最新moneyandbanking第二章金融工具3
金融工具新版.pptx
P C (1 y)
C (1 y)2
......
CM (1 y)10
=1P085.(13元430%)
40 ...... 40 1000
(1 3%)2
(1 3%)10
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债券的利息和利息的利息收益之和=40* [(1 0.04)10 1] =480元 0.04
P[(1 y)n 1] n1C[(1 y)i 1] nC (M P) i1
债券收益由三部分组成：
（1）定期支付的利息收益Nc （2）债券到期或出售时的资本利得（M-P） （3）利息的再投资收益
c(1 n1
r)i
(1 r)n C[
1] nc
i 1
r
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[例].投资者以900元的价格购买了10年期票面利率为8%，面值为1000元的债券， 如果该投资者持有5年后卖出，假设该债券半年付息一次，另外设利息的再投资 利率为8%，卖出后至债券到期日的市场预期收益率为6%，则该债券的总收益率 为多少？
成本
21813.18美元 21925.92美元 21248.69美元
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存货融资、应收账款融资和托收
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▪资本市场中的主要金融工具-长期固定收益证券
1.长期固定收益证券概述 1.1定义 一般也称为债券，是一种借款人按预先规定的时间和方式向投资者支付利息和 偿还本金的债务合同。也就是说固定收益证券未来的现金流是符合某种合同规 定的，但是现金流不一定是固定不变的。 1.2基本特征 ❖发行人 ❖到期日 ❖本金（Par Value) ❖票面利率 ❖本金的偿还特征 ❖嵌入期权
《金融工具及其估价》课件
CATALOG
DATE
ANALYSIS
SUMMAR Y
05
期货和期权的估价
期货和期权的定义
期货
期货是一种标准化的金融合约，买卖 双方约定在未来某一特定日期按照约 定的价格交割某种商品或金融资产。
期权
期权是一种金融衍生品，赋予持有者 在未来某一特定日期以特定价格购买 或出售某种资产的权利，但不强制执 行。
风险性
指持有金融工具所面临的风险。风险 性包括市场风险、信用风险和流动性 风险等。市场风险是指因市场价格波 动而导致持有者遭受损失的风险；信 用风险是指因债务人违约而导致的损 失；流动性风险是指因市场交易不足 或缺乏交易对手而导致持有者无法在 合理价格下出售其持有的金融资产的 风险。
期限性
指持有金融工具所具有的时间期限。 期限性对于固定收益类金融工具尤为 重要，因为这类工具在期限届满时将 一次性支付本金和利息。不同期限的 金融工具具有不同的风险和收益特征 。
按照期限来划分，金融工具分为短期 金融工具和长期金融工具。短期金融 工具期限一般在一年以下，如商业票 据、短期国库券、银行承兑汇票、可 转让大额定期存单、回购协议等。长 期金融工具期限一般在一年以上，如 长期债券、股票等。
02
按照融资形式来划分，金融工具可分 为直接融资工具和间接融资工具。直 接融资工具包括政府、企业发行的国 库券、企业债券、商业票据、公司股 票等；间接融资工具包括银行、保险 公司、证券公司等金融机构发行的定 期存单、回购协议、保险单、保险凭 证、投资信托基金、债券基金等。
信用风险
发行人违约风险，即无法按时支付利息或本 金的风险。
流动性风险
投资者在需要资金时无法将固定收益证券卖 出而不影响其市场价格的风险。
金融市场与金融工具
金鹰转债
2023年11月20日发行，4年期转债，利 率分别为1.2%,1.6%,2.0%,2.5%。初始 转股价格为6.2元。2023年9月旳转股价 3.57元。
分析 这道题目首先我们要计算出当日均
价和当日指数： 当日均价＝（10＋20＋30）/3＝20
当日指数=20/8*100=250
这表达目前旳股价均价20元相当于基期 日均价旳2. 5倍，或者说，相当于指数 250点，上涨了150点。
在求次日均价时，须先求出一种调整系数，称 为新除数。新除数旳公式是用股本构造变动后 旳新股价总额，除以股本构造变动前旳股价平 均价。在此案例中，
新除数＝（5＋20＋30）/20＝2.75 然后，就可用次日收盘价除以新除数得出次日 均价。
次日均价＝（7＋20＋30）/2.75＝20.73元
次日股指= 20.73 /8*100=259.13
此案例表白采用了修正平均数措施，清除了Ａ 股票因为股本扩张带来旳股指非正常波动，没 有出现数据人为地断裂，保持了指数旳连贯性。 案例中股指上升了9.13点，是因为Ａ股票交易 上升了2元所致，指数增幅3.65％。假如不采 用新除数加以修正，又会是什么情况？如次日 均价为（7＋20＋30）/3＝19元，那么次日 指数就相应为：19/8×100＝237.50点，指数 反而下跌了12.5•点，这显然不合理，因为次 日股价并未从10元跌至7元，在股指图表上这 12多点旳忽然下跌断裂层会使数据完全失去参
融资融券规章出齐 开闸只待试点券商名 单公布
“证券融资融券交易”，又称“证券信 用交易”，涉及券商对投资者旳融资、 融券和金融机构对券商旳融资、融券四 种。市场一般说旳“融资融券”，是指 券商为投资者提供融资和融券交易。简 而言之，融资是借钱买证券；而融券是 借证券来卖，然后以证券偿还，即卖空。
Money,Banking and Financi中国大学mooc课后章节答案期末考试题库2023年
Money,Banking and Financial Markets_江西财经大学中国大学mooc课后章节答案期末考试题库2023年1.Markets in which funds are transferred from those who have excess fundsavailable to those whohave a shortage of available funds are called ______答案:financial markets.pared to interest rates on ernment bonds, interest rateson _____ fluctuatemore and are lower on average答案:three-month Treasury bills3.Because it is a store of value, money答案:is none of the above4.An individual’s annual salary is her答案:income5.Money reduces transaction costs, allowing people to specialize in what theydo best. Money, therefore, promotes答案:the division of labor6.The narrowest measure of money that the Fed reports is答案:M17.Which of the following is not included in the measure of M1?答案:Repurchase agreements8. f a security pays $110 next year and $121 the year after that, what is its yieldto maturity if it sells for $200?答案:10%9. A security that pays $52.50 in one year and $110.25 in two years, with aninterest rate of 5 percent, has a present value of答案:$15010. A credit market instrument that provides the borrower with an amount offunds that must be repaid at the maturity date along with an interestpayment is known as a答案:simple loan11.Which of the following are not true of fixed payment loans?答案:The borrower repays both the principal and interest at the maturity date 12. A coupon bond pays the owner of the bond答案:a fixed-interest payment every period and repays the face value at thematurity date13.The price of a consol答案:equals the coupon payment divided by the interest rate14. A consol paying $20 annually when the interest rate is 5 percent has a priceof答案:$40015.An $8,000 coupon bond with a $400 coupon payment every year has acoupon rate of答案:5%16.Which of the following $1,000 face-value securities has the highest yield tomaturity?答案:A 14 percent coupon bond selling for $1,00017. A discount bond currently selling for $4000, that matures in one year with aface value of $5000, has a yield to maturity of答案:25%18.Which of the following are true for the current yield?答案:The current yield is defined as the yearly coupon payment divided by theprice of the security19.If the expected return on ABC stock is unchanged and the expected return onCBS stock falls from 10 to 5 percent, then the expected return of holding CBS stock _____ relative to ABC stock and the demand for ABC stock _____答案:falls; rises20.When the interest rate is above the equilibrium interest rate, there is anexcess _____ for (of) money and the interest rate will _____答案:supply; fall21.The risk structure of interest rates is答案:the relationship among interest rates of different bonds with the samematurity22. If 1-year interest rates for the next three years are expected to be 4, 2, and3 percent, and the 3-year term premium is 1 percent, than the 3-year bondrate will be答案:4%23.Dividends are paid from答案:net earningsing the one-period valuation model, assuming a year-end dividend of $1.00,an expected sales price of $100, and a required rate of return of 5%, thecurrent price of the stock would be答案:$96.19ing the Gordon growth formula, if D1 is $1.00, ke is 10% or 0.10, and g is 5%or 0.05, then the current stock price is答案:$2026.The presence of _____ in financial markets leads to adverse selection andmoral hazard problems that interfere with the efficient functioning offinancial markets答案:asymmetric information27.When you deposit $50 in currency at Old National Bank,答案:each of the above occurs28. In the simple deposit expansion model, a decline in checkable deposits of$500 when the required reserve ratio is equal to 10 percent implies that the central bank答案:sold $50 in government bonds29. If a bank has excess reserves of $20,000 and demand deposit liabilities of$80,000, and if the reserve requirement is 20 percent, then the bank has total reserves of答案:$3600030.Open market operations as a monetary policy tool have the advantages that答案:all of the above。
货币银行学Money and Banking课件讲义
Financial markets are places where funds are transferred from people who have an excess of available funds to people who have a shortage.
