清华大学货币银行学讲义（考研必备）Ch1.pptVIP

Ch1. The Role of a Financial System What a financial system consists of Who uses it and for what purposes The distinctive features of financial institutions The distinctive features of financial markets The principles of financial system the puzzle of financial system Why financial intermediation exist Why the performance of the financial system is relevant to the rest of the economy 本章目录 1. The framework of financial system 金融体系概要 Definition, channels and participant 2. Types functions of financial intermediaries (FIs) 3. Financial market: framework, instruments and functions 4. Principles of financial system 5. 问题讨论：金融体系的谜团 8个谜团, D-D模型，破解谜团的思路: 6. Why market and FIs (financial intermediaries) coexisted? Arrow－Debreu model, the first generation model 第二代解释模型D－D（1983），Diamond（1984） 第三代模型：简单的道德风险模型 Diamond 1994 7. Financial system and development of economy 1. The framework of financial system A set of markets for financial instruments, and the individuals and institutions who trade in those markets which offered the facilities can be summarized as: intermediation between surplus and deficit units financial services such as insurance and pensions a payments mechanism portfolio adjustment facilities 1.1 Channels direct channel: ultimate lenders and ultimate borrowers deal directly with each other. Costly, inefficient, risky. indirect channel — Organized markets: in this markets, lenders buy the liabilities issued by borrower. If the liability is newly issued the the issuer receives funs directly from the lender. Organized markets reduce the search costs, risk. indirect channel — Financial intermediaries: channeling the funds by financial institutions. Ultimate lender acquires an asset, typically a deposit of bank or building society, or claims on insurance fund, which cannot be trade or not easy to be traded but only be returned to intermediary. Similarly, intermediaries create liabilities, typically in the form of loans, for the borrowers. 1.2 Key Parti