《货币、银行和金融市场经济学》第八版.pptx

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1、Copyright 2010 Pearson Addison-Wesley.All rights reserved.Chapter 01Why Study Money,Banking,and Financial Markets?Copyright 2010 Pearson Addison-Wesley.All rights reserved.1-2Why Study Money,Banking,and Financial MarketsTo examine how financial markets such as bond and stock markets workTo examine h

2、ow financial institutions such as banks workTo examine the role of money in the economyCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-3Part1 IntroductionChap1 Why Study Money,Banking and Financial Markets?Chap2 An overviews of the Financial SystemChap3 What is Money?Copyright 2010 Pears

3、on Addison-Wesley.All rights reserved.1-4Part2 Financial Markets and Financial Institutions Chap4 Understanding Interest RatesChap5 The Behavior of Interest RatesChap6 BankingCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-5FIGURE 1 Interest Rates on Selected Bonds,19502008Sources:Federa

4、l Reserve Bulletin;www.federalreserve.gov/releases/H15/data.htm.Copyright 2010 Pearson Addison-Wesley.All rights reserved.1-6Part3 Central Banking and the Conduct of Monetary PolicyChap7 Structure of Central banks Chap8 Multiple Deposit Creation and the Money Supply ProcessChap9 Determinants of the

5、Money SupplyChap10 Tools of Monetary PolicyChap11 What should central Banks Do?Monetary Policy Goals,Strategy and TacticsCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-7Part4 Money TheoryChap12 The Demand for MoneyChap13 Aggregate Demand and Supply AnalysisChap14 Transmission Mechanisms

6、 of Monetary Policy:The EvidenceChap15 Money and InflationCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-8FIGURE 4 Aggregate Price Level and the Money Supply in the United States,19502008Sources:www.stls.frb.org/fred/data/gdp/gdpdef;www.federalreserve.gov/releases/h6/hist/h6hist10.txt.C

7、opyright 2010 Pearson Addison-Wesley.All rights reserved.1-9Money and InflationThe aggregate price level is the average price of goods and services in an economyA continual rise in the price level(inflation)affects all economic playersData shows a connection between the money supply and the price le

8、velCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-10FIGURE 5 Average Inflation Rate Versus Average Rate of Money Growth for Selected Countries,19972007Source:International Financial Statistics.Copyright 2010 Pearson Addison-Wesley.All rights reserved.1-11FIGURE 6 Money Growth(M2 Annual

9、Rate)and Interest Rates(Long-Term U.S.Treasury Bonds),19502008Sources:Federal Reserve Bulletin,p.A4,Table 1.10;www.federalreserve.gov/releases/h6/hist/h6hist1.txt.Copyright 2010 Pearson Addison-Wesley.All rights reserved.1-12Money and Interest RatesInterest rates are the price of moneyPrior to 1980,

10、the rate of money growth and the interest rate on long-term Treasury bonds were closely tiedSince then,the relationship is less clear but the rate of money growth is still an important determinant of interest ratesCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-13FIGURE 3 Money Growth(M2

11、 Annual Rate)and the Business Cycle in the United States,19502008Note:Shaded areas represent recessions.Source:Federal Reserve Bulletin,p.A4,Table 1.10;www.federalreserve.gov/releases/h6/hist/h6hist1.txt.Copyright 2010 Pearson Addison-Wesley.All rights reserved.1-14How We Will Study Money,Banking,an

12、d Financial MarketsA simplified approach to the demand for assetsThe concept of equilibriumBasic supply and demand to explain behavior in financial marketsThe search for profitsAn approach to financial structure based on transaction costs and asymmetric informationAggregate supply and demand analysi

13、sCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-15References米什金，货币金融学（中文）（8)，清华大学出版社，2009米什金，货币金融学（中文）（9)，人民大学出版社，2011易纲、吴有昌，货币银行学，上海人民出版社，1999年 武康平，货币银行学教程清华大学出版社2006年黄达，货币银行学，中国人民大学出版社2000年戴国强，货币银行学，上海财经大学出版社，2003 托马斯，货币，银行业和金融市场机械工业出版社2008R.哈里斯著，梁小民译：货币理论，中国金融出版社，北京，1989Copyright 201

