金融理论研究PPT课件下载推荐.ppt

1、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（Financial Instruments）：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/Default Risk）与市场风险（Price Risk）；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

2、；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（Financing Patterns）：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（Information Asymmetry）：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

3、款等金融理论研究专题Advanced Topics in Financen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）nPaul Krugman and Maurice Obstfeld:International Economics:Theory and Policies,Harper Collins,2003nRudiger Dornbusch and

4、Stanley Fischer:Macroeconomics,McGraw-Hill,1984nFrank Fabozzi and Franco Modigliani:Capital Markets:Institutions and Instruments,Prentice-Hall,1996nPeter Rose:Money and Capital Markets:Financial Institutions and Instruments in a Global Marketplace,McGraw-Hill,1997nPeter Isard:Exchange Rate Economics

5、,Cambridge University Press,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，2007Fundamental Concepts（A）nMoney:money is whatever is generally accepted in exchange;international money（world money）in world tradenFunctions of Money:medium of exchange;store of value;unit of account;standard of

6、deferred paymentnDemand of Money:precautionary needs;transaction needs;speculation needs（Keynes liquidity preference function）nSupply of Money:central bank;domestic banking system（offshore banking）Fundamental Concepts（B）nFunctions of Central Bank:control of money supply;stabilization of money and ca

7、pital markets;lender of last resort;maintaining and improving the payments mechanismnCreation of Money:through borrowing and lending the banking system creates more money in circulation than central bank issues;money multipliernMoney as an Asset:cost of money;financial assets vis-vis physical assets

8、Interest Rate Theories（1）nIrving Fischers Classic Theory:savings and investment;real interest rate=nominal interest rate inflation ratenComments:disposable income is more important than interest rate in determining savings;not only businesses,but also governments and consumers need money;long term i

9、nterest rate theoryInterest Rate Theories（2）nJohn Keynes Liquidity Preference Theory:liquidity demand;money stock exogenous and controlled by central bank;short term interest rate theoryssddInterest Rate Theories（3）nLoanable Funds Theory:domestic savings;public dishoarding of excess money balances;c

10、reation of credit by domestic banking systemddssExchange Rate Theories（1）nForeign Exchange Markets:spot market;forward market;futures market;options market nParticipants:commercial banks;brokers;traders;central banknJohn Keynes Interest Parity Theory:forward premium/discount=domestic interest rate f

11、oreign interest rateExchange Rate Theories（2）nGustav Cassels Purchasing Power Parity Theory -Law of One Price -Absolute Purchasing Power Parity（PPP）-Relative Purchasing Power Parity:percentage change of equilibrium exchange rate=domestic inflation rate foreign inflation rateExchange Rate Theories（3）

12、nDeterminants of Exchange Rate:-interest rates -inflation rates -government spending -credit expansion -balance of payments -expectationsMonetary Policy:targets and instrumentsnDefinition:monetary authority controls money supply and domestic credit to reach targets as desired by economic goalsnTarge

13、ts:money supply（M0,M1,M2,M3）,interest rates（price of credit）,and exchange rates（price of foreign money）nInstruments:reserve requirements,discount rate,open market operations,central banks IOUs;moral suasion,margin requirements；general and selective controlsHow Monetary Policy Affects the Economy?Mon

14、etary Policy InstrumentsInterest RatesSecurity PricesMoney SupplyExchange RatesPublic ExpectationsSize and Growth ofPublic SpendingEconomic GoalsMoney SupplynCentral Banks Balance Sheet:assets and liabilities;sterilizationnMonetary Base:M0=Currencies+Banks Deposits at Central BanknNarrow Money:M1=Cu

15、rrencies+Banks Demand（Checkable）DepositsnBroad Money:M2=M1+Public SavingsGoals for Monetary PolicynPrice Stability:inflation（cost-push,demand pull and structural）;deflationnFull Employment:natural unemployment and involuntary unemployment nGrowth:sustainable and coordinatednBalance-of-Payments:trade balance,current account balance,basic balance and overall balance Constraints on Monetary PolicynPolicy Dilemma and Policy Trilemma:of the three goals government setsfre