Chap26储蓄、投资与金融体系.ppt

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1、Saving,Investment,and the Financial System储蓄、投资与金融体系储蓄、投资与金融体系Chapter 26Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Financial System 金融体系金融体系uThe financial system consists of institutions that help to match one persons saving with another persons investment.金融体系金融体系由经济中帮助

2、一个人的储蓄与另一由经济中帮助一个人的储蓄与另一个人的投资相匹配的机构组成。个人的投资相匹配的机构组成。uIt moves the economys scarce resources from savers to borrowers.它把经济的稀缺资源从储蓄者手中转移到借它把经济的稀缺资源从储蓄者手中转移到借贷者手中。贷者手中。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Institutions in the U.S.EconomyuThe financial system is m

3、ade up of financial institutions that coordinate the actions of savers and borrowers.uFinancial institutions can be grouped into two different categories:financial markets and financial intermediaries.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.美国经济中的金融机构美国经济中的金融机构u金融体系由帮助协调储

4、蓄者与借贷金融体系由帮助协调储蓄者与借贷者的各种金融机构所组成。者的各种金融机构所组成。u金融机构可以分为两种类型：金融金融机构可以分为两种类型：金融市场和金融中介机构。市场和金融中介机构。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Institutions in the U.S.Economy美国经济中的金融机构美国经济中的金融机构uFinancial Markets 金融市场金融市场uStock Market 股票市场股票市场uBond Market 债券市场债券市场uFinan

5、cial Intermediaries 金融中介机构金融中介机构uBanks 银行银行uMutual Funds 共同基金共同基金Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Institutions in the U.S.Economy美国经济中的金融机构美国经济中的金融机构uFinancial markets are the institutions through which savers can directly provide funds to borrowers.金融市场金

6、融市场想储蓄的人直接向想借款的想储蓄的人直接向想借款的人提供资金的机构。人提供资金的机构。uFinancial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.金融中介机构金融中介机构储蓄者可以储蓄者可以 通过它间通过它间接地向借款者提供资金的金融机构。接地向借款者提供资金的金融机构。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financia

7、l MarketsuThe Bond MarketA bond is a certificate of indebtedness thatspecifies obligations of the borrower to the holder of the bond.Characteristics of a BondTerm:The length of time until the bond matures.Credit Risk:The probability that the borrower will fail to pay some of the interest or principa

8、l.Tax Treatment:The way in which the tax laws treat the interest on the bond.Municipal bonds are federal tax exempt.IOUHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.金融市场金融市场u债券市场债券市场债券债券一种债务证明书，规定了借款一种债务证明书，规定了借款人向债券持有人的负债责任。人向债券持有人的负债责任。债券特点债券特点期限期限:债券到期之前的时间长度。债券到期之前的时间长度。信用风

9、险信用风险:借款者不能支付某些利息或本金的可借款者不能支付某些利息或本金的可能性。能性。税收待遇税收待遇:税法对待债券所赚到的利息的方式。税法对待债券所赚到的利息的方式。市政债券利息免征联邦所得税。市政债券利息免征联邦所得税。IOUHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Markets uThe Stock MarketStock represents a claim to partial ownership in a firm and is therefore,a claim

10、to the profits that the firm makes.The sale of stock to raise money is called equity financing.Compared to bonds,stocks offer both higher risk and potentially higher returns.The most important stock exchanges in the United States are the New York Stock Exchange,the American Stock Exchange,and NASDAQ

11、.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.金融市场金融市场 u股票市场股票市场股票股票 代表企业的所有权，所以也代表对所获代表企业的所有权，所以也代表对所获得利润的索取权。得利润的索取权。出售股票来筹资称为出售股票来筹资称为股本筹资。股本筹资。与债券相比，股票的风险高，潜在收益也高。与债券相比，股票的风险高，潜在收益也高。美国经济中最重要的股票交易所是纽约股美国经济中最重要的股票交易所是纽约股票交易所、美国股票交易所和纳斯达克票交易所、美国股票交易所和纳斯达克（NASDAQ）。）。Harcourt,

12、Inc.items and derived items copyright 2001 by Harcourt,Inc.The Stock MarketMost newspaper stock tables provide the following information:uPrice(of a share)uVolume(number of shares sold)uDividend(profits paid to stockholders)uPrice-earnings ratioHarcourt,Inc.items and derived items copyright 2001 by

13、Harcourt,Inc.股票市场股票市场大多数报纸的股票栏目提供以下信息：大多数报纸的股票栏目提供以下信息：u价格价格(每股每股)u交易量交易量(股票销售的量股票销售的量)u股利股利(付给股票持有人的利润付给股票持有人的利润)u价格每股赢利率价格每股赢利率（P/E）Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Intermediaries金融中介机构金融中介机构uFinancial intermediaries are financial institutions through w

