米什金货币金融学(商学院版)第2章课件
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货币金融学课件米什金讲述
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2-5
Structure of Financial Markets 金融市场的结构
• Exchanges and Over-the-Counter (OTC) Markets 交易所和场外交易（柜台交易）市场
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-14
Regulation of the Financial System 金融体系的监管
• To increase the information available to © 2010 Pearson Addison-Wesley. All rights reserved.
2-12
Table 3 Primary Assets and Liabilities of Financial Intermediaries 表2-3 金融中介机构主要的资产和负债
• Debt and Equity Markets 债务市场和股权市
场
– Debt instruments (maturity) 债务工具(期限) – Equities (dividends) 股权(股息或红利)
• Primary and Secondary Markets
一级市场和二级市场
– Investment Banks underwrite securities in primary markets 投资银行在一级市场中承销证券 – Brokers and dealers work in secondary markets 经纪人和交易商在二级市场中经营业务
2-5
Structure of Financial Markets 金融市场的结构
• Exchanges and Over-the-Counter (OTC) Markets 交易所和场外交易（柜台交易）市场
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-14
Regulation of the Financial System 金融体系的监管
• To increase the information available to © 2010 Pearson Addison-Wesley. All rights reserved.
2-12
Table 3 Primary Assets and Liabilities of Financial Intermediaries 表2-3 金融中介机构主要的资产和负债
• Debt and Equity Markets 债务市场和股权市
场
– Debt instruments (maturity) 债务工具(期限) – Equities (dividends) 股权(股息或红利)
• Primary and Secondary Markets
一级市场和二级市场
– Investment Banks underwrite securities in primary markets 投资银行在一级市场中承销证券 – Brokers and dealers work in secondary markets 经纪人和交易商在二级市场中经营业务
Mishkin 米什金 货币银行学 课件
x t x t 1 x t 1
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G D P G ro w th R a te
$ 9 .5 trillio n $ 9 trillio n $ 9 trillio n
113 111 111
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In f la tio n R a te
3
Chapter 1
Why Study Money, Banking, and Financial Markets?
Why Study Money,Banking and Financial Markets
Why Study Financial Markets?
1. Channel funds from savers to investors, thereby promoting economic efficiency 2. Affect personal wealth and behavior of business firms
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
5பைடு நூலகம்
Bond Market
6
Stock Market
7
Foreign Exchange Market
Why Study Banking and Financial Institutions?
1. Financial Intermediation
Helps get funds from savers to investors
G ro w th R a te
100
G D P G ro w th R a te
$ 9 .5 trillio n $ 9 trillio n $ 9 trillio n
113 111 111
1 0 0 5 .6 %
In f la tio n R a te
3
Chapter 1
Why Study Money, Banking, and Financial Markets?
Why Study Money,Banking and Financial Markets
Why Study Financial Markets?
1. Channel funds from savers to investors, thereby promoting economic efficiency 2. Affect personal wealth and behavior of business firms
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
5பைடு நூலகம்
Bond Market
6
Stock Market
7
Foreign Exchange Market
Why Study Banking and Financial Institutions?
