米什金货币金融学(英文)PPT(18)解析
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_10
The Spread of Government Deposit Insurance Throughout the World: Is This a Good Thing?
• Has government deposit insurance helped improve the performance of the financial system and prevent banking crises? The answer seems to be “no.” Research at the World Bank seems to answer “no,” since on average, the adoption of explicit government deposit insurance is associated with less banking sector stability and a higher incidence of banking crises. Furthermore, on average, deposit insurance seems to retard financial development.
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Types of Financial Regulation: Restrictions on Asset Holdings
• Attempts to restrict financial institutions from too much risk taking: – Bank regulations ▪ Promote diversification ▪ Prohibit holdings of common stock – Capital requirements ▪ Minimum leverage ratio (for banks) ▪ Basel Accord: risk-based capital requirements ▪ Regulatory arbitrage
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_09
$90M
$80M $10M
Bank Capital
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$10M
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– Suppose a bank’s required reserves are 10%.
– If a bank has ample excess reserves, a deposit outflow does not necessitate changes in other parts of its balance sities
Required reserves
Loans
+$10 +$90
Checkable deposits
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+$100
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• Asset transformation: selling liabilities with one set of characteristics and using the proceeds to buy assets with a different set of characteristics
• The bank borrows short and lends long
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General Principles of Bank Management
• Liquidity Management • Asset Management • Liability Management • Capital Adequacy Management • Credit Risk • Interest-rate Risk
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_07
Application: The Coronavirus Stock Market Crash of 2020
• The spread of the coronavirus in February 2020 triggered a stock market crash in which the Dow Jones Industrial Average fell from a peak of 29,551 on February 12 to 18,561 on March 20, a decline of 37%.
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Application: Monetary Policy and Stock Prices (2 of 2)
• Furthermore, a lowering of interest rates is likely to stimulate the economy, so the growth rate in dividends, g, is likely to be somewhat higher. This rise in g also causes the denominator in Equation 5 to decrease, which also leads to a rise in stock prices.
米什金《货币金融学-英文第12版》PPT-第一章 为什么研究货币、银行和金融市场
FinanceChapter1 IntroductionWhy Study Money, Banking, and Financial Markets An Overview of the Financial SystemWhat Is Money?Lecture 1Why Study Money, Banking, and Financial Markets?•Course Overview•Why Study Financial Markets?•Why Study Financial Institutions and Banking?•Why Study Money and Monetary Policy?Learning Objectives：How to construct a preliminary financial knowledge system Types of financial marketsTypes of financial institutionsHow the central bank implement monetary policyWhat is monetary theoryPart 1Why Study Financial Markets?1.1 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。
Why study financial markets?•Channel funds from savers to borrowers, thereby promoting economic efficiency•Affect personal wealth and behavior of business firms1.2 The Bond Market and Interest RatesBond (P3) is a debt security that promises to make periodic payments for a specified period of time.债券：是一种债务性证券，承诺在一个特定时间段内定期支付。
米什金货币金融学(英文)PPT (18)
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18-10
Use of (Operating and Intermediate) Targets
© 2005 Pearson Education Canada Inc. 18-8
Conflict Among Goals
• Many of the goals mentioned are consistent with each other as, for example,
• high employment with economic growth, and
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Stability of Financial Markets
• Financial crises can interfere with the ability of financial markets to channel funds from surplus spending units to deficit spending units, thereby leading to a sharp contraction in economic activity. • The promotion of a more stable financial system in which financial crises are avoided is thus an important goal for a central bank. • The stability of financial markets is also fostered by i stability because fluctuations in i create uncertainty for financial firms, affecting both their profits as well as their net worth.
