中级金融学 (1)

Intermediate Financial Theory
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension 1.3- The Screening and Monitoring Functions of the Financial System 1.4- The Financial System and Economic Growth 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
˙ = EFF · I − ΩK K or, multiplying and dividing I with each of the newly defined variables
(1)
˙ = EFF · (I /BOR ) · (BOR /FS ) · (FS /S ) · (S /Y ) · Y − ΩK (2) K
Main Message
Worth stepping back and asking yourselves: Does finance make sense on sociaHale Waihona Puke Baidu grounds? What functions does financial markets/instruments really fulfill?
Intermediate Financial Theory
Chapter I. On the Role of Financial Markets and Institutions
June 26, 2006
Intermediate Financial Theory
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension 1.3- The Screening and Monitoring Functions of the Financial System 1.4- The Financial System and Economic Growth 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
1.3- The Screening and Monitoring Functions of the Financial System
Finance: a lot more: incentive issues raised by asymmetric information Ch. 15 Corporate Finance: see chapter 2
1.2- Desynchronization: The Risk Dimension
Diversify, insure, hedge: to achieve smooth consumption across states of nature
Intermediate Financial Theory
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension 1.3- The Screening and Monitoring Functions of the Financial System 1.4- The Financial System and Economic Growth 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
Main Tool
General equilibrium theory: section 1.6 + appendix
Intermediate Financial Theory
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension 1.3- The Screening and Monitoring Functions of the Financial System 1.4- The Financial System and Economic Growth 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
Intermediate Financial Theory
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension 1.3- The Screening and Monitoring Functions of the Financial System 1.4- The Financial System and Economic Growth 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
1.1 Finance: The Time Dimension
Borrow and save: to achieve consumption stream smoother than income stream
Intermediate Financial Theory
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension 1.3- The Screening and Monitoring Functions of the Financial System 1.4- The Financial System and Economic Growth 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
1.4- The Financial System and Economic Growth
Fig. 1.2 Savings and Growth in 90 Developing Countries
0.35 0.30 0.25 0.20 0.15 0.10 0.05 0 High-growth countries Middle-growth countries Low-growth countries *East Asia 0.07 0.04 0.02 0.08 0.20 0.18 0.27 0.29
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension 1.3- The Screening and Monitoring Functions of the Financial System 1.4- The Financial System and Economic Growth 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
Intermediate Financial Theory
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension General Equilibrium 1.3- The Screening and Monitoring Functions of the Financial System Time and Risk Dimensions 1.4- The Financial System and Economic Growth Complete Markets 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension 1.3- The Screening and Monitoring Functions of the Financial System 1.4- The Financial System and Economic Growth 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
Intermediate Financial Theory
Introduction 1.1- Finance: The Time Dimension 1.2- Desynchronization: The Risk Dimension 1.3- The Screening and Monitoring Functions of the Financial System 1.4- The Financial System and Economic Growth 1.5- Financial Intermediation and the Business Cycle 1.6- Financial Markets and Social Welfare 1.7 Conclusions
*Hong Kong, Singapore, Real GDP growth (% increase) Taiwan, S. Korea, Indonesia, Total savings (% GDP) Malaysia, Thailand
Intermediate Financial Theory
1.5- Financial Intermediation and the Business Cycle
Financial Accelerator: the effect of monetary policy changes on economic activity goes beyond the direct effect of changes in r on the profitability of investment project - r : changes the value of collateralizable assets, thus the access to credit to small (credit-constrained) firms in particular