第二十六章储蓄、投资和金融体系.ppt

Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. 第二十六章储蓄、投资和金融体系 学生专题一 Saving, Investment, and the Financial System 宏观第一小组作业 目录 小组成员介绍： XX（组长） XX XX XX ZHH_II 总论 This chapter examines how the financial system works. 本章探讨了金融系统的工作原理。 The model shows how various government policies affect the interest rate and, thereby, societys allocation of scarce resources. 该模型显示了各种政府政策如何影响利率,从而社会的稀缺资源分配。 Second,?we?discuss?the?relationship?between?the?financial?system?and?some?key?macroeconomic?variables-notably?saving?and?investment. 第二,讨论金融体系和一些关键的宏观经济变量间的关系，尤其是储蓄和投资之间的。 First,?we?discuss?the?large?variety?of?institutions?that?make?up?the?financial?system?in?our?economy. 首先,讨论经济中的组成金融体系的各种机构 Third,?we?develop?a?model?of?the?supply?and?demand?for?funds?in?financial?markets. In the model, the interest rate is the price that adjust to balance supply and demend. 第三,建立一个金融市场商导资金供求模型，在模型中,利率的价格调整来平衡供应和要求。 金融体系 金融体系（financial system） －经济中促使储蓄与投资相匹配的一组机构的总和。 储蓄与投资的含义 存款人与借款人共同组成的市场 －储蓄：提供资金——投资：借贷资金 谁来协调储蓄者与投资者？ What coordinates savers and investors? 回答：金融体系。 Answer: The financial system. FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY Financial Markets Stock Market Bond Market 美国经济中的金融机构 金融市场 股票市场 债券市场 Financial Markets The Bond Market A bond is a certificate of indebtedness thatspecifies obligations of the borrower to the holder of the bond. Characteristics of a Bond Term: The length of time until the bond matures. Credit Risk: The probability that the borrower will fail to pay some of the interest or principal. Tax Treatment: The way in which the tax laws treat the interest on the bond. Municipal bonds are federal tax exempt. IOU 金融市场 债券市场 债券 是规定借款人对债券持有人负有债务责任的证明. 债券的特点 期限:债券到期之前的时间长度. 信用风险: 借款人不能支付某些利息或本金的可能性. 税收待遇: 税法对待债券所赚到的利息的方式. 市政债券免除联邦税收. IOU Financial Markets The Stock Market Stock represents a claim to partial ownership in a firm and is therefore, a claim to the profits that the firm makes. The sale of sto