米什金货币金融学英文版习题答案chapter18英文习题
米什金货币金融学英文版习题答案chapter18英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 18 The Foreign Exchange Market18.1 Foreign Exchange Market1) The exchange rate isA) the price of one currency relative to gold.B) the value of a currency relative to inflation.C) the change in the value of money over time.D) the price of one currency relative to another.Answer: DAACSB: Reflective Thinking2) Exchange rates are determined inA) the money market.B) the foreign exchange market.C) the stock market.D) the capital market.Answer: BAACSB: Reflective Thinking3) Although foreign exchange market trades are said to involve the buying and selling of currencies, most trades involve the buying and selling ofA) bank deposits denominated in different currencies.B) SDRs.C) gold.D) ECUs.Answer: AAACSB: Reflective Thinking4) The immediate (two-day) exchange of one currency foranother is aA) forward transaction.B) spot transaction.C) money transaction.D) exchange transaction.Answer: BAACSB: Reflective Thinking5) An agreement to exchange dollar bank deposits for euro bank deposits in one month is aA) spot transaction.B) future transaction.C) forward transaction.D) deposit transaction.Answer: CAACSB: Reflective Thinking6) Today 1 euro can be purchased for $1.10. This is theA) spot exchange rate.B) forward exchange rate.C) fixed exchange rate.D) financial exchange rate.Answer: AAACSB: Reflective Thinking7) In an agreement to exchange dollars for euros in three months at a price of $0.90 per euro, the price is theA) spot exchange rate.B) money exchange rate.C) forward exchange rate.D) fixed exchange rate.Answer: CAACSB: Reflective Thinking8) When the value of the British pound changes from $1.25 to $1.50, the pound has ________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: CAACSB: Reflective Thinking9) When the value of the British pound changes from $1.50 to $1.25, then the pound has________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: BAACSB: Reflective Thinking10) When the value of the dollar changes from ￡0.5 to ￡0.75, then the British pound has________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: BAACSB: Reflective Thinking11) When the value of the dollar changes from ￡0.75 to ￡0.5, then the British pound has________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: CAACSB: Reflective Thinking12) When the exchange rate for the Mexican peso changes from 9 pesos to the U.S. dollar to 10 pesos to the U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: BAACSB: Reflective Thinking13) When the exchange rate for the Mexican peso changes from 10 pesos to the U.S dollar to 9 pesos to the U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: CAACSB: Reflective Thinking14) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 0.75 euros. Therefore, one euro would have purchased about ________ U.S. dollars.A) 0.75B) 1.00C) 1.33D) 1.75Answer: CAACSB: Analytical Thinking15) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 49.0 Indian rupees. Thus, one Indian rupee would have purchased about ________ U.S. dollars.A) 0.02B) 1.20C) 7.00D) 49.0Answer: AAACSB: Analytical Thinking16) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 1.15 Swiss francs. Therefore, one Swiss franc would have purchased about ________ U.S. dollars.A) 0.30B) 0.87C) 1.15D) 3.10Answer: BAACSB: Analytical Thinking17) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 3.33 Romanian new lei. Therefore, one Romanian new lei would have purchased about ________ U.S. dollars.A) 0.30B) 1.86C) 2.86D) 3.33Answer: AAACSB: Analytical Thinking18) If the U.S. dollar appreciates from 1.25 Swiss franc per U.S. dollar to 1.5 francs per dollar, then the franc depreciates from ________ U.S. dollars per franc to ________ U.S. dollars per franc.A) 0.80; 0.67B) 0.67; 0.80C) 0.50; 0.33D) 0.33; 0.50Answer: AAACSB: Analytical Thinking19) If the British pound appreciates from $0.50 per pound to $0.75 per pound, the U.S. dollar depreciates from ________ per dollar to ________ per dollar.A) ￡2; ￡2.5B) ￡2; ￡1.33C) ￡2; ￡1.5D) ￡2; ￡1.25Answer: BAACSB: Analytical Thinking20) If the Japanese yen appreciates from $0.01 per yen to $0.02 per yen, the U.S. dollar depreciates from ________ per dollar to ________ per dollar.A) 100￥; 50￥B) 10￥; 5￥C) 5￥; 10￥D) 50￥; 100￥Answer: AAACSB: Analytical Thinking21) If the dollar appreciates from 1.5 Brazilian reals per dollar to 2.0 reals per dollar, the real depreciates from ________ per real to ________ per