从而影响其价格和总量, 以此来干预宏观经济.前言学习 Nhomakorabea框架,体系
一,货币和货币资本的根本理论
货币金融学ppt课件
货币制度演变
货币制度经历了银本位制、金银复本位制、金本位制、纸币 本位制等阶段。现代货币制度以纸币本位制为主，各国货币 制度不尽相同。
现代货币层次划分
• M0：流通中的现金，包括硬币和纸币，是货币供应量中最活跃的层次 。
• M1：狭义货币，包括M0以及企业活期存款、机关团体部队存款、农村 存款等，反映居民和企业资金松紧变化，是经济周期波动的先行指标。
资产价格传导机制
通过影响资产价格进而影响居 民消费和企业投资。
汇率传导机制
通过调整汇率影响国际贸易和 资本流动。
宏观调控理论与实践
宏观调控理论
包括凯恩斯主义、货币主义、供给学派等。
宏观调控实践
如财政政策与货币政策的搭配使用，以及产业政策的制定和实施等。
货币政策与财政政策协调
政策目标协调
确保货币政策和财政政 策在稳定经济、促进增
加强与国际金融监管机构的合作，共同应对跨境金融风险。
推进金融科技监管创新
运用大数据、人工智能等技术手段提高金融监管效率和准确性。
构建宏观审慎与微观审慎相结合的监管框架
在关注单个金融机构风险的同时，加强对整个金融系统的宏观审慎管理。
THANKS
感谢观看
货币金融学ppt 课件
目 录
• 货币与货币制度 • 金融市场与金融机构 • 货币政策与宏观调控 • 汇率与国际收支 • 金融创新与金融科技发展 • 金融风险与金融监管
01
CATALOGUE
货币与货币制度
货币起源与发展
货币起源
货币是商品交换的产物，最初以实物 形态出现，如贝壳、金属等。随着商 品经济的发展，货币逐渐演化为金属 铸币、纸币等形态。
金融工具与金融产品的关系
货币制度经历了银本位制、金银复本位制、金本位制、纸币 本位制等阶段。现代货币制度以纸币本位制为主，各国货币 制度不尽相同。
现代货币层次划分
• M0：流通中的现金，包括硬币和纸币，是货币供应量中最活跃的层次 。
• M1：狭义货币，包括M0以及企业活期存款、机关团体部队存款、农村 存款等，反映居民和企业资金松紧变化，是经济周期波动的先行指标。
资产价格传导机制
通过影响资产价格进而影响居 民消费和企业投资。
汇率传导机制
通过调整汇率影响国际贸易和 资本流动。
宏观调控理论与实践
宏观调控理论
包括凯恩斯主义、货币主义、供给学派等。
宏观调控实践
如财政政策与货币政策的搭配使用，以及产业政策的制定和实施等。
货币政策与财政政策协调
政策目标协调
确保货币政策和财政政 策在稳定经济、促进增
加强与国际金融监管机构的合作，共同应对跨境金融风险。
推进金融科技监管创新
运用大数据、人工智能等技术手段提高金融监管效率和准确性。
构建宏观审慎与微观审慎相结合的监管框架
在关注单个金融机构风险的同时，加强对整个金融系统的宏观审慎管理。
THANKS
感谢观看
货币金融学ppt 课件
目 录
• 货币与货币制度 • 金融市场与金融机构 • 货币政策与宏观调控 • 汇率与国际收支 • 金融创新与金融科技发展 • 金融风险与金融监管
01
CATALOGUE
货币与货币制度
货币起源与发展
货币起源
货币是商品交换的产物，最初以实物 形态出现，如贝壳、金属等。随着商 品经济的发展，货币逐渐演化为金属 铸币、纸币等形态。
金融工具与金融产品的关系
【PPT精品课件】货币金融学7版英文课件--17-大学课件2
The LVTS has been put in place in order to eliminate systemic risk — the risk to the entire payments system due to the inability of one bank to fulfill its payment obligations in a timely fashion. Of, course it is not just Canada that is concerned about systemic risk.
Chapter 17
Tools of Monetary Policy
© 2005 Pearson Education Canada Inc.
Overview
So far we derived a multiplicative relation between M and MBM = m MB and discussed three monetary policy tools that the Bank of Canada can use to manipulate i and M. These tools areopen market operationsBank of Canada advances, andgovernment deposit shiftingIn recent years, however, the Bank conducts policy by setting an operating band for the overnight interest rate ior and targeting ior at the midpoint of the band. In doing so, the Bank permits M to do whatever necessary to keep ior on target.
Chapter 17
Tools of Monetary Policy
© 2005 Pearson Education Canada Inc.
Overview
So far we derived a multiplicative relation between M and MBM = m MB and discussed three monetary policy tools that the Bank of Canada can use to manipulate i and M. These tools areopen market operationsBank of Canada advances, andgovernment deposit shiftingIn recent years, however, the Bank conducts policy by setting an operating band for the overnight interest rate ior and targeting ior at the midpoint of the band. In doing so, the Bank permits M to do whatever necessary to keep ior on target.