14、0 Pearson Addison-Wesley.All rights reserved.Chapter 3What Is Money?Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-17Meaning of Money（货币货币）What is it?Money(or the“money supply”):anything that is generally accepted in payment for goods or services or in the repayment of debts.Copyright 2

15、010 Pearson Addison-Wesley.All rights reserved.3-18Meaning of MoneyMoney(a stock concept)is different from:Currency:consist of dollar bills（钞票）and coins（硬币）,currency is one type of money.Wealth（财富）:the total collection of pieces of property that serve to store valueIncome（收入）:flow of earnings per un

16、it of time(a flow concept)Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-19Functions of MoneyMedium of Exchange（交易媒价）:Eliminates the trouble of finding a double coincidence of needs(reduces transaction costs)Promotes specializationA medium of exchange mustbe easily standardizedbe widely

17、 acceptedbe divisiblebe easy to carrynot deteriorate quicklyCopyright 2010 Pearson Addison-Wesley.All rights reserved.3-20Functions of MoneyUnit of Account（计算单位）:used to measure value in the economyreduces transaction costsStore of Value（价值尺度）:used to save purchasing power over time.other assets als

18、o serve this function Money is the most liquid of all assets but loses value during inflationCopyright 2010 Pearson Addison-Wesley.All rights reserved.3-21Evolution of the Payments System（支付制度的演变）（支付制度的演变）Commodity Money（商品货币）:valuable,easily standardized and divisible commodities(e.g.precious metal

19、s,cigarettes).Fiat Money（不兑现纸币）:paper money decreed by governments as legal tender（法定货币）.Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-22Evolution of the Payments SystemChecks（支票）:an instruction to your bank to transfer money from your accountElectronic Payment(电子支付，e.g.online bill pay

20、).E-Money(electronic money，电子货币):Debit cardStored-value card(smart card)E-cash Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-23Measuring MoneyHow do we measure money?Which particular assets can be called“money”?Construct monetary aggregates using the concept of liquidity:M1(most liquid

21、 assets)=currency（通货）+travelers checks（旅行支票）+demand deposits（活期存款）+other checkable deposits（其他支票存款）.Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-24Measuring MoneyM2(adds to M1 other assets that are not so liquid)=M1+small denomination time deposits（小面额定期存款）+savings deposits and money

22、market deposit accounts（储蓄存款和货币市场存款账户）+money market mutual fund shares（retail）（货币市场互助基金份额（非机构持有）.Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-25Table 1 Measures of the Monetary AggregatesCopyright 2010 Pearson Addison-Wesley.All rights reserved.3-26Monetary AggregatesCurrencyTravelers

23、 ChecksDemand DepositsOther Check.DepM1M2M3Small Den.Dep.Savings and MMMoney Market Mutual Funds SharesCopyright 2010 Pearson Addison-Wesley.All rights reserved.3-27 存款的种类：存款的种类：存款的种类：存款的种类：*活期存款：这种存款，支用时须活期存款：这种存款，支用时须活期存款：这种存款，支用时须活期存款：这种存款，支用时须使用银行规定的使用银行规定的使用银行规定的使用银行规定的支票支票支票支票，又称为支票存款。企业、个人、政府

24、机关、，又称为支票存款。企业、个人、政府机关、，又称为支票存款。企业、个人、政府机关、，又称为支票存款。企业、个人、政府机关、金融机构都能在银行开立活期存款账户。金融机构都能在银行开立活期存款账户。金融机构都能在银行开立活期存款账户。金融机构都能在银行开立活期存款账户。定期存款：指那些具有确定的到期期限才准提取定期存款：指那些具有确定的到期期限才准提取定期存款：指那些具有确定的到期期限才准提取定期存款：指那些具有确定的到期期限才准提取的存款。的存款。的存款。的存款。储蓄存款：这主要是针对储蓄存款：这主要是针对储蓄存款：这主要是针对储蓄存款：这主要是针对居民个人居民个人居民个人居民个人积蓄货币之

25、需积蓄货币之需积蓄货币之需积蓄货币之需所开办的一种存款业务。一般所开办的一种存款业务。一般所开办的一种存款业务。一般所开办的一种存款业务。一般不能据此签发支票不能据此签发支票不能据此签发支票不能据此签发支票，支用时只能提取现金或先转入存户的活期存款账支用时只能提取现金或先转入存户的活期存款账支用时只能提取现金或先转入存户的活期存款账支用时只能提取现金或先转入存户的活期存款账户。它可以进一步分为活期和定期两大类。户。它可以进一步分为活期和定期两大类。户。它可以进一步分为活期和定期两大类。户。它可以进一步分为活期和定期两大类。Copyright 2010 Pearson Addison-Wesle

