货币金融学第一章.doc

为什么要学习货币银行学？这里至少有五个学习货币银行学的理由：1. 管理你的私人资源。2. 应对商业世界。3. 追求有趣且值得从事的工作机会。4. 作为公民，做出知情权条件下的公共选择。5. 拓展思维。货币、银行与金融市场学(The Economics Of Money, Banking and Financial Markets)教材：学生用书：货币金融学(The Economics Of Money, Banking and Financial Markets)，美 Frederic S. Mishkin/著，中国人民大学出版社，2011年第九版。教师用书：“The Economics Of Money, Banking and Financial Markets”，9th Edition. Frederic S. Mishkin, 2010.阅读书目：1西欧金融史，美P. 金德尔伯格/著，中国金融出版社，1991年。(“A Financial History of Western Europe”, Charles P. Kinderberger.)2货币史从公元800年起，英约翰. F. 乔恩/著，商务印书馆，2002年。(“A HISTORY OF MONEYFrom AD 800”, John F. Chown, 1994.)3国际金融市场第四版，英斯蒂芬. 瓦尔迪兹 朱利安. 伍德/著，中国金融出版社，2005年。(“An Introduction to Global Financial Market”, 4th Edition, by Stephen Valdez, 2003.)4“Lombard Street: A Description of The Money Market”, by Walter Bagehot.5货币银行学，黄达/编， 中国人民大学出版社。6货币银行学，夏德仁 李念斋/编，中国金融出版社。Part 1 导言(Introduction)Chapter 1 为什么要研究货币、银行和金融市场?(Why study Money, Banking, and Financial Market)?一.为什么要研究金融市场(Why study Financial Market)？Part 2 of this book focuses on financial market, market in which funds are transferred from people who have an excess of available funds to people who a shortage. Financial market such as stock market and bond market are important in channeling funds from people who do not have a productive use for them to those who do, a process that results in greater economic efficiency. Activities in financial market also have direct effects on personal wealth, the behavior of businesses and consumers, and the overall performance of the economy.（一）债券市场(The Band Market and Interest Rates)A security (also called a financial instrument) is a claim on the issuers future income or assets (any financial claim or piece of property that is subject to ownership). A bond is a debts security that promises to make payments periodically for a specified period of time. The bond market is especially important to economic activities and because it enable corporations or governments to borrow to finance their activities and because it is where interest rates are determined. An interest rate is the cost of borrowing or the price paid for the rental of funds. There are many interest rates in the economymortgage interest rate, car loan rate, and interest rates on many different types of bonds.Because different interest rates have a tendency to move in unison, economists frequently lump interest rates together and refer to “the” interest rate.（二）股票市场(The Stock Market)A stock represents a share of ownership in a corporation. It is a security that 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, in which claims on the earnings of corporations (shares of stock) are traded, is the most widely followed financial market in America (thats why it is often called simply “the market”). A big swing in the prices of shares in the stock market is always a big story on the evening news. People often express their opinion on where the market is heading and frequently tell you about their latest “big killing”(although you seldom hear about their latest “big loss”!). The attention the market receives can probably be best explained by one simple fact: It is a place where people can get rich quickly.The stock market is also an important factor in business investment decisions because the price of shares affects the amount of funds that can be raised by selling newly issued stock to finance investment spending. A higher price for a firms shares means that is it can raise a large amount of funds, which can be used to buy production facilities and equipment.