Bodie2e_Chapter02 Financial Markets and Institutions 英文版PPT金融学（第二版) 教程文件.pptVIP

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Bodie2e_Chapter02 Financial Markets and Institutions 英文版PPT金融学（第二版) 教程文件.ppt

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Bodie2e_Chapter02 Financial Markets and Institutions 英文版PPT金融学（第二版) 教程文件.ppt

Chapter 2: Financial Markets and Institutions