【PPT精品课件】货币金融学7版英文课件ch26大学课
3. Surveys: no link from i to I
Objections to Keynesian evidence
Problems with structural model
1. i on T-bonds not representative during Depression: i very high on low-grade bonds: Figure 1 in Ch. 6
2. ir more relevant than i: ir high during Depression:Depression (Friedman and Schwartz): money
“tight”
4. Wrong structural model to look at link of i and I, should
Great Depression 2. Documents timing evidence More convincing than other monetarist evidence: Episodes are almost like “controlled experiments” 1. Post hoc, ergo propter hoc applies 2. History allows ruling out of reverse causation and
3. Can predict effects of institutional changes that change link from M to Y
Disadvantages:
1. Structural model may be wrong, negating all advantages
PPT精品课件货币金融学7版英文课件ch25大学课
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
Vietnam War Buildup and Macroeconomic Activity in the United States: 1964–70
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
Equilibrium in Short Run
Equilibrium: AD = AS If P > P*, AS > AD P to P* If P < P*, AS < AD P to P*
Equilibrium in Long Run
© 2005 Pearson Education Canada Inc.
Shifts in Long-Run Supply
Yn grows over time, but is shown as fixed in AD/AS diagram Real Business Cycle Theory 1. Yn fluctuates a lot due to aggregate supply (real) shocks 2. Shifts in AD small 3. Conclusion: Business cycles due to real shocks 4. Supports nonactivism Hysteresis 1. AD shifts in, natural rate of unemployment , Yn shifts in 2. Unemployment stays high 3. Supports activism
© 2005 Pearson Education Canada Inc.
Vietnam War Buildup and Macroeconomic Activity in the United States: 1964–70
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
Equilibrium in Short Run
Equilibrium: AD = AS If P > P*, AS > AD P to P* If P < P*, AS < AD P to P*
Equilibrium in Long Run
© 2005 Pearson Education Canada Inc.
Shifts in Long-Run Supply
Yn grows over time, but is shown as fixed in AD/AS diagram Real Business Cycle Theory 1. Yn fluctuates a lot due to aggregate supply (real) shocks 2. Shifts in AD small 3. Conclusion: Business cycles due to real shocks 4. Supports nonactivism Hysteresis 1. AD shifts in, natural rate of unemployment , Yn shifts in 2. Unemployment stays high 3. Supports activism
【PPT精品课件】货币金融学7版英文课件--1-大学课件20
6. Aggregate supply and demand analysis
Features
1. Case studies
2. Applications
3. Special-interest boxes
4. Following the Financial News boxes
5. Reading the financial pages
© 2005 Pearson Education Canada Inc.
1-10
How We Study Money and Banking
Basic Analytic Framework
1. Simplified approach to the demand for assets
2. Concept of equilibrium
2. Affect personal wealth and behavior of business firms
Why Study Banking and Financial Institutions?
1. Financial Intermediation Helps get funds from savers to investors
2. Banks and Money Supply Crucial role in creation of money
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
nominal GDP GDP Deflator = real GDP
【PPT精品课件】货币金融学7版英文课件--ch22-大学课
changes
© 2005 Pearson Education Canada Inc.
Baumol-Tobin Model of Transactions Demand
Assumptions 1. Income of $1000 each month 2. 2 assets: money and bonds
Hold all bonds or all money: no diversification
Tobin Model: 1. People want high Re, but low risk 2. As i , hold more bonds and less M, but still diversify and hold M
A. related to W and Y B. negatively related to i
Liquidity Preference
Md
= f(i, Y)
P
–+
© 2005 Pearson Education Canada Inc.
Keynes’s Liquidity Preference Theory
【PPT精品课件】货币 金融学7版英文课件--
ch22-大学课
2020/8/20
Quantity Theory of Money
Velocity PY
V= M
Equation of Exchange M V = P Y
Quantity Theory of Money
1. Irving Fisher’s view: V is fairly constant 2. Equation of exchange no longer identity 3. Nominal income, PY, determined by M 4. Classicals assume Y fairly constant 5. P determined by M
© 2005 Pearson Education Canada Inc.
Baumol-Tobin Model of Transactions Demand
Assumptions 1. Income of $1000 each month 2. 2 assets: money and bonds
Hold all bonds or all money: no diversification
Tobin Model: 1. People want high Re, but low risk 2. As i , hold more bonds and less M, but still diversify and hold M
A. related to W and Y B. negatively related to i
Liquidity Preference
Md
= f(i, Y)
P
–+
© 2005 Pearson Education Canada Inc.
