货币金融学7版本英文课程--ch21-大学课资料
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PPT精品课件货币金融学7版英文课件14大学课件
• has explicit responsibility for the regulatory oversight of the national payments system, operated by the CPA
• acts as the holder of deposit accounts of the federal government, the directly clearing members of the CPA, international organizations such as the IMF, and other central banks.
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Government Debt and Asset Management Services
As the federal government’s fiscal agent, the Bank • provides debt-management services for the federal
1987-1994, John Crow
1994-2000, Gordon Thiessen
2001-, David Dodge
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Formal Structure of the Bank of Canada
Responsibility for the operation of the Bank rests with a Board of Directors, which consists of fifteen members
© 2005 Pearson Education Canada Inc.
• acts as the holder of deposit accounts of the federal government, the directly clearing members of the CPA, international organizations such as the IMF, and other central banks.
© 2005 Pearson Education Canada Inc.
6
Government Debt and Asset Management Services
As the federal government’s fiscal agent, the Bank • provides debt-management services for the federal
1987-1994, John Crow
1994-2000, Gordon Thiessen
2001-, David Dodge
© 2005 Pearson Education Canada Inc.
3
Formal Structure of the Bank of Canada
Responsibility for the operation of the Bank rests with a Board of Directors, which consists of fifteen members
© 2005 Pearson Education Canada Inc.
FinancialMarketsandInstitutions第七版课程设计
Financial Markets and Institutions 第七版课程设计一、课程目标本课程旨在介绍金融市场和机构的基本理论和实践，包括国内外金融市场及其特征、金融机构的分类和功能、金融市场的现代化与创新、金融市场风险管理等。
学生将通过本课程学习：•了解国内外金融市场及其特征；•理解金融机构的分类和功能；•掌握金融市场的现代化与创新；•学习金融市场风险管理的基本理论和实践。
二、课程内容1.金融市场和机构概述–金融市场的定义、分类与特征；–金融机构的分类与功能；–现代金融市场的发展趋势。
2.资本市场–股票市场：股票交易、股票价格形成机制、股票市场上的套利和风险；–债券市场：债券价格形成机制、债券市场上的套利和风险；–衍生品市场：期货、期权、互换合同等产品及其特点。
3.货币市场–货币市场的定义、分类与特征；–短期借贷市场：央行票据、银行间市场、商业票据市场等；–现金市场：银行存款、货币基金等；–货币市场上的套利和风险。
4.银行市场–银行的定义、分类与功能；–银行的资产负债管理；–银行在金融市场中的作用。
5.金融市场的现代化与创新–金融市场的电子化、创新性金融产品等；–金融领域的科技创新；–金融市场的全球化趋势。
6.金融市场风险管理–类别、来源、度量、化解金融市场风险的方法与工具；–金融市场风险管理的组织与实践。
三、教学方法本课程采用以学生为主体的教学方法，包括：•理论讲授：通过PPT和课件进行讲解•实践操作：学生通过实践操作，加深对理论知识的理解和掌握•听课笔记：要求学生认真听讲，做好听课笔记•课程论文：要求学生根据本课程所学知识，撰写一篇课程论文四、考核方式本课程的考核方式包括：•平时成绩：占20%；•课程论文：占30%；•期末考试：占50%。
五、参考教材本课程的参考教材为《Financial Markets and Institutions》第七版，作者为 Frederic S.Mishkin and Stanley G.Eakins，出版社为 Pearson。
PPT精品课件货币金融学7版英文课件1大学课件664
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
1Leabharlann Bond Market© 2005 Pearson Education Canada Inc.
10 © 2005 Pearson Education Canada Inc.
Appendix: Definitions
Aggregate Output Gross Domestic Product (GDP) = Value of all final goods and services
produced in domestic economy during year Aggregate Income Total income of factors of production (land, capital, labor) during year Distinction Between Nominal and Real Nominal = values measured using current prices Real = quantities, measured with constant prices Aggregate Price Level
Why Study Financial Markets?
1. Channel funds from savers to investors, thereby promoting economic efficiency
2. Affect personal wealth and behavior of business firms
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
1Leabharlann Bond Market© 2005 Pearson Education Canada Inc.
10 © 2005 Pearson Education Canada Inc.
Appendix: Definitions
Aggregate Output Gross Domestic Product (GDP) = Value of all final goods and services
produced in domestic economy during year Aggregate Income Total income of factors of production (land, capital, labor) during year Distinction Between Nominal and Real Nominal = values measured using current prices Real = quantities, measured with constant prices Aggregate Price Level
Why Study Financial Markets?
1. Channel funds from savers to investors, thereby promoting economic efficiency
2. Affect personal wealth and behavior of business firms
PPT精品课件货币金融学7版英文课件16大学课件
1. the public’s decisions regarding how much C to hold,
2. the banks’ decisions regarding the amount of R they wish to hold, and
3. borrowers’ decisions on how much to borrow from banks.
4.Recall also that the Bank of Canada can exert more precise control over MB ( = C + R) than over R.