26、y.All rights reserved.3-28 中国的货币计量：中国的货币计量：中国的货币计量：中国的货币计量：M0=M0=M0=M0=流通中现金流通中现金流通中现金流通中现金 M1=M0+M1=M0+M1=M0+M1=M0+企事业单位活期存款企事业单位活期存款企事业单位活期存款企事业单位活期存款 M2=M1+M2=M1+M2=M1+M2=M1+企事业单位定期存款企事业单位定期存款企事业单位定期存款企事业单位定期存款+居民储蓄存款居民储蓄存款居民储蓄存款居民储蓄存款 +证券公司客户保证金证券公司客户保证金证券公司客户保证金证券公司客户保证金 +其他存款其他存款其他存款其他存款Copyri

27、ght 2010 Pearson Addison-Wesley.All rights reserved.3-29 货币概览货币概览 Monetary Survey项目项目 Items2005 2005 货币和准货币货币和准货币 Money&Quasi money296040.13 货币货币 Money（M1）107279.91 流通中现金流通中现金 Currency in circulation 24032.82 活期存款活期存款 Demand deposits83247.09 准货币准货币 Quasi money188760.22 定期存款定期存款 Time deposits33099.99

28、 储蓄存款储蓄存款 Saving deposits141050.99 其他存款其他存款 Other deposits14609.24Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-30M1 vs.M2Does it matter which measure of money is considered?M1 and M2 can move in different directions in the short run(see figure).Conclusion:the choice of monetary aggreg

29、ate is important for policymakers.Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-31FIGURE 1 Growth Rates of the M1 and M2 Aggregates,19602008Sources:Federal Reserve Bulletin,p.A4,Table 1.10,various issues;Citibase databank;www.federalreserve.gov/releases/h6/hist/h6hist1.txt.Copyright 20

30、10 Pearson Addison-Wesley.All rights reserved.3-32How Reliable are the Money Data?Revisions are issued because:Small depository institutions report infrequentlyAdjustments must be made for seasonal variationWe probably should not pay much attention to short-run movements in the money supply numbers,

31、but should be concerned only with longer-run movementsCopyright 2010 Pearson Addison-Wesley.All rights reserved.3-33Table 2 Growth Rate of M2:Initial and Revised Series,2008(percent,compounded annual rate)Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-34Copyright 2010 Pearson Addison-We

32、sley.All rights reserved.3-35Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-36Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-37Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-38M2 Growth RateGDP GDP Growth Rate200011.8 7.9 200116.8 9.6 200217.8 11.3 200318.1 12.

33、0 200410.5 13.1 200515.5 15.7 200614.0 15.5 200711.3 12.9 均值均值15.6 11.1 M2 Growth RateGDP Growth Rate199122.4 12.9 199223.4 14.8 199319.7 16.8 19948.4 9.6 199510.6 7.5 199615.7 8.3 199716.3 7.1 199815.8 6.8 199916.4 6.8 19912007年年M2与与GDP增长率增长率Copyright 2010 Pearson Addison-Wesley.All rights reserved

34、.3-39表1 美英德法四国批发物价指数年份年份（1816-1913）美国美国英国英国德国德国法国法国18161501479414318498246679418731371301141221896647269691913100100100100w指数指数1913=100w数据来源：马君潞：数据来源：马君潞：国际货币制度研究国际货币制度研究，中国财政经济出版社，中国财政经济出版社，1995。Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-40In 1944,there was a meeting of 44 nations

35、at In 1944,there was a meeting of 44 nations at Bretton Woods,New Hampshire.The meeting was Bretton Woods,New Hampshire.The meeting was called the Bretton Woods Conference,called the Bretton Woods Conference,officially known as the United Nations officially known as the United Nations Monetary and F

36、inancial Conference.Monetary and Financial Conference.An international agreement,called An international agreement,called Bretton Bretton Woods AgreementWoods Agreement,was reached to govern,was reached to govern monetary policy among nationsmonetary policy among nationsThe purpose was to design a p