1. Financial Intermediation
Helps get funds from savers to investors
对外经济贸易大学金融专业考研(米什金)《货币金融学》辅导讲义2
对外经济贸易大学金融专业考研（米什金）《货币金融学》辅导讲义2第二篇金融市场第四章理解利率利率与回报率的区别（回报率等于当期收益率与资本利得率之和）名义利率与实际利率第五章利率行为资产需求理论资产需求数量和财富（正），预期回报率（正），风险（负），流动性（正）关系然后分析债券市场的供给和需求，由于债券市场和利率的联系，然后分析利率变动债券曲线的供给（投资机会的预期盈利性，预期通货膨胀率，政府预算）费雪效应流动性偏好理论从流动性偏好理论中，似乎可以得出货币供给增长会降低利率的结论，但是需要讨论三种情况，从收入效应，价格效应，通货膨胀预期效应三股力量的作用。
第六章利率的风险结构与期限结构利率的风险结构到期期限相同的债券却有着不同的利率违约风险流动性所得税利率的期限结构具有不同的到期期限的债券之间的利率联系收益率曲线yield curve期限不同，但风险，流动性，税收政策相同的债券的收益率连成一条曲线，得到收益率曲线。
收益率曲线一般分为向上倾斜，平坦和向下倾斜的（又被成为inverted yield curve反转收益率曲线）期限结构的三个经验事实：1不同到期期限的债券的利率随着时间一起波动2若短期利率较低，收益率屡曲线很可能向上倾斜。
如果短期利率较高，则收益率曲线很可能向下倾斜，即使翻转的形状。
3收益率曲线几乎总是向上倾斜的预期理论解释1、2，分割市场理论解释3，流动性溢价理论都可以解释。
预期理论：长期债券的利率等于其在有效期内人们所预期的短期利率的平均值，这一理论的关键假定在于，不同债券之间可以完全替代。
分割市场理论关键假定，不同到期期限的债券根本无法相互替代，原因在于投资者的强烈偏好。
通常短期持有者的需求更多，所以解释了第三个事实。
流动性溢价理论与期限优先理论长期债券的利率等于到期之前短期利率的平均值和随债券供求状况变动而变动的流动性溢价之和。
关键假定在于，不同到期期限的债券是可以相互替代的，但是，投资者也对不同期限债券有不同的偏好。
米什金货币金融学PPT课件
联储的货币总量 M1=通货+旅行支票+活期存款+其他支票存款（如NOW帐户、ATS帐户） M2=M1+小额定期存款+储蓄存款和货币市场存款帐户+货币市场互助基金份额（非 机构所有）+隔日回购协议+隔日欧洲美元 M3= M2+大额定期存款+货币市场互助基金份额（机构所有）+定期回购协议+定期 欧洲美元 L= M3+短期财政部证券+商业票据+储蓄债券+银行承兑票据 加权货币总量 任何资产都有一部分在发挥者货币的功能。如我们可以定义货币 为M1+0.6（货币市场基金份额）+0.4(储蓄份额)
CAPM :
Re Rf (Rme Rf )
APT :
Re Rf
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(Re 1 factor1
Rf
)
(Re 2 factor 2
Rf
)
.....
k
( R efac tork
Rf )
债券需求曲线的位移：财富上升，债券的需求增加。利率上升将导致 债券价格下跌，并可能产生负回报。因此预期未来利率的上升将减 少对债券的需求。预期通货膨胀的上升意味着债券实际利率的下降， 债券相对预期回报率的下降使债券需求降低。债券相对其他资产风 险的增加，减少债券的需求。债券相对于其他资产的流动性增加， 会增加债券需求。
1资产需求理论 一项资产的需求量与财富正相关；与该资产相对于替代性资产预期回报率正相 关；与该资产相对于替代性资产回报的风险反相关；与该资产相对于替代性资 产的流动性正相关。 2 资本资产定价模型和套利定价理论 非系统风险是一项资产特有的风险，因为它与该资产的回报中不随其他资产的 回报一起变化的那个部分相关。一项资产的系统性风险用贝塔值的概念来衡量， 它是衡量某项资产的回报率对整个资本市场价值变动敏感性的指标。当市场资 产组合的价值平均上升1%，导致某项资产价值上升2%，该资产的贝塔值就是2。
货币金融学第二章共34页文档
Copyright © 2010 Pearson Education. All rights reserved.
2-8
Table 1 Principal Money Market Instruments
Copyright © 2010 Pearson Education. All rights reserved.
• Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.
Copyright © 2010 Pearson Education. All rights reserved.
– OTC Markets: Foreign exchange, Federal funds.
• Money and Capital Markets
– Money markets deal in short-term debt instruments
– Capital markets deal in longer-term debt and equity instruments.
• Debt and Equity（股本） Markets
– Debt instruments (maturity) – Equities (dividends股息)
• Primary and Secondary Markets
– Investment Banks underwrite securities in primary markets
Copyright © 2010 Pearson Education. All rights reserved.
