Chapter1WhyStudyMoney,Banking,andFinancialMarkets?為什么研究貨幣、銀行和金融市場(chǎng)WhyStudyMoney,Banking,andFinancialMarkets

研究貨幣、銀行和金融市場(chǎng)的原因

Toexaminehowfinancialmarketssuchasbond,stockandforeignexchangemarketswork考察諸如債券、股票以及外匯市場(chǎng)的運(yùn)行機(jī)制Toexaminehowfinancialinstitutionssuchasbanksandinsurancecompanieswork考察諸如銀行和保險(xiǎn)公司等金融機(jī)構(gòu)的運(yùn)行機(jī)制Toexaminetheroleofmoneyintheeconomy考察在整體經(jīng)濟(jì)運(yùn)行過(guò)程中貨幣所發(fā)揮的作用FinancialMarkets

金融市場(chǎng)Marketsinwhichfundsaretransferredfrompeoplewhohaveanexcessofavailablefundstopeoplewhohaveashortageoffunds（金融）市場(chǎng)是資金從擁有閑置資金的人那里轉(zhuǎn)移到資金短缺者手中的場(chǎng)所TheBondMarketandInterestRates債券市場(chǎng)和利率Asecurity(financialinstrument)isaclaimontheissuer’sfutureincomeorassets

證券（金融工具）是對(duì)于發(fā)行者的未來(lái)收益或者資產(chǎn)的一種求償權(quán)Abondisadebtsecuritythatpromisestomakepaymentsperiodicallyforaspecifiedperiodoftime債券是承諾在約定期限內(nèi)定期償付的債務(wù)證券Aninterestrateisthecostofborrowingorthepricepaidfortherentaloffunds

利率是借款的成本或者是用于償付資金租費(fèi)的價(jià)格FIGURE1InterestRatesonSelectedBonds,1950–2008

圖11950～2008年部分債券利率Sources:FederalReserveBulletin;.TheStockMarket

股票市場(chǎng)Commonstockrepresentsashareofownershipinacorporation普通股股票代表了其持有人對(duì)于公司具有一定份額的所有權(quán)

Ashareofstockisaclaimontheearningsandassetsofthecorporation一股股票代表了對(duì)于公司的資產(chǎn)和收益所具有的求償權(quán)

FIGURE2StockPricesasMeasuredbytheDowJonesIndustrialAverage,1950–2008圖21950～2008年以道瓊斯工業(yè)平均指數(shù)顯示的股票價(jià)格情況Source:DowJonesIndexes:.FinancialInstitutionsandBanking金融機(jī)構(gòu)和銀行FinancialIntermediaries:institutionsthatborrowfundsfrompeoplewhohavesavedandmakeloanstootherpeople

金融中介機(jī)構(gòu)：是指那些向儲(chǔ)蓄者借入資金并且向其他需要資金的人提供貸款的機(jī)構(gòu)Banks:acceptdepositsandmakeloans銀行:吸收存款并且發(fā)放貸款OtherFinancialInstitutions:insurancecompanies,financecompanies,pensionfunds,mutualfundsandinvestmentbanks其他金融機(jī)構(gòu)：保險(xiǎn)公司、金融（財(cái)務(wù)）公司、養(yǎng)老基金、共同基金以及投資銀行等FinancialInnovation:inparticular,theadventoftheinformationageande-finance

金融創(chuàng)新：特別是在信息時(shí)代和電子金融興起的條件下涌現(xiàn)出來(lái)FinancialCrises

金融危機(jī)Financialcrisesaremajordisruptionsinfinancialmarketsthatarecharacterizedbysharpdeclinesinassetpricesandthefailuresofmanyfinancialandnonfinancialfirms.金融危機(jī)是指以資產(chǎn)價(jià)格的急劇下跌以及大量金融機(jī)構(gòu)和非金融類企業(yè)的破產(chǎn)倒閉為特征的金融市場(chǎng)出現(xiàn)的嚴(yán)重崩潰現(xiàn)象MoneyandBusinessCycles

貨幣與經(jīng)濟(jì)周期Evidencesuggeststhatmoneyplaysanimportantroleingeneratingbusinesscycles

實(shí)證研究結(jié)果表明貨幣在經(jīng)濟(jì)周期的產(chǎn)生過(guò)程中發(fā)揮了重要的作用Recessions(unemployment)andexpansionsaffectallofus

經(jīng)濟(jì)衰退（失業(yè)）和經(jīng)濟(jì)擴(kuò)張對(duì)于每一個(gè)人都會(huì)產(chǎn)生影響MonetaryTheorytieschangesinthemoneysupplytochangesinaggregateeconomicactivityandthepricelevel貨幣理論考察的是貨幣供應(yīng)的數(shù)量變化與總體經(jīng)濟(jì)活動(dòng)和物價(jià)水平的變化之間的關(guān)系FIGURE3MoneyGrowth(M2AnnualRate)andtheBusinessCycleintheUnitedStates,1950–2008圖31950～2008年美國(guó)的貨幣供應(yīng)量增長(zhǎng)（M2年增長(zhǎng)率）與經(jīng)濟(jì)周期情況Note:Shadedareasrepresentrecessions.注：陰影部分為經(jīng)濟(jì)衰退Source:FederalReserveBulletin,p.A4,Table1.10;.MoneyandInflation

