货币金融学英文课件Lecture 3
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《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_09
$90M
$80M $10M
Bank Capital
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$10M
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– Suppose a bank’s required reserves are 10%.
– If a bank has ample excess reserves, a deposit outflow does not necessitate changes in other parts of its balance sities
Required reserves
Loans
+$10 +$90
Checkable deposits
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+$100
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• Asset transformation: selling liabilities with one set of characteristics and using the proceeds to buy assets with a different set of characteristics
• The bank borrows short and lends long
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
General Principles of Bank Management
• Liquidity Management • Asset Management • Liability Management • Capital Adequacy Management • Credit Risk • Interest-rate Risk
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_07
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Application: The Coronavirus Stock Market Crash of 2020
• The spread of the coronavirus in February 2020 triggered a stock market crash in which the Dow Jones Industrial Average fell from a peak of 29,551 on February 12 to 18,561 on March 20, a decline of 37%.
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Application: Monetary Policy and Stock Prices (2 of 2)
• Furthermore, a lowering of interest rates is likely to stimulate the economy, so the growth rate in dividends, g, is likely to be somewhat higher. This rise in g also causes the denominator in Equation 5 to decrease, which also leads to a rise in stock prices.
Application: The Coronavirus Stock Market Crash of 2020
• The spread of the coronavirus in February 2020 triggered a stock market crash in which the Dow Jones Industrial Average fell from a peak of 29,551 on February 12 to 18,561 on March 20, a decline of 37%.
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Application: Monetary Policy and Stock Prices (2 of 2)
• Furthermore, a lowering of interest rates is likely to stimulate the economy, so the growth rate in dividends, g, is likely to be somewhat higher. This rise in g also causes the denominator in Equation 5 to decrease, which also leads to a rise in stock prices.
货币金融学Chapter 3
Flow
2021/6/16
3
Money: Functions
Medium of Exchange we use it to buy stuff
Store of Value transfers purchasing power from the present to the future
Unit of Account the common unit by which everyone measures prices and values
Paper currency (fiat money) Checks Electronic means of payment Electronic money: Debit cards, Stored-value cards,
Smart cards, E-cash
2021/6/16
5
What can serve as money?
repurchase agreements + Money Market mutual fund shares (institutional) + Repurchase Agreements + Eurodollars [Note: As of March 2006, the Fed has discontinued M3]
2021/6/16
2
What is Money…(cont.)
It is important to distinguish between money, wealth and income:
Money
Stock
Flow Stock
Wealth: Money + Assets
2021/6/16
3
Money: Functions
Medium of Exchange we use it to buy stuff
Store of Value transfers purchasing power from the present to the future
Unit of Account the common unit by which everyone measures prices and values
Paper currency (fiat money) Checks Electronic means of payment Electronic money: Debit cards, Stored-value cards,
Smart cards, E-cash
2021/6/16
5
What can serve as money?
repurchase agreements + Money Market mutual fund shares (institutional) + Repurchase Agreements + Eurodollars [Note: As of March 2006, the Fed has discontinued M3]
2021/6/16
2
What is Money…(cont.)
It is important to distinguish between money, wealth and income:
Money
Stock
Flow Stock
Wealth: Money + Assets
金融英语课件(unit3)
Types of financial statements
Balance sheet The income statement The statement of owner’s equity Statement of cash flows
ቤተ መጻሕፍቲ ባይዱ
F ro m b a n k Issu in g c e rta in se c u rity T ra d e c re d it a c c ru a ls
Language Points (语言点)：
1. generous adj. 慷 慨 的 ， 大 方 的 generous with one’s money 用钱大方 心地高尚的，无偏见的 a generous mind/spirit 高尚的心， 精神 2. owe v. owe sth. to sb. 欠某人债/将某事物归因或归功于 某人 He owes $50 to his father. 他欠他父亲 $50 。 He owes his success more to luck than to ability.他认为他的 成功靠运气而不是自己能力。 3. allow for sb./sth. 在计算、估计、考虑时包括某人/某事 I will take you half an hour to get to the station, allowing for traffic delays. 把路上的耽搁算进去，你要半小时才能到 车站。
Unit Three Part B Financial Statements
教学目的与要求（Teaching targets）： 1. to help students to understand the purposes, functions and types of financial statements, especially the types of financial statements. 2. to help students to get familiar with the special English words and expressions about financial statements 教学重难点(Emphases and difficult points） some important vocabulary: financial statement ， revenues and expenses，statement of financial position， balance sheet ， income statement ， statement of cash flows ， statement of owner’s equity ， net income ， net loss，capital transaction the types of financial statements. Some important special vocabulary and expressions, eg, balance sheet, income statement, statement of cash flows, net loss, expense/expenditure, as of, revenue/income.
