Chapter1ThePaymentSystem(金融市场学)

Chapter1ThePaymentSystemIntroductionThischapterprovidesanoverviewofthefunctionsofthefinancialsystemandexplainstheoperationsofthepaymentsystem.Thissystemischangingrapidlyinmanyrespects,eventhoughitsbasicfeatures——theuseofthemoneytosettletransactions_remainsinplace.StudyobjectivesFromyourstudyofthischapteryoushouldbeableto:Describethe3principalfunctionsperformedbyafinancialsystemDescribe,inbroadoutline,Australia’sfinancialsystemDescribethemainformsofmoneyandpaymentinstructionsDescribetheoperationofthecheckpaymentsystemExplainsettlementandcontagionriskExplainfiveimportantfinancialprincipalsPart1OverviewofthefinancialsystemThischapterbeginwithanoverviewofthefinancialsystem,describeitsfunctions,itsplacewithintheeconomyanditsstructure.1.DefinitionofthefinancialsystemThefinancialsystemisthatpartoftheeconomythatprovidesservicesandproducts.Hereitisdividedinto3parts---thepaymentsystemThefinancingsystemThefinancialmarketriskmanagementsystem.2.TheworkofthefinancialsystemA.Theroleofaneconomy’sfinancialsystemistoservethefinancialneedsofconsumersandproducersandtoallocatefinancialservicesbetweenthesecompetingneeds.Inessence,thejobofthefinancialsystemisto:Attractfundsfromthosewhodonotcurrentlyneedstospendthem;andAllocatethefundstothosewhodo.Thefinancialsystemplaysanimportantroleinshapingtheeconomywhenitallocatesfunds.Someactivitiesarefundedwhileothersnot.B.Thefinancialsystemisalsothearenainwhichthelevelofinterestsandexchangeratesaredetermined.C.Thefinancialsystem’sthirdroleisfinancialmarketriskmanagement,whichcomprisesanothersetofmarketsandfinancialinstrumentscalledderivatives.3.ThesizeandstructureofthefinancialsystemA.ThesizeWordstop10Australia’stimezoneVirtual24globalmarketMarketturnover（市场交易额）B.ThestructureofthefinancialsystemFinancialinstitutionsandfinancialmarketsundertaketheworkofafinancialsystem.Globalfinancialsystemin1970sand1980s.Australia’sfinancialsystemisprincipallydomestic.ThechangingstructureofAustralia’sfinancialsystemAustralia’sfirstbank_theBankofNewSouthWaleswasestablishedin1817.___-WestpacBankingCorporationinJune19811930sStrictregulationTheCampbellCommittee(1)TheCampbellCommitteewasestablishedin1979toexamineAustralia’sregulatedfinancialsystemandrecommendedin1981thattheregulationsbelargelyremoved.TheCampbellCommittee(2)Bythemid-1980s,Australia’sfinancialsystemhadbeenderegulated,resultingintheconversionofthemanynon-banksintobanksandtheamalgamationofnon-banksintotheoperationsoftheirbankowners.Financialsysteminquiry(FSI)Financialsysteminquiry(FSI),inMay1996.TheinquirywaslaunchedbytheTreasurertoevaluateAustralia’sderegulationexperience,reviewedtheforcesthatarechangingfinancialsystemandexaminedthefewremainingrestrictionsontheactivitiesoffinancialinstitutions.FSIOneofthekeysrecommendationsoftheFSIwastheremovalofregulatoryimpedimentstothesupplyoffinancialservices,withtheaimofincreasingcompetitionbetweenfinancialinstitutionsandwideningtherangeoffinancialserviceproviders.Forinstance,largeretailerssuchasWoolworthsandTelstraarelikelytobecomesuppliersoffinancialservices.ThedevelopmentoftheAustralia’sfinancialmarketAustralia’sfinancialmarket(themoney,bond,share,foreignexchangemarket)begantoemergein1959.SharemarketoperatedinformallysincelastcenturyBythelate1990sAustralia’sfinancialsystembecameamixtureoffinancialinstitutions,comprisingdeposit-takinginstitutions,fundmanagers(professionalmanagersoffundssuchassuperannurationfundsandinsurancefunds）andbondmarket.Part2OverviewofthefinancialpaymentsystemThepurposeofafinancialsystemThepurposeofafinancialsystemistoarrangetheexchangeofgoodsandservicesforvalue(I.e.money).Withoutapaymentsystem,whatshallwedo?Withoutapaymentsystem,whatshallwedo?Withoutapaymentsystem,goodsandserviceswouldhavetobeexchangedforeachotherinordertoallowpeopletoconsumethingsthattheyhavenotproducedforthemselves.BartersystemThefunctionsofmoneymediumofexchangeunitofaccount(standardofvalue)storeofvalueMoneyisthemediumofexchangeMoneyisthemediumofexchangeinthepaymentsystem.Thisismuchmoreefficientpaymentsystemasitovercomestheneedtofindsomeonewhowantstotradetheiritemsforsomeoneelse’s.TheformsofmoneyMoneyscomesinmanyforms.Preciousmetals(gold)weretheinitialformsofpayment.(inAustraliarumalsoservedthisrole).Eventoday,goldremainsaimportantstoreofvaluetosupportpaymentsystem,butmoneyisamoreefficientstoreofvalue(especiallywhenheldintheformofbankdeposits)anditisthebasisofalmostallpaymentsystems.Theprimaryformofmoneyislegaltender(法偿货币），comprisingnotesandcoinsissuedbythegovernment.Forexample,a＄10noteisapromisebythegovernmenttopaytheholder＄10.Whenthecurrencyhaslittlevalue,legaltenderinacountrywillbelargelyignored.Thetwoothermajorsourcesofmoney_fundsheldindepositaccountsandfundsthatcanbelentinordertosettleatransaction.ThechequeclearingsystemThemainnon-cashmethodsofpaymentarecheques,creditcardsandelectronictransfers.Achequeisaninstrumenttothedrawer’sbanktopaythestatedamounttothestatedparty.Itwasthedominantpaymentinstrumentsformanyyears.1980199119961998Cheque85604336Directentry7252525Creditcards7101317EFTPOS-51822PaymentsystemrisksR