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1、金融機構與市場組織概論 金融機構組織與結構 1中央銀行與聯邦準備體系的架構 2美國的金融機構概況 3台灣的金融機構概況 4金融機構的監理 金融市場組織與結構概論 1金融市場的組織分類 2金融市場的結構與逆選擇 3道德危險 4金融市場的監理 1 中央銀行與聯邦準備體系的架構 1 美國Fed的結構2 中央銀行的獨立性3 存款創造與貨幣供給4 貨幣供給的決定5 貨幣政策的工具6 貨幣政策的執行7 貨幣需求理論 金融機構組織與結構 1 美國聯準會的架構A FormalStructureoftheFed B InformalStructureoftheFed 2 中央銀行的獨立性 CentralBank
2、Independence FactorsmakingFedindependent1 MembersofBoardhavelongterms2 Fedisfinanciallyindependent ThisismostimportantFactorsmakingFeddependent1 CongresscanamendFedlegislation2 PresidentappointsChairmenandBoardmembersandcaninfluencelegislationOverall FedisquiteindependentOtherCentralBanks1 BankofEng
3、landleastindependent Govt makespolicydecisions2 Bundesbank mostindependent pricestabilityprimarygoal3 BankofCanadaandJapan fairdegreeofindependence butnotallonpaper4 Trendtogreaterindependence Spain France EuropeanCentralBank A 中央銀行的行為解釋 ExplainingCentralBankbehavior Theoryofbureaucraticbehavior1 Is
4、anexampleofprincipal agentproblem2 BureaucracyoftenactsinowninterestImplicationsforCentralBanks 1 Acttopreserveindependence2 Trytoavoidcontroversy oftenplaysgames3 SeekadditionalpoweroverbanksShouldFedBeIndependent CaseFor 1 IndependentFedlikelyhaslonger runobjectives politiciansdon t evidenceisbett
5、erpolicyoutcomes2 Avoidspoliticalbusinesscycle3 LesslikelydeficitswillbeinflationaryCaseAgainst 1 Fedmaynotbeaccountable2 Hinderscoordinationofmonetaryandfiscalpolicy3 Fedhasoftenperformedbadly B 中央銀行的獨立性 CentralBankIndependenceandacroPerformancein17Countries A 貨幣供給過程的四類參與者 FourPlayersintheMsProcess
6、 1 CentralBank theFed2 Banks3 Depositors4 BorrowersfromBanksFederalReserveSystem1 Conductsmonetarypolicy2 Clearschecks3 Regulatesbanks 3 存款創造與貨幣供給 B 聯準會的資產負債表 FedBalanceSheet C 貨幣基數 MonetaryBase 1 MB C R Fednotes bankdeposits Treasurycurrency coin Asset LiabsofFedbalancesheet 2 Fednotes bankdeposits
7、 securities discountloans goldandSDRs coin cashitemsinprocessofcollection otherFedassets Treasurydeposits foreignandotherdeposits deferredavailabilityitems otherFedliabs float cashitemsinprocessofcollection deferredavailabilityitems Substituting2into1andusingdefinitionoffloat MB securities discountl
8、oans goldandSDRs float otherFedassets Treasurycurrency Treasurydeposits foreignandotherdeposits otherFedliabs D 我國貨幣供給的定義 M1A 通貨淨額 企業及個人在貨幣機構的支票存款及活期存款 M1B 通貨淨額 存款貨幣 M1A 個人 含非營利團體 在貨幣機構的活期儲蓄存款 依法只有個人及非營利團體可以開立活期儲蓄帳戶 貨幣供給額M2 M1B 準貨幣流動性負債 M2 指定用途新台幣信託資金 指定用途外匯信託基金 信託投資公司之代確定用途新台幣信託基金 人壽保險準備 個人及企業持有的金融