[经济学]货币金融学英文课件Lecture
![[经济学]货币金融学英文课件Lecture](https://img.taocdn.com/s3/m/25775f0ce418964bcf84b9d528ea81c758f52e87.png)
货币政策与物价
货币供应量对物价的影响。利率将如何 影响货币供给？
货币和金融政策的互动
当央行调整汇率或货币供应量，商业银 行和金融市场会如何回应？
货币市场
现金市场
发债工具：短期国库券、商业票 据和银行存款证券。
货币市场
货币市场资产：长期的国库券、 企业债券和金融工具。
资本市场
股票、期货和其他交易所交易金 融产品。
分析汇率和外汇交易如何影响国际贸易。
2
衍生工具
期权、期货等衍生品是如何影响金融市场的？
3
证券市场
通过股票、债券、REITs等投资在证券市场获得的回报。
国际金融
1 汇率风险
2 国际收支平衡
3 全球金融稳定
汇率波动会如何影响跨国 贸易境内和境外银行资产？
什么驱动着跨国收支平衡？ 国内储蓄如何影响国外贷 款？
中央银行的作用
货币印制和分发
中央银行负责发行和分发货币的全过程。
外汇储备
中央银行负责管理国家的外汇储备，用于干预汇 率。
贷款和市场干预
中央银行可以通过调整贷款利率、购买和出售证 券等方式干预市场。
资本充足率监管
中央银行通过监管来确保银行的资本充足率，从 而提高金融系统的健康度。
金融工具
1
外汇和汇率
货币金融学 : 从入门到精 通
本课件中，你将学习货币金融学的基础知识，理解货币的定义和特征，学习 如何定量宏观经济政策以及探究国际金融体系。
货币与财政政策的影响
财政政策和经济增长
2
减税和支出政策：如何影响消费和生产？
3
非常规货币政策
4
量化宽松政策、负利率和 0 利率政策： 如何应对复杂的经济情况？
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_18
Federal Reserve System
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Assets
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Liabilities
Blank
Foreign Assets (International Reserves)
$1B negative $1 B
Monetary Base (reserves)
0
Government Bonds
18.2 Interpret the relationships among the current account, the capital account, and official reserve transactions balance.
18.3 Identify the mechanisms for maintaining a fixed exchange rate and assess the challenges faced by fixed exchange rate regimes.
• Capital Account – Net receipts from capital transactions
• Sum of these two is the official reserve transactions balance
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
• Second, a current account deficit means that foreigners’ claim on U.S. assets is growing.
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
3货币金融学(英语) 第三次课
Bank of Canada’s Monetary Aggregates
14
Growth Rates of the Bank’s Monetary Aggregates
Monetary aggregates of China
M0 = cash Narrow money (M1) = cash (M0) + units current deposits Broad money (M2) = M1 + individual savings deposits + units fixed deposits M3 = M2 + commercial-papers + large negotiable certificates of deposits
Means of payment
1.The use of money as a medium of exchange promotes economic efficiency by minimizing the time spent in exchanging goods or services which is called transaction cost. 2. In a barter economy, transaction costs are high because people have to satisfy a “double coincidence of wants”—they have to find someone who has a good or service they want and who also wants the good or service they have to offer.
金融英语PPT教学课件 Unit3 Commercial Bank and its Services
Introduction to Commercial Bank The general role of commercial banks is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy.（ 确保经济和社会的稳 定和经济的可持续发展）
Commercial Bank Operations Liabilities operations 1)Accepting Deposits 2) Borrowing Operations
Assets operations 1)Discounting Bills of Exchange 2) Loans 3) Securities Investment
Borrowing Operations • It mainly includes rediscounting or borrowing from the central bank, inter-bank borrowing, the issuance of financial securities, borrowing from the international money market, and the occupation of short-term capital in the process of settlement.
Accepting Deposits
• A primary function of money is its use as a means of payment. • Consequently, one of the most important reasons for becoming a bank depositor is to use the payment facilities of the commercial banking system.
货币金融学-(米什金第九版最新版本配套第三章)PPT课件
货币作为价值储藏方式的效果取决于物价水 平。如果出现由于通货膨胀导致的货币贬值 现象，货币就很难实现这种功能。
价值储藏
从获得到消 耗收入的过 程中对购买 力的保存就 是货币的价 值储藏功能。
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12
从1946年6月到1949年5月，国内物价比 战前（1937年6月）上涨了36万亿倍，粮 价比战前上涨了47万亿倍，分别比通货 增发倍数超过了248倍 和324倍。1949年5 月21日，上海大米每石价格为金圆券4.4 亿元，若以每石米320万粒计算，买一粒 米就需要金圆券130多元。“粒米百元”成 为 当时恶性通货膨胀和物价狂涨的真实 写照。
（准货币一般由定期存款、储蓄存款、外币存款以及各种短期信用 工具，如银行承兑汇票、短期国库券等构成）
M2不仅反映了现实的购买力，也反映了潜在的购买力。 我国目前将M2作为中央银行货币政策的主要中介目标，在宏观经 济的调控中发挥着重要的作用。
.
