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1Chapter1WhyStudyMoney,Banking,andFinancialMarkets?2WhyStudyFinancialMarkets?(1)何謂金融市場(financialmarkets)?交易金融商品(financialinstruments)的地方。圖解金融商品=有價證券(security)=papers+lawsex.Stocks(股票)、bonds(債券)v.s.interestrate(利率)、Exchangerate(外匯)同學自由發揮,想想還有誰??3資金需求者資金供給者金融工具金融工具資金資金金融市場(投資)(融資)4WhyStudyFinancialMarkets?(2)Bondsv.s.InterestrateMarketsDef.ofabond:Adebt(債務)securitythatpromisetomakepayments(支付本金及利息)periodicallyforaspecifiedperiodoftime.由資金需求者發行(issue):國內外公司(企業):公司債(corporatebonds)國內外政府:公債(governmentbonds)金融中介機構(i.e.銀行banks):金融債券(financialbonds)5WhyStudyFinancialMarkets?(3)Bondsv.s.InterestrateMarketsDef.ofinterestrate:Thecostofborrowingorthepricepaidfortherentaloffunds.表示法:市場利率的種類:存款利率貸款利率與債市息息相關的利率:seeFig.1利率與貨幣(money)的關係2100%2%1006WhyStudyFinancialMarkets?(4)StockMarketsDef.ofastock:公司所有權的表徵1.representsashare(股份)ofownershipinacorporation.2.Itisasecuritythatisaclaimontheearningsandassetsofthecorporation(公司).股票的種類:普通股(commonstocks)特別股(preferredstocks)美國道瓊指數歷史圖:seeFig.27Fig.2美國道瓊工業指數價格歷史圖8WhyStudyFinancialMarkets?(5)ForeignExchangeMarketsDef.offoreignexchange:兩國國幣之比值稱之。表示法:外匯的重要性:國際貿易政府政策避險與套利33.301NTDFXUSD9WhyStudyBankingandFinancialInstitutions?FinancialIntermediationHelpsgetfundsfromsaverstoinvestorsBanksandMoneySupplyCrucialroleincreationofmoneyFinancialInnovation10FiscalPolicyandMonetaryPolicy財政政策(Fiscalpolicy)稅收政府支出政府預算赤字或盈餘貨幣政策(Monetarypolicy)貨幣供給量利率11Fig.1Interestrateonselectedbonds12MoneyandBusinessCycles
本文标题:何谓金融市场(1)
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