《货币、银行和金融市场经济学》第八版-课件教材.ppt

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 Markets To examine how financial markets such as bond and stock markets work To examine

2、 how financial institutions such as banks work To examine the role of money in the economyCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-3Part1 Introduction Chap1 Why Study Money,Banking and Financial Markets?Chap2 An overviews of the Financial System Chap3 What is Money?Copyright 2010

3、Pearson Addison-Wesley.All rights reserved.1-4Part2 Financial Markets and Financial Institutions Chap4 Understanding Interest Rates Chap5 The Behavior of Interest Rates Chap6 BankingCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-5FIGURE 1 Interest Rates on Selected Bonds,19502008Sources

4、:Federal 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 Policy Chap7 Structure of Central banks Chap8 Multiple Deposit Creation and the Money Supply Process Chap9 Determinant

5、s of the Money Supply Chap10 Tools of Monetary Policy Chap11 What should central Banks Do?Monetary Policy Goals,Strategy and TacticsCopyright 2010 Pearson Addison-Wesley.All rights reserved.1-7Part4 Money Theory Chap12 The Demand for Money Chap13 Aggregate Demand and Supply Analysis Chap14 Transmiss

6、ion Mechanisms of Monetary Policy:The Evidence Chap15 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

7、/h6hist10.txt.Copyright 2010 Pearson Addison-Wesley.All rights reserved.1-9Money and Inflation The aggregate price level is the average price of goods and services in an economy A continual rise in the price level(inflation)affects all economic players Data shows a connection between the money suppl

8、y and the price levelCopyright 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

9、 Growth(M2 Annual 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 Rates Interest rates are the price of

10、money Prior to 1980,the rate of money growth and the interest rate on long-term Treasury bonds were closely tied Since 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.1-13FIG

11、URE 3 Money Growth(M2 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 S

12、tudy Money,Banking,and Financial Markets A simplified approach to the demand for assets The concept of equilibrium Basic supply and demand to explain behavior in financial markets The search for profits An approach to financial structure based on transaction costs and asymmetric information Aggregat

13、e supply and demand analysisCopyright 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2008 R.哈里斯著，梁小民译：

14、货币理论，中国金融出版社，北京，1989Copyright 2010 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 t

15、he repayment of debts.Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-18Meaning of Money Money(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 value

16、 Income（收入）:flow of earnings per unit of time(a flow concept)Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-19Functions of Money Medium of Exchange（交易媒价）:Eliminates the trouble of finding a double coincidence of needs(reduces transaction costs)Promotes specialization A medium of exchang

17、e must be easily standardized be widely accepted be divisible be easy to carry not deteriorate quicklyCopyright 2010 Pearson Addison-Wesley.All rights reserved.3-20Functions of Money Unit of Account（计算单位）:used to measure value in the economy reduces transaction costs Store of Value（价值尺度）:used to sav

18、e purchasing power over time.other assets also 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

19、 and divisible commodities(e.g.precious metals,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 System Checks（支票）:an instruction to your bank to transfer money from your acco

20、unt Electronic Payment(电子支付，e.g.online bill pay).E-Money(electronic money，电子货币):Debit card Stored-value card(smart card)E-cash Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-23Measuring Money How do we measure money?Which particular assets can be called“money”?Construct monetary aggrega

21、tes using the concept of liquidity:M1(most liquid 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 Money M2(adds to M1 other assets that are not so liquid)=M1+small denomination

22、time deposits（小面额定期存款）+savings deposits and money 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

23、 reserved.3-26Monetary AggregatesCurrencyTravelers ChecksDemand DepositsOther Check.DepM1M2M3Small Den.Dep.Savings and MMMoney Market Mutual Funds SharesCopyright 2010 Pearson Addison-Wesley.All rights reserved.3-27Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-28Copyright 2010 Pearson

24、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 储蓄存款储蓄存款 Saving

25、deposits141050.99 其他存款其他存款 Other deposits14609.24Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-30M1 vs.M2 Does 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 aggregate is important

26、 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 2010 Pearson Addis

27、on-Wesley.All rights reserved.3-32How Reliable are the Money Data?Revisions are issued because:Small depository institutions report infrequently Adjustments must be made for seasonal variation We probably should not pay much attention to short-run movements in the money supply numbers,but should be

28、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-Wesley.All right

29、s 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 Rate2000 11.8 7.9 2001 16.8 9.6 2002 17.8 11.3 2003 18.1 12.0 2004 10.