貨幣與通貨膨脹Theaggregatepricelevelistheaveragepriceofgoodsandservicesinaneconomy物價(jià)總水平是指經(jīng)濟(jì)中商品和服務(wù)的平均價(jià)格Acontinualriseinthepricelevel(inflation)affectsalleconomicplayers物價(jià)總水平的持續(xù)上升（通貨膨脹）將會(huì)對(duì)于所有經(jīng)濟(jì)主體產(chǎn)生影響Datashowsaconnectionbetweenthemoneysupplyandthepricelevel有關(guān)數(shù)據(jù)表明貨幣供應(yīng)量和物價(jià)總水平之間存在著聯(lián)系FIGURE4AggregatePriceLevelandtheMoneySupplyintheUnitedStates,1950–2008圖41950～2008年美國(guó)的物價(jià)總水平和貨幣供應(yīng)量Sources:;.FIGURE5AverageInflationRateVersusAverageRateofMoneyGrowthforSelectedCountries,1997–2007圖51997～2007年部分國(guó)家平均通貨膨脹率與貨幣供應(yīng)量平均增長(zhǎng)比率Source:InternationalFinancialStatistics.MoneyandInterestRates

貨幣與利率Interestratesarethepriceofmoney

利率是貨幣的價(jià)格

Priorto1980,therateofmoneygrowthandtheinterestrateonlong-termTreasurybondswerecloselytied

20世紀(jì)80年代以前，貨幣供應(yīng)量的增長(zhǎng)和美國(guó)長(zhǎng)期國(guó)債利率之間存在著密切的聯(lián)系Sincethen,therelationshipislessclearbuttherateofmoneygrowthisstillanimportantdeterminantofinterestrates

20世紀(jì)80年代以后，兩者之間的關(guān)系變得比較模糊，然而貨幣供應(yīng)量的增長(zhǎng)依然是利率的重要影響因素之一FIGURE6MoneyGrowth(M2AnnualRate)andInterestRates(Long-TermU.S.TreasuryBonds),1950–2008圖61950～2008年貨幣供應(yīng)量增長(zhǎng)（M2年增長(zhǎng)率）和利率（美國(guó)政府長(zhǎng)期國(guó)債）情況Sources:FederalReserveBulletin,p.A4,Table1.10;.MonetaryandFiscalPolicy

貨幣政策與財(cái)政政策M(jìn)onetarypolicyisthemanagementofthemoneysupplyandinterestrates貨幣政策是指對(duì)于貨幣和利率的管理ConductedintheU.S.bytheFederalReserveSystem(Fed)

在美國(guó)，貨幣政策是由聯(lián)邦儲(chǔ)備體系(Fed)來(lái)執(zhí)行的Fiscalpolicydealswithgovernmentspending

andtaxation財(cái)政政策是對(duì)于政府支出和稅收問(wèn)題的管理Budgetdeficitistheexcessofexpendituresoverrevenuesforaparticularyear

預(yù)算赤字是指在特定的一年中政府的支出超過(guò)稅收收入的差額Budgetsurplusistheexcessofrevenuesoverexpendituresforaparticularyear

預(yù)算盈余是指在特定的一年中政府稅收收入超過(guò)支出的差額Anydeficitmustbefinancedbyborrowing

預(yù)算赤字必須通過(guò)借款來(lái)彌補(bǔ)FIGURE7GovernmentBudgetSurplusorDeficitasaPercentageofGrossDomesticProduct,1950–2008圖71950～2008年政府預(yù)算盈余或預(yù)算赤字占國(guó)內(nèi)生產(chǎn)總值的百分比Source:.TheForeignExchangeMarket外匯市場(chǎng)Theforeignexchangemarketiswherefundsareconvertedfromonecurrencyintoanother

外匯市場(chǎng)是指進(jìn)行貨幣兌換活動(dòng)的場(chǎng)所

Theforeignexchangerateisthepriceofonecurrencyintermsofanothercurrency

外匯匯率是指一個(gè)國(guó)家貨幣對(duì)于另一個(gè)國(guó)家貨幣的價(jià)格Theforeignexchangemarketdeterminestheforeignexchangerate

外匯市場(chǎng)決定了外匯匯率FIGURE8ExchangeRateoftheU.S.Dollar,1970–2008圖81970～2008年美元匯率變動(dòng)情況

Source:FederalReserve:.InternationalFinance

國(guó)際金融Financialmarketshavebecomeincreasinglyintegratedthroughouttheworld.在全世界范圍內(nèi)，金融市場(chǎng)的一體化趨勢(shì)不斷增強(qiáng)Theinternationalfinancialsystemhastremendousimpactondomesticeconomies:國(guó)際金融體系對(duì)于各國(guó)的國(guó)內(nèi)經(jīng)濟(jì)活動(dòng)具有極為重要的影響Howacountry’schoiceofexchangeratepolicyaffectitsmonetarypolicy?

一個(gè)國(guó)家匯率政策的選擇是如何影響到這個(gè)國(guó)家的貨幣政策的？Howcapitalcontrolsimpactdomesticfinancialsystemsandthereforetheperformanceoftheeconomy?

資本管制措施對(duì)于國(guó)內(nèi)金融體系和整體經(jīng)濟(jì)績(jī)效會(huì)產(chǎn)生什么樣的影響?WhichshouldbetheroleofinternationalfinancialinstitutionsliketheIMF?

諸如國(guó)際貨幣基金組織（IMF）之類的國(guó)際金融機(jī)構(gòu)應(yīng)該發(fā)揮什么樣的作用?How