The Financial System Opportunities and Dangers金融系统的机会和危险.pptxVIP

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The Financial System Opportunities and Dangers金融系统的机会和危险.pptx

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The Financial System Opportunities and Dangers金融系统的机会和危险

The Financial System: Opportunities and Dangers Chapter 20 of Macroeconomics, 8th edition, by N. Gregory Mankiw ECO62 Udayan Roy The Financial System The financial system is the collection of institutions that facilitate the flow of funds between lenders and borrowers. The Financial System: Saving When people earn income, they typically don’t want to consume their entire income all at once. But they may have no idea what to do with the unconsumed income. This unconsumed income is called saving The Financial System: Investment On the other hand, there are people who may wish to spend money on various potentially valuable projects but either have no money of their own or may wish to spend their personal funds on projects other than their own The money that these people need for their spending plans is called investment The Financial System Makes Saving Equal Investment The financial system makes it easier for lenders (those who have the saving funds) and borrowers (those who need funds for investment) to find each other Both groups benefit when the financial system does its job well When the financial system fails, both groups suffer What does the financial system do? The financial system serves multiple purposes: It helps entrepreneurs find the money needed to turn business ideas into reality It helps entrepreneurs pursue business projects without having to personally carry too much of the risks associated with their projects It helps to protect lenders from irresponsible borrowers It helps to foster economic growth by channeling savings to the most valuable projects and cutting off funds for the less valuable projects Financing Investment The financial system helps entrepreneurs find the money needed to turn business ideas into reality The money may take the form of Debt finance (the entrepreneur sells bonds), and Equity finance (the entrepreneur sells stocks) Financing Investment The flow of funds takes place through Financial markets Stock market, bond market Fin