货币金融学,米什金 PPT
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资产的一种求偿权
• 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
挥了重要的作用
• Recessions (unemployment) and expansions affect all of us 经济衰退（失业）和
数显示的股票价格情况
Source: Dow Jones Indexes: .
Financial Institutions and Banking 金融机构和银行
• Financial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people 金融中介机构：
是指那些向储蓄者借入资金并且向其他需要资金的人提供贷 款的机构
– Banks: accept deposits and make loans 银行: 吸收 存款并且发放贷款
– Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks 其他金融机构： 保险公司、金融（财务）公司、养老基金、共同基金以及投资 银行等
运行机制
• To examine how financial institutions such as banks and insurance companies work 考察诸如银行和保险公司等金融机
构的运行机制
• To examine the role of money in the economy 考察在整体经济运行过程中货币所发挥的作
金租费的价格
FIGURE 1 Interest Rates on Selected Bonds, 1950–2008
图1 1950～2008年部分债券利率
Sources: Federal Reserve Bulletin; .
The Stock Market
股票市场
• Common stock represents a share of ownership in a corporation 普通股股票代表了
Chapter 1
Why Study Money, Banking, and Financial Markets? 为什么研究货币、银行 和金融市场
Why Study Money, Banking, and Financial Markets
研究货币、银行和金融市场的原因
• To examine how financial markets such as bond, stock and foreign exchange markets work 考察诸如债券、股票以及外汇市场的
金融危机是指以资产价格的急剧下跌以及大量金融机构和非 金融类企业的破产倒闭为特征的金融市场出现的严重崩溃现 象
Money and Business Cycles
货币与经济周期
• Evidence suggests that money plays an important role in generating business cycles 实证研究结果表明货币在经济周期的产生过程中发
• Financial Innovation: in particular, the advent of the information age and e-finance
金融创新：特别是在信息时代和电子金融兴起的条件下涌现 出来
大家有疑问的，可以询问和交流
可以互相讨论下，但要小声点
1-9 Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
用
Financial Markets
金融市场
• Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds （金融）市场是资金从拥有闲置
• 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
挥了重要的作用
• Recessions (unemployment) and expansions affect all of us 经济衰退（失业）和
数显示的股票价格情况
Source: Dow Jones Indexes: .
Financial Institutions and Banking 金融机构和银行
• Financial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people 金融中介机构：
是指那些向储蓄者借入资金并且向其他需要资金的人提供贷 款的机构
– Banks: accept deposits and make loans 银行: 吸收 存款并且发放贷款
– Other Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banks 其他金融机构： 保险公司、金融（财务）公司、养老基金、共同基金以及投资 银行等
运行机制
• To examine how financial institutions such as banks and insurance companies work 考察诸如银行和保险公司等金融机
构的运行机制
• To examine the role of money in the economy 考察在整体经济运行过程中货币所发挥的作
金租费的价格
FIGURE 1 Interest Rates on Selected Bonds, 1950–2008
图1 1950～2008年部分债券利率
Sources: Federal Reserve Bulletin; .
The Stock Market
股票市场
• Common stock represents a share of ownership in a corporation 普通股股票代表了
Chapter 1
Why Study Money, Banking, and Financial Markets? 为什么研究货币、银行 和金融市场
Why Study Money, Banking, and Financial Markets
研究货币、银行和金融市场的原因
• To examine how financial markets such as bond, stock and foreign exchange markets work 考察诸如债券、股票以及外汇市场的
金融危机是指以资产价格的急剧下跌以及大量金融机构和非 金融类企业的破产倒闭为特征的金融市场出现的严重崩溃现 象
Money and Business Cycles
货币与经济周期
• Evidence suggests that money plays an important role in generating business cycles 实证研究结果表明货币在经济周期的产生过程中发
• Financial Innovation: in particular, the advent of the information age and e-finance
金融创新：特别是在信息时代和电子金融兴起的条件下涌现 出来
大家有疑问的，可以询问和交流
可以互相讨论下，但要小声点
1-9 Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
用
Financial Markets
金融市场
• Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds （金融）市场是资金从拥有闲置