货币银行01方案.ppt

存款的种类：* 活期存款：这种存款，支用时须使用银行规定的支票，又称为支票存款。企业、个人、政府机关、金融机构都能在银行开立活期存款账户。 定期存款：指那些具有确定的到期期限才准提取的存款。 储蓄存款：这主要是针对居民个人积蓄货币之需所开办的一种存款业务。一般不能据此签发支票，支用时只能提取现金或先转入存户的活期存款账户。它可以进一步分为活期和定期两大类。 中国的货币计量： M0 = 流通中现金 M1 = M0 + 企事业单位活期存款 M2 = M1 + 企事业单位定期存款+居民储蓄存款 + 证券公司客户保证金 + 其他存款 表1 美英德法四国批发物价指数 运用到期收益率计算 例题1 Discount Bond（贴现发行债券） 1-* Other Measures of Interest Rates 1-* Current Yield（当期收益率） 、 C ic = P Two Characteristics Is better approximation to yield to maturity, nearer price is to par and longer is maturity of bond Change in current yield always signals change in same direction as yield to maturity 1-* (F – P) 360 idb = x F (number of days to maturity) One year bill, P = $900, F = $1000 $1000 – $900 360 idb = x = 0.099 = 9.9% $1000 365 Two Characteristics Understates yield to maturity; longer the maturity, greater is understatement Change in discount yield always signals change in same direction as yield to maturity Yield on a Discount Basis（贴现收益率） ? 2006 Pearson Addison-Wesley. All rights reserved 1-* Bond Page of the Newspaper Rate of Return（回报率） Definiton(定义): the rate of return is defined as the payments to the owner plus the change in its value. Rate of Return and Interest Rates The return equals the yield to maturity only if the holding period equals the time to maturity A rise in interest rates is associated with a fall in bond prices, resulting in a capital loss if time to maturity is longer than the holding period The more distant a bond’s maturity, the greater the size of the percentage price change associated with an interest-rate change Rate of Return and Interest Rates (cont’d) The more distant a bond’s maturity, the lower the rate of return the occurs as a result of an increase in the inter