Why study banking and financial institutions?
Structure of the financial system
(1)The financial system comprises many different types of financial institutions, including banks, insurance companies, mutual funds, finance ce bond market and interest rates
(1)A security (financial instrument) is a claim on the issuer’s future income or assets.
(2)A bond is a debt security that promises to make payments periodically for a specified period of time.
Money and Banking
Chapter 1 Why Study Money, Banking,
and Financial Markets?
Why study financial markets
Financial markets include the bond market, the stock market,
《投资学》第2章 金融市场与金融工具
第2章金融市场与金融工具A. 多项选择题2.1 下面哪些不是货币市场工具的特征？a.流动性b.可销售性c.长期限d.股金变现e. c和d2.2 下面哪些不是货币市场工具()？a.短期国库券b.存款单c.商业票据d.长期国债e. 欧洲美元2.3 为筹集基金，美国短期国库券最初是由()发行的。
a. 商业银行b. 美国政府c. 地方政府或州政府d. 联邦政府机构e. b和d2.4 短期国库券在二级市场的出价是()。
a. 交易商愿意出售的价格b. 交易商愿意购买的价格c. 高于短期国库券的卖方报价d. 投资者的购买价格e. 不在财务压力下开价2.5 商业票据是由谁为筹资而发行的短期证券()？a. 联邦储备银行b. 商业银行c. 大型著名公司d. 纽约证券交易所e. 地方政府或州政府2.6 下面哪项内容最有效地阐述了欧洲美元的特点()？a. 存在欧洲银行的美元b. 存在美国的外国银行分行的美元c. 存在外国银行和在美国国土外的美国银行的美元d. 存在美国的美国银行的美元e. 和欧洲现金交易过的美元2.7 商业银行在联邦储备银行的存款叫()。
a.银行承兑汇票b.回购协议c.定期存款d.联邦基金e. 准备金要求2.8 为满足准备金要求，银行为在美联储借的隔夜的超额保证金所支付的利率是()。
a.优惠利率b.贴现利率c.联邦基金利率d.买入利率e. 货币市场利率2.9 下面哪些论述是正确的()？a. 中期国债期限可达10年b. 长期国债期限可达10年c. 中期国债期限可达10 ~ 30年d. 中期国债可随时支取e. 短期国库券期限可达10年2.10 关于市政债券，下例哪些说法是正确的()？I. 市政债券是州政府或地方政府发行的一种债券II. 市政债券是联邦政府发行的一种债券III. 由市政债券所得的利息收入可免缴联邦税I V. 由市政债券所得利息收入可免缴发行所在地的州政府税和地方政府税a. 只有I和I Ib. 只有I和I IIc. 只有I、II和IIId. 只有I、III和IVe. 上述各项均不准确2.11 关于公司债券，下面哪些说法是正确的()？a. 公司的提前赎回债券允许债券持有者按一定比例将债券转换成公司普通股b. 公司信用债券是经担保的债券c. 公司证券契约是经担保的债券d. 公司可转换债券允许债券持有者按一定比例将债券转换成公司普通股e. 公司债券持有者在公司有选举权2.12 在公司破产事件中()。
米什金《货币金融学-英文第12版》PPT-第二章-金融体系概览(上)
FinanceLecture 2An Overview of the Financial System I•Function of Financial Markets •Structure of Financial Markets •Financial Market Instruments •Internationalization of Financial MarketsLearning ObjectivesCompare direct and indirect finance.Identify the structure and components of financial markets. Describe different types of financial market instruments.Recognize the international dimensions of financial markets.Part 1Function of Financial Markets1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。
1.2 Direct FinanceIn direct finance (P23), borrowers borrow funds directly from lenders in financial markets by selling the lenders securities (also called financial instruments).在直接融资中，借款人通过在金融市场出售证券（也称为金融工具），直接从贷款人手中借入资金。
《投资学》第2章金融市场与金融工具
《投资学》第2章金融市场与金融工具在当今的经济社会中，金融市场和金融工具扮演着至关重要的角色。
它们不仅是资金融通的重要渠道，也是投资者实现财富增值和风险管理的重要手段。
金融市场，简单来说，就是资金供求双方进行资金交易的场所。
它可以分为不同的类型，比如按照交易期限的长短，可分为货币市场和资本市场。
货币市场主要是进行短期资金融通的市场，交易的金融工具期限通常在一年以内，像国库券、商业票据、银行承兑汇票等。
这些工具具有流动性强、风险低的特点。
而资本市场则是长期资金交易的场所，包括股票市场、债券市场等，交易的金融工具期限较长，如股票、长期债券等，其风险相对较高，但潜在的收益也可能更大。
金融市场还可以按照交易对象的不同，分为现货市场和期货市场。
现货市场中，交易是即时进行的，买卖双方当场成交并交割。
而期货市场则是交易双方在未来某个约定的时间按照约定的价格进行交易，它的主要作用是帮助投资者进行套期保值和价格发现。
再来说说金融工具。
金融工具是在金融市场中可交易的金融资产，它是资金融通的载体。
常见的金融工具包括股票、债券、基金、期货、期权等。
股票，作为一种重要的金融工具，代表着对公司的所有权。
投资者购买股票，就成为了公司的股东，有权分享公司的利润，同时也要承担公司经营风险。
股票的价格会受到公司业绩、宏观经济环境、行业发展等多种因素的影响，具有较高的不确定性和波动性。
债券则是一种债务工具，是发行者向投资者借款的一种凭证。
债券通常有固定的利率和到期日，投资者在到期时可以收回本金和利息。
相比股票，债券的风险较低，但收益也相对较稳定。
基金是一种集合投资工具，它通过汇集众多投资者的资金，由专业的基金经理进行投资管理。
基金的种类繁多，有股票型基金、债券型基金、混合型基金等，可以满足不同投资者的风险偏好和投资目标。
期货和期权则是金融衍生品，它们的价值取决于基础资产的价格变动。
期货合约是双方约定在未来某个特定时间以特定价格买卖一定数量的某种商品或金融资产的标准化合约。
money and banking 第二章金融工具
在上述基础上，日本实质上己基本完成了利率市场化的过程，之后需 要的只是一个法律形式的确认而已。1991年7月，日本银行停止"窗口 指导"的实施；1993年6月，定期存款利率自由化，同年10月活期存款 利率自由化，1994年10月，利率完全自由化，至此日本利率自由化划 上了-一个较完满的句号。
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纽约金融市场按交易对象划分，主要包括外汇市场、货币市场和资本市场。
纽约外汇市场美国的、也是世界上最主要的外汇市场之一。纽约外汇市场并无固
定的交易场所，所有的外汇交易都是通过电话、电报和电传等通讯设备，在纽约的 商业银行与外汇市场经纪人之间进行。这种联络就组成了纽约银行间的外汇市场。 此外，各大商业银行都有自己的通讯系统，与该行在世界各地的分行外汇部门保持 联系，又构成了世界性的外汇市场。由于世界各地时差关系，各外汇市场开市时间 不同，纽约大银行与世界各地外汇市场可以昼夜24小时保持联系。因此它在国际间 的套汇活动几乎可以立即完成。
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（3）货币借贷业务的特点。
现代
银行
货币放贷业务
的主
货币存款业务
货币借贷业务
营业 务
货币借贷业务使原来的货币经营业转变为银行， 原来的银钱业主也就成了银行家。
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4.中国银行业的产生。
唐代已有“银行”一词，苏州出现了“金银行”。 中国最早使用“银行”是在太平天国时期洪仁玕所著
银行是依法成立的经营货币信 贷业务的金融机构。
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三、现代金融（银行）体系结构
金融：资金的融通。 金融机构：资金融通的中介机构。
1.存款性金融机构
米什金《货币金融学-英文第12版》PPT课件-货币政策工具
FinanceChapter4 Central Banking and the Conduct of Monetary PolicyCentral BanksThe Money Supply ProcessTools of Monetary PolicyLecture 10Tools of Monetary Policy•Goals of Monetary Policy and Conventional Monetary Policy Tools•The Market for Reserves and the Federal Funds Rate •How Tools of Monetary Policy Affect the Federal Funds Rate •Advantages and Disadvantages of Conventional Monetary Policy ToolsLearning ObjectivesSummarize how conventional monetary policy tools are implemented and the relative advantages and limitations of each toolIllustrate the market for reserves, and demonstrate how changes in monetary policy can affect the equilibrium federal funds rate.Part 1Goals of Monetary Policy and Conventional Monetary Policy Tools1.1 Goals of Monetary Policy•Price stability (*)•High Employment•Economic Growth•Stability of Financial Markets •Interest-Rate Stability•Stability in Foreign Exchange Markets1.2 Monetary Policy ToolsMonetary policy tools are the instruments used by the central bank to regulate the money supply and interest rates in order to achieve the goal of monetary policy.Conventional monetary policy tools :•Open market operations•Discount lending•Reserve requirementsNonconventional Monetary Policy Tools:Quantitative Easing, Credit Easing, Liquidity Provision, Large-Scale Asset Purchases, Forward Guidance and the Commitment to Future Policy ActionsPart 2The Market for Reserves and the Federal Funds Rate2.1 Goals of the Fed's Monetary PolicyThe goals of the Fed's monetary policy:According to the Federal Reserve Act, the goal of U.S. monetary policy is to control inflation and promote full employment.Intermediate goals of the Fed's monetary policy:The Fed uses the federal funds rate as the main monetary policy monitoring indicator and manipulation target.2.2 The Market for Reserves and the Federal Funds Rate•Demand CurveRR dd= Required reserves + Excess reservesThe trend of demand curve:As the federal funds rate ii ffff decreases, other things being equal, the opportunity cost of holding excess reserves decreases and the demand for excess reserves increases——the demand curve is