金融市场ch01.pptVIP

Part I Introduction Chapter One Why Study Financial Markets and Institutions? Why Study Financial Markets? Why Study Financial Institutions? Applied Managerial Perspective How We Will Study Financial Markets and Institutions Concluding Remarks Preview Why Study Financial Markets? 1.Debt Markets and Interest Rates 2.The stock market 3.The Foreign Exchange Market financial markets: Markets in which funds are transferred from people who have a surplus(剩余的，过剩的、、顺差，盈余) of available funds to people who have a shortage of available funds. 3 Why Study Financial Markets? Channels funds （资金渠道）from savers to investors, thereby （从而，从此）promoting economic efficiency Affects personal wealth and behavior of business firms 1.Debt Markets and Interest Rates Security（证券）: A claim on the borrower‘s future income that is sold by the borrower to the lender. Also called a financial instrument（金融工具；金融票据 ）. 4 asset: A financial claim or piece of property （. 财产；性质，性能；所有权 ）that is a store of value. 4, 78 bond: A debt security that promises to make payments periodically （. 周期性地,定期地 ）for a specified period of time. A certificate（用证书批准; 发给证明书 n. 证书；执照，文凭 ）of debt issued by a government or corporation guaranteeing payment of the original investment plus interest by a specified future date. interest rate: The cost of borrowing or the price paid for the rental （租赁;租金收入，租金 adj. 租赁的；收取租金的 ）of funds (usually expressed as a percentage per year). 4 Bond Market and Interest Rates Treasury notes（中期国债 ） treasury bonds（财政长期债券 ） long-term bonds （长期债券） Treasury bills（短期国债）: Securities sold by the federal government with initial maturities of less than one year. They are often considered the lowest-risk security available. 2.The stock market stock: A security that is a claim on the earnings and assets of a corporation. 5 Stock market: in which claims on the earnings a of corporations（shares of stock）are traded , is the most widely followed financial market in America (that’s why it is often called