14、hich savers can indirectly provide funds to borrowers.金融中介机构金融中介机构储蓄者可以通过它间储蓄者可以通过它间接地向借款者提供资金的金融机构。接地向借款者提供资金的金融机构。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial IntermediariesuBankstake deposits from people who want to save and use the deposits to make loans to peopl

15、e who want to borrow.pay depositors interest on their deposits and charge borrowers slightly higher interest on their loans.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.金融中介机构金融中介机构u银行银行从想储蓄的人那里得到存款，并用这些存从想储蓄的人那里得到存款，并用这些存款向想借款的人进行贷款。款向想借款的人进行贷款。向存款人的存款支付利息，并向借款人的向存款人的存款支付利息，并

16、向借款人的贷款收取略高一点的利息。贷款收取略高一点的利息。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Intermediaries uBanksBanks help create a medium of exchange by allowing people to write checks against their deposits.A medium of exchanges is an item that people can easily use to engage in tr

17、ansactions.This facilitates the purchases of goods and services.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.金融中介机构金融中介机构u银行银行银行通过允许人们根据自己的存款签发支银行通过允许人们根据自己的存款签发支票，帮助创造出一种票，帮助创造出一种交换媒介。交换媒介。交换媒介是人们能容易地用来进行交易的东交换媒介是人们能容易地用来进行交易的东西。西。这方便了物品与劳务的购买。这方便了物品与劳务的购买。Harcourt,Inc.items

18、and derived items copyright 2001 by Harcourt,Inc.Financial Intermediaries:Mutual FundsuA mutual fund is an institution that sells shares to the public and uses the proceeds to buy a selection,or portfolio,of various types of stocks,bonds,or both.uThey allow people with small amounts of money to easi

19、ly diversify.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.金融中介机构金融中介机构:共同基金共同基金u共同基金共同基金 是一个向公众出售股份，并用是一个向公众出售股份，并用收入购买各种股票、债券，或股票与债券收入购买各种股票、债券，或股票与债券都有的选择，或资产组合的机构。都有的选择，或资产组合的机构。u它们可以使钱并不多的人进行多元化投资。它们可以使钱并不多的人进行多元化投资。Harcourt,Inc.items and derived items copyright 2001 by Ha

20、rcourt,Inc.Financial Intermediaries：Other Financial Institutions 金融中介机构：其他金融机构金融中介机构：其他金融机构uCredit unions 信用社信用社 uPension funds 养老基金养老基金uInsurance companies 保险公司保险公司uLoan sharks 地方高利贷者地方高利贷者Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Saving and Investment in the National Inco

21、me Accounts国民收入帐户中的储蓄与投资国民收入帐户中的储蓄与投资Recall that GDP is both total income in an economy and total expenditure on the economys output of goods and services:我们还记得，我们还记得，GDP既是一个经济的总收入，又既是一个经济的总收入，又是用于经济的物品与劳务产量的总支出。是用于经济的物品与劳务产量的总支出。Y=C+I+G+NXHarcourt,Inc.items and derived items copyright 2001 by Harco

22、urt,Inc.Some Important Identities一些重要的恒等式一些重要的恒等式Assume a closed economy one that does not engage in international trade:假设一个封闭经济假设一个封闭经济不与其他经济交不与其他经济交易的经济。易的经济。Y=C+I+GHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Some Important IdentitiesuNow,subtract C and G from both sides o

23、f the equation:Y C G=IuThe left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving,or just saving(S).Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.一些重要恒等式一些重要恒等式u现在，从上面等式两边减去现在，从上面等式两边减去C 和

24、和 G，得出得出:Y C G=Iu这个等式的左边是在用于消费和政府购这个等式的左边是在用于消费和政府购买之后留下的总收入，这个量被称为买之后留下的总收入，这个量被称为国国民储蓄，民储蓄，或简称或简称 储蓄储蓄(S)。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Some Important Identities一些重要的恒等式一些重要的恒等式uSubstituting S for Y-C-G,the equation can be written as:用用S代替代替Y-C-G，上式可以写为：上式可以写为

25、：S=IHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Some Important Identities一些重要的恒等式一些重要的恒等式uNational saving,or saving,is equal to:国民储蓄或储蓄等于：国民储蓄或储蓄等于：S=IS=Y C G S=(Y T C)+(T G)Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Meaning of Saving and Investme

26、ntuNational SavingNational saving is the total income in the economy that remains after paying for consumption and government purchases.uPrivate SavingPrivate saving is the amount of income that households have left after paying their taxes and paying for their consumption.Private saving=(Y T C)Harc

