金融理论研究PPT课件下载推荐.ppt

金融理论研究PPT课件下载推荐.ppt

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货币市场（银行间拆借/债券市场）；

资本市场（股票市场）；

外汇市场；

金融衍生品市场n金融工具（FinancialInstruments）：

存单，债券，股票，期货，期权，外汇，其它金融衍生品金融理论研究导论（三）n金融投资/实业投资的异同：

时间与风险（Risk）；

大自然与社会中其它经济个体n金融投资风险：

信用风险（Credit/DefaultRisk）与市场风险（PriceRisk）；

个体风险与系统风险n信用风险评级：

Standard&

Poors;

Moodys;

Fitch;

大公国际;

BIS;

银行业CAMELSn信用是现代金融/经济体系正常运转的基础：

次贷危机与美国经济复苏；

中国进口铁矿石高价；

诚以待人，信以立世（犹太人经商）金融理论研究导论（四）n金融格局/融资格局（FinancingPatterns）：

银行贷款（20-80%），非银行贷款、债券（70-20%），股票（10%）；

美国-德国/日本（美国次贷危机）；

间接融资n金融市场有效运作的主要问题：

交易成本，信息成本；

金融中介以（规模经济与专门技术）降低交易成本n信息不对称（InformationAsymmetry）：

逆向选择（交易前），道德风险（交易后）；

次品车问题，委托代理问题（利益冲突）；

信息私人供应（搭便车问题），增加信息披露的政府监管，鉴别分析并集中管理风险的金融中介，合约中使用抵押品和净值，使用监督措施和限制性条款等金融理论研究专题AdvancedTopicsinFinancen基本概念（Concepts）n利率理论与汇率理论（Theories）n货币政策定义（Definitions）n解读货币政策（Goals,Targets,Instruments）n货币政策局限性（Constraints）n中国货币政策专题（Issues）References（参考文献）nPaulKrugmanandMauriceObstfeld:

InternationalEconomics:

TheoryandPolicies,HarperCollins,2003nRudigerDornbuschandStanleyFischer:

Macroeconomics,McGraw-Hill,1984nFrankFabozziandFrancoModigliani:

CapitalMarkets:

InstitutionsandInstruments,Prentice-Hall,1996nPeterRose:

MoneyandCapitalMarkets:

FinancialInstitutionsandInstrumentsinaGlobalMarketplace,McGraw-Hill,1997nPeterIsard:

ExchangeRateEconomics,CambridgeUniversityPress,1997n龚秀国：

龚秀国：

经济全球化与我国货币政策改革经济全球化与我国货币政策改革，四川大学出版社，四川大学出版社，2007FundamentalConcepts（A）nMoney:

moneyiswhateverisgenerallyacceptedinexchange;

internationalmoney（worldmoney）inworldtradenFunctionsofMoney:

mediumofexchange;

storeofvalue;

unitofaccount;

standardofdeferredpaymentnDemandofMoney:

precautionaryneeds;

transactionneeds;

speculationneeds（Keynesliquiditypreferencefunction）nSupplyofMoney:

centralbank;

domesticbankingsystem（offshorebanking）FundamentalConcepts（B）nFunctionsofCentralBank:

controlofmoneysupply;

stabilizationofmoneyandcapitalmarkets;

lenderoflastresort;

maintainingandimprovingthepaymentsmechanismnCreationofMoney:

throughborrowingandlendingthebankingsystemcreatesmoremoneyincirculationthancentralbankissues;

moneymultipliernMoneyasanAsset:

costofmoney;

financialassetsvis-visphysicalassetsInterestRateTheories

（1）nIrvingFischersClassicTheory:

savingsandinvestment;

realinterestrate=nominalinterestrateinflationratenComments:

disposableincomeismoreimportantthaninterestrateindeterminingsavings;

notonlybusinesses,butalsogovernmentsandconsumersneedmoney;

longterminterestratetheoryInterestRateTheories

（2）nJohnKeynesLiquidityPreferenceTheory:

liquiditydemand;

moneystockexogenousandcontrolledbycentralbank;

shortterminterestratetheoryssddInterestRateTheories（3）nLoanableFundsTheory:

domesticsavings;

publicdishoardingofexcessmoneybalances;

creationofcreditbydomesticbankingsystemddssExchangeRateTheories

（1）nForeignExchangeMarkets:

spotmarket;

forwardmarket;

futuresmarket;

optionsmarketnParticipants:

commercialbanks;

brokers;

traders;

centralbanknJohnKeynesInterestParityTheory:

forwardpremium/discount=domesticinterestrateforeigninterestrateExchangeRateTheories

（2）nGustavCasselsPurchasingPowerParityTheory-LawofOnePrice-AbsolutePurchasingPowerParity（PPP）-RelativePurchasingPowerParity:

percentagechangeofequilibriumexchangerate=domesticinflationrateforeigninflationrateExchangeRateTheories（3）nDeterminantsofExchangeRate:

-interestrates-inflationrates-governmentspending-creditexpansion-balanceofpayments-expectationsMonetaryPolicy:

targetsandinstrumentsnDefinition:

monetaryauthoritycontrolsmoneysupplyanddomesticcredittoreachtargetsasdesiredbyeconomicgoalsnTargets:

moneysupply（M0,M1,M2,M3）,interestrates（priceofcredit）,andexchangerates（priceofforeignmoney）nInstruments:

reserverequirements,discountrate,openmarketoperations,centralbanksIOUs;

moralsuasion,marginrequirements；

generalandselectivecontrolsHowMonetaryPolicyAffectstheEconomy?

MonetaryPolicyInstrumentsInterestRatesSecurityPricesMoneySupplyExchangeRatesPublicExpectationsSizeandGrowthofPublicSpendingEconomicGoalsMoneySupplynCentralBanksBalanceSheet:

assetsandliabilities;

sterilizationnMonetaryBase:

M0=Currencies+BanksDepositsatCentralBanknNarrowMoney:

M1=Currencies+BanksDemand（Checkable）DepositsnBroadMoney:

M2=M1+PublicSavingsGoalsforMonetaryPolicynPriceStability:

inflation（cost-push,demandpullandstructural）;

deflationnFullEmployment:

naturalunemploymentandinvoluntaryunemploymentnGrowth:

sustainableandcoordinatednBalance-of-Payments:

tradebalance,currentaccountbalance,basicbalanceandoverallbalanceConstraintsonMonetaryPolicynPolicyDilemmaandPolicyTrilemma:

ofthethreegoalsgovernmentsetsfre