real.A) $0.67; $0.50B) $0.33; $0.50C) $0.75; $0.50D) $0.50; $0.67E) $0.50; $0.75Answer: AAACSB: Analytical Thinking22) When the exchange rate for the British pound changes from $1.80 per pound to $1.60 per pound, then, holding everything else constant, the pound has ________ and ________ expensive.A) appreciated; British cars sold in the United States become moreB) appreciated; British cars sold in the United States become lessC) depreciated; American wheat sold in Britain becomes moreD) depreciated; American wheat sold in Britain becomes lessAnswer: CAACSB: Analytical Thinking23) If the dollar depreciates relative to the Swiss francA) Swiss chocolate will become cheaper in the United States.B) American computers will become more expensive in Switzerland.C) Swiss chocolate will become more expensive in the United States.D) Swiss computers will become cheaper in the United States.Answer: CAACSB: Analytical Thinking24) Everything else held constant, when a country's currencyappreciates, the country's goods abroad become ________ expensive and foreign goods in that country become ________ expensive.A) more; lessB) more; moreC) less; lessD) less; moreAnswer: AAACSB: Analytical Thinking25) Everything else held constant, when a country's currency depreciates, its goods abroad become ________ expensive while foreign goods in that country become ________ expensive.A) more; lessB) more; moreC) less; lessD) less; moreAnswer: DAACSB: Analytical Thinking。
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。
货币金融学米什金第笔记资料PPT课件
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债券供给曲线的平移
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利率的风险和期限结构
利率的风险结构： 违约风险：风险溢价 流动性：高流动性资产可以在需要时按照较低的成本迅速转换成现金。流动性
溢价。 所得税因素：所得税税率的高低。 利率的期限结构 1、不同到期期限的债券的利率随时间一起波动； 2、短期利率较低，那么收益率曲线往往向上倾斜，短期利率较高，那么收益率
• 美国很多小银行的破产 • 俄罗斯60年代的经济增长模式
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货币政策
• 物价稳定：越来越被视为货币政策最重要的目标。通货膨胀增加经济中的不确定 性，从而危害到经济的增长。
• 时间不一致性问题 • 个人的例子， • 政府的货币政策总是试图追求扩张性货币政策，因为短期内可以促进经济的产出，
• 3个影响因素： • 投资机会的预期盈利性：在经济周期扩张阶段，经济高速增长，具有较多的盈利
性机会，任何给定的债券价格下，债券供应量都会增加。供给曲线右移。 • 预期通货膨胀率：预期通货膨胀率上升导致债券供给量的增加。曲线右移。 • 政府预算：政府财政赤字越大，债券供给量也越大。
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之差就是CPI。
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• 实际利率越低，借款的动力越大，而贷款的动力越小。 • 实际利率有些年份为负值。
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利率如何被决定：资产供需与价格
• 供需关系决定债券的价格，也就客观上决定了利率
米什金货币金融学课件PPT课件
金融机构应遵守相关监管要求，包括资本充足率、流动性比率等， 以确保其稳健运营。
米什金货币金融学对经济发展的影响
经济增长
投资与储蓄
通过货币政策和金融市场的有效运作， 促进经济增长和就业。
影响人们的投资和储蓄行为，进而影 响经济发展。
金融稳定
维护金融市场的稳定，降低金融危机 发生的可能性。
THANKS
货币政策与货币供给
总结词
解释货币政策的目标、工具及如何影响货币供给。
详细描述
货币政策通常以稳定物价、促进经济增长和维持金融稳定为目标，通过调整利率 、存款准备金率等工具来影响货币供给，从而调控经济。
货币需求与货币流通速度
总结词
分析影响货币需求的因素以及货币流 通速度的变化规律。
详细描述
货币需求受到收入水平、利率、通货 膨胀预期等因素的影响，而货币流通 速度则与经济周期、金融市场发展等 因素相关，两者共同影响经济运行。
金融体系构成
金融机构、金融市场和金融监管 机构等在金融体系中的作用和相 互关系。
金融市场的功能与结构
金融市场的功能
提供资金供求匹配、风险分散和价格 发现等机制，促进资源优化配置。
金融市场的结构
场内交易与场外交易、现货市场与衍 生品市场、一级市场与二级市场等不 同类型市场的特点。
金融创新与金融监管
通货膨胀与价格水平
总结词
阐述通货膨胀的定义、成因及对价格水平的影响。
详细描述
通货膨胀是指物价普遍上涨的现象，成因包括货币供应过多、需求拉动、成本推动等，通货膨胀对价格水平的影 响表现为价格水平的上涨。
03
金融市场与金融机构
金融市场的构成与功能
金融市场的构成
米什金《货币金融学-英文第12版》PPT课件-第四章-利率和利率的计算(包括利率分类及现值终值计算)
FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock MarketTheory of Rational Expectations, and the Efficient Market HypothesisLecture 4Interest Rates and Calculation of Interest Rates •Interest Rate and Classification of Interest Rate •Simple and Compound Interest Rate •Present Value•Yield to Maturity and Its Calculation•The Distinction Between Interest Rates And ReturnsLearning ObjectivesCalculate the present value of future cash flows and the yield to maturity on the four types of credit market instruments.Recognize the distinctions among yield to maturity, current yield, rate of return, and rate of capital gain.Interpret the distinction between real and nominal interest rates.Part 1Interest Rate and Classification of Interest Rate1.1 Interest RateInterest rate (P3) is the cost of borrowing or the price paid for the rental of funds.利率是借款的成本或为借入资金支付的价格。
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。
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_18
Federal Reserve System
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Assets
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Liabilities
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Foreign Assets (International Reserves)
$1B negative $1 B
Monetary Base (reserves)
0
Government Bonds
18.2 Interpret the relationships among the current account, the capital account, and official reserve transactions balance.
