货币和资本市场(1)

MoneyandCapitalMarkets1ChapterEighthEditionFinancialInstitutionsandInstrumentsinaGlobalMarketplacePeterS.RoseMcGrawHill/IrwinSlidesbyYee-Tien(Ted)FuFunctionsandRolesoftheFinancialSystemintheGlobalEconomy2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-2LearningObjectivesTounderstandthefunctionsperformedandtherolesplayedbythesystemoffinancialmarketsandinstitutionsintheglobaleconomy.Toexploreseveralkeytermsandconceptsofthemoneyandcapitalmarkets.Todiscoverhowimportantthefinancialsystemisinincreasingourstandardofliving,generatingnewjobs,andbuildingoursavingstomeettomorrow’sfinancialneeds.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-3IntroductionThefinancialsystemisthecollectionofmarkets,institutions,laws,regulations,andtechniquesthroughwhichbonds,stocks,andothersecuritiesaretraded,interestratesaredetermined,andfinancialservicesareproducedanddeliveredaroundtheworld.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-4IntroductionTheprimarytaskofthefinancialsystemistomovescarceloanablefundsfromthosewhosavetothosewhoborrowtobuygoodsandservicesandtomakeinvestmentsinnewequipmentandfacilities,sothattheglobaleconomycangrowandthestandardoflivingcanincrease.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-5FlowswithintheGlobalEconomicSystemThebasicfunctionoftheeconomicsystemistoallocatescarceresources–land,labor,managementskill,andcapital–toproducethegoodsandservicesneededbysociety.Theglobaleconomygeneratesaflowofproductioninreturnforaflowofpayments.Thecircularflowofproductionandincomeisinterdependentandneverending.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-6FlowswithintheGlobalEconomicSystemLandandothernaturalresourcesLaborandmanagerialskillsCapitalequipmentFlowofproductionFlowofpaymentsGoodsandservicessoldtothepublic2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-7FlowswithintheGlobalEconomicSystemProducingunits(mainlybusinessfirmsandgovernments)Consumingunits(mainlyhouseholds)2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-8TheRoleofMarketsintheGlobalEconomicSystemInmosteconomiesaroundtheworld,marketscarryoutthecomplextaskofallocatingresourcesandproducinggoodsandservices.Themarketplacedetermineswhatgoodsandserviceswillbeproducedandinwhatquantitiesthroughtheirprices.Marketsalsodistributeincomebyrewardingsuperiorproducerswithincreasedprofits,higherwages,andothereconomicbenefits.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-9TypesofMarketsThereareessentiallythreetypesofmarketswithintheglobaleconomicsystem.Thefactormarketsallocatethefactorsofproductiontotheownersofproductiveresources.Consumingunitsusemostoftheirincomefromfactormarketstopurchasegoodsandservicesinproductmarkets.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-10TypesofMarketsThefinancialmarketschannelsavingstothoseindividualsandinstitutionsneedingmorefundsforspendingthanareprovidedbytheircurrentincomes.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-11TypesofMarketsProducingunits(mainlybusinessfirmsandgovernments)Consumingunits(mainlyhouseholds)Flowoffunds(savings)Flowoffinancialservices,income,andfinancialclaimsFinancialmarketsProductmarketsFactormarkets2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-12TheFinancialMarketsandtheFinancialSystem:ChannelforSavingsandInvestmentThefinancialmarketsmakepossibletheexchangeofcurrentincomeforfutureincomeandthetransformationofsavingsintoinvestmentsothatproduction,employment,andincomecangrow.Thesuppliersoffundstothefinancialsystemcanexpectnotonlytorecovertheiroriginalfundsbutalsotoearnadditionalincomeasarewardforwaitingandforassumingrisk.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-13TheGlobalFinancialSystemDemandersoffunds(mainlybusinessfirmsandgovernments)Flowofloanablefunds(savings)Flowoffinancialservices,incomes,andfinancialclaimsSuppliersoffunds(mainlyhouseholds)2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-14FunctionsPerformedbytheGlobalFinancialSystemandtheFinancialMarketsSavingsfunction.Theglobalsystemoffinancialmarketsandinstitutionsprovidesaconduitforthepublic’ssavings.Wealthfunction.Thefinancialinstrumentssoldinthemoneyandcapitalmarketsprovideanexcellentwaytostorewealth.Liquidityfunction.Financialmarketsprovideliquidityforsaverswhoholdfinancialinstrumentsbutareinneedofmoney.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-15FunctionsPerformedbytheGlobalFinancialSystemandtheFinancialMarketsCreditfunction.Globalfinancialmarketsfurnishcredittofinanceconsumptionandinvestmentspending.Paymentsfunction.Theglobalfinancialsystemprovidesamechanismformakingpaymentsforgoodsandservices.2003byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGrawHill/Irwin1-16FunctionsPerformedbytheGlobalFinancialSystemandtheFinancialMarketsRiskprotectionfunction.Thefinancialmarketsaroundthe