30、5 13.1 2005 15.5 15.7 2006 14.0 15.5 2007 11.3 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 19912007年年M2与与GDP增长率增长率Copyright 2010 Pearson Addison-Wesley.All rights reserved.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

31、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.3-40 In 1944,there was a meeting of 44 nations at In 1944,there was a meeting of 44 natio

32、ns 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 Financial Conference.Monetary and Financial

33、 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 nations The purpose was to design a postwar The purpose was to design a postwa

34、r international monetary system.international monetary system.BrettonBretton Woods System:Woods System:1945-19721945-1972Copyright 2010 Pearson Addison-Wesley.All rights reserved.3-41 Under the Bretton Woods System,the U.S.Under the Bretton Woods System,the U.S.dollar was pegged to gold at$35 per ou

35、nce 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 within its exchange rate within 1%of the ado

36、pted 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 exchange standard.BrettonBretton Woods S

37、ystem: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.3-43 On one hand,performing the role of the

38、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.Triffin argued that such persistent deficits

39、 would eventually put pressure on the US dollar and lead to the demise of the Bretton Woods system of international exchange.TriffinTriffin Dilemma DilemmaCopyright 2010 Pearson Addison-Wesley.All rights reserved.Chapter 4Understanding Interest RatesCopyright 2010 Pearson Addison-Wesley.All rights r

40、eserved.4-45Discounting the Future()100$)10.01/(110$nPV100$)10.01/(110$PV100$)10.01/(110$2PVPresent 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$110Year01

41、PV$1002$121nCannot 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）nPV=todays(present)valueCF=future cash flow(payment)=the interest rateCFPV=(1+

42、)iiCopyright 2010 Pearson Addison-Wesley.All rights reserved.4-48Time Line$100$100Year01PV1002$100$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

43、 Instruments Simple Loan（简易贷款）:The lender provides the borrower with an amount of money,which must 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

44、 Bond（息票债券）:A coupon bond pays the owner of the bond a fixed interest rate(coupon payment)every year 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 Instruments Discount Bond（贴现发行债券）:A discount bo

45、nd is bought at a price below its face value(at a discount),and the face value is repaid at the maturity 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

46、 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 rights reserved.4-52ntnttyFyCP10)1()1(0P代表债券价格代表债券价格tC代表第代表第t期债券的利息期债券的利息n代表债券的期数代表债券的期数F代表债券本金代表债券本金y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

47、.All rights reserved.4-53Table 1 Yields to Maturity on a 10%-Coupon-Rate Bond Maturing in Ten Years(Face Value=$1,000)When the coupon bond is priced at its face value,the yield to maturity equals the coupon rate The price of a coupon bond and the yield to maturity are negatively related The yield to

48、 maturity is greater than the coupon rate when the bond price is below its face valueCopyright 2010 Pearson Addison-Wesley.All rights reserved.4-54Table 1 Yields to Maturity on a 10%-Coupon-Rate Bond Maturing in Ten Years(Face Value=$1,000)When the coupon bond is priced at its face value,the yield t

49、o maturity equals the coupon rate The price of a coupon bond and the yield to maturity are negatively related The yield to maturity is greater than the coupon rate when the bond price is below its face valueCopyright 2010 Pearson Addison-Wesley.All rights reserved.4-55Consol(统一公债统一公债)or Perpetuity（永

50、久债券永久债券）Definition:A bond with no maturity date that does not repay principal but pays fixed coupon payments foreverconsol theofmaturity toyieldpaymentinterest yearly consol theof price/ccciCPiCPccPCi/:thisasequation above rewritecan For coupon bonds,this equation gives the current yield,an easy to