18.3 Identify the mechanisms for maintaining a fixed exchange rate and assess the challenges faced by fixed exchange rate regimes.
• Capital Account – Net receipts from capital transactions
• Sum of these two is the official reserve transactions balance
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• Second, a current account deficit means that foreigners’ claim on U.S. assets is growing.
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《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_23
The Bottom Line: The Relationship Between Stabilizing Inflation and Stabilizing Economic Activity
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Learning Objectives (1 of 2)
23.1 Illustrate and explain the policy choices that monetary policy makers face under the conditions of aggregate demand shocks, temporary supply shocks, and permanent supply shocks. 23.2 Identify the lags in the policy process and summarize why they weaken the case for an activist policy approach. 23.3 Explain why monetary policy makers can target any inflation rate in the long run but cannot target aggregate output in the long run.
• Nonactivists believe government action is unnecessary to eliminate unemployment.
米什金《货币金融学-英文第12版》PPT课件-第六章-利率风险和期限结构
FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock Market, theTheory of Rational Expectations, and the Efficient Market HypothesisLecture 6The Risk and Term Structure of Interest Rates•Risk Structure of Interest Rates•Term Structure of Interest RatesExpectations TheorySegmented Markets TheoryLiquidity Premium and Preferred Habitat TheoriesLearning ObjectivesIdentify and explain the three factors affecting the risk structure of interest rates.List and explain the three theories of why interest rates vary across different maturities.Part 1Risk Structure of Interest RatesOne attribute of a bond that influences its interestrate is its risk of default.Default occurs when the issuer of the bond is unable or unwilling to make interest payments as promised or pay off the face value when the bond matures.债券的违约(default)风险是指债券发行人无法或不愿履行其之前承诺的支付利息或债券到期时偿付面值的义务1.1 Default Risk1.1 Default Risk1.1 Default RiskU.S. Treasury bonds have usually been considered to have no default risk. Bonds like treasury bonds with no default risk are called default-free bonds.美国国债通常被认为不存在违约风险，像这种没有违约风险的债券被称为无违约风险债券(default-free bonds)。
货币金融学,米什金 PPT
• A bond is a debt securityቤተ መጻሕፍቲ ባይዱthat promises to make payments periodically for a specified period of time 债券是承诺在约定期限
内定期偿付的债务证券
• An interest rate is the cost of borrowing or the price paid for the rental of funds 利率是借款的成本或者是用于偿付资
Financial Crises
金融危机
• Financial crises are major disruptions in financial markets that are characterized by sharp declines in asset prices and the failures of many financial and nonfinancial firms.