米什金 货币金融学 课件
• 2.股票市场
• 所谓股票市场，是各种公司收益的权证 （股票）进行交易的场所，它在经济活 动中起着非常重要的作用。
• 股票市场作为最活跃的金融市场，其状 况往往是经济形势变化的晴雨表。股票 价格的上下波动是变幻莫测的，这种变 动对经济活动会产生很大影响 。
四.金融市场的重要性及其与货 币银行的联系
的统称，各种不同重要性
• 3．货币和其他经济现象 • （1）货币与经济周期。 • （2）货币与货币政策。 • （3）货币与预算赤字。
总结
• 总之，货币、银行与金融市场是非常重要的， 它们不仅与人们的日常生活密切相关，影响人 们的财富规模、投资和消费行为，而且会影响 企业的市场价值、生产和销售行为，同时也会 影响一个国家的财富总量、政局稳定和政策效 应。通过学习货币银行学的有关知识，我们可 以更透彻地理解各种经济现象，从而更好地安 排一生的投资、消费，最大限度地增进个人的 经济福利。
七.与货币银行学有关的几个事 实
• 1．大部分金融公式——无论它们有多么 复杂——都以复利为基础
• ⒉长期贷款的利率通常高于短期贷款的 利率
• ⒊ 为了理解利率如何影响经济决策，你 必须考虑预期通货膨胀
• ⒋购买股票是使你的财富增加的最好方 式——同时也是最坏方式
七.与货币银行学有关的几个事 实
五.银行和金融机构及其重要性
• 4.银行体系与金融创新 • (1)许多金融法规已经不能适应金融创新的发展，
管制当局对金融体系监管的难度加大了。 • （2）金融创新伴生的过度投机行为，不仅严
重损害了广大投资人的公共利益，而且妨碍了 金融体系的健康发展。 • （3）金融创新使国际金融市场的一体化程度 大大提高了。 • （4）金融创新对各国在金融体系监管的国际 协调提出了更高的要求。
• 所谓股票市场，是各种公司收益的权证 （股票）进行交易的场所，它在经济活 动中起着非常重要的作用。
• 股票市场作为最活跃的金融市场，其状 况往往是经济形势变化的晴雨表。股票 价格的上下波动是变幻莫测的，这种变 动对经济活动会产生很大影响 。
四.金融市场的重要性及其与货 币银行的联系
的统称，各种不同重要性
• 3．货币和其他经济现象 • （1）货币与经济周期。 • （2）货币与货币政策。 • （3）货币与预算赤字。
总结
• 总之，货币、银行与金融市场是非常重要的， 它们不仅与人们的日常生活密切相关，影响人 们的财富规模、投资和消费行为，而且会影响 企业的市场价值、生产和销售行为，同时也会 影响一个国家的财富总量、政局稳定和政策效 应。通过学习货币银行学的有关知识，我们可 以更透彻地理解各种经济现象，从而更好地安 排一生的投资、消费，最大限度地增进个人的 经济福利。
七.与货币银行学有关的几个事 实
• 1．大部分金融公式——无论它们有多么 复杂——都以复利为基础
• ⒉长期贷款的利率通常高于短期贷款的 利率
• ⒊ 为了理解利率如何影响经济决策，你 必须考虑预期通货膨胀
• ⒋购买股票是使你的财富增加的最好方 式——同时也是最坏方式
七.与货币银行学有关的几个事 实
五.银行和金融机构及其重要性
• 4.银行体系与金融创新 • (1)许多金融法规已经不能适应金融创新的发展，
管制当局对金融体系监管的难度加大了。 • （2）金融创新伴生的过度投机行为，不仅严
重损害了广大投资人的公共利益，而且妨碍了 金融体系的健康发展。 • （3）金融创新使国际金融市场的一体化程度 大大提高了。 • （4）金融创新对各国在金融体系监管的国际 协调提出了更高的要求。
信用――货币金融学第二章信用PPT课件
作用
39
消费信用
• 消费信用是指商业银行或专门 的消费信用机构向消费者发放 的以大型耐用消费品为抵押的 贷款
卖方信用
买方信用
房地产按揭
40
消费信用保证金
规避风险
市场风险 信用风险
一二套房产
信用
购置保证金
保证金
调节信用
调节信用
规模
结构
41
租赁信用
• 租赁信用是一种以融物的方式 进行融资的信用活动，通过出 借实物商品收取租金
26
内源融资与外源融资
• 内源融资：指企业不 断将自己的储蓄，主 要包括留存盈利、折 旧和定额负债等，转 化为投资的过程
增加债务负担 或稀释股权 促进企业持续成长
自主性 低成本 抗风险
• 外源融资：指向银行 借贷或在资本市场上 通过发行有价证券来 融资的过程
27
直接信用与间接信用
是指由专门的信用中介
种支付承诺。
支付命令。
56
支票与银行汇票
• 支票是出票人签发，委托办理 支票存款业务的银行或者其他 金融机构在见票时无条件支付 确定的金额给收款人或持票人 的票据。
• 银行汇票是汇款人将款项交存 当地出票银行，由出票银行签 发的，由其在见票时，按照实 际结算金额无条件支付给收款 人或持票人的票据。
间 联系资金供求双方， 接 并在此过程进行资金 信 重新分配的信用活动 用
区别直接信用与间接信用的根本标准 是有无中介人以及中介人在信用过程 中有没有进行资金的重新分配
28
直接信用和间接信用的优缺点
直接信用
资 金 流 动 效 率 低
期 限 上 受 限 制 ，
缺 点 是 规 模 、 范 围 、
39
消费信用
• 消费信用是指商业银行或专门 的消费信用机构向消费者发放 的以大型耐用消费品为抵押的 贷款
卖方信用
买方信用
房地产按揭
40
消费信用保证金
规避风险
市场风险 信用风险
一二套房产
信用
购置保证金
保证金
调节信用
调节信用
规模
结构
41
租赁信用
• 租赁信用是一种以融物的方式 进行融资的信用活动，通过出 借实物商品收取租金
26
内源融资与外源融资
• 内源融资：指企业不 断将自己的储蓄，主 要包括留存盈利、折 旧和定额负债等，转 化为投资的过程
增加债务负担 或稀释股权 促进企业持续成长
自主性 低成本 抗风险
• 外源融资：指向银行 借贷或在资本市场上 通过发行有价证券来 融资的过程
27
直接信用与间接信用
是指由专门的信用中介
种支付承诺。
支付命令。
56
支票与银行汇票
• 支票是出票人签发，委托办理 支票存款业务的银行或者其他 金融机构在见票时无条件支付 确定的金额给收款人或持票人 的票据。
• 银行汇票是汇款人将款项交存 当地出票银行，由出票银行签 发的，由其在见票时，按照实 际结算金额无条件支付给收款 人或持票人的票据。
间 联系资金供求双方， 接 并在此过程进行资金 信 重新分配的信用活动 用
区别直接信用与间接信用的根本标准 是有无中介人以及中介人在信用过程 中有没有进行资金的重新分配
28
直接信用和间接信用的优缺点
直接信用
资 金 流 动 效 率 低
期 限 上 受 限 制 ，
缺 点 是 规 模 、 范 围 、
米什金《货币金融学-英文第12版》PPT-第二章-金融体系概览(上)