27、ourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.储蓄与投资的含义储蓄与投资的含义u国民储蓄国民储蓄国民储蓄国民储蓄一个经济在用于消费和政一个经济在用于消费和政府购买后剩下的总收入。府购买后剩下的总收入。u私人储蓄私人储蓄私人储蓄私人储蓄家庭在支付了税收和消费家庭在支付了税收和消费之后剩余的收入量。之后剩余的收入量。私人储蓄私人储蓄=(Y T C)Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Meaning of Sav

28、ing and InvestmentuPublic SavingPublic saving is the amount of tax revenue that the government has left after paying for its spending.Public saving =(T G)Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.储蓄与投资的含义储蓄与投资的含义u公共储蓄公共储蓄公共储蓄公共储蓄政府在支付其支出后剩余的政府在支付其支出后剩余的税收收入量。税收收入量。公共储蓄公共储蓄

29、=(T G)Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Meaning of Saving and InvestmentuSurplus and DeficitIf T G,the government runs a budget surplus because it receives more money than it spends.The surplus of T-G represents public saving.If G T,the government runs a budget

30、deficit because it spends more money than it receives in tax revenue.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.储蓄与投资的含义储蓄与投资的含义u预算盈余与预算赤字预算盈余与预算赤字如果如果TG，政府由于得到的资金大于支政府由于得到的资金大于支出，政府有出，政府有预算赢余。预算赢余。这种这种 T-G 的盈余代表的盈余代表 公共储蓄。公共储蓄。如果如果 GT，政府支出大于其税收收入，政府支出大于其税收收入，政府有政府有预算赤字。预算赤字

31、。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Meaning of Saving and Investment 储蓄与投资的含义储蓄与投资的含义uFor the economy as a whole,saving must be equal to investment.对整个经济而言，储蓄必定等于投对整个经济而言，储蓄必定等于投资。资。S=IHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Market

32、 for Loanable Funds可贷资金市场可贷资金市场Financial markets coordinate the economys saving and investment in the market for loanable funds.金融市场在金融市场在 可贷资金市场可贷资金市场上协调经上协调经济中的储蓄与投资。济中的储蓄与投资。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Market for Loanable Funds可贷资金市场可贷资金市场uThe market fo

33、r loanable funds is the market in which those who want to save supply funds and those who want to borrow to invest demand funds.可贷资金市场可贷资金市场想储蓄提供资金的人想储蓄提供资金的人和想为投资需求借资金的人的市场。和想为投资需求借资金的人的市场。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Market for Loanable Funds可贷资金市场可贷资金市场L

34、oanable funds refers to all income that people have chosen to save and lend out,rather than use for their own consumption.可贷资金可贷资金是指人们选择储蓄并贷出而是指人们选择储蓄并贷出而不用于自己消费的所有收入。不用于自己消费的所有收入。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.uThe supply of loanable funds comes from people who

35、have extra income they want to save and lend out.uThe demand for loanable funds comes from households and firms that wish to borrow to make investments.Supply and Demand for Loanable FundsHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.u可贷资金的供给来自那些有额外收入可贷资金的供给来自那些有额外收入并想储蓄和贷出的人。并

36、想储蓄和贷出的人。u可贷资金的需求来自希望借款进行投可贷资金的需求来自希望借款进行投资的家庭和企业。资的家庭和企业。可贷资金的供给与需求可贷资金的供给与需求Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.uThe interest rate is the price of the loan.uIt represents the amount that borrowers pay for loans and the amount that lenders receive on their saving.uTh

37、e interest rate in the market for loanable funds is the real interest rate.Supply and Demand for Loanable FundsHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.u利率利率 是贷款的价格。是贷款的价格。u它代表借款者要为贷款支付的量以及它代表借款者要为贷款支付的量以及贷款者从其储蓄得到的量。贷款者从其储蓄得到的量。u可贷资金市场上的利率是可贷资金市场上的利率是实际实际利率。利率。可贷资金的供给与需求可

38、贷资金的供给与需求Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Supply and Demand for Loanable Funds可贷资金的供给与需求可贷资金的供给与需求uFinancial markets work much like other markets in the economy.金融市场的运行很像经济中其他市场的运行。金融市场的运行很像经济中其他市场的运行。uThe equilibrium of the supply and demand for loanable funds det

39、ermines the real interest rate.可贷资金市场的供给与需求均衡决定了可贷资金市场的供给与需求均衡决定了实际利率。实际利率。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Loanable Funds(in billions of dollars)可贷资金可贷资金0Interest Rate利率利率Demand需求需求Supply供给供给5%$1,200Figure 1 Market for Loanable Funds图图1.可贷资金市场可贷资金市场 Harcourt,Inc.i