downward sloping——but the process is not over.2.2 The Market for Reserves and the Federal Funds Rate•Demand CurveThe trend of demand curve:Since 2008, the Fed has paid interest on reserves at a level that is typically set at a fixed amount below the federal funds rate target.Suppose the interest rate paid on reserves is ii oooo, when federal funds rate ii ffff begins to fall below ii oooo, banks do not lend in the overnight market at a lower interest rate. Instead, they just keep on adding to their holdings of excess reserves indefinitely——the demand curve becomes flat (infinitely elastic)2.2 The Market for Reserves and the Federal Funds Rate2.2 The Market for Reserves and the Federal Funds Rate•Supply CurveRR ss= Nonborrowed reserves (NBR)+ borrowed reserves (BR) NBR: Amount of reserves that are supplied by the Fed’s open market operations. BR: Amount of reserves borrowed from the Fed, the interest rate charged by the Fed on these loans is the discount rate,ii dd, which is set at a fixed amount above the federal funds target rate.2.2 The Market for Reserves and the Federal Funds Rate•Supply CurveThe trend of supply curve:Borrowing federal funds from other banks is a substitute for borrowing (taking out discount loans) from the Fed.When ii ffff< ii dd,banks will not borrow from the Fed because borrowing in the federal funds market is cheaper, so BR=0, R s= NBR. And so the supply curve will be vertical. When ii ffff> ii dd, banks will want to keep borrowing more and more at ii dd and then lending out the proceeds in the federal funds market at the higher rate, ii ffff. The supply curve becomes flat (infinitely elastic) at ii dd.2.2 The Market for Reserves and the Federal Funds Rate2.2 The Market for Reserves and the Federal Funds Rate•Market EquilibriumMarket equilibrium occurs when the quantity of reserves demanded equals the quantity supplied, RR dd=RR ssEquilibrium therefore occurs at the intersection of the demand curve RR dd and the supply curve RR ss, with an equilibrium federal funds rate of ii ffff∗When ii ffff>ii ffff∗, more reserves are supplied than are demanded (excess supply). When ii ffff<ii ffff∗, more reserves are demanded than are supplied (excess demand).2.2 The Market for Reserves and the Federal Funds Rateii dd>ii ffff>ii ooooPart 3How Tools of Monetary Policy Affect the Federal Funds RateOpen market purchase leads to greater quantity of reserves supplied, which increases nonborrowed reserves.Open market sale leads to less quantity of reserves supplied, which decreases nonborrowed reservesThe effect of an open market operation depends on whether the supply curve initially intersects the demand curve in its downward-sloped section or in its flat section.If the intersection initially occurs on the downward-sloped section of the demand curve, an open market purchase causes the federal funds rate to fall, whereas an open market sale causes the federal funds rate to rise. (typical situation)If the supply curve initially intersects the demand curve on its flat section, open market operations have no effect on the federal funds rate, because the interest rate paid on reserves, ii oooo, sets a floor for the federal funds rateThe effect of a discount rate change depends on whether the demand curve intersects the supply curve in its vertical section or its flat section.If the intersection occurs on the vertical section of the supply curve, there is no discount lending and borrowed reserves (BR=0). When the discount rate (ii dd) is lowered by the Fed, no change occurs in the equilibrium federal fundsrate. (typical situation)If the demand curve intersects the supply curve on its flat section, there is some discount lending (BR>0). When the discount rate (ii dd) is lowered by the Fed, the equilibrium federal funds rate falls, and BR increases.When the required reserve ratio increases, required reserves increase and hence the quantity of reserves demanded increases for any given interest rate.When the Fed raises reserve requirements, the federal funds rate rises.When the Fed decreases reserve requirements, the federal funds rate fallsMonetary PolicyTools How to Affect Money Supply and ii ffffOpen Market Operations•Affect Money Supply: Open Market Purchase → MB↑→M↑•Affect ii ffff : a) Open Market Purchase → ii ffff ↓ (Usually)b) Open Market Purchase → ii ffff remains unchangedDiscount Lending •Affect Money Supply: a) Discount rate change → M is unchanged (Usually)b) Discount rate ↓ → M↑•Affect ii ffff : a) Discount rate change →ii ffff remains unchanged (Usually)b) Discount rate ↓ → ii ffff ↓Reserve Requirements•Affect Money Supply: rr ↑→M↓•Affect ii ffff : rr ↑→ii ffff ↑3.4 Summary3. How Monetary Policy Tools Affect ii ffffPart 4Advantages and Disadvantages of Conventional Monetary Policy ToolsMonetaryPolicy ToolsAdvantages DisadvantagesOpen Market Operations •The initiative lies with the centralbank•Flexible and precise•Can be executed quicklyMust be based on well-developed financialmarkets, i.e. there must be a sufficient variety andnumber of securitiesDiscount Lending •Central bank can act as the lenderof last resort•Central banks can realize theirpolicy intentions by increasing ordecreasing the discount rate•Central banks can only affect discount rate,but cannot command banks to borrow•When ii dd remains unchanged, changes in ii ffffmay change discount loans and money supply.•Central bank's changes in the discount ratemay be misinterpreted by the market.MonetaryPolicy ToolsAdvantages DisadvantagesReserve Requirements •The initiative lies with the central bank•Can have a rapid, powerful and widespreadimpact on the money supply•Acts on all banks or depository financialinstitutions, and is objective and fair to allfinancial institutions.•Can reflect the policy intention of the centralbank.•The effect on the money supplyis too violent and lack ofelasticity;•The expected effect of thepolicy is largely limited by theamount of excess reserves in thebanking system.SummaryT H A N K S。
Money and Banking 货币银行学
