《货币银行学》Ch01.pptVIP

Chapter 1 Why Study Money, Banking, and Financial Markets? 在中国，至迟在20世纪20年代即从西方引进了这门课程。 西方《货币银行学》的发展 Money and Banking→ The Economics of Money and Banking→ The Economics of Money,Banking,and Financial Markets ,又译为《货币金融学》 Why Study Money, Banking, and Financial Markets To examine how financial markets such as bond, stock and foreign exchange markets work To examine how financial institutions such as banks and insurance companies work To examine the role of money in the economy 《辞海》1937年版 “今谓金钱之融通状态曰金融。旧称银根。各种银行、票号、钱庄，曰金融机构。〈通鉴长篇〉: 公家之费，敷于民间者，谓之圆融。义于金融为近。” 《辞海》 “（Monetary circulation)谓资金融通之形态之形态也，旧称银根。金融市场利率之升降，与普通市场物价之涨落，同一原理，俱视供求之关系而定。即供给少需要多，则利率上腾，此种形态谓之金融紧迫，亦曰银根短绌；供给多需要少，则利率下降，此种形态谓之金融缓慢，亦曰银根松动。” 《辞海》1979年新版 “货币资金的融通。一般指与货币流通与银行信用有关的一切活动，主要通过银行的各种业务来实现。如货币的发行、流通和回笼，存款的吸收和提取，贷款的发放和收回，国内外汇兑的往来，以及资本主义制度下贴现市场和证券市场的活动等，均属于金融的范畴。” 斯蒂芬?A?罗斯（Stephen A. Ross）撰写的“Finance”词条 称“金融以其不同的中心点和方法论而成为经济学的一个分支，其中心点是资本市场的运营、资本资产的供给和定价。其方法论是使用相近的替代物给金融契约和工具定价。” 罗斯概括了“Finance”的四大课题：“有效率的市场”、“收益和风险”、“定价理论”和“公司金融”。罗斯的观点，集中体现了西方学者界定“Finance”倚重微观内涵及资本市场的特质。 Financial Markets Financial Markets Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds Channel funds from savers to investors, thereby promoting economic efficiency Affect personal wealth and behavior of business firms The Bond Market and Interest Rates A security (financial instrument) is a claim on the issuer’s future income or assets A bond is a debt security that promises to make payments periodically for a specified period of time An interest rate is the cost of borrowing or the price paid for the rental of funds The Stock Market Common stock represents a share of ownership in a corporation A share of stock is a claim on the earnings and assets of the corporation The Foreign Exchange Market The foreign exchange market is where funds are converted from one currency into another The foreign exchange rate is the price of one currency in terms of