FinanceLecture 2An Overview of the Financial System I•Function of Financial Markets •Structure of Financial Markets •Financial Market Instruments •Internationalization of Financial MarketsLearning ObjectivesCompare direct and indirect finance.Identify the structure and components of financial markets. Describe different types of financial market instruments.Recognize the international dimensions of financial markets.Part 1Function of Financial Markets1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。
1.2 Direct FinanceIn direct finance (P23), borrowers borrow funds directly from lenders in financial markets by selling the lenders securities (also called financial instruments).在直接融资中，借款人通过在金融市场出售证券（也称为金融工具），直接从贷款人手中借入资金。
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Chapter 2
An Overview of the Financial System
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2.1 Function of Financial Markets
• Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds
2-11
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
Shanghai Stock Exchange
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-8
– Investment Banks underwrite securities in primary market. It guarantees an price for a corporation’s securities and then sells them to the public. – Brokers and dealers work in secondary markets funds. The New York and American stock exchanges and NASDAQ are the best-known examples of secondary markets.
short-term: less than a year.
long-term: ten years of longer intermediate-term: between one and ten years
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2-5
– Equities – Claims to share in the net income and the assets of a business.
• Equities often make periodic payments (dividends) to their holders and have no maturity date. • Owing stock means you own a portion of the firm and thus have the right to vote on issues important to the firm and to elect its directors.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-10
2.2.3 Exchanges and Over-theCounter (OTC) Markets
– Exchanges: buyers and sellers of securities meet in one central location to conduct trades. NYSE, Chicago Board of Trade – OTC Markets: dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter” to anyone who comes to them and is willing to accept their prices. A majority of the largest corporations have their shares traded at organized stock exchanges in the U.S. The U.S. government bond market , foreign exchange market are OTC markets.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-6
• The main disadvantage of owning a corporation’s equities rather than its debt is that an equity holder is a residual claimant; that is ,the corporation must pay all its debt holders before it pays its equity holders • The advantage of holding equities is that equity holders benefit directly from any increases in the corporation’s profitability or asset value. • In US, the size of the debt market is often larger than the size of the equities market.
