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1、PrincipleofEconomics MacroeconomicsBydersen guo CourseOutline Chapter26Saving Investment andtheFinancialSystemHowtofinanceyourownstart up FinancialInstitutionsinU S EconomySavingandInvestmentinthenationalincomeaccountsTheMarketsforLoanableFunds Howtofinanceyourstart up YourownsavingsBorrowingsfromba
2、nksFinancefromothers TheFinancialSystem Thefinancialsystem 4componentsComprisedofInstitutionsFunction Matchsavingwithinvestment Whosesavings Whoinvests FinancialInstitutionsintheU S Economy Twobigcategories Financialmarkets theinstitutionsthroughwhichsaverscandirectlyprovidefundstoborrowers Financia
3、lintermediaries financialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers FinancialMarkets Intermediaries FinancialMarketsStockMarketsBondMarketsFinancialIntermediariesBanksMutualFunds TheBondMarket Abondisacertificateofindebtednessthatspecifiesobligationsoftheborrowertotheholderof
4、thebond Categories GovernmentBondsMunicipalBondsCorporateBonds CharacteristicsofaBond Term Thelengthoftimeuntilthebondmatures AlsocalledMaturity CreditRisk Theprobabilitythattheborrowerwillfailtopaysomeoftheinterestorprincipal TaxTreatment Thewayinwhichthetaxlawstreattheinterestonthebond MunicipalBo
5、nds TheStockMarkets Stockrepresentsownershipinafirmandistherefore aclaimtotheprofitsthatthefirmmakes Thesaleofstocktoraisemoneyiscalledequityfinancing Comparedtobonds stocksofferbothhigherriskandpotentiallyhigherreturns Stock APPLE Stock APPLE FinancialIntermediaries Banks Bankstakedepositsandusethe
6、depositstomakeloansMoneymaking interestdifferencesAnotherfunction writingcheckagainstdeposits MutualFunds AmutualfundTheyallowpeoplewithsmallamountsofmoneytoeasilydiversify OtherFinancialInstitutions Creditunions信用合作社Pensionfunds养老基金Insurancecompanies保险公司Loansharks放高利贷者 Saving InvestmentinNationalIn
7、comeAccounts RecallGDPcomponentsY C I G NXAssumeaclosedeconomy nointernationaltrade wegot Y C I G SomeImportantIdentities SubtractbothCandGfrombothsidesofaboveequation Y C G ITheleftside totalincomeintheeconomyafterpayingforconsumptionandgovernmentpurchases what nationalsaving orjustsaving S SomeImp
8、ortantIdentities Substitutingsaving S forY C G theequationcanbewrittenas S INationalsaving orsaving isequalto S Y C GS Y T C T G What sY T C what sT G PrivateSavings Privatesavingistheamountofincomethathouseholdshaveleftafterpayingtheirtaxesandpayingfortheirconsumption Privatesaving Y T C PublicSavi
9、ng Publicsavingistheamountoftaxrevenuethatthegovernmenthasleftafterpayingforitsspending Publicsaving T G Surplusordeficit SurplusandDeficit IfT G thegovernmentrunsabudgetsurplusbecauseitreceivesmoremoneythanitspends ThesurplusofT Grepresentspublicsaving IfG T thegovernmentrunsabudgetdeficitbecauseit
10、spendsmoremoneythanitreceivesintaxrevenue TheMarketforLoanableFunds Financialmarketscoordinatetheeconomy ssavingandinvestmentinthemarketforloanablefunds Loanablefunds allincomethatpeoplehavechosentosave lendout ratherthanusefortheirownconsumption Whosupplies demandsloanablefunds SupplyandDemandforLo
11、anableFunds Theinterestrateisthepriceoftheloan Itrepresentstheamountthatborrowerspayforloansandtheamountthatlendersreceiveontheirsaving Theinterestrateinthemarketforloanablefundsistherealinterestrate GovernmentPoliciesThatAffectSaving Investment Taxesandsaving taxoninterestincomeTaxesandinvestment i
12、nvestmenttaxcreditGovernmentbudgetdeficits Effectofataxdecrease TaxandSaving Ifachangeintaxlawencouragesgreatersavingtheresultwillbelowerinterestratesandgreaterinvestment EffectofInvestmentTaxCredit TaxandInvestment Ifachangeintaxlawsencouragesgreaterinvestmenttheresultwillbehigherinterestratesandgr
13、eatersaving Governmentbudgetdeficits Budgetdeficit shortfallifgovernmentspendingislargerthantaxrevenuesGovernmentdebt theaccumulationofpastbudgetdeficits Effectofgovern tbudgetdeficit Governmentbudgetdeficits Whengovernmentreducesnationalsavingbyrunningadeficit theinterestraterisesandinvestmentfalls Crowdingout thefallininvestmentbyhouseholdsandfirmswhengovern tborrowmoneytofinanceitsbudgetdeficit Govern tbudgetsurpluses Abudgetsurplusincreasesthesupplyofloanablefunds reducestheinterestrate andstimulatesinvestment