Monetary Banking 货币银行学Functions of money : Money functions as a medium of exchange(intermediate the exchangeof goods and services), a unit of account(a standard numerical unit of measurement of the market value of goods, services, and other transactions), a standard of deferred payment(an accepted way to settle a debt – a unit in which debts are denominated), and a store of value(a money must be able to be reliably saved, stored, and retrieved).Money creation: Money creation is the process by which the money supply of a country or amonetary region (such as the Eurozone) is increased. First, the central bank introduces new money into the economy (termed 'expansionary monetary policy') by purchasing financial assets or lending money to financial institutions. Second, the new money introduced by the central bank is multiplied by commercial banks through fractional reserve bankingB(base money)=R(reservedeposit)+C(cash outside the banksystem)Money supply(C+D)=m(moneymultiplier)×B(D=derivative money)Derivative multiplier: K=△D/△R=1/r, where r is the required reserve ratio→→→→→→→→→→△D=△R×1 /rMoney multiplier: m=(C+D)/(C+R)Money Demand Theory:Fisher Equation of Exchange: MV=PT, where M is the amount of money, V is the velocity of the money, P is the weighted average price of all the goods and service, T is the quantity of goods and service.Keynesian theory: M=M1+M2=L1(Y) 【transaction motive & precautionary motive】+L2(r)【speculative motive】Money supply:The different types of money are typically classified as "M"s:M0=cash in circulationM1=M0+demand deposits --------------------------------------------------------------narrow moneyM2=M1+time deposits + saving deposits + other deposits -------------------broad moneyLetting r denote the real interest rate, i denote the nominal interest rate, and let π denote the inflation rate, the Fisher equation is:i = r + πMonetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemploymentIt is referred to as either being expansionary or contractionary, where an expansionary policy increases the total supply of money in the economy more rapidly than usual, and contractionary policy expands the money supply more slowly than usual or even shrinks it.Tools: open market operation & adjusting in the discount rate & adjusting the required reserve ratioFiscal policy is the use of government expenditure and revenue collection (taxation) to influence the economy.Changes in the level and composition of taxation and government spending can impact the following variables in the economy:1.Aggregate demand and the level of economic activity; 总需求和经济活动水平2.The pattern of resource allocation; 资源分配模式3. The distribution of income. 收入再分配Stances of fiscal policy：A neutral stance of fiscal policy implies a balanced economy. This results in a large tax revenue. Government spending is fully funded by tax revenue and overall the budget outcome has a neutral effect on the level of economic activity.An expansionary stance of fiscal policy involves government spending exceeding tax revenue.A contractionary fiscal policy occurs when government spending is lower than tax revenue.。
《货币与银行》 (2)
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A、Transaction FormⅠ
交易形态Ⅰ
礼尚往来 以物易物 交易的动力是效用的提高。 交易剩余是效用的增量。
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B、Transaction Form Ⅱ
交易形态Ⅱ
以交易为目的生产。 交易的动力是节约劳动时间。
交易剩余是劳动时间。 交易费用和意义。
等价交换的不可能性。
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C、Transaction Form Ⅲ
交易形态Ⅲ
具有最大交易可能的商品。 作为降低交易费用的交易媒介。
交易剩余Ⅲ 作为交易媒介的货币。
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（2）价格标准
已经成交的交易比例， 会成为以后讨价还价的基础。
等价交换的假象： 一把斧子=二件上衣
大额支付与异地支付的非现金结算。 由于非现金结算的方便与安全，即使没有利
息，也具有一定的需求。
至今中国的活期存款仍然不具有 非现金结算的功能。
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3．2-2 The Reserved System of Commercial Bank
商业银行的准备金制度
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只能违约提前收回贷款
或中止已经承诺的贷款。
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3．3-3 The Discount-Rate Policy
贴现率政策
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（1）Borrowed Reserves
借入准备金
A、定义：中央银行贷给商业银行的款项， 可以看作是借入自己缴纳的准备金，
money and bank test bank chap03
The Economics of Money, Banking, and Financial Markets, 9e (Mishkin)Chapter 3 What Is Money?3.1 Meaning of Money1) To an economist, ________ is anything that is generally accepted in payment for goods and services or in the repayment of debt.A) wealthB) incomeC) moneyD) creditAnswer: CQues Status: Previous Edition2) Money isA) anything that is generally accepted in payment for goods and services or in the repayment of debt.B) a flow of earnings per unit of time.C) the total collection of pieces of property that are a store of value.D) always based on a precious metal like gold or silver.Answer: AQues Status: Previous Edition3) Currency includesA) paper money and coins.B) paper money, coins, and checks.C) paper money and checks.D) paper money, coins, checks, and savings deposits.Answer: AQues Status: Previous Edition4) Even economists have no single, precise definition of money becauseA) money supply statistics are a state secret.B) the Federal Reserve does not employ or report different measures of the money supply.C) the "moneyness" or liquidity of an asset is a matter of degree.D) economists find disagreement interesting and refuse to agree for ideological reasons. Answer: CQues Status: Revised5) The total collection of pieces of property that serve to store value is a person'sA) wealth.B) income.C) money.D) credit.Answer: AQues Status: New6) A person's house is part of herA) money.B) income.C) liabilities.D) wealth.Answer: DQues Status: Previous Edition7) ________ is used to make purchases while ________ is the total collection of pieces of property that serve to store value.A) Money; incomeB) Wealth; incomeC) Income; moneyD) Money; wealthAnswer: DQues Status: Previous Edition8) ________ is a flow of earnings per unit of time.A) IncomeB) MoneyC) WealthD) CurrencyAnswer: AQues Status: Previous Edition9) An individual's annual salary is herA) money.B) income.C) wealth.D) liabilities.Answer: BQues Status: Previous Edition10) When we say that money is a stock variable, we mean thatA) the quantity of money is measured at a given point in time.B) we must attach a time period to the measure.C) it is sold in the equity market.D) money never loses purchasing power.Answer: AQues Status: New11) The difference between money and income is thatA) money is a flow and income is a stock.B) money is a stock and income is a flow.C) there is no difference money and income are both stocks.D) there is no difference money and income are both flows.Answer: BQues Status: Previous Edition12) Which of the