2-2
FIGURE 1 Flows of Funds Through the Financial System
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-3
Function of Financial Markets
2-12
Chicago Board of Trade
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2-13
• 2.2.4 Money and Capital Markets
– Money markets deal in short-term debt instruments – Capital markets deal in longer-term debt and equity instruments.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-14
2.3 Financial Market Instruments
• 2.3.1 Money Market Instruments • Least price fluctuations and the least risky.
• Promotes economic efficiency by producing an efficient allocation of capital, which increases producove the well-being of consumers by allowing them to time purchases better
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-4
2.2 Structure of Financial Markets
• 2.2.1 Debt and Equity Markets
– Debt instruments A bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular intervals until a specified date (maturity date). Maturity: number of years (term) until that instrument’s expiration date.
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2-16
• (2) Negotiable Bank Certificates of Deposit • CD is a debt instrument sold by a bank to depositors that pays annual interest of a given amount and at maturity pays back the original purchase price. • Negotiable CDs are CDs sold in secondary markets. • An extremely important source of funds for commercial banks.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-9
• Two important functions of secondary markets: • They make the financial instruments more liquid. • They determine the price of the security that issuing firm sells in the primary market.
• Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.
An Overview of the Financial System
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2.1 Function of Financial Markets
• Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds
2-11
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
Shanghai Stock Exchange
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-8
– Investment Banks underwrite securities in primary market. It guarantees an price for a corporation’s securities and then sells them to the public. – Brokers and dealers work in secondary markets funds. The New York and American stock exchanges and NASDAQ are the best-known examples of secondary markets.
short-term: less than a year.
long-term: ten years of longer intermediate-term: between one and ten years
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-5
– Equities – Claims to share in the net income and the assets of a business.
• Equities often make periodic payments (dividends) to their holders and have no maturity date. • Owing stock means you own a portion of the firm and thus have the right to vote on issues important to the firm and to elect its directors.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-10
2.2.3 Exchanges and Over-theCounter (OTC) Markets
– Exchanges: buyers and sellers of securities meet in one central location to conduct trades. NYSE, Chicago Board of Trade – OTC Markets: dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter” to anyone who comes to them and is willing to accept their prices. A majority of the largest corporations have their shares traded at organized stock exchanges in the U.S. The U.S. government bond market , foreign exchange market are OTC markets.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-6
• The main disadvantage of owning a corporation’s equities rather than its debt is that an equity holder is a residual claimant; that is ,the corporation must pay all its debt holders before it pays its equity holders • The advantage of holding equities is that equity holders benefit directly from any increases in the corporation’s profitability or asset value. • In US, the size of the debt market is often larger than the size of the equities market.
2-2
FIGURE 1 Flows of Funds Through the Financial System
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-3
Function of Financial Markets
2-12
Chicago Board of Trade
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-13
• 2.2.4 Money and Capital Markets
– Money markets deal in short-term debt instruments – Capital markets deal in longer-term debt and equity instruments.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-14
2.3 Financial Market Instruments
• 2.3.1 Money Market Instruments • Least price fluctuations and the least risky.
• Promotes economic efficiency by producing an efficient allocation of capital, which increases producove the well-being of consumers by allowing them to time purchases better
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-4
2.2 Structure of Financial Markets
• 2.2.1 Debt and Equity Markets
– Debt instruments A bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular intervals until a specified date (maturity date). Maturity: number of years (term) until that instrument’s expiration date.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-16
• (2) Negotiable Bank Certificates of Deposit • CD is a debt instrument sold by a bank to depositors that pays annual interest of a given amount and at maturity pays back the original purchase price. • Negotiable CDs are CDs sold in secondary markets. • An extremely important source of funds for commercial banks.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
2-9
• Two important functions of secondary markets: • They make the financial instruments more liquid. • They determine the price of the security that issuing firm sells in the primary market.
• Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.