37、ostwar The purpose was to design a postwar international monetary system.international monetary system.Bretton Woods System:Bretton Woods System:1945-19721945-1972Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-41Under the Bretton Woods System,the U.S.Under the Bretton Woods System,the U

38、.S.dollar was pegged to gold at$35 per ounce dollar was pegged to gold at$35 per ounce and other currencies were pegged to the U.S.and other currencies were pegged to the U.S.dollar.dollar.Each country was responsible for maintaining Each country was responsible for maintaining its exchange rate wit

39、hin its exchange rate within 1%of the adopted 1%of the adopted par value by buying or selling foreign par value by buying or selling foreign reserves as necessary.reserves as necessary.The Bretton Woods System was a dollar-based The Bretton Woods System was a dollar-based gold exchange standard.gold

40、 exchange standard.Bretton Woods System:Bretton Woods System:1945-19721945-1972Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-42 世界出口贸易年平均增长率，世界出口贸易年平均增长率，1948194819761976年为年为7.7%7.7%，1913191319381938年，平均每年只增长年，平均每年只增长0.7%0.7%。Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-

41、43On one hand,performing the role of the worlds reserve currency,the US dollar should keep its value stable.On the other hand,the international economy needed dollars for liquidity purposes and to satisfy demand for reserve assets.This forced US to run consistently large current account deficits.Tri

42、ffin argued that such persistent deficits would eventually put pressure on the US dollar and lead to the demise of the Bretton Woods system of international exchange.Triffin DilemmaTriffin DilemmaCopyright 2010 Pearson Addison-Wesley.All rights reserved.Chapter 4Understanding Interest RatesCopyright

43、 2010 Pearson Addison-Wesley.All rights reserved.4-45Discounting the Future()Present Value（现值）（现值）Definition（定义）:A dollar paid to you one year from now is less valuable than a dollar paid to you todayCopyright 2010 Pearson Addison-Wesley.All rights reserved.4-46Time Line$100$110Year01PV$1002$121nCan

44、not directly compare payments scheduled in different points in the time line$100*(1+i)n$100$100$100Copyright 2010 Pearson Addison-Wesley.All rights reserved.4-47Simple Present Value Formula（简单的现值公式）（简单的现值公式）Copyright 2010 Pearson Addison-Wesley.All rights reserved.4-48Time Line$100$100Year01PV1002$1

45、00$100n100/(1+i)100/(1+i)2100/(1+i)nCannot directly compare payments scheduled in different points in the time lineCopyright 2010 Pearson Addison-Wesley.All rights reserved.4-49Four Types of Credit Market InstrumentsSimple Loan（简易贷款）:The lender provides the borrower with an amount of money,which mus

46、t be repaid to the lender at the maturity date along with an additional payment for the interest.Fixed-Payment Loan（定期定额贷款）:This type of loan has the same cash flow throughout the life of the loan.Coupon Bond（息票债券）:A coupon bond pays the owner of the bond a fixed interest rate(coupon payment)every y

47、ear until the maturity date,when a specified final amount is paid.Copyright 2010 Pearson Addison-Wesley.All rights reserved.4-50Four Types of Credit Market InstrumentsDiscount Bond（贴现发行债券）:A discount bond is bought at a price below its face value(at a discount),and the face value is repaid at the ma

48、turity date.Copyright 2010 Pearson Addison-Wesley.All rights reserved.4-51Yield to Maturity(到期收益率到期收益率)Definition（定义）：The interest rate that equates the present value of cash flow payments received from a debt instrument（未来现金流的现值）with its value today（今天的价值）Copyright 2010 Pearson Addison-Wesley.All r

49、ights reserved.4-52代表债券价格代表债券价格代表第代表第t期债券的利息期债券的利息代表债券的期数代表债券的期数代表债券本金代表债券本金代表到期收益率代表到期收益率The formula of Yield to Maturity(到期收益率的公式到期收益率的公式)Copyright 2010 Pearson Addison-Wesley.All rights reserved.4-53Table 1 Yields to Maturity on a 10%-Coupon-Rate Bond Maturing in Ten Years(Face Value=$1,000)When

50、the coupon bond is priced at its face value,the yield to maturity equals the coupon rateThe price of a coupon bond and the yield to maturity are negatively relatedThe yield to maturity is greater than the coupon rate when the bond price is below its face valueCopyright 2010 Pearson Addison-Wesley.Al