18
.
19
M1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
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8
第3章 什么是货币
1. 2. 3. 4.
货币的功能
交易媒介
记账单位
价值储藏
大大缩短了产 品和服务交易 的时间，鼓励 专业化和劳动 分工，促进了 经济效率
使用货币能够 减少经济运行 过程中所需要 的价格数量， 也能够降低交 易成本。
从获得到消 耗收入的过 程中对购买 力的保存就 是货币的价 值储藏功能。
.
23
.
24
日本的货币层次划分
M1a = 现金 十 活期存款 M1b = M1a 十 公司法人存款 M2 = M1 十 定期存款 十 可转让的存款 M3 十 CD = M2 十 CD 十 邮局、农业协同组织、渔协、信用 组合和劳动金库的存款，以及信托存款
价值储藏
从获得到消 耗收入的过 程中对购买 力的保存就 是货币的价 值储藏功能。
.
12
从1946年6月到1949年5月，国内物价比 战前（1937年6月）上涨了36万亿倍，粮 价比战前上涨了47万亿倍，分别比通货 增发倍数超过了248倍 和324倍。1949年5 月21日，上海大米每石价格为金圆券4.4 亿元，若以每石米320万粒计算，买一粒 米就需要金圆券130多元。“粒米百元”成 为 当时恶性通货膨胀和物价狂涨的真实 写照。
（准货币一般由定期存款、储蓄存款、外币存款以及各种短期信用 工具，如银行承兑汇票、短期国库券等构成）
M2不仅反映了现实的购买力，也反映了潜在的购买力。 我国目前将M2作为中央银行货币政策的主要中介目标，在宏观经 济的调控中发挥着重要的作用。
.
18
.
19
M1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
.
8
第3章 什么是货币
1. 2. 3. 4.
货币的功能
交易媒介
记账单位
价值储藏
大大缩短了产 品和服务交易 的时间，鼓励 专业化和劳动 分工，促进了 经济效率
使用货币能够 减少经济运行 过程中所需要 的价格数量， 也能够降低交 易成本。
从获得到消 耗收入的过 程中对购买 力的保存就 是货币的价 值储藏功能。
.
23
.
24
日本的货币层次划分
M1a = 现金 十 活期存款 M1b = M1a 十 公司法人存款 M2 = M1 十 定期存款 十 可转让的存款 M3 十 CD = M2 十 CD 十 邮局、农业协同组织、渔协、信用 组合和劳动金库的存款，以及信托存款
金融数学课件(英文版)第3讲
Stochastic processes in continuous time Itˆ integrals o Itˆ’s rule o
L3.10
Brownian motion: Properties
W is, in some sense, the limit of a symmetric random walk, as step size and time interval approach zero.
Itˆ integrals o Itˆ’s rule o
Stochastic processes in continuous time
L3.12
Itˆ processes: motivation via discrete sums o
W Wt is a martingale (with respect to Ft ).
Wt is nowhere differentiable in t, with probability 1.
8 6
4
2
Wt
0
−2
−4
−6
−8
0
1
2
3
4
Stochastic processes in continuous time
W Wt − Ws is independent of Fs
W has Gaussian (normal) increments: if 0 ≤ s < t then Wt − Ws ∼ N (0, t − s), So ∆Wt := Wt+∆t − Wt is √ ∆t times a N (0, 1) random variable.
Itˆ integrals o
Itˆ’s rule o
L3.10
Brownian motion: Properties
W is, in some sense, the limit of a symmetric random walk, as step size and time interval approach zero.
Itˆ integrals o Itˆ’s rule o
Stochastic processes in continuous time
L3.12
Itˆ processes: motivation via discrete sums o
W Wt is a martingale (with respect to Ft ).
Wt is nowhere differentiable in t, with probability 1.
8 6
4
2
Wt
0
−2
−4
−6
−8
0
1
2
3
4
Stochastic processes in continuous time
W Wt − Ws is independent of Fs
W has Gaussian (normal) increments: if 0 ≤ s < t then Wt − Ws ∼ N (0, t − s), So ∆Wt := Wt+∆t − Wt is √ ∆t times a N (0, 1) random variable.
Itˆ integrals o
Itˆ’s rule o