米什金货币金融学(商学院版)第1章课件

Copyright©2010PearsonAddison-Wesley.Allrightsreserved.货币金融学(ECONOMICSOFMONEY&FINANCE)薛彤Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-2•学习内容:•《货币金融学》是教育部确定的“财经类专业核心课程”之一，也是我校国贸学院国贸、金融专业以及国贸二学位通开的专业必修课程，是一门基础课程。•内容涉及金融学的各个方面，系统阐述金融学的基本理论、基本知识及其运动规律；客观介绍世界上主流金融理论及其最新研究成果、金融实务运作的机制及最新发展。Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-3•教学目的•本课程的目的是使学生系统地了解和掌握金融学的基本概念、基本原理、基本知识、基本思想和方法，对货币、信用、利率、金融机构、金融市场、国际金融、金融宏观调控、金融监管等基本范畴、内在关系及其运动规律有较系统的掌握；使学生了解国内外金融问题的现状，掌握观察和分析金融问题的正确方法，培养辨析金融理论和解决金融实际问题的能力；又要为后继课程的学习作好业务、思想和心理上的准备，还要为学生毕业后从事有关工作打下良好的基础。Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-4•教材：•Mishkin,Frederic,TheEconomicsofMoney,Banking,andFinancialMarkets,（商学院版）,2010年，人民大学出版社•最终成绩:•1.期末考试：60％•2.平时成绩：40％Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-5周次教学内容纲要1Ch1WhyStudyMoney,Banking,andFinancialMarkets?2Ch2AnOverviewoftheFinancialSystem.3Ch3WhatisMoney?4Ch4UnderstandingInterestRates.5Ch5TheBehaviorofInterestRate6Ch6TheRiskandTermStructureofInterestRates7Ch7TheStockMarket,theTheoryofRationalExpectations,andtheEfficientMarketHypothesis8Ch8AnEconomicAnalysisofFinancialStructures9Ch9Bankingandthemanagementoffinancialinstitutions10Ch10Bankingindustry11Ch12NonbankFinance12Ch13FinancialDerivatives13Ch15StructureofCentralBanksandtheFederalReserveSystem14Ch16MultipleDepositCreationandtheMoneySupplyProcess15Ch17DeterminantsoftheMoneySupply16Ch18ToolsofMonetaryPolicy17OverviewPart1IntroductionPart2FinancialMarketPart3FinancialInstitutionsPart4CentralBanking&MonetaryPolicyCopyright©2010PearsonAddison-Wesley.Allrightsreserved.Chapter1WhyStudyMoney,Banking,andFinancialMarkets?Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-7•Toexaminehowfinancialmarketssuchasbondandstockmarketswork.•Toexaminehowfinancialinstitutionssuchasbanksandinsurancecompanieswork.•Toexaminetheroleofmoneyintheeconomy.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-81.1WhyStudyFinancialMarkets•FinancialMarkets•MarketsinwhichfundsaretransferredfrompeoplewhohaveanexcessofavailablefundstopeoplewhohaveashortageoffundsCopyright©2010PearsonAddison-Wesley.Allrightsreserved.1-91.1.1TheBondMarketandInterestRates•Asecurity(financialinstrument)isaclaimontheissuer’sfutureincomeorassets•Abondisadebtsecuritythatpromisestomakepaymentsperiodicallyforaspecifiedperiodoftime•Aninterestrateisthecostofborrowingorthepricepaidfortherentaloffunds.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-10FIGURE1InterestRatesonSelectedBonds,1950–2008Sources:FederalReserveBulletin;©2010PearsonAddison-Wesley.Allrightsreserved.1-11•Interestratesareimportantonanumberoflevels.•Soitisimportanttoexplainfluctuationsininterestrates.•Becausedifferentinterestrateshaveatendencytomoveinunison,economistsfrequentlylumpinterestratestogetherandreferto“the”interestrate.•InChapter2westudytheroleofbondmarketsandinChapters4through6weexaminewhataninterestrate,howthecommonmovementsininterestratescomeaboutandwhytheinterestrateondifferentbondsvary.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-121.1.2TheStockMarket•Commonstockrepresentsashareofownershipinacorporation•Ashareofstockisaclaimontheearningsandassetsofthecorporation•Issuingstockandsellingittothepublicisawayforcorporationstoraisefundstofinancetheiractivities.•Thestockmarketisthemostwidelyfollowedfinancialmarketinalmosteverycountry.Itisaplacewherepeoplecangetrich-orpoor-quickly.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-13FIGURE2StockPricesasMeasuredbytheDowJonesIndustrialAverage,1950–2008Source:DowJonesIndexes:©2010PearsonAddison-Wesley.Allrightsreserved.1-14•InChapter2weexaminetheroleofstockmarketandinChapter7wereturntotheissueofhowstockpricesbehaveandrespondtoinformationinthemarketplace.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-151.2WhyStudyFinancialInstitutionsandBanking?•1.2.1Structureofthefinancialsystem•FinancialIntermediaries:institutionsthatborrowfundsfrompeoplewhohavesavedandmakeloanstootherpeople.•Whyarefinancialintermediariessocrucial？Whyaretheythemostheavilyregulatedbusinessesintheeconomy?WeanswerthesequestionsinChapter8.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-16–Banks:acceptdepositsandmakeloans–OtherFinancialInstitutions:insurancecompanies,financecompanies,pensionfunds,mutualfundsandinvestmentbanks•InChapter9,weexaminehowbanksandotherfinancialinstitutionsmanagetheirassetsandliabilitiestomakeprofits.InChapter10,welookatthebankingindustryandinChapter12,westudythenonbankfinancialinstitutions.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-17•1.2.2FinancialInnovation:inparticular,theadventoftheinformationageande-finance•InChapter10westudywhyandhowfinancialinnovationtakesplace.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.1-181.3WhyStudyMoneyandMonetaryPolicy?•1.3.1MoneyandBusinessCycles•Evidencesuggeststhatmoneyplaysanimportantroleingeneratingbusinesscycles•Recessions(unemployment)andexpansionsaffectallofus•MonetaryTheorytiesch