following is a true statement?A) Money and income are flow variables.B) Money is a flow variable.C) Income is a flow variable.D) Money and income are stock variables.Answer: CQues Status: Revised13) Which of the following statements uses the economists' definition of money?A) I plan to earn a lot of money over the summer.B) Betsy is rich she has a lot of money.C) I hope that I have enough money to buy my lunch today.D) The job with New Company gave me the opportunity to earn more money.Answer: CQues Status: Previous Edition3.2 Functions of Money1) Of money's three functions, the one that distinguishes money from other assets is its function as aA) store of value.B) unit of account.C) standard of deferred payment.D) medium of exchange.Answer: DQues Status: Previous Edition2) If peanuts serve as a medium of exchange, a unit of account, and a store of value, then peanuts areA) bank deposits.B) reserves.C) money.D) loanable funds.Answer: CQues Status: Previous Edition3) ________ are the time and resources spent trying to exchange goods and services.A) Bargaining costs.B) Transaction costs.C) Contracting costs.D) Barter costs.Answer: BQues Status: Previous Edition4) Compared to an economy that uses a medium of exchange, in a barter economyA) transaction costs are higher.B) transaction costs are lower.C) liquidity costs are higher.D) liquidity costs are lower.Answer: AQues Status: Previous Edition5) When compared to exchange systems that rely on money, disadvantages of the barter system include:A) the requirement of a double coincidence of wants.B) lowering the cost of exchanging goods over time.C) lowering the cost of exchange to those who would specialize.D) encouraging specialization and the division of labor.Answer: AQues Status: Previous Edition6) The conversion of a barter economy to one that uses moneyA) increases efficiency by reducing the need to exchange goods and services.B) increases efficiency by reducing the need to specialize.C) increases efficiency by reducing transactions costs.D) does not increase economic efficiency.Answer: CQues Status: Previous Edition7) Which of the following statements best explains how the use of money in an economy increases economic efficiency?A) Money increases economic efficiency because it is costless to produce.B) Money increases economic efficiency because it discourages specialization.C) Money increases economic efficiency because it decreases transactions costs.D) Money cannot have an effect on economic efficiency.Answer: CQues Status: Previous Edition8) When economists say that money promotes ________, they mean that money encourages specialization and the division of labor.A) bargainingB) contractingC) efficiencyD) greedAnswer: CQues Status: Previous Edition9) Money ________ transaction costs, allowing people to specialize in what they do best.A) reducesB) increasesC) enhancesD) eliminatesAnswer: AQues Status: Previous Edition10) For a commodity to function effectively as money it must beA) easily standardized, making it easy to ascertain its value.B) difficult to make change.C) deteriorate quickly so that its supply does not become too large.D) hard to carry around.Answer: AQues Status: Previous Edition11) All of the following are necessary criteria for a commodity to function as money exceptA) it must deteriorate quickly.B) it must be divisible.C) it must be easy to carry.D) it must be widely accepted.Answer: AQues Status: New12) Whatever a society uses as money, the distinguishing characteristic is that it mustA) be completely inflation proof.B) be generally acceptable as payment for goods and services or in the repayment of debt.C) contain gold.D) be produced by the government.Answer: BQues Status: Previous Edition13) All but the most primitive societies use money as a medium of exchange, implying thatA) the use of money is economically efficient.B) barter exchange is economically efficient.C) barter exchange cannot work outside the family.D) inflation is not a concern.Answer: AQues Status: Previous Edition14) Kevin purchasing concert tickets with his debit card is an example of the ________ function of money.A) medium of exchangeB) unit of accountC) store of valueD) specializationAnswer: AQues Status: Previous Edition15) When money prices are used to facilitate comparisons of value, money is said to function as aA) unit of account.B) medium of exchange.C) store of value.D) payments-system ruler.Answer: AQues Status: Previous Edition16) A problem with barter exchange when there are many goods is that in a barter systemA) transactions costs are minimized.B) there exists a multiple number of prices for each good.C) there is only one store of value.D) exchange of services is impossible.Answer: BQues Status: Previous Edition17) In a barter economy the number of prices in an economy with N goods isA) [N(N - 1)]/2.B) N(N/2).C) 2N.D) N(N/2) - 1.Answer: AQues Status: Previous Edition18) If there are five goods in a barter economy, one needs to know ten prices in order to exchange one good for another. If, however, there are ten goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another.A) 20B) 25C) 30D) 45Answer: DQues Status: Previous Edition19) If there are four goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another.A) 8B) 6C) 5D) 4Answer: BQues Status: Previous Edition20) Because it is a unit of account, moneyA) increases transaction costs.B) reduces the number of prices that need to be calculated.C) does not earn interest.D) discourages specialization.Answer: BQues Status: Previous Edition21) Dennis notices that jackets are on sale for $99. In this case money is functioning as a________.A) medium of exchangeB) unit of accountC) store of valueD) payments-system rulerAnswer: BQues Status: Previous Edition22) As a store of value, moneyA) does not earn interest.B) cannot be a durable asset.C) must be currency.D) is a way of saving for future purchases.Answer: DQues Status: Revised23) Patrick places his pocket change into his savings bank on his desk each evening. By his actions, Patrick indicates that he believes that money is aA) medium of exchange.B) unit of account.C) store of value.D) unit of specialization.Answer: CQues Status: Revised24) ________ is the relative ease and speed with which an asset can be converted into a medium of