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1、1,Section One Money & Money Supply,2,1.1.Meaning of money Money is anything that can be generally accepted in payment for goods and services or in the repayment of debts.,1. Overview of Money,3,Emergence of money,Money is the product of development of commodity exchange The emergence of money is a v
2、ery important thing in the development of human civilization. Its a slow process and the forms of money have changed a lot over time. In barter exchange, there are problems making transactions complicated and inefficient. The difficulties and inefficiency of barter exchange led to the invention of m
3、oney.,4,From primitive money to todays paper money, we can classify various money into several types. Full-bodied money(商品货币，足值货币): This kind of money has intrinsic value besides exchange value. Primitive money are all full-bodied money. e.g. Metal money： the precious metal coins that contain the sa
4、me value in metal as their face value.,5,雅浦岛石币(Rai Stones)是原始货币之一，产自雅浦岛。雅浦岛是一个位于太平洋，人口只有约5000到6000人的小岛。岛上的土著人使用一种巨大石币作为流通货币。由于当地不出产金属，于是石头便成为当地重要的资源，并发展出以石头充当交易媒介的贸易模式。当地人称这种石币为费(Fei)。其直径大小由12码码到1不等，小的直径约30厘米，大的可以大到直径3米(厚约50厘米，重达四吨)。石币越大，质地越好，该石币所代表的价值便越高。但石币的价值不仅在于它的大小重量或是雕刻工艺上的展现，还包含了运送途中有多么艰难，或这块
5、石币是由某位有名的水手所运送的，像这些背后的故事都可以增加该石币的价值。石币中间有一个孔，方便插入杆作搬运之用。当一宗涉及的费很大的交易结束，受石币重量所限，这些费并不用搬离前所有者的家，而是在费上作标记表示所有权已经易手。只要大家认可这石币的所有权谁属，便承认了财富的转移。,6,Representative money(代用货币): This type is more convenient than full-bodied money and is fully convertible into full-bodied money. Since large quantities of gold
6、 or silver are difficult and risky to carry around, people invented representative money. Representative money are usually made of paper, they are certificates issued to stand in place of a particular quantity of gold, silver or other commodities. They are fully backed by the commodity.,7,Credit Mon
7、ey（信用货币）: Modern monetary systems are based on credit. Modern monies are almost all credit money, they are backed by banks or governments promise to pay. Credit money has no value apart from its value in exchange. The most common credit money are paper currency and checkable accounts at commercial b
8、anks. (checks written on the drawers checking account),8,Electronic money（电子货币）-advanced form of credit money It refers to depository money stored and processed through computer system , such as Electronic Funds Transfer System(EFTs).It usually takes two forms: one is various plastic cards, such as
9、credit cards, debit card; the other is bank accounts on internet.,9,The measuring of money, The narrow money: M0 and M1 M0: the cash or currency in circulation M1= Mo+ Dd, The broad money : M2 & M3 M2 = M1+Ds+Dt M3= M2 + other assets ( such as T-bills, commercial paper,etc.) quasi-money or near-mone
10、y,10,Dd: These deposits may be withdrawn on demand. The depositor usually utilizes a check to request the bank to make payment. So it is also called checkable deposits. Ds : Such deposits have no check-writing privileges , may be withdrawn on demand and pay interest. A savings account is one in whic
11、h you can deposit your money, but there is a limitation on the number of transactions that you can perform on your account. Dt :Such deposits have legal maturity date. They can not be drawn before the maturity date, if so, there will be interest penalty on it . As they are less liquid and less likel
12、y to be withdrawn than savings deposits, banks pay a higher interest rate on them.,11,The foundation of measurement of money is their liquidity. M1M2 and M3 are arranged in the descending order of liquidity Cash Dd Ds Dt Bonds Stock Real estate,Money measures of different countries 1) Measures of mo
13、ney in the US,M1=通货+旅行支票+活期存款+其他支票存款； M2=M1+包括货币市场存款账户在内的储蓄存款+小额定期存款+ 零售货币市场基金+隔夜回购协议+隔夜欧洲美元； M3=M2+大额定期存款+机构货币市场基金+回购协议+欧洲美元。,13, Money Market Deposit Account (MMDA 货币市场存款帐户) is an account that combines savings and investment and provide check-writing privileges, and can therefore be used for trans
14、action purpose. 货币市场存款账户（Money Market Deposit Accounts，MMDAs）货币市场存款账户是西方商业银行为竞争存款而开办的一种业务。开立这种账户，可支付较高利率，并可以浮动，还可使用支票。这一账户的存款者可定期收到一份结算单，记载所得利息、存款余额、提款或转账支付的数额等。,14, Money Market Fund Shares (MMF货币市场基金)absorb small amounts of funds from the public by issuing fund shares and then invest funds collect
15、ed mainly in short-term securities in the money market .The holders of fund shares can not only get returns from investing in funds , but also are able to write checks against their shares.,货币市场基金（Money Market Fund，简称MMF）是指投资于货币市场上短期（一年以内，平均期限120天）有价证券的一种投资基金。该基金资产主要投资于短期货币工具如国库券、商业票据、银行定期存单、银行承兑汇票、
16、政府短期债券、企业债券等短期有价证券。货币基金只有一种分红方式红利转投资。货币市场基金每份单位始终保持在1元，超过1元后的收益会按时自动转化为基金份额，拥有多少基金份额即拥有多少资产。而其他开放式基金是份额固定不变，单位净值累加的，投资者只能依靠基金每年的分红来实现收益。,15,2) Measures of money in the Eurozone M1= Currency in circulation + overnight deposits 狭义货币M1=流通中现金+隔夜存款； M2= M1 + deposits with an agreed maturity up to 2 years + deposits redeemable at a period of notice up to 3 months. 中间货币M2=M1+期限为两年以下的定期存款+通知期限三个月以内的通知存款； M3=M2 + repurchase agreements + money market fund (MMF)
