货币金融学米什金介绍.ppt

Chapter 2 An Overview of the Financial System 金融体系概览 FIGURE 1 Flows of Funds Through the Financial System图2-1 通过金融体系实现的资金流动 Table 3 Primary Assets and Liabilities of Financial Intermediaries表2-3 金融中介机构主要的资产和负债 Table 4 Principal Financial Intermediaries and Value of Their Assets 表2-4 主要金融中介机构及其资产总额 Table 5 Principal Regulatory Agencies of the U.S. Financial System表2-5 美国金融体系中的主要监管机构 Copyright ? 2010 Pearson Addison-Wesley. All rights reserved. 2-* Copyright ? 2010 Pearson Addison-Wesley. All rights reserved. Function of Financial Markets金融市场的功能 Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds. 金融市场的基本经济功能是将资金从那些拥有资金盈余的经济主体那里转移到资金短缺的经济主体手中。 Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.直接融资：借款者通过向金融市场里的贷款者出售证券而直接获取资金的融资方式。 Function of Financial Markets金融市场的功能 Promotes economic efficiency by producing an efficient allocation of capital, which increases production.通过能够提高生产的有效资产配置来实现的经济效率的提高。 Directly improve the well-being of consumers by allowing them to time purchases better.通过帮助消费者更好地安排购买时机来直接提高其福利水平。 Structure of Financial Markets金融市场的结构 Debt and Equity Markets 债务市场和股权市场 Debt instruments (maturity) 债务工具(期限) Equities (dividends) 股权(股息或红利) Primary and Secondary Markets 一级市场和二级市场 Investment Banks underwrite securities in primary markets 投资银行在一级市场中承销证券 Brokers and dealers work in secondary markets 经纪人和交易商在二级市场中经营业务 Structure of Financial Markets金融市场的结构 Exchanges and Over-the-Counter (OTC) Markets 交易所和场外交易（柜台交易）市场 Exchanges: NYSE, Chicago Board of Trade 交易所:纽约证券交易所、芝加哥期货交易所 OTC Markets: Foreign exchange, Federal funds 场外交易市场: 外汇市场、联邦基金市场 Money and Capital Markets货币市场和资本市场 Money markets deal in short-term debt instruments 短期债务工具进行交易的金融市场 Capital markets deal in longer-term debt and equity instruments 长期债务工具和股权工具进行交易的金融市场 Table 1 Principal Money Market Instruments表2-1 主要货币市场工具 Table 2 Principa