（三）外汇市场(The Foreign Exchange Market)For funds to be transferred from one country to another, they have to be converted from one currency in the country of origin (say, renminbi) into the currency of the country they are going to (say, U.S. dollars). The foreign exchange market is where this conversion takes place, and so it is instrumental in moving funds between countries. It is also important because it is where the foreign exchange rate, the price of one countrys currency in terms of anothers, is determined.What have these fluctuations in the exchange rate meant to the Chinese public and businesses?二为什么要研究银行和金融机构(Why study Banking and Financial Institutions)？（一） 金融体系结构(Structure of the Financial System)The financial system is complex, comprising many different types of private sector financial institutions, including banks, insurance companies, mutual funds, financial companies, and investment banks, all of which are heavily regulated by the government. If an individual wanted to make a loan to IBM or GM, for example, they would not go directly to the president of the company and offer a loan. Instead, they would lend to such companies in directly through financial intermediaries, institutions that borrow funds from people who have saved and in turn make loan to others.Why are financial intermediaries so crucial to well-functioning financial markets? Why do they extend credit to one party but not to another? Why do they usually write complicated legal documents when they extend loans? Why are they the most heavily regulated businesses in the economy?（二） 银行以及其他金融机构(Banks and Other Financial Institutions)银行（banks）是接受存款和提供贷款的金融机构。在我们对货币和经济的研究中，银行所以重要，主要有三个原因：1, 它们为打算储蓄的人们和打算投资的人们提供联系的桥梁。2, 它们在决定货币供应和传导货币政策效力方面发挥重要作用。3, 它们一向是迅速发展的金融创新的源泉之一；这些创新拓展了我们将储蓄变为投资的渠道。However, banks are not the only important financial institutions. Indeed, in recent years, other financial institutions such as insurance companies, finance companies, pension funds, mutual funds, and investment banks have been growing at the expense of banks, and so we need to study them as well.（三） 金融创新(Financial Innovation)In the good old days, when you took cash out of the bank or wanted to check your account balance, you got to say hello to the friendly teller. Nowadays you are more likely to interact with an automatic teller machine when withdrawing cash, and you can get your account balance from your home computer. To see why these options have been developed, we study why and how financial innovation takes place in Chapter 9, 10, and 13. We also study financial institutions can lead to high profit. By seeing how and why financial institutions have been creative in the past, we obtain a better grasp of how they may be creative in the future. This knowledge provides us with useful clues about how the financial system may change over time and will help keep our knowledge about banks and other financial institutions from becoming obsolete.