资金的人那里转移到资金短缺者手中的场所
The Bond Market and Interest Rates 债券市场和利率
• A security (financial instrument) is a claim on the issuer’s future income or assets 证券（金融工具）是对于发行者的未来收益或者
其持有人对于公司具有一定份额的所有权
• A share of stock is a claim on the earnings and assets of the corporation
一股股票代表了对于公司的资产和收益所具有的求偿权
FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 1950–2008 图2 1950～2008年以道琼斯工业平均指
米什金货币金融学(英文)ppt课件
4. Bank Supervision: Chartering and Examination A. Reduces adverse selection problem of risk takers or crooks owning banks B. Reduces moral hazard by preventing risky activities C. New trend: Assessment of risk management
5. Disclosure Requirements A. Better information reduces asymmetric information problem
© 2005 PeMajor Banking Legislation in Canada
2. Restrictions on Asset Holdings A. Reduces moral hazard of too much risk taking
© 2005 Pearson Education Canada Inc.
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How Asymmetric Information Explains Banking Regulation
3. Bank Capital Requirements A. Reduces moral hazard: banks have more to lose when have higher capital B. Higher capital means more collateral for FDIC
米什金货币银行学金融结构的经济学分析PPT学习教案
•
逆向选择(adverse selection)是交易之前发生的信息不对称 问题。 具有潜 在的不 良贷款 风险正 是那些 积极寻 求贷款 的人。
•
道德风险(moral hazard)是交易发生后出现的信息不 对称问 题。贷 款者发 放贷款 后会面 临这样 的风险 ，借款 者可能 会从事 那些从 贷款者 观点出 发不能 从事的 活动， 因为这 些活动 会提高 贷款违 约的可 能性。
•
信 息 的 私 人 生产和 销售 解决金融市场上逆向选择间题的办法，就是向资金供 应者提 供为投 资寻求 资金的 个人或 者公司 的详细 情况， 以消除 信息不 对称。 诸如标 准普尔 公司、 穆迪公 司和价 值线等 。但是 由于存 在搭 便 车 问 题 （ freபைடு நூலகம் rider problem） ，私人生产和销售信息的体 系并不 能完全 解决证 券市场 的逆向 选择问 题。
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一、世界各国金融结构的基本事实
5.
在各种经济部门中，金融体系是受到 最为严 格监管 的部门 之一。
6.
只有那些规模庞大、组织完善的公司 才能易 于利用 证券市 场为其 经营活 动提供 融资。
7.
对于家庭和企业而言，抵押品是债务 合约的 一个普 遍特征 。
8.
典型的债务合约是极其复杂的法律文 件，它 对借款 者的行 为施加 了严格 的限制 。
•
旨 在 增 加 信 息供给 的政府 监管 政府对证券市场进行监管，鼓励公司披露真实信息， 使投资 者得以 识别公 司的优 劣。
•
安然破产案
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视频：新闻背景：标准普尔公司
•
视频：标普短片公平的世界
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四、次品车问题：逆向选择如何影响金融机构
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Chapter 18
Conduct of Monetary Policy: Goals and Targets
© 2005 Pearson Education Canada Inc.
Hale Waihona Puke Goals of Monetary Policy
Goals
1. High Employment 2. Economic Growth 3. Price Stability 4. Interest Rate Stability 5. Financial Market Stability 6. Foreign Exchange Market Stability Goals often in conflict
© 2005 Pearson Education Canada Inc.
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High Employment
High employment is a worthy goal for two reasons:
1. The alternative situation, high unemployment, causes much human misery, with people suffering financial distress, loss of personal self-respect, and in crime.
© 2005 Pearson Education Canada Inc. 18-4
Price Stability
In recent years policymakers have become increasingly aware of the social and economic costs of inflation and more concerned with a stable P as a goal of economic policy. In fact, P stability is viewed as the most important goal for monetary policy because inflation creates uncertainty that may hamper growth inflation makes it hard to plan for the future inflation may strain a country’s social fabric (by creating conflicts between different groups) extreme inflation, known as hyperinflation, leads to slower growth as for example in Argentina, Brazil, and Russia in the recent past.
© 2005 Pearson Education Canada Inc. 18-3
Economic Growth
The goal of steady economic growth is closely related to the goal of low u because businesses are more likely to invest in physical capital to productivity and growth when u is low. If u is high and factories are idle, it does not pay for firms to invest in additional physical capital. Hence, policies can be specifically aimed at promoting economic growth by directly encouraging firms to invest or by encouraging people to save, which provides more funds for firms to invest. In fact, this is the stated purpose of so-called supply-side economic policies, which provide tax incentives for firms to invest more and for people to save more.