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2
The Money Supply Model
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(Continued)
To put it differently,
An in MB that goes into C is not multiplied, whereas an that goes into supporting deposits is multiplied.
Deriving Money Multiplier R = DR DR = r D R = (r D)
Adding C to both sides
R + C = MB = C + (r D)
1. Tells us amount of MB needed support D and C
2. An extra $1 of MB that arises from an extra $1 of C does not support any additional D. That is, the C component of MB does not lead to a multiple deposit creation as the R component does.
2. the banks’ decisions regarding the amount of R they wish to hold, and
3. borrowers’ decisions on how much to borrow from banks.
4.Recall also that the Bank of Canada can exert more precise control over MB ( = C + R) than over R.
© 2005 Pearson Education Canada Inc.
2
The Money Supply Model
© 2005 Pearson Education Canada Inc.
4
(Continued)
To put it differently,
An in MB that goes into C is not multiplied, whereas an that goes into supporting deposits is multiplied.
Deriving Money Multiplier R = DR DR = r D R = (r D)
Adding C to both sides
R + C = MB = C + (r D)
1. Tells us amount of MB needed support D and C
2. An extra $1 of MB that arises from an extra $1 of C does not support any additional D. That is, the C component of MB does not lead to a multiple deposit creation as the R component does.
PPT精品课件货币金融学7版英文课件20大学课件214769
© 2005 Pearson Education Canada Inc.
1
Exchange Market Intervention
Sterilized: To reduce MB back to old level, Bank of Canada sells $1 billion of government bonds
2. Ms , P , Eet+1 , expected appreciation of F , RF shifts right in Fig. 1
3. Ms , iD , RD shifts left, go to point 2 and Et
4. In long run, iD returns to old level, RD shifts back, go to point 3: Exchange rate overshooting
2. Monetary base unchanged
3. Et unchanged: no shift in RD and RF
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2
Exchange Rate Intervention, Sell $
1. Sell $, buy F: MB , Ms
5. When UK pulls out of ERM, £ 10%, big losses to central bank
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International Financial Architecture
Capital Controls
3. If don’t do this, have to revalue
【PPT精品课件】货币金融学7版英文课件--1-大学课件20
6. Aggregate supply and demand analysis
Features
1. Case studies
2. Applications
3. Special-interest boxes
4. Following the Financial News boxes
5. Reading the financial pages
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1-10
How We Study Money and Banking
Basic Analytic Framework
1. Simplified approach to the demand for assets
2. Concept of equilibrium
2. Affect personal wealth and behavior of business firms
Why Study Banking and Financial Institutions?
1. Financial Intermediation Helps get funds from savers to investors
2. Banks and Money Supply Crucial role in creation of money
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
nominal GDP GDP Deflator = real GDP
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Disadvantages
1. Loss of independent monetary policy
Problems after German reunification: UK, French monetary policy too tight
2. Open to speculative attacks
4. Lose seignorage
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Summary: Advantages and Disadvantages of Different Monetary Policy Strategies
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2. Fixed exchange rate with very strong commitment mechanism and no discretion
3. Usual disadvantages of fixed exchange rate
4. Still subject to speculative attack
1. Arises from pursuit of short-term goals which lead to bad long-term outcomes
2. Time-consistency resides more in political process 3. Nominal anchor limits political pressure for time-
3. Allows growth outside target for 2-3 years, but then reverses overshoots
4. Key elements: flexibility, transparency, and accountability
21-6
Summary: Advantages and Disadvantages of Different Monetary Policy Strategies
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21-7
Monetary Targeting
Canada
1. Targets M1 till 1982, then abandons it
4. Weakened accountability: lose exchange-rate signal
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Currency Boards vs. Dollarization
Currency Boards
1. Domestic currency exchanged at fixed rate for foreign currency automatically
5. Lose ability to have lender of last resort
Dollarization
1. Even stronger commitment mechanism
2. No possibility of speculative attack
3. Usual disadvantages of fixed exchange rtae
3. High money growth 1987-1989: “bubble economy,” then tight money
policy
Germany and Switzerland
1. Not monetarist rigid rule
2. Targets using M0 and M3: changes over time
2. 1988: declining targets, M2 as guide
United Kingdom
1. Targets M3 and later M0
2. Problems of M as monetary indicator
Japan
1. Forecasts M2 + CDs
2. Innovation and deregulation makes less useful as monetary indicator
rallying cry 5. Helps economic integration 6. Successful in reducing
France, UK, Mexico
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Exchange-Rate Targeting
consistency
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Exchange-Rate Targeting
Advantages
1. Fixes for internationally traded goods 2. Anchors expectations 3. Automatic rule, avoids time-consistency 4. Easy to understand: “sound currency” as
Chapter 21
Monetary Policy Strategy: The International Experience
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Role of a Nominal Anchns
Helps Avoid Time-Consistency Problem
Europe, Sept. 1992; Mexico: 1994; Asia: 1997
3. Successful speculative attack disastrous for emerging market countries because it leads to financial crisis