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1、Chapter 1,The Payment System,Introduction,This chapter provides an overview of the functions of the financial system and explains the operations of the payment system . This system is changing rapidly in many respects ,even though its basic features the use of the money to settle transactions _remai
2、ns in place.,Study objectives,From your study of this chapter you should be able to: Describe the 3 principal functions performed by a financial system Describe, in broad outline,Australias financial system Describe the main forms of money and payment instructions,Describe the operation of the check
3、 payment system Explain settlement and contagion risk Explain five important financial principals,Part 1,Overview of the financial system,This chapter begin with an overview of the financial system,describe its functions ,its place within the economy and its structure.,1.Definition of the financial
4、system,The financial system is that part of the economy that provides services and products . Here it is divided into 3parts - the payment system The financing system The financial market risk management system.,2. The work of the financial system,A. The role of an economys financial system is to se
5、rve the financial needs of consumers and producers and to allocate financial services between these competing needs.,In essence ,the job of the financial system is to :,Attract funds from those who donot currently needs to spend them ;and Allocate the funds to those who do. The financial system play
6、s an important role in shaping the economy when it allocates funds . Some activities are funded while others not.,B . The financial system is also the arena in which the level of interests and exchange rates are determined .,C. The financial systems third role is financial market risk management , w
7、hich comprises another set of markets and financial instruments called derivatives.,3.The size and structure of the financial system,A. The size Words top 10 Australias time zone Virtual 24 global market Market turnover（市场交易额）,B. The structure of the financial system,Financial institutions and finan
8、cial markets undertake the work of a financial system. Global financial system in1970s and 1980s. Australias financial system is principally domestic.,The changing structure of Australias financial system,Australias first bank _the Bank of New South Wales was established in1817._-Westpac Banking Cor
9、poration in June 1981 1930s Strict regulation,The Campbell Committee (1),The Campbell Committee was established in 1979 to examine Australias regulated financial system and recommended in 1981 that the regulations be largely removed .,The Campbell Committee (2),By the mid-1980s , Australias financia
10、l system had been deregulated,resulting in the conversion of the many non-banks into banks and the amalgamation of non-banks into the operations of their bank owners.,Financial system inquiry (FSI),Financial system inquiry (FSI), in May 1996. The inquiry was launched by the Treasurer to evaluate Aus
11、tralias deregulation experience ,reviewed the forces that are changing financial system and examined the few remaining restrictions on the activities of financial institutions.,FSI,One of the keys recommendations of the FSI was the removal of regulatory impediments to the supply of financial service
12、s ,with the aim of increasing competition between financial institutions and widening the range of financial service providers .For instance ,large retailers such as Woolworths and Telstra are likely to become suppliers of financial services.,The development of the Australias financial market,Austra
13、lias financial market (the money ,bond ,share ,foreign exchange market) began to emerge in 1959. Share market operated informally since last century,By the late 1990s Australias financial system became a mixture of financial institutions ,comprising deposit-taking institutions ,fund managers(profess
14、ional managers of funds such as superannuration funds and insurance funds ）and bond market.,Part 2,Overview of the financial payment system,The purpose of a financial system,The purpose of a financial system is to arrange the exchange of goods and services for value (I.e.money ). Without a payment s
15、ystem,what shall we do?,Without a payment system,what shall we do?,Without a payment system, goods and services would have to be exchanged for each other in order to allow people to consume things that they have not produced for themselves . Barter system,The functions of money,medium of exchange un
16、it of account (standard of value ) store of value,Money is the medium of exchange,Money is the medium of exchange in the payment system. This is much more efficient payment system as it overcomes the need to find someone who wants to trade their items for someone elses.,The forms of money,Moneys comes in many forms . Precious metals (gold) were the initial forms of payment . (in Australia rum also served this role ). Even today ,gol
