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1、Saving, Investment, and the Financial System,1, 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroo
2、m use.,Financial Institutions,Financial system Group of institutions in the economy That help match one persons saving with another persons investment Moves the economys scarce resources from savers to borrowers Financial institutions Financial (capital) markets Financial intermediaries: Banks,2, 20
3、12 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Financial Markets,Financial markets Savers
4、can directly provide funds to borrowers The bond market The stock market,3, 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-pr
5、otected website for classroom use.,Financial Markets,The bond market Bond - certificate of indebtedness Time of maturity (the loan will be repaid Rate of interest Principal - amount borrowed Term - length of time until maturity Credit risk probability of default,4, 2012 Cengage Learning. All Rights
6、Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Financial Markets,The stock market Stock - claim to partial ownership of a
7、firm Organized stock exchanges Stock prices: demand and supply Equity finance (Initial Public Offering: IPO) Sale of stock (share) to raise money Stock price index Average of a group of stock prices (Dow Jones average, etc.),5, 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned,
8、or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Financial Intermediaries,Financial intermediaries Savers can indirectly provide funds to borrowers Banks Take in
9、deposits from savers Banks pay interest Make loans to borrowers Banks charge interest,6, 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on
10、a password-protected website for classroom use.,National Income Accounts,Rules of national income accounting Important identities Identity An equation that must be true because of the way the variables in the equation are defined Clarify how different variables are related to one another,7, 2012 Cen
11、gage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Accounting Identities,Y = C + I + G + NX Y= gross
12、 domestic product (GDP) C = consumption I = investment G = government purchases NX = net exports,8, 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or ot
13、herwise on a password-protected website for classroom use.,Accounting Identities,Closed economy Doesnt interact with other economies NX = 0 Open economy Interact with other economies NX 0,9, 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, e
14、xcept for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Accounting Identities,Assumption: close economy: NX = 0 Y = C + I + G It follows Y C G = I National saving (saving), S Total income in the economy tha
15、t remains after paying for consumption and government purchases S = Y C G (definition) S = I,10, 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or other
16、wise on a password-protected website for classroom use.,Accounting Identities,T = taxes minus transfer payments S = Y C G S = (Y T C) + (T G) Private saving, Y T C Income that households have left after paying for taxes and consumption Public saving, T G Tax revenue that the government has left after paying for its spending,11, 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as p
