货币金融学-米什金

Copyright©2010PearsonAddison-Wesley.Allrightsreserved.Chapter1WhyStudyMoney,Banking,andFinancialMarkets?为什么研究货币、银行和金融市场Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-2WhyStudyMoney,Banking,andFinancialMarkets研究货币、银行和金融市场的原因•Toexaminehowfinancialmarketssuchasbond,stockandforeignexchangemarketswork考察诸如债券、股票以及外汇市场的运行机制•Toexaminehowfinancialinstitutionssuchasbanksandinsurancecompanieswork考察诸如银行和保险公司等金融机构的运行机制•Toexaminetheroleofmoneyintheeconomy考察在整体经济运行过程中货币所发挥的作用Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-3FinancialMarkets金融市场•Marketsinwhichfundsaretransferredfrompeoplewhohaveanexcessofavailablefundstopeoplewhohaveashortageoffunds（金融）市场是资金从拥有闲置资金的人那里转移到资金短缺者手中的场所Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-4TheBondMarketandInterestRates债券市场和利率•Asecurity(financialinstrument)isaclaimontheissuer’sfutureincomeorassets证券（金融工具）是对于发行者的未来收益或者资产的一种求偿权•Abondisadebtsecuritythatpromisestomakepaymentsperiodicallyforaspecifiedperiodoftime债券是承诺在约定期限内定期偿付的债务证券•Aninterestrateisthecostofborrowingorthepricepaidfortherentaloffunds利率是借款的成本或者是用于偿付资金租费的价格Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-5FIGURE1InterestRatesonSelectedBonds,1950–2008图11950～2008年部分债券利率Sources:FederalReserveBulletin;©2010PearsonAddison-Wesley.Allrightsreserved.1-6TheStockMarket股票市场•Commonstockrepresentsashareofownershipinacorporation普通股股票代表了其持有人对于公司具有一定份额的所有权•Ashareofstockisaclaimontheearningsandassetsofthecorporation一股股票代表了对于公司的资产和收益所具有的求偿权Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-7FIGURE2StockPricesasMeasuredbytheDowJonesIndustrialAverage,1950–2008图21950～2008年以道琼斯工业平均指数显示的股票价格情况Source:DowJonesIndexes:©2010PearsonAddison-Wesley.Allrightsreserved.1-8FinancialInstitutionsandBanking金融机构和银行•FinancialIntermediaries:institutionsthatborrowfundsfrompeoplewhohavesavedandmakeloanstootherpeople金融中介机构：是指那些向储蓄者借入资金并且向其他需要资金的人提供贷款的机构–Banks:acceptdepositsandmakeloans银行:吸收存款并且发放贷款–OtherFinancialInstitutions:insurancecompanies,financecompanies,pensionfunds,mutualfundsandinvestmentbanks其他金融机构：保险公司、金融（财务）公司、养老基金、共同基金以及投资银行等•FinancialInnovation:inparticular,theadventoftheinformationageande-finance金融创新：特别是在信息时代和电子金融兴起的条件下涌现出来Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-9FinancialCrises金融危机•Financialcrisesaremajordisruptionsinfinancialmarketsthatarecharacterizedbysharpdeclinesinassetpricesandthefailuresofmanyfinancialandnonfinancialfirms.金融危机是指以资产价格的急剧下跌以及大量金融机构和非金融类企业的破产倒闭为特征的金融市场出现的严重崩溃现象Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-10MoneyandBusinessCycles货币与经济周期•Evidencesuggeststhatmoneyplaysanimportantroleingeneratingbusinesscycles实证研究结果表明货币在经济周期的产生过程中发挥了重要的作用•Recessions(unemployment)andexpansionsaffectallofus经济衰退（失业）和经济扩张对于每一个人都会产生影响•MonetaryTheorytieschangesinthemoneysupplytochangesinaggregateeconomicactivityandthepricelevel货币理论考察的是货币供应的数量变化与总体经济活动和物价水平的变化之间的关系Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-11FIGURE3MoneyGrowth(M2AnnualRate)andtheBusinessCycleintheUnitedStates,1950–2008图31950～2008年美国的货币供应量增长（M2年增长率）与经济周期情况Note:Shadedareasrepresentrecessions.注：阴影部分为经济衰退Source:FederalReserveBulletin,p.A4,Table1.10;©2010PearsonAddison-Wesley.Allrightsreserved.1-12MoneyandInflation货币与通货膨胀•Theaggregatepricelevelistheaveragepriceofgoodsandservicesinaneconomy物价总水平是指经济中商品和服务的平均价格•Acontinualriseinthepricelevel(inflation)affectsalleconomicplayers物价总水平的持续上升（通货膨胀）将会对于所有经济主体产生影响•Datashowsaconnectionbetweenthemoneysupplyandthepricelevel有关数据表明货币供应量和物价总水平之间存在着联系Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-13FIGURE4AggregatePriceLevelandtheMoneySupplyintheUnitedStates,1950–2008图41950～2008年美国的物价总水平和货币供应量Sources:©2010PearsonAddison-Wesley.Allrightsreserved.1-14FIGURE5AverageInflationRateVersusAverageRateofMoneyGrowthforSelectedCountries,1997–2007图51997～2007年部分国家平均通货膨胀率与货币供应量平均增长比率Source:InternationalFinancialStatistics.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-15MoneyandInterestRates货币与利率•Interestratesarethepriceofmoney利率是货币的价格•Priorto1980,therateofmoneygrowthandtheinterestrateonlong-termTreasurybondswerecloselytied20世纪80年代以前，货币供应量的增长和美国长期国债利率之间存在着密切的联系•Sincethen,therelationshipislessclearbuttherateofmoneygrowthisstillanimportantdeterminantofinterestrates20世纪80年代以后，两者之间的关系变得比较模糊，然而货币供应量的增长依然是利率的重要影响因素之一Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-16FIGURE6MoneyGrowth(M2AnnualRate)andInterestRates(Long-TermU.S.TreasuryBonds),1950–2008图61950～2008年货币供应量增长（M2年增长率）和利率（美国政府长期国债）情况Sources:FederalReserveBulletin,p.A4,Table1.10;©2010PearsonAddison-Wesley.Allrightsreserved.1-17MonetaryandFiscalPolicy货币政策与财政政策•Monetarypolicyisthemanagementofthemoneysupplyandinterestrates货币政策是指对于货币和利率的管理–ConductedintheU.S.bytheFederalReserveSystem(Fed)在美国，货币政策是由联邦储备体系(Fed)来执行的•Fiscalpolicyde