《宏观经济学原理课件5解析》由会员分享，可在线阅读，更多相关《宏观经济学原理课件5解析（72页珍藏版）》请在金锄头文库上搜索。
1、Saving, Investment, and the Financial System 储蓄、投资与金融体系 Chapter 5 LEARNING OBJECTIVES uBy the end of this chapter, we should understand: uu some of the important financial institutions in the U.S. economy.了解美国经济中一些重要的金融机构 uu how the financial system is related to key macroeconomic variables.考虑金融体系如何
2、与关键的宏观经济变量相关 uu the model of the supply and demand for loanable funds in financial markets.提出一个金融市场上可贷资金供求模型 uu how to use the loanable-funds model to analyze various government policies.用可贷资金模型分析各种政府政策 uu how government budget deficits affect the U.S. economy. 考虑政府预算赤字如何影响美国经济 The Financial System
3、金融体系 uThe financial system consists of institutions that help to match one persons saving with another persons investment. 金融体系由经济中帮助一个人的储蓄与另一 个人的投资相匹配的机构组成。 uIt moves the economys scarce resources from savers to borrowers. 它把经济的稀缺资源从储蓄者手中转移到借 贷者手中。 Financial Institutions in the U.S. Economy uThe fi
4、nancial system is made up of financial institutions that coordinate the actions of savers and borrowers. uFinancial institutions can be grouped into two different categories: financial markets and financial intermediaries. 美国经济中的金融机构 u金融体系由帮助协调储蓄者与借贷 者的各种金融机构所组成。 u金融机构可以分为两种类型：金融 市场和金融中介机构。 Financia
5、l Institutions in the U.S. Economy 美国经济中的金融机构 uFinancial Markets 金融市场 uStock Market 股票市场 uBond Market 债券市场 uFinancial Intermediaries 金融中介机构 uBanks 银行 uMutual Funds 共同基金 Financial Institutions in the U.S. Economy 美国经济中的金融机构 uFinancial markets are the institutions through which savers can directly pro
6、vide funds to borrowers. 金融市场想储蓄的人直接向想借款的 人提供资金的机构。 uFinancial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介机构储蓄者可以 通过它间 接地向借款者提供资金的金融机构。 Financial Markets uThe Bond Market A bond is a certificate of indebtedness that specifies obligat
7、ions of the borrower to the holder of the bond. Characteristics of a Bond Term: The length of time until the bond matures. Credit Risk: The probability that the borrower will fail to pay some of the interest or principal. Tax Treatment: The way in which the tax laws treat the interest on the bond. M
8、unicipal bonds are federal tax exempt. IOU 金融市场 u债券市场 债券一种债务证明书，规定了借款 人向债券持有人的负债责任。 债券特点 期限: 债券到期之前的时间长度。 信用风险: 借款者不能支付某些利息或本 金的可能性。 税收待遇: 税法对待债券所赚到的利息的 方式。 市政债券利息免征联邦所得税。 IOU Financial Markets uThe Stock Market Stock represents a claim to partial ownership in a firm and is therefore, a claim to the
9、 profits that the firm makes. The sale of stock to raise money is called equity financing. Compared to bonds, stocks offer both higher risk and potentially higher returns. The most important stock exchanges in the United States are the New York Stock Exchange, the American Stock Exchange, and NASDAQ
10、. 金融市场 u股票市场 股票 代表企业的所有权，所以也代表对所获 得利润的索取权。 出售股票来筹资称为股本筹资。 与债券相比，股票的风险高，潜在收益也 高。 美国经济中最重要的股票交易所是纽约股 票交易所、美国股票交易所和纳斯达克（ NASDAQ）。 The Stock Market Most newspaper stock tables provide the following information: uPrice (of a share) uVolume (number of shares sold) uDividend (profits paid to stockholders)
11、uPrice-earnings ratio 股票市场 大多数报纸的股票栏目提供以下信息： u价格 (每股) u交易量 (股票销售的量) u股利 (付给股票持有人的利润) u价格每股赢利率（P/E） Financial Intermediaries 金融中介机构 uFinancial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介机构储蓄者可以通过它间 接地向借款者提供资金的金融机构。 Financial Intermedi
12、aries uBanks take deposits from people who want to save and use the deposits to make loans to people who want to borrow. pay depositors interest on their deposits and charge borrowers slightly higher interest on their loans. 金融中介机构 u银行 从想储蓄的人那里得到存款，并用这些存 款向想借款的人进行贷款。 向存款人的存款支付利息，并向借款人的 贷款收取略高一点的利息。
13、Financial Intermediaries uBanks Banks help create a medium of exchange by allowing people to write checks against their deposits. A medium of exchanges is an item that people can easily use to engage in transactions. This facilitates the purchases of goods and services. 金融中介机构 u银行 银行通过允许人们根据自己的存款签发支
14、 票，帮助创造出一种交换媒介。 交换媒介是人们能容易地用来进行交易 的东西。 这方便了物品与劳务的购买。 Financial Intermediaries: Mutual Funds uA mutual fund is an institution that sells shares to the public and uses the proceeds to buy a selection, or portfolio, of various types of stocks, bonds, or both. uThey allow people with small amounts of mo
15、ney to easily diversify. 金融中介机构: 共同基金 u共同基金 是一个向公众出售股份，并用 收入购买各种股票、债券，或股票与债券 都有的选择，或资产组合的机构。 u它们可以使钱并不多的人进行多元化投资。 Financial Intermediaries ：Other Financial Institutions 金融中介机构：其他金融机构 uCredit unions 信用社 uPension funds 养老基金 uInsurance companies 保险公司 uLoan sharks 地方高利贷者 Saving and Investment in the Nat
16、ional Income Accounts 国民收入帐户中的储蓄与投资 Recall that GDP is both total income in an economy and total expenditure on the economys output of goods and services: 我们还记得，GDP既是一个经济的总收入， 又是用于经济的物品与劳务产量的总支出。 Y = C + I + G + NX Some Important Identities 一些重要的恒等式 Assume a closed economy one that does not engage in international trade: 假设一个封闭经济不与其他经济 交易的经济。 Y = C + I + G Some Important Identities uNow, subtract C and