9、債券 央行發行的國庫券與儲蓄券 信託投資公司及人壽保險公司的庫存現金 E 準備貨幣 強力貨幣的定義 1 通貨淨額 指全體貨幣機構及郵匯局以外各部門所持有的通貨 亦即通貨淨額 央行通貨發行額 全體貨幣機構的庫存現金 郵匯局的庫存現金 指企業或個人在貨幣機構的定期存 包括一般定存及可轉讓定存單 定期儲蓄存款 外匯存款 包括外匯活期存款 外匯定期存款及外幣定期存單 以及郵匯局自行吸收的郵政儲金總數 F 準貨幣或準貨幣性存款 A MoneyMultiplierM m MBDerivingMoneyMultiplierR RR ERRR rD DR rD D ERAddingCtobothsidesR
10、C MB rD D ER C1 TellsusamountofMBneededsupportD ERandC2 1ofMBinER notsupportDorCMB rD D ER D D C D D rD ER D C D D 4 貨幣供給的決定 DeterminantsoftheMoneySupply 1D MB rD ER D C D M D C D D 1 C D D 1 C D M MB rD ER D C D 1 C D m rD ER D C D m 1 rdbecausenomultipleexpansionforcurrencyandbecauseasM ER FullMod
11、elM m MBn DL 5 貨幣政策的工具 ToolsofMonetaryPolicy A 公開市場操作B 貼現放款C 法定存款準備率 公開市場操作 OpenMarketOperations 2Types1 Dynamic MeanttochangeMB2 Defensive MeanttooffsetotherfactorsaffectingMB typicallyusesreposAdvantagesofOpenMarketOperations1 Fedhascompletecontrol2 Flexibleandprecise3 Easilyreversed4 ImplementedQ
12、uickly B 貼現放款 DiscountLoans 3Types1 AdjustmentCredit2 SeasonalCredit3 ExtendedCreditLenderofLastResortFunction1 TopreventbankingpanicsFDICfundnotbigenoughExamples ContinentalIllinoisandFranklinNational2 TopreventnonbankfinancialpanicsExamples 1987stockmarketcrashAnnouncementEffect1 Problem Falsesign
13、als C 法定存款準備率 ReserveRequirements Advantages1 PowerfuleffectDisadvantages1 SmallchangeshaveverylargeeffectonMs2 Raisingcausesliquidityproblemsforbanks3 Frequentchangescauseuncertaintyforbanks4 TaxonbanksProposedReforms1 Abolishreserverequirements2 100 reserverequirements MiltonFriedman A Advantage c
14、ompletecontrolofMsB Disadvantage FedcontrolsofficialMsbutnoteconomicallyrelevantMs 6 貨幣政策的執行 ConductofMonetaryPolicy A GoalsofMonetaryPolicyB CentralBankStrategy A GoalsofMonetaryPolicy Goals1 HighEmployment2 EconomicGrowth3 PriceStability4 InterestRateStability5 FinancialMarketStability6 ForeignExc
15、hangeMarketStabilityGoalsofteninconflict B CentralBankStrategy 7 貨幣需求理論 TheDemandForMoney A DemandfortheMoneyB CambridgeApproachC KeynesLiquidityPreferenceTheoryD Baumol TobinModelofTransactionsDemand A DemandfortheMoney QuantityTheoryofMoneyVelocityPYV MEquationofExchangeMV PYQuantityTheoryofMoney1
16、 IrvingFisherview Visfairlyconstant2 Eq ofExchangenolongeridentity3 Nominalincome PY determinedbyM4 ClassicalsassumeYfairlyconstant5 PdeterminedbyMQuantityTheoryofMoneyDemand1 PYM VMd k PYImplication interestratesnotimportanttoMd B CambridgeApproach Looksatmotivesforholdingmoney1 Mediumofexchange relatedtoY2 StoreofWealth relatedtoYMd k PYLookslikeQuantityTheory butisdifferent1 kcouldfluctuateinshort runbecauseofchangeiniandRETeIsVelocityConstant 1 ClassicalsthoughtVconstantcausedidn thavegoodda
