米什金货币金融学(商学院版)第1章课件
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货币金融学 (ECONOMICS OF MONEY & FINANCE)
薛彤
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
• 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 © 2010 Pearson Addison-Wesley. All rights reserved.
1-7
1.1Why Study Financial Markets • Financial Markets
• Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds
Ch 2 An Overview of the Financial System.
Ch 3 What is Money? Ch 4 Understanding Interest Rates. Ch 5 The Behavior of Interest Rate Ch 6 The Risk and Term Structure of Interest Rates
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-9
FIGURE 1 Interest Rates on
Selected Bonds, 1950–2008
Sources: Federal Reserve Bulletin; www.federalreserve.gov/releases/H15/data.htm.
Part 1 Introduction Part 2 Financial Market Part 3 Financial Institutions Part 4 Central Banking & Monetary Policy
1-5
7
8 9 10 11 12 13
Ch 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis Ch 8 An Economic Analysis of Financial Structures Ch 9 Banking and the management of financial institutions Ch 10 Banking industry
14 15 16 17
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
ห้องสมุดไป่ตู้
Chapter 1
Why Study Money, Banking, and Financial Markets?
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-13
• In Chapter 2 we examine the role of stock market and in Chapter 7 we return to the issue of how stock prices behave and respond to information in the marketplace.
• Financial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people. • Why are financial intermediaries so crucial？ Why are they the most heavily regulated businesses in the economy? We answer these questions in Chapter 8.
Ch12 Nonbank Finance
Ch 13 Financial Derivatives Ch 15 Structure of Central Banks and the Federal Reserve System Ch 16 Multiple Deposit Creation and the Money Supply Process Ch 17 Determinants of the Money Supply Ch 18 Tools of Monetary Policy Overview
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-3
• 教材： • Mishkin, Frederic, The Economics of Money, Banking, and Financial Markets, （商学院版）, 2010年，人民大学出版社
1-11
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1.1.2 The Stock Market
• Common stock represents a share of ownership in a corporation • A share of stock 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 is the most widely followed financial market in almost every country. It is a place where people can get rich- or poor- quickly.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-12
FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 1950–2008
Source: Dow Jones Indexes: http://finance.yahoo.com/?u.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-10
• Interest rates are important on a number of levels. • So it is important to explain fluctuations in interest rates. • Because different interest rates have a tendency to move in unison, economists frequently lump interest rates together and refer to “the” interest rate. • In Chapter 2 we study the role of bond markets and in Chapters 4 through 6 we examine what an interest rate ,how the common movements in interest rates come about and why the interest rate on different bonds vary.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-14
1.2 Why Study Financial Institutions and Banking?
• 1.2.1 Structure of the financial system
• A bond is a debt security that promises to make payments periodically for a specified period of time • An interest rate is the cost of borrowing or the price paid for the rental of funds.
• To examine how financial markets such as bond and stock markets work.
• To examine how financial institutions such as banks and insurance companies work. • To examine the role of money in the economy.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-15
– Banks: accept deposits and make loans – Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-8
1.1.1The Bond Market and Interest Rates
• A security (financial instrument) is a claim on the issuer’s future income or assets
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-2
• 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。
• 最终成绩: • 1.期末考试：60％ • 2.平时成绩：40％
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-4
周次 1 2 3 4 5 6
教学内容纲要
Ch 1 Why Study Money, Banking, and Financial Markets?
薛彤
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
• 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 © 2010 Pearson Addison-Wesley. All rights reserved.
1-7
1.1Why Study Financial Markets • Financial Markets
• Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds
Ch 2 An Overview of the Financial System.
Ch 3 What is Money? Ch 4 Understanding Interest Rates. Ch 5 The Behavior of Interest Rate Ch 6 The Risk and Term Structure of Interest Rates
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-9
FIGURE 1 Interest Rates on
Selected Bonds, 1950–2008
Sources: Federal Reserve Bulletin; www.federalreserve.gov/releases/H15/data.htm.
Part 1 Introduction Part 2 Financial Market Part 3 Financial Institutions Part 4 Central Banking & Monetary Policy
1-5
7
8 9 10 11 12 13
Ch 7 The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis Ch 8 An Economic Analysis of Financial Structures Ch 9 Banking and the management of financial institutions Ch 10 Banking industry
14 15 16 17
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
ห้องสมุดไป่ตู้
Chapter 1
Why Study Money, Banking, and Financial Markets?
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-13
• In Chapter 2 we examine the role of stock market and in Chapter 7 we return to the issue of how stock prices behave and respond to information in the marketplace.
• Financial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people. • Why are financial intermediaries so crucial？ Why are they the most heavily regulated businesses in the economy? We answer these questions in Chapter 8.
Ch12 Nonbank Finance
Ch 13 Financial Derivatives Ch 15 Structure of Central Banks and the Federal Reserve System Ch 16 Multiple Deposit Creation and the Money Supply Process Ch 17 Determinants of the Money Supply Ch 18 Tools of Monetary Policy Overview
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-3
• 教材： • Mishkin, Frederic, The Economics of Money, Banking, and Financial Markets, （商学院版）, 2010年，人民大学出版社
1-11
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1.1.2 The Stock Market
• Common stock represents a share of ownership in a corporation • A share of stock 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 is the most widely followed financial market in almost every country. It is a place where people can get rich- or poor- quickly.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-12
FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 1950–2008
Source: Dow Jones Indexes: http://finance.yahoo.com/?u.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-10
• Interest rates are important on a number of levels. • So it is important to explain fluctuations in interest rates. • Because different interest rates have a tendency to move in unison, economists frequently lump interest rates together and refer to “the” interest rate. • In Chapter 2 we study the role of bond markets and in Chapters 4 through 6 we examine what an interest rate ,how the common movements in interest rates come about and why the interest rate on different bonds vary.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-14
1.2 Why Study Financial Institutions and Banking?
• 1.2.1 Structure of the financial system
• A bond is a debt security that promises to make payments periodically for a specified period of time • An interest rate is the cost of borrowing or the price paid for the rental of funds.
• To examine how financial markets such as bond and stock markets work.
• To examine how financial institutions such as banks and insurance companies work. • To examine the role of money in the economy.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-15
– Banks: accept deposits and make loans – Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-8
1.1.1The Bond Market and Interest Rates
• A security (financial instrument) is a claim on the issuer’s future income or assets
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-2
• 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。
• 最终成绩: • 1.期末考试：60％ • 2.平时成绩：40％
Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
1-4
周次 1 2 3 4 5 6
教学内容纲要
Ch 1 Why Study Money, Banking, and Financial Markets?