[经济学]02金融体系概览.pptVIP

第2章 金融体系概览 2.1金融市场的功能 2.2金融市场的结构 2.3金融市场工具 2.4金融市场的国际化 2.5金融中介机构的功能 2.6金融中介机构的种类 2.7国家对金融体系的管理 2.1 Function of Financial Markets 金融市场的基本经济功能就是将资金由多余者（支出少于收入）向短缺者（支出大于收入）转移的市场。 融资者拥有多余的资金但没有投资机会 筹资者拥有投资机会但缺少资金 金融市场在为整个经济增加生产和提高效率的同时，也使消费者能够更好地利用购买时机，提高了他们的福利。 2.2 Structure of Financial Markets 债务和股权市场(debt and equity markets) 一级市场和二级市场(primary and secondary markets) 交易所和场外市场(exchanges and over-the-counter markets) 货币市场和资本市场(money and capital markets) I. Debt vs. Equity Markets debt security cash flows are fixed bonds, loans equity security cash flow are variable common stock ⅡPrimary vs. Secondary Markets primary market newly issued securities -- investment banking secondary market brokers match buyers and sellers dealers act as buyers and sellers -- “market-makers” Ⅲ Exchanges vs. OTC Markets exchange buying selling of securities in physical location NYSE OTC (over-the-counter) dealers in many locations buy sell securities Exchange 证券交易所是有组织地进行证券交易的固定场所。 组织形式 审批方式 交易方式：竞价交易 OTC 场外交易市场是指在证券交易所以外进行证券交易的市场。 场外交易市场的特点： 无集中交易场所，交易可以通过通信网络进行； 以买卖未在交易所登记上市的证券为主； 证券交易可以通过交易商或经纪人，也可以由客户直接进行； 证券交易由双方协商议定价格。 Ⅳ Money vs. Capital Markets money market short-term debt securities (up to 1 yr.) highly liquid, low risk capital market longer-term debt equity 2.3. Financial Market Instruments a security or financial instrument = claim on future income or assets of issuer a security is an asset for the buyer, but a liability for the issuer example shares of stock in Time Warner, Inc. shares of ownership in TW a claim on the earnings/assets of TW a liability for Time Warner an asset for me my mortgage I am the issuer (liability) the bank is the buyer/holder (asset) the bank has a claim on my house 2.3.1 Money Market Instruments 国库券(treasury bills) 可转让存单(negotiable bank certificates of deposit) 商业票据(commercial paper) 银行承兑票据(banker’s acceptances) 回购协议(repurchase agreements) 联邦基金(Federal funds) Treasury Bills 国库券 Short term securities by government Default free Offer by public