Keynes’s Liquidity Preference Theory
【PPT精品课件】货币 金融学7版英文课件--
ch22-大学课
2020/8/20
Quantity Theory of Money
Velocity PY
V= M
Equation of Exchange M V = P Y
Quantity Theory of Money
1. Irving Fisher’s view: V is fairly constant 2. Equation of exchange no longer identity 3. Nominal income, PY, determined by M 4. Classicals assume Y fairly constant 5. P determined by M
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4. Bank Supervision: Chartering and Examination A. Reduces adverse selection problem of risk takers or crooks owning banks B. Reduces moral hazard by preventing risky activities
4. i , net worth of banks
A. Insolvencies B. Incentives for risk taking Result: Failures and risky loans
Later Stages: Regulatory Forbearance
risk 2. The existence of CDIC, more opportunities for risk taking 3. Because of the lending boom, bank activities were
becoming more complicated. Regulators had neither the expertise nor the resources to monitor these activities appropriately
Chapter 11
Economic Analysis of Banking Regulation
© 2005 Pearson Education Canada Inc.
How Asymmetric Information Explains Banking Regulation
1. Government Safety Net and Deposit Insurance A. Prevents bank runs due to asymmetric information: depositors can’t tell good from bad banks B. Creates moral hazard incentives for banks to take on too much risk C. Creates adverse selection problem of crooks and risk-takers wanting to control banks D. Too-Big-to-Fail increases moral hazard incentives for big banks
1. Regulators allow insolvent banks to operate because
A. Insufficient funds
B. Sweep problems under rug
© 2005 Pearson Education Canada Inc.
11-3
How Asymmetric Information Explains Banking Regulation
3. Bank Capital Requirements A. Reduces moral hazard: banks have more to lose when have higher capital B. Higher capital means more collateral for CDIC
3. Bank Capital Requirements A. Reduces moral hazard: banks have more to lose when have higher capital B. Higher capital means more collateral for FDIC
2. Restrictions on Asset Holdings A. Reduces moral hazard of too much risk taking
© 2005 Pearson Education Canada Inc.
11-2
How Asymmetric Information Explains Banking Regulation
© 2005 Pearson Education Canada Inc.
11-5
Major Banking Legislation in Canada
© 2005 Pearson Education Canada Inc.
11-6
Why a Banking Crisis in 1980s?
Early Stages 1. Managers did not have the required expertise to manage
5. Disclosure Requirements A. Better information reduces asymmetric information problem
© 2005 Pearson Education Canada Inc.
11-4
Major Banking Legislation in Canada
4. Bank Supervision: Chartering and Examination A. Reduces adverse selection problem of risk takers or crooks owning banks B. Reduces moral hazard by preventing risky activities C. New trend: Assessment of risk management
5. New Trend: Assessment of Risk Management 6. Disclosure Requirements
A. Better information reduces asymmeБайду номын сангаасric information problem
© 2005 Pearson Education Canada Inc.
4. i , net worth of banks
A. Insolvencies B. Incentives for risk taking Result: Failures and risky loans
Later Stages: Regulatory Forbearance
risk 2. The existence of CDIC, more opportunities for risk taking 3. Because of the lending boom, bank activities were
becoming more complicated. Regulators had neither the expertise nor the resources to monitor these activities appropriately
Chapter 11
Economic Analysis of Banking Regulation
© 2005 Pearson Education Canada Inc.
How Asymmetric Information Explains Banking Regulation
1. Government Safety Net and Deposit Insurance A. Prevents bank runs due to asymmetric information: depositors can’t tell good from bad banks B. Creates moral hazard incentives for banks to take on too much risk C. Creates adverse selection problem of crooks and risk-takers wanting to control banks D. Too-Big-to-Fail increases moral hazard incentives for big banks
1. Regulators allow insolvent banks to operate because
A. Insufficient funds
B. Sweep problems under rug
© 2005 Pearson Education Canada Inc.
11-3
How Asymmetric Information Explains Banking Regulation
3. Bank Capital Requirements A. Reduces moral hazard: banks have more to lose when have higher capital B. Higher capital means more collateral for CDIC
3. Bank Capital Requirements A. Reduces moral hazard: banks have more to lose when have higher capital B. Higher capital means more collateral for FDIC
2. Restrictions on Asset Holdings A. Reduces moral hazard of too much risk taking
© 2005 Pearson Education Canada Inc.
11-2
How Asymmetric Information Explains Banking Regulation
© 2005 Pearson Education Canada Inc.
11-5
Major Banking Legislation in Canada
© 2005 Pearson Education Canada Inc.
11-6
Why a Banking Crisis in 1980s?
Early Stages 1. Managers did not have the required expertise to manage
5. Disclosure Requirements A. Better information reduces asymmetric information problem
© 2005 Pearson Education Canada Inc.
11-4
Major Banking Legislation in Canada
4. Bank Supervision: Chartering and Examination A. Reduces adverse selection problem of risk takers or crooks owning banks B. Reduces moral hazard by preventing risky activities C. New trend: Assessment of risk management
5. New Trend: Assessment of Risk Management 6. Disclosure Requirements
A. Better information reduces asymmeБайду номын сангаасric information problem
© 2005 Pearson Education Canada Inc.