40、tems and derived items copyright 2001 by Harcourt,Inc.Supply and Demand for Loanable FundsuGovernment Policies That Affect Saving and InvestmentTaxes and savingTaxes and investmentGovernment budget deficitsHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.可贷资金的供给与需求可贷资金的供给与需求u影响储蓄与

41、投资的政府政策影响储蓄与投资的政府政策税收与储蓄税收与储蓄税收与投资税收与投资政府预算赤字政府预算赤字Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Policy 1:Saving Incentives 政策政策1：储蓄激励：储蓄激励Taxes on interest income substantially reduce the future payoff from current saving and,as a result,reduce the incentive to save.对利息收入征税大大减

42、少了现期储蓄的未来对利息收入征税大大减少了现期储蓄的未来收益，因此，减少了对人们储蓄的激励。收益，因此，减少了对人们储蓄的激励。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Policy 1:Saving Incentives uA tax decrease increases the incentive for households to save at any given interest rate.uThe supply of loanable funds curve shifts to the r

43、ight.uThe equilibrium interest rate decreases.uThe quantity demanded for loanable funds increases.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.政策政策1：储蓄激励：储蓄激励u税收减少提高了任何一种既定利率税收减少提高了任何一种既定利率水平下对家庭储蓄的激励。水平下对家庭储蓄的激励。u可贷资金的供给曲线向右移动。可贷资金的供给曲线向右移动。u均衡利率下降。均衡利率下降。u对可贷资金的需求量增加对可贷资金的需求

44、量增加。Figure 2 An Increase in the Supply of Loanable FundsLoanable Funds(in billions of dollars)0InterestRateSupply,S1S22.whichreduces theequilibriuminterest rate.3.and raises the equilibriumquantity of loanable funds.Demand1.Tax incentives forsaving increase thesupply of loanablefunds.5%$1,2004%$1,60

45、0S21.储蓄的税收激励储蓄的税收激励增加了可贷资金的增加了可贷资金的供给供给.图图2.可贷资金供给增加可贷资金供给增加可贷资金可贷资金(10亿美元亿美元)0利率利率5%供给供给,S1$1,200需求需求$1,6003.并增加了可贷资金均衡数量。并增加了可贷资金均衡数量。4%2.这导致均这导致均衡利率下降衡利率下降.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Policy 1:Saving Incentives 政策政策1：储蓄激励：储蓄激励If a change in tax law encourag

46、es greater saving,the result will be lower interest rates and greater investment.如果税法变动鼓励了更多储蓄，结果如果税法变动鼓励了更多储蓄，结果是利率是利率下降下降和投资和投资增加。增加。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Policy 2:Investment Incentives 政策政策2：储蓄与投资储蓄与投资uAn investment tax credit increases the incentive

47、to borrow.投资税收优惠提高了借款的激励。投资税收优惠提高了借款的激励。uIncreases the demand for loanable funds.提高了对可贷资金的需求。提高了对可贷资金的需求。uShifts the demand curve to the right.使需求曲线向右移动。使需求曲线向右移动。uResults in a higher interest rate and a greater quantity saved.导致更高的利率和更大的储蓄量。导致更高的利率和更大的储蓄量。Harcourt,Inc.items and derived items copyri

48、ght 2001 by Harcourt,Inc.Policy 2:Investment Incentives 政策政策2：储蓄与投资储蓄与投资If a change in tax laws encourages greater investment,the result will be higher interest rates and greater saving.如果税法变动鼓励更多投资，结果是如果税法变动鼓励更多投资，结果是利率上升而储蓄更多。利率上升而储蓄更多。Figure 3 An Increase in the Demand for Loanable FundsLoanable

49、Funds(in billions of dollars)0InterestRate1.An investmenttax creditincreases thedemand for loanable funds.2.whichraises theequilibriuminterest rate.3.and raises the equilibriumquantity of loanable funds.SupplyDemand,D1 D25%$1,2006%$1,400图图3.可贷资金需求增加可贷资金需求增加可贷资金可贷资金(10亿美元亿美元)0 利率利率5%$1,200供给供给需求需求,D1

50、 1.投资赋税优惠增加投资赋税优惠增加了可贷资金的需求了可贷资金的需求.D26%2.这导致均这导致均衡利率上升衡利率上升.$1,4003.并增加了可贷资金均衡量。并增加了可贷资金均衡量。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Policy 3:Government Budget Deficits and Surpluses政策政策3：政府预算赤字与盈余：政府预算赤字与盈余uWhen the government spends more than it receives in tax revenues