货币银行学教材

货币、银行与金融市场学(The Economics Of Money, Banking andFinancial Markets)教材：学生用书：《货币金融学》(The Economics Of Money, Banking and Financial Markets)，[美] Frederic S. Mishkin/著，中国人民大学出版社，2006年第七版。

教师用书：“The Economics Of Money, Banking and Financial Markets”，7th Edition. Frederic S. Mishkin, 2005.阅读书目：1．《西欧金融史》，[美]P. 金德尔伯格/著，中国金融出版社，1991年。

(“A Financial History of Western Europe”, Charles P. Kinderberger.)2．《货币史—从公元800年起》，[英]约翰. F. 乔恩/著，商务印书馆，2002年。

(“A HISTORY OF MONEY—From AD 800”, John F. Chown, 1994.)3．《国际金融市场》第四版，[英]斯蒂芬. 瓦尔迪兹朱利安. 伍德/著，中国金融出版社，2005年。

(“An Introduction to Global Financial Market”, 4th Edition, by Stephen Valdez, 2003.)4．“Lombard Street: A Description of The Money Market”, by Walter Bagehot.5．《货币银行学》，黄达/编，中国人民大学出版社。

6．《货币银行学》，夏德仁李念斋/编，中国金融出版社。

Part 1 导言(Introduction)Chapter 1 为什么要研究货币、银行和金融市场? (Why study Money, Banking, and FinancialMarket)?一.为什么要研究金融市场(Why study Financial Market)？Part 2 of this book focuses on financial market, market in which funds are transferred from people who have an excess of available funds to people who a shortage. Financial market such as stock market and bond market are important in channeling funds from people who do not have a productive use for them to those who do, a process that results in greater economic efficiency. Activities in financial market also have direct effects on personal wealth, the behavior of businesses and consumers, and the overall performance of the economy.（一）债券市场(The Band Market and Interest Rates)A security (also called a financial instrument) is a claim on the issuer’s future income or assets (any financial claim or piece of property that is subject to ownership). A bond is a debts security that promises to make payments periodically for a specified period of time. The bond market is especially important to economic activities and because it enable corporations or governments to borrow to financetheir activities and because it is where interest rates are determined. An interest rate is the cost of borrowing or the price paid for the rental of funds. There are many interest rates in the economy—mortgage interest rate, car loan rate, and interest rates on many different types of bonds.Because different interest rates have a tendency to move in unison, economists frequently lump interest rates together and refer to “the” interest rate.（二）股票市场(The Stock Market)A stock represents a share of ownership in a corporation. It is a security that is a claim on the earnings and assets of the corporation. Issuing stock and selling it to the public is a way for corporations to raise funds to finance their activities. The stock market, in which claims on the earnings of corporations (shares of stock) are traded, is the most widely followed financial market in America (that’s why it is often called simply “the market”). A big swing in the prices of shares in the stock market is always a big story on the evening news. People often express their opinion on where the market is heading and frequently tell you about their latest “big killing”(although you seldom hear about their latest “big loss”!). The attention the market receives can probably be best explained by one simple fact: It is a place where people can get rich quickly.The stock market is also an important factor in business investment decisions because the price of shares affects the amount of funds that can be raised by selling newly issued stock to finance investment spending. A higher price for a firm’s shares m eans that is it can raise a large amount of funds, which can be used to buy production facilities and equipment.（三）外汇市场(The Foreign Exchange Market) For funds to be transferred from one country to another, they have to be converted from one currency in the country of origin (say, renminbi) into the currency of the country they are going to (say, U.S. dollars). The foreign exchange market is where this conversion takes place, and so it is instrumental in moving funds between countries. It is also important because it is where the foreign exchange rate, the price of one country’s currency in terms of another’s, is determined.What have these fluctuations in the exchange rate meant to the Chinese public and businesses?二．为什么要研究银行和金融机构(Why study Banking and Financial Institutions)？（一）金融体系结构(Structure of the Financial System)The financial system is complex, comprising many different types of private sector financial institutions, including banks, insurance companies,mutual funds, financial companies, and investment banks, all of which are heavily regulated by the government. If an individual wanted to make a loan to IBM or GM, for example, they would not go directly to the president of the company and offer a loan. Instead, they would lend to such companies in directly through financial intermediaries, institutions that borrow funds from people who have saved and in turn make loan to others.Why are financial intermediaries so crucial to well-functioning financial markets? Why do they extend credit to one party but not to another? Why do they usually write complicated legal documents when they extend loans? Why are they the most heavily regulated businesses in the economy?（二）银行以及其他金融机构(Banks and Other Financial Institutions)银行（banks）是接受存款和提供贷款的金融机构。