exchange.A) EfficiencyB) LiquidityC) DeflationD) SpecializationAnswer: BQues Status: Previous Edition25) Increasing transactions costs of selling an asset make the assetA) more valuable.B) more liquid.C) less liquid.D) more moneylike.Answer: CQues Status: Previous Edition26) Since it does not have to be converted into anything else to make purchases, ________ is the most liquid asset.A) moneyB) stockC) artworkD) goldAnswer: AQues Status: New27) Of the following assets, the least liquid isA) stocks.B) traveler's checks.C) checking deposits.D) a house.Answer: DQues Status: Previous Edition28) Ranking assets from most liquid to least liquid, the correct order isA) savings bonds; house; currency.B) currency; savings bonds; house.C) currency; house; savings bonds.D) house; savings bonds; currency.Answer: BQues Status: Previous Edition29) People hold money even during inflationary episodes when other assets prove to be better stores of value. This can be explained by the fact that money isA) extremely liquid.B) a unique good for which there are no substitutes.C) the only thing accepted in economic exchange.D) backed by gold.Answer: AQues Status: Previous Edition30) If the price level doubles, the value of moneyA) doubles.B) more than doubles, due to scale economies.C) rises but does not double, due to diminishing returns.D) falls by 50 percent.Answer: DQues Status: Previous Edition31) A fall in the level of pricesA) does not affect the value of money.B) has an uncertain effect on the value of money.C) increases the value of money.D) reduces the value of money.Answer: CQues Status: Previous Edition32) A hyperinflation isA) a period of extreme inflation generally greater than 50% per month.B) a period of anxiety caused by rising prices.C) an increase in output caused by higher prices.D) impossible today because of tighter regulations.Answer: AQues Status: New33) During hyperinflations,A) the value of money rises rapidly.B) money no longer functions as a good store of value and people may resort to barter transactions on a much larger scale.C) middle-class savers benefit as prices rise.D) money's value remains fixed to the price level; that is, if prices double so does the value of money.Answer: BQues Status: Previous Edition34) Because inflation in Germany after World War I sometimes exceeded 1,000 % per month, one can conclude that the German economy suffered fromA) deflation.B) disinflation.C) hyperinflation.D) superdeflation.Answer: CQues Status: Revised35) If merchants in the country Zed choose to close their doors, preferring to be stuck with rotting merchandise rather than worthless currency, then one can conclude that Zed is experiencing aA) superdeflation.B) hyperdeflation.C) disinflation.D) hyperinflation.Answer: DQues Status: Previous Edition36) Explain how cigarettes could be called "money" in prisoner-of-war camps of World War II. Answer: The cigarettes performed the three functions of money. They served as the medium of exchange because individuals did exchange items for cigarettes. They served as a unit of account because prices were quoted in terms of the number of cigarettes required for the exchange. They served as a store of value because an individual would be willing to save their cigarettes even if they did not smoke because they believed that they could exchange the cigarettes for something that they did want at some time in the future.Ques Status: Previous Edition3.3 Evolution of the Payments System1) The payments system isA) the method of conducting transactions in the economy.B) used by union officials to set salary caps.C) an illegal method of rewarding contracts.D) used by your employer to determine salary increases.Answer: AQues Status: New2) As the payments system evolves from barter to a monetary system,A) commodity money is likely to precede the use of paper currency.B) transaction costs increase.C) the number of prices that need to be calculated increase rather dramatically.D) specialization decreases.Answer: AQues Status: Previous Edition3) A disadvantage of ________ is that it is very heavy and hard to transport from one place to another.A) commodity moneyB) fiat moneyC) electronic moneyD) paper moneyAnswer: AQues Status: Previous Edition4) Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money.A) commodityB) fiatC) electronicD) funnyAnswer: BQues Status: Previous Edition5) When paper currency is decreed by governments as legal tender, legally it must be ________.A) paper currency backed by goldB) a precious metal such as gold or silverC) accepted as payment for debtsD) convertible into an electronic paymentAnswer: CQues Status: Previous Edition6) The evolution of the payments system from barter to precious metals, then to fiat money, then to checks can best be understood as a consequence of the fact thatA) paper is more costly to produce than precious metals.B) precious metals were not generally acceptable.C) precious metals were difficult to carry and transport.D) paper money is less accepted than checks.Answer: CQues Status: Previous Edition7) Compared to checks, paper currency and coins have the major drawbacks that theyA) are easily stolen.B) are hard to counterfeit.C) are not the most liquid assets.D) must be backed by gold.Answer: AQues Status: Previous Edition8) Introduction of checks into the payments system reduced the costs of exchanging goods and services. Another advantage of checks is thatA) they provide convenient receipts for purchases.B) they can never be stolen.C) they are more widely accepted than currency.D) the funds from a deposited check are available for use immediately.Answer: AQues Status: New9) The evolution of the payments system from barter to precious metals, then to fiat money, then to checks can best be understood as a consequence ofA) government regulations designed to improve the efficiency of the payments system.B) government regulations designed to promote the safety of the payments system.C) innovations that reduced the costs of exchanging goods and services.D) competition among firms to make it easier for customers to purchase their products. Answer: CQues Status: Previous Edition10) Compared to an electronic payments system, a payments system based on checks has the major drawback thatA) checks are less costly to process.B) checks take longer to process, meaning that it may take