曼昆宏观经济学英文版26saving_investment

Copyright©2004South-Western26Saving,Investment,andtheFinancialSystemCopyright©2004South-WesternTheFinancialSystem•Thefinancialsystemconsistsofthegroupofinstitutionsintheeconomythathelptomatchoneperson’ssavingwithanotherperson’sinvestment.•Itmovestheeconomy’sscarceresourcesfromsaverstoborrowers.Copyright©2004South-WesternFINANCIALINSTITUTIONSINTHEU.S.ECONOMY•Thefinancialsystemismadeupoffinancialinstitutionsthatcoordinatetheactionsofsaversandborrowers.•Financialinstitutionscanbegroupedintotwodifferentcategories:financialmarketsandfinancialintermediaries.Copyright©2004South-WesternFINANCIALINSTITUTIONSINTHEU.S.ECONOMY•FinancialMarkets•StockMarket•BondMarket•FinancialIntermediaries•Banks•MutualFundsCopyright©2004South-WesternFINANCIALINSTITUTIONSINTHEU.S.ECONOMY•Financialmarketsaretheinstitutionsthroughwhichsaverscandirectlyprovidefundstoborrowers.•Financialintermediariesarefinancialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.Copyright©2004South-WesternFinancialMarkets•TheBondMarket•Abondisacertificateofindebtednessthatspecifiesobligationsoftheborrowertotheholderofthebond.•CharacteristicsofaBond•Term:Thelengthoftimeuntilthebondmatures.•CreditRisk:Theprobabilitythattheborrowerwillfailtopaysomeoftheinterestorprincipal.•TaxTreatment:Thewayinwhichthetaxlawstreattheinterestonthebond.•Municipalbondsarefederaltaxexempt.IOUCopyright©2004South-WesternFinancialMarkets•TheStockMarket•Stockrepresentsaclaimtopartialownershipinafirmandistherefore,aclaimtotheprofitsthatthefirmmakes.•Thesaleofstocktoraisemoneyiscalledequityfinancing.•Comparedtobonds,stocksofferbothhigherriskandpotentiallyhigherreturns.•ThemostimportantstockexchangesintheUnitedStatesaretheNewYorkStockExchange,theAmericanStockExchange,andNASDAQ.Copyright©2004South-WesternFinancialMarkets•TheStockMarket•Mostnewspaperstocktablesprovidethefollowinginformation:•Price(ofashare)•Volume(numberofsharessold)•Dividend(profitspaidtostockholders)•Price-earningsratioCopyright©2004South-WesternFinancialIntermediaries•Financialintermediariesarefinancialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.Copyright©2004South-WesternFinancialIntermediaries•Banks•takedepositsfrompeoplewhowanttosaveandusethedepositstomakeloanstopeoplewhowanttoborrow.•paydepositorsinterestontheirdepositsandchargeborrowersslightlyhigherinterestontheirloans.Copyright©2004South-WesternFinancialIntermediaries•Banks•Bankshelpcreateamediumofexchangebyallowingpeopletowritechecksagainsttheirdeposits.•Amediumofexchangesisanitemthatpeoplecaneasilyusetoengageintransactions.•Thisfacilitatesthepurchasesofgoodsandservices.Copyright©2004South-WesternFinancialIntermediaries•MutualFunds•Amutualfundisaninstitutionthatsellssharestothepublicandusestheproceedstobuyaportfolio,ofvarioustypesofstocks,bonds,orboth.•Theyallowpeoplewithsmallamountsofmoneytoeasilydiversify.Copyright©2004South-WesternFinancialIntermediaries•OtherFinancialInstitutions•Creditunions•Pensionfunds•Insurancecompanies•LoansharksCopyright©2004South-WesternSAVINGANDINVESTMENTINTHENATIONALINCOMEACCOUNTS•RecallthatGDPisbothtotalincomeinaneconomyandtotalexpenditureontheeconomy’soutputofgoodsandservices:Y=C+I+G+NXCopyright©2004South-WesternSomeImportantIdentities•Assumeaclosedeconomy–onethatdoesnotengageininternationaltrade:Y=C+I+GCopyright©2004South-WesternSomeImportantIdentities•Now,subtractCandGfrombothsidesoftheequation:Y–C–G=I•Theleftsideoftheequationisthetotalincomeintheeconomyafterpayingforconsumptionandgovernmentpurchasesandiscallednationalsaving,orjustsaving(S).Copyright©2004South-WesternSomeImportantIdentities•SubstitutingSforY-C-G,theequationcanbewrittenas:S=ICopyright©2004South-WesternSomeImportantIdentities•Nationalsaving,orsaving,isequalto:S=IS=Y–C–GS=(Y–T–C)+(T–G)Copyright©2004South-WesternTheMeaningofSavingandInvestment•NationalSaving•Nationalsavingisthetotalincomeintheeconomythatremainsafterpayingforconsumptionandgovernmentpurchases.•PrivateSaving•Privatesavingistheamountofincomethathouseholdshaveleftafterpayingtheirtaxesandpayingfortheirconsumption.Privatesaving=(Y–T–C)Copyright©2004South-WesternTheMeaningofSavingandInvestment•PublicSaving•Publicsavingistheamountoftaxrevenuethatthegovernmenthasleftafterpayingforitsspending.Publicsaving=(T–G)Copyright©2004South-WesternTheMeaningofSavingandInvestment•SurplusandDeficit•IfTG,thegovernmentrunsabudgetsurplusbecauseitreceivesmoremoneythanitspends.•ThesurplusofT-Grepresentspublicsaving.•IfGT,thegovernmentrunsabudgetdeficitbecauseitspendsmoremoneythanitreceivesintaxrevenue.Copyright©2004South-WesternTheMeaningofSavingandInvestment•Fortheeconomyasawhole,savingmustbeequaltoinvestment.S=ICopyright©2004South-WesternTHEMARKETFORLOANABLEFUNDS•Financialmarketscoordinatetheeconomy’ssavingandinvestmentinthemarketforloanablefunds.Copyright©2004South-WesternTHEMARKETFORLOANABLEFUNDS•Themarketforloanablefundsisthemarketinwhichthosewhowanttosavesupplyfundsandthosewhowanttoborrowtoinvestdemandfunds.Copyright©2004South-WesternTHEMARKETFORLOANABLEFUNDS•Loanablefundsreferstoa