米什金 货币金融学 超强复习重点 考研笔记 期末笔记

1,measurement of money

M0:流通中的现金

Currency in circulation refers to that circulated in nonbank publics, this is the money in the narrowest sense,

We use M 0 to denote. Eg: coins, paper money

M1: narrow money 狭义货币

currency in circulation and checkable deposits 反应了社会的直接购买支付能力

M2: broad money 广义货币 M 1+Saving deposits

既反映了现实的购买力也反映了潜在的购买力，中央银行货币政策调节的主要中介目标

2，function definition:（会判断）

Measurement of money 价值尺度Medium of exchange 流通手段Medium of payment 支付手段Means of storage 储藏手段World currency 世界货币

3，Gold standard 大致了解

Gold coin standard is the typical example （金铸币本位制）

4，fiat money standard （不兑现信用货币制度）

Lecture2 money and monetary systems

2011年11月20日0:23

1，components of financial system 看一下定义

2，funds flows 流动的载体、原则、监管

Indirect financing 间接融资：

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3，直接融资和间接融资（了解）

Indirect financing is a means of financing via financial intermediaries which mainly includes commercial banks.

Commercial banks, insurance companies, investment funds, etc., are bridges for indirect financing.

Theory of financial intermediation focusing on the reason why there is financial intermediary, the nature of financial intermediary, and the division of labor between financial markets and intermediaries.

Direct financing

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Financing activities between demanders for funds and suppliers of funds are conducted in financial markets directly.

It is worth pointing out that direct financing also involves financial institutions such as investment banks, security brokers, and market makers, etc.

Financial market theory focusing on allocation efficiency of capitals, and asset pricing, etc.

Disadvantages of direct financing

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Advantages vs. disadvantages of different financings

Expertise requirements

Higher risks involved

Indirect financing

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Tough requirements for issuers

Reducing information and contract costs

Reducing risks by diversifications

Transformation of maturities

4，两种结构，大致理解比较bank-based and market-based

市场，伙伴关系相对少，股权分散

银行，贷款，商业往来，合作伙伴，允许交叉持股

直接融资：市场

间接融资：银行

Lecture3 financial system and financial structure

2011年12月9日

15:49

5，中国的金融体系概览（有所了解）

A glimpse at china's financial system

中国以商业银行主导的间接融资模式为主

● 非简单的银行主导，政府干预太多

在直接融资中，通过发行企业债券方式所筹集的资金比例低于股票融资。目前我国企业债券市

场发展规模十分有限●政府的干预

●在间接融资中，四大国有商业银行占据了绝对的市场份额，但是其所占市场份额有下降趋势

6，台湾的金融体系，大致了解，中小企业而非正式金融7，金融体系的功能（

functions of financial system)

（不确定条件下资源的时空配置，6个功能，分清楚，能判断）

The primary function of any financial system is to ficilitate the allocation and deployment of economic resources, both spatially and temporally, in an uncertain environment.

Function 1: A financial system provides a payment system for the exchange of goods and services. 支付清算

Function 2: A financial system provides a mechanism for the pooling of funds to undertake large-scale indivisible enterprise.融资机制的供给

Function 3: A financial system provides a way to transfer economic resources through time and across geographic regions and industries.资源配置

Function 4: A financial system provides a way to manage uncertainly and control risk.

不确定性管理和风险控制，最基本的有跨期平滑（intertemporal smoothing ）和横向分担（cross-sectional risk sharing ）

Function 5: A financial system provides price information that helps coordinate decentralized decision-making in various sectors of the economy.协调经济中不同部门的分散化决策

Function 6: A financial system provides a way to deal with the asymmetric-information and incentive problems when one party to financial transaction has information that the other party does not.解决信息不对称和激励问题

8信息问题

，解决问题的相对优势及不足

了解银行跟市场降低信息不对称的措施