several days before the depositor can get her cash.C) fraud may be more difficult to commit when paper receipts are eliminated.D) legal liability is more clearly defined.Answer: BQues Status: Previous Edition11) Which of the following sequences accurately describes the evolution of the payments system?A) Barter, coins made of precious metals, paper currency, checks, electronic funds transfersB) Barter, coins made of precious metals, checks, paper currency, electronic funds transfersC) Barter, checks, paper currency, coins made of precious metals, electronic funds transfersD) Barter, checks, paper currency, electronic funds transfersAnswer: AQues Status: Previous Edition12) During the past two decades an important characteristic of the modern payments system has been the rapidly increasing use ofA) checks and decreasing use of currency.B) electronic fund transfers.C) commodity monies.D) fiat money.Answer: BQues Status: Previous Edition13) Which of the following is not a form of e-money?A) a debit cardB) a credit cardC) a stored-value cardD) a smart cardAnswer: BQues Status: Previous Edition14) A smart card is the equivalent ofA) cash.B) savings bonds.C) savings deposits.D) certificates of deposit.Answer: AQues Status: Previous Edition15) An electronic payments system has not completely replaced the paper payments system because of all of the following reasons exceptA) expensive equipment is necessary to set up the system.B) security concerns.C) privacy concerns.D) transportation costs.Answer: DQues Status: Revised16) In explaining the evolution of moneyA) government regulation is the most important factor.B) commodity money, because it is valued more highly, tends to drive out paper money.C) new forms of money evolve to lower transaction costs.D) paper money is always backed by gold and therefore more desirable than checks. Answer: CQues Status: Previous Edition17) What factors have slowed down the movement to a system where all payments are made electronically?Answer: The equipment necessary to set up the system is expensive, security of the information, and privacy concerns are issues that need to be addressed before an electronic payments system will be widely accepted.Ques Status: Previous Edition3.4 Measuring Money1) Recent financial innovation makes the Federal Reserve's job of conducting monetary policyA) easier, since the Fed now knows what to consider money.B) more difficult, since the Fed now knows what to consider money.C) easier, since the Fed no longer knows what to consider money.D) more difficult, since the Fed no longer knows what to consider money.Answer: DQues Status: Previous Edition2) Defining money becomes ________ difficult as the pace of financial innovation ________.A) less; quickensB) more; quickensC) more; slowsD) more; stopsAnswer: BQues Status: Previous Edition3) Monetary aggregates areA) measures of the money supply reported by the Federal Reserve.B) measures of the wealth of individuals.C) never redefined since "money" never changes.D) reported by the Treasury Department annually.Answer: AQues Status: New4) ________ is the narrowest monetary aggregate that the Fed reports.A) M0B) M1C) M2D) M3Answer: BQues Status: Previous Edition5) The currency component includes paper money and coins held in ________.A) bank vaultsB) ATMsC) the hands of the nonbank publicD) the central bankAnswer: CQues Status: Previous Edition6) The components of the U.S. M1 money supply are demand and checkable deposits plusA) currency.B) currency plus savings deposits.C) currency plus travelers checks.D) currency plus travelers checks plus money market deposits.Answer: CQues Status: Previous Edition7) The M1 measure of money includesA) small denomination time deposits.B) traveler's checks.C) money market deposit accounts.D) money market mutual fund shares.Answer: BQues Status: Previous Edition8) Which of the following is not included in the measure of M1?A) NOW accounts.B) Demand deposits.C) Currency.D) Savings deposits.Answer: DQues Status: Previous Edition9) Which of the following is not included in the M1 measure of money but is included in the M2 measure of money?A) CurrencyB) Traveler's checksC) Demand depositsD) Small-denomination time depositsAnswer: DQues Status: Previous Edition10) Which of the following is included in both M1 and M2?A) CurrencyB) Savings depositsC) Small-denomination time depositsD) Money market deposit accountsAnswer: AQues Status: Previous Edition11) Which of the following is not included in the monetary aggregate M2?A) CurrencyB) Savings bondsC) Traveler's checksD) Checking depositsAnswer: BQues Status: Previous Edition12) Which of the following is included in M2 but not in M1?A) NOW accountsB) Demand depositsC) CurrencyD) Money market mutual fund shares (retail)Answer: DQues Status: Previous Edition13) Of the following, the largest isA) money market deposit accounts.B) demand deposits.C) M1.D) M2.Answer: DQues Status: Previous Edition14) If an individual redeems a U.S. savings bond for currencyA) M1 stays the same and M2 decreases.B) M1 increases and M2 increases.C) M1 increases and M2 stays the same.D) M1 stays the same and M2 stays the same.Answer: BQues Status: Previous Edition15) If an individual moves money from a small-denomination time deposit to a demand deposit account,A) M1 increases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 decreases.Answer: AQues Status: Previous Edition16) If an individual moves money from a demand deposit account to a money market deposit account,A) M1 decreases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 decreases.Answer: AQues Status: Previous Edition17) If an individual moves money from a savings deposit account to a money market deposit account,A) M1 decreases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 decreases.Answer: CQues Status: Previous Edition18) If an individual moves money from currency to a demand deposit account,A) M1 decreases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 stays the same.Answer: CQues Status: Previous Edition19) If an individual moves money from a money market deposit account to currency,A) M1 increases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 decreases.Answer: AQues Status: Previous Edition20) Small-denomination time deposits refer to certificates of deposit with a denomination