三为什么要研究货币和货币政策（Why study Money and Monetary Police）？（一）货币和商业周期（Money and Business Cycles）在20世纪的每次衰退（recessions）之前，货币的增长率都是下降的，这表明，货币的变化可能是商业周期波动的一个原动力。在研究货币理论，亦即分析货币数量的变化与经济的总体运作变动和物价水平变化的联系的时候，我们将探讨货币可能怎样影响总产出（aggregate output）。（二）货币和通货膨胀（Money and Inflation）一个经济社会的商品和劳务的平均价格被称为物价总水平（aggregate price level），或者更简单地称为物价水平。通货膨胀（inflation）亦即物价水平的持续上涨，影响着个人、企业和政府。通货膨胀通常被认为是一个需要解决的重要问题，而且常常是政治家和决策者首要关心的问题。要抑制通货膨胀，我们需要了解它的缘起。什么原因造成了通货膨胀？正如我们看到的，物价水平和货币的走势相当一致。经济数据表明：货币供应的持续增加可能是造成通货膨胀的亦即物价水平持续升高的的一个重要因素。诺贝尔经济学奖得主米尔顿·弗里德曼作出了他的著名论断：“通货膨胀无论何时都是一个货币现象(Inflation is alwaysand everywhere a monetary phenomenon)。” 这一表述为我们研究货币问题提供了一个很好的理由，因为货币的增长率可能是通货膨胀的原动力。我们将通过研究货币数量的变化同物价水平变化的关系来考察货币在造成通货膨胀方面的作用。（三）货币和利率（Money and Interest Rates）利率（interest rate）是借钱的费用，或者说，是租用资金所支付的价格（通常用百分比表示100块钱的年租费）。在经济中，存在着很多重利率。利率在很多方面是很重要的。对每个人来说，高利率可能阻止你去买车买房，相反，高利率可能鼓励你去储蓄。从更一般的观点来看，利率对经济的总体状况也有影响，因为它不仅影响消费者的支出和储蓄的意愿，而且影响企业的投资决策。例如，高利率也许会使公司推迟建造厂房，而这本可以提供更多的工作岗位。同物价是波动的一样，利率也是波动的。这些波动意味着什么？它们是由什么原因造成的？除了其它因素之外，货币在利率的波动中发挥着重要的作用。（四）货币政策的实施（Conduct of Money policy）由于货币会影响许多对于我们社会的福利十分重要的经济变量，政治家和决策者便很关心货币政策（monetary policy）的实施。实施货币政策的组织是中央银行。在后面的章节里我们要研究中央银行如何能够影响经济中的货币数量，然后考察货币政策实际上是怎样实施的。（五）预算和货币政策(Budget Deficits and Monetary Policy)预算赤字（budget deficit）即政府在某一时期中（通常为一年）的支出超过了其税收收入的差额，这是政府必须通过借钱来弥补的。这样的赤字是不利的，因为它们最终将导致通货膨胀。后面的章节我们将首先考察赤字筹资对货币政策的实施造成的影响，继而分析这些赤字何以导致较高的货币增长率、较高的通货膨胀率以及较高的利率。四如何学习货币，银行和金融市场（How we study Money, Banking, and Financial Markets）五结束语(Concluding Remarks)货币、银行和金融市场是令人感兴趣的研究领域。我们不仅要讨论那些直接影响你日常生活的问题，诸如你的贷款和储蓄的利率，货币政策在未来将如何影响你的就业前景及商品的价格等等，还将使你对不断在新闻媒介中听到的各种经济现象有一个较清晰的理解。我们对货币、银行和金融市场的研究，还将向你介绍当前在政治舞台上激烈争论的许多有关实施论战。六总结(Summary)1金融市场的活动对于个人财富、工商企业行为以及我们经济的效率都有着直接的影响。有三类金融市场特别值得注意，即债券市场（利率在其中决定）、股票市场（它对人们的财富和企业的投资决策有重要的影响）和外汇市场（对于像中国这样一个外贸依存度较高的国家来说，人民币汇率的波动对中国经济有着巨大的影响）。2在众多引导资金由非生产性用途转至生产性用途的金融中介中，银行是最为重要的。银行在创造货币的过程中起着关键作用；在60年代以来迅猛发展的金融创新中，银行也是重要的因素。3货币对通货膨胀、商业周期和利率看起来有着重要的影响，由于这些经济变量对经济的健康运行是如此重要，我们有必要去理解货币政策是什么以及它是怎样实施的。同样，我们也需要研究政府的财政预算，因为它是影响货币政策实施的重要因素。第一章附录 对总产出、总收入和物价水平的定义1 总产出和总收入a. 国内生产总值（gross domestic product，GDP）是一个最常用的指标，它指的是一国在一年内生产的所有最终产品和劳务的价值。这一指标不包括以下两类产品：过去的产品（不是当年的产品和劳务）和中间产品（最终产品已经包括了中间产品的价值，否则就会造成重复计算）。b. 另一个度量总产出的指标是国民生产总值（gross national product，GNP），它指的是一年内由国内拥有的生产要素所生产的最终产品和劳务的价值。GNP与GDP的区别是：它包括了在国外的该国个人和企业所创造的收入，而GDP则相反。准确点说，GNPGDPnet receipts of factor income from the rest of the worldThe net receipts are primarily the income domestic residents earn on wealth they hold in other countries less the payment domestic residents make to foreign owners of wealth located at home.c. 总收入（aggregate income）指的是一年中生产要素（土地、劳动和资本）在生产商品和劳务过程中所获得的全部收入，它被认为是计量总产出的最好指标。由于对最终商品和劳务的支付，必然会作为收入流回生产要素的所有者手中，收入的支付必然等于对最终商品和劳务的支付。2 真实量和名义量的区别(Real Versus Nominal Magnitudes)当最终商品和劳务的总值以现价计算的时，得出的GDP被称为名义（nominal）GDP。“名义”一词表明，价值是按现价计算的。如果所有的价格都翻了一翻，而现实的商品和劳务的生产保持不变，则名义GDP也将翻一翻。这样看来名义量值可能成为导致对经济福利指标产生误解的指标。较为可靠的经济福利指标是一种人为确定的基年（美国目前为1987年）价格来计值。以不变价格来计算的GDP被称为真实GDP。“真实”一词表明，价值是以不变价格计算的。这样，真实量值计算了商品和劳务的实际数量，它不因价格变化而变化。3 物价总水平(Aggregate Price Level)我们把物价总水平定义为消费物价指数（consumer price index，CPI）。CPI也以基年为100的物价指数来表示。