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The economics of money,banking and financial markets----by Kyle

Chapter1£ºWhy Study Money, Banking, and Financial Markets£¿

£¨±¾ÕÂÁ˽âÒ»ÏÂÕâ¸öÎÊÌâ¼´¿É£¬×î¶à¿¼Ò»ÏÂÑ¡Ôñ£©

Answer£º

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

l    To examine how financial institutions such as banks work

l    To examine the role of money in the economy

Chapter2£ºAn Overview of the Financial System

1. Function of Financial Markets

l    Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds

l    Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.

l    Promotes economic efficiency by producing an efficient allocation£¨·ÖÅ䣩 of capital£¨×ʽð£©, which increases production

l    Directly improve the well-being of consumers by allowing them to time purchases better

2.Structure of Financial Markets

l    Debt and Equity £¨ÆÕͨ¹É£© Markets

l    Primary and Secondary Markets

l    Exchanges and Over-the-Counter (OTC²»Í¨¹ý½»Ò×Ëù¶øÖ±½ÓÊÛ¸ø¹Ë¿ÍµÄ) Markets

l    Money and Capital Markets£¨»õ±ÒºÍ×ʱ¾Êг¡£©

3. Financial Market Instruments(ÒªÄܾٳöÀý×Ó£¬ºÜ¿ÉÄÜ¿¼Ñ¡Ôñ)

Money markets deal in short-term debt instruments

Capital markets deal in longer-term debt and equity instruments.

4.Internationalization of Financial Markets£¨Öص㣬ѡÔñ¡¢Ãû´Ê½âÊͶ¼ÓпÉÄÜ£©

l    Foreign Bonds & Eurobond?

l    Eurocurrencies & Eurodollars?

l    World Stock Markets

5£®Function of Financial Intermediaries: Indirect Finance

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l    Lower transaction costs (time and money spent in carrying out financial transactions).

l    Reduce the exposure of investors to risk

l    Deal with asymmetric ²»¶Ô³Æ information problems

l    Conclusion:

Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets.

6. Types of Financial Intermediaries£¨»á·ÖÀ༴¿É£©

Depository institutions

Contractual saving institutions

Investment intermediaries

7. Regulation of the Financial System

l    To increase the information available to investors:

l    To ensure the soundness ½¡¿µÎȹÌof financial intermediaries

Chapter3£ºWhat Is Money?

1. Meaning of Money£¨¼´definition£¬±Ø¿¼Ãû´Ê½âÊÍ£¡£¡£©

l    Money (or the “money supply”): anything that is generally accepted in payment for goods or services or in the repayment of debts.

2. Functions of Money£¨Öص㣩

l    Medium of Exchange:

l    A medium of exchange must

l    Unit of Account:

l    Store ´¢²Ø of Value:

3. Evolution of the Payments System

l    Commodity ÉÌÆ· Money

l    Fiat ·¨¶¨ Money

l    Checks ֧ƱElectronic Payment (e.g. online bill pay).

l    E-Money (electronic money):

4. Measuring Money £¨ÖØÖÐÖ®ÖØ£¬M1/M2¶¼ºÜÓпÉÄÜ¿¼Ãû´Ê½âÊÍ£©

l    Construct monetary aggregates using the concept of liquidity:

£¨¹¹½¨»õ±Ò×ÜÁ¿Ê¹ÓÃÁ÷¶¯ÐԵĸÅÄ

l    M1 (most liquid assets) = currency + traveler’s checks + demand deposits + other checkable deposits.

l    M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits +  savings deposits and money market deposit accounts + money market mutual fund shares.

Chapter 4£ºUnderstanding Interest Rates

1. measuring interest rates:Present Value(ºÜ¿ÉÄÜ¿¼²ìÃû´Ê½âÊÍ)

A dollar paid to you one year from now is less valuable than a dollar paid to you today

Simple Present Value£ºPV=CF/(1+i)n´Î·½

2. Four Types of Credit Market Instruments

l    Simple Loan

l    Fixed Payment Loan

l    Coupon Bond ¸½Æ±Õ®È¯

l    Discount Bond ÌùÏÖծȯ

3.Yield to Maturity£¨Öص㣬ºÜ¿ÉÄÜÃû´Ê½âÊÍ£©

l    The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today

¼ÆËã4ÖÖ²»Í¬ÐÅÓù¤¾ßÍâ¼ÓConsol or Perpetuity£¨½ð±ßծȯ»òÓÀ¾Ãծȯ£©µÄYM

4. Yield on a Discount Basis£¨Á˽⼴¿É£©

Current Yieldµ±ÆÚÊÕÒæÂÊ

Yield on a Discount Basis ÕÛ¼ÛÊÕÒæÂÊ

Rate of Return ÊÕÒæÂÊ

5.Rate of Return and Interest Rates£¨ÊÕÒæÂÊÓëÀûÏ¢ÂʵÄdistinction£©

l    The return equals the yield to maturity only if the holding period equals the time to maturity

l    A rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding period

l    The more distant a bond’s maturity,  the greater the size of the percentage price change associated with an interest-rate change

l    The more distant a bond’s maturity, the lower the rate of return the occurs as a result of an increase in the interest rate

l    Even if a bond has a substantial initial interest rate, its return can be negative if interest rates rise

6. Interest-Rate Risk

l    Prices and returns for long-term bonds are more volatile than those for shorter-term bonds

l    There is no interest-rate risk for any bond whose time to maturity matches the holding period

7. Real and Nominal Interest Rates£¨Öص㣬ºÜ¿ÉÄÜ¿¼²ì¼ò´ðÌ⣩

l    Nominal interest rate makes no allowance for inflation

l    Real interest rate is adjusted for changes in price level so it more accurately reflects the cost of borrowing

l    Ex ante real interest rate is adjusted for expected changes in the price level

l    Ex post real interest rate is adjusted for actual changes in the price level

8. Fisher Equation£¨Öص㿼²ì£©

Chapter5£ºThe Behavior of Interest Rates

1. Determining the Quantity Demanded of an Asset

l    Wealth: the total resources owned by the individual, including all assets

l    Expected Return: the return expected over the next period on one asset relative to alternative assets

l    Risk: the degree of uncertainty associated with the return on one asset relative to alternative assets

l    Liquidity: the ease and speed with which an asset can be turned into cash relative to alternative assets£¨Á÷¶¯ÐÔºÜÓпÉÄÜ¿¼Ãû´Ê½âÊÍ£©

2.Theory of Asset Demand£¨±Ø¿¼£¬ËÀ»î¶¼µÃ±³ÏÂÀ´£©

Holding all other factors constant:

1. The quantity demanded of an asset is positively related to wealth

2. The quantity demanded of an asset is positively related to its expected return relative to alternative assets

3. The quantity demanded of an asset is negatively related to the risk of its returns relative to alternative assets

4. The quantity demanded of an asset is positively related to its liquidity relative to alternative assets

3. Supply and Demand for Bonds£¨¼ûµ½¿´Ò»ÏÂͼ£©

Market Equilibrium

4. Shifts in the Demand for Bonds

l    Wealth: in an expansion with growing wealth, the demand curve for bonds shifts to the right

l    Expected Returns: higher expected interest rates in the future lower the expected return for long-term bonds, shifting the demand curve to the left

l    Expected Inflation: an increase in the expected rate of inflations lowers the expected return for bonds, causing the demand curve to shift to the left

l    Risk: an increase in the riskiness of bonds causes the demand curve to shift to the left

l    Liquidity: increased liquidity of bonds results in the demand curve shifting right

5£®Shifts in the Supply of Bonds