of less than ________.A) $1,000B) $10,000C) $100,000D) $1,000,000Answer: CQues Status: Previous Edition21) Which of the following statements accurately describes the two measures of the money supply?A) The two measures do not move together, so they cannot be used interchangeably by policymakers.B) The two measures' movements closely parallel each other, even on a month-to-month basis.C) Short-run movements in the money supply are extremely reliable.D) M2 is the narrowest measure the Fed reports.Answer: AQues Status: Previous Edition22) The decade during which the growth rates of monetary aggregates diverged the most isA) the 1960s.B) the 1970s.C) the 1980s.D) the 1990s.Answer: DQues Status: Previous Edition23) Why are most of the U.S. dollars held outside of the United States?Answer: Concern about high inflation eroding the value of their own currency causes many people in foreign countries to hold U.S. dollars as a hedge against inflation risk.Ques Status: Previous Edition3.5 How Reliable are the Money Data?1) The Fed revises its estimates of the monetary aggregates, sometimes by large amounts, becauseA) large depository institutions need only report their deposits infrequently.B) weekly monetary data need to be adjusted for the "weekend effect."C) monthly monetary data need to be adjusted for the "payday effect."D) seasonal adjustments become more precise only as more data becomes available.Answer: DQues Status: Previous Edition2) The Fed estimates initial monetary aggregate reports because ________ depository institutions report the amount of their deposits infrequently.A) allB) smallC) largeD) stateAnswer: BQues Status: Previous Edition3) The increase in holiday spending is not the same every year causing the Fed's adjustment for ________ to be revised as more data becomes available.A) seasonal variationB) reporting discrepancyC) market churningD) transactions discrepancyAnswer: AQues Status: Previous Edition4) An examination of revised money supply statistics, when compared to the initial statistics, suggests that the initial statisticsA) are pretty good.B) do not provide a good guide to short-run movements in the money supply.C) provide a poor guide of monetary policy because they are usually underestimates of the revised statistics.D) provide a good guide of monetary policy, though they are usually underestimates of the revised statistics.Answer: BQues Status: Previous Edition5) Generally, the initial money supply data reported by the FedA) is not a reliable guide to the short-run behavior of the money supply.B) is not a reliable guide to the long-run behavior of the money supply.C) is a reliable guide to the short-run behavior of the money supply.D) usually underestimate the revised statistics.Answer: AQues Status: Revised6) The initial money supply data reported by the Fed are not a reliable guide to short-run movements in the money supply such as a ________, but are reasonably reliable for longer periods such as a ________.A) month; yearB) day; monthC) year; decadeD) decade; centuryAnswer: AQues Status: New。
文库最新发布：投资学第2章
作日就是8月16日（星期一）。 递延期限为1个月，
协议期限为3个月。
33
FRA的定价
▪ 利率的预期理论：FRA定价最简单的方法
是把它看作弥补即期市场上不同到期日之
间的 “缺口”的工具。
➢ 回顾：利率期限结构理论包括预期理论、流动
性偏好、市场分割理论
qT
1 rm 1 (e 1)
qT
F0 ( S0 I )e rT S0e( r q )T
注意：债券的贴现率不等于无风险收益率？
24
远期合约的价值
▪ 0时刻：远期合约的价值为零。即交割价格
K=F0 =S0erT
▪ 任意的t时刻，根据定义，远期价格为
▪
Ft =Ster（T－t）
ST－K
▪ 空方的收益为
K－ ST
▪ 注意：任何衍生金融工具都是零和博弈。
6
▪ 定义3.2 ：远期价格（forward price）：任
意时刻t，使远期合约价值为零的价格为远
期价格。
➢ 根据无套利原理，远期合约签订之日，远期合
约价值为零，交割价格＝远期价格。
➢ 随着时间推移，远期理论价格有可能改变，而
金，投资于无风险债券，因此，一年延期的成
本就是放弃的利息收入，当然还有保管费、保
险等费用
➢ 收益：可以开办画展等
▪ 所以，远期价格随着机会成本的增加而上
升，且随着标的资产收益的增加而下降。
16
▪ 回顾：连续复利的概念
若名义利率为r，一年（期）平均付息m次，
则相应的有效利率rm为
r m
r
rm (1 ) 1 lim rm e 1
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第三章13
2、间接金融indirect finance
❖ （1）定义：资金盈余部门与短缺部门之间通过金融中介机构、 间接实现资金融通的金融行为。
❖ 特点：两笔独立交易构成的，两笔交易在法律上相互独立。
❖ 局限：
资金供需双方的直接联系被割断，会减少投资者对企业 生产的关注和筹资者对使用资金的压力和约束力。
系，这种资金融通均属直接金融。
❖ 证券买卖：是否通过中介人，并不是区别直接金融 和间接金融的标准。
证券买卖是在一级市场上，还是在二级市场上进行，不 是区别直接金融与间接金融的标准；
直接证券的新旧并不改变持有人和发行人之间的直接债 权债务关系。
第三章11
（3）直接金融优点
资 金 ①连接 供 需 双 方 ②结合 紧 密
② 合约性机构：人寿保险公司、火灾及意外事 故保险公司、养老金基金；
③ 投资性机构：共同基金、金融公司； ④ 证券市场机构：投资银行、证券经纪商、证
券自营商、证券交易所。
金融中介存在的必要性
第三章20
金融中介存在的必要性
❖ 实现资产形式转换：
大面额资产↔小面额资产 高风险的资产↔相对安全的资产 短期资产↔长期资产
中介机构提供服务要收取一定的费用，增加了筹资的成 本。
第三章14
（2）间接金融的方式
①存款人存入资金，再由金融机构向资金需求部门发放 贷款或买入资金需求部门发行的直接证券。
资金盈余部门
资金短缺部门
②购买金融机构的间接证券（如金融债券等），金融机 构再用集中的资金向资金需求部门购买直接证券或发放 贷款。
进 入 夏 天 ，少 不了一 个热字 当头， 电扇空 调陆续 登场， 每逢此 时，总 会想起 那 一 把 蒲 扇 。蒲扇 ，是记 忆中的 农村， 夏季经 常用的 一件物 品。 记 忆 中 的故 乡 ， 每 逢 进 入夏天 ，集市 上最常 见的便 是蒲扇 、凉席 ，不论 男女老 少，个 个手持 一 把 ， 忽 闪 忽闪个 不停， 嘴里叨 叨着“ 怎么这 么热” ，于是 三五成 群，聚 在大树 下 ， 或 站 着 ，或随 即坐在 石头上 ，手持 那把扇 子，边 唠嗑边 乘凉。 孩子们 却在周 围 跑 跑 跳 跳 ，热得 满头大 汗，不 时听到 “强子 ，别跑 了，快 来我给 你扇扇 ”。孩 子 们 才 不 听 这一套 ，跑个 没完， 直到累 气喘吁 吁，这 才一跑 一踮地 围过了 ，这时 母 亲总是 ，好似 生气的 样子， 边扇边 训，“ 你看热 的，跑 什么？ ”此时 这把蒲 扇， 是 那 么 凉 快 ，那么 的温馨 幸福， 有母亲 的味道 ！ 蒲 扇 是 中 国传 统工艺 品，在 我 国 已 有 三 千年多 年的历 史。取 材于棕 榈树， 制作简 单，方 便携带 ，且蒲 扇的表 面 光 滑 ， 因 而，古 人常会 在上面 作画。 古有棕 扇、葵 扇、蒲 扇、蕉 扇诸名 ，实即 今 日 的 蒲 扇 ，江浙 称之为 芭蕉扇 。六七 十年代 ，人们 最常用 的就是 这种， 似圆非 圆 ， 轻 巧 又 便宜的 蒲扇。 蒲 扇 流 传 至今， 我的记 忆中， 它跨越 了半个 世纪， 也 走 过 了 我 们的半 个人生 的轨迹 ，携带 着特有 的念想 ，一年 年，一 天天， 流向长
者和最后借款者、直接协商、实现资金融通。
（2）两种方式
①交易双方直接进入市场进行交易。
资金盈余部门
资金短缺部门
②通过金融中介机构或经纪人的安排，间
接进行交易。
第三章9
第三章10
进一步判断——融资的直接性
❖ 不论交易是直接进行还是间接进行，只要买卖双方作为 最后贷款者和最后借款者结成直接债权债务关
第三章15
第三章16
①灵活方便 ②安全性高 ③流动性强 ④规模大
（3）优点
金融中介可提供数量不同的资金、融 通方式、多样化的金融工具来满足供 需双方融资选择。 金融中介的资产与负债多样化，可分 散风险。
金融机构的间接证券，大都具有“准 货币”的性质，易被人们接受。也容 易变现或转手。
资力雄厚。间接金融提高了金融的规 模经济。
快速融资 促进投资 多种信用形式发展
投资者更加关心资金使用状况 筹资者增加了压力和约束力 两方面合力，促使资金使用效 益不断提高。
第三章12
（4）直接金融局限
①资金供应者，风险大。
市场竞争中，发行证券部门有亏损和破产倒闭可能， 这种风险只能由资金供应者一方独自承担。
②融资规模受到限制。 交易双方在资金借贷的数量、期限、利率等方面必须均 有一致的要求为前提条件，而这一条件不是总能得到满 足的。
❖ 专业化。风险管理，信息生产中的规模经济，长 期关系。
❖ 为整个社会提供一个支付网络，信息生产中的外 部性。
第三章21
三、金融市场的分类
（一）货币市场和资本市场
1、货币市场money market，又称短期金融市场。 （1）定义：1年期以内短期信用工具的发行与转让市场的总括。
交易对象是短期(1年以内)的票据和有价证券。 一般具有“准货币”的性质，流动性强，安全性大， 收益较资本市场交易对象为低。
广义：货币资金融通和金融工具交易的 场所与行为的总和，即金融机构与客户 之间所有以资金为交易对象的活动
➢包括存款、贷款、信托、租赁、 保险、票据抵押与贴现、股票债券 买卖等全部金融活动。
第三章2
二、直接金融和间接金融
1、直接金融 direct finance： ❖ （1）定义：资金盈余部门与短缺部门分别作为最后贷款
第三章17
直接融资工具
货币 资金
盈余 单位
货币 资金
间接融资工具
直接金融
直接融资工具
货币 资金
赤字 单位
间接金融
货币 资金
间接融资工具
第三章18
直接金融和间接金融
资金
银
行
投 投资凭证
等
资
人
资金
资金
债务凭证中介（美国的分类）
① 存款机构：商业银行、储蓄贷款协会、互助 储蓄银行、信用社；
长 的 时 间 隧 道，袅
moneyandbanking第二章金融工具
第一节 金融市场概述
❖ 一、金融市场 financial market
1、定义：资金供求 双方实现货币借贷和 资金融通等交易活动 的总称。
狭义：金融市场是资金由多余者向短缺 者转移的场所。
➢一般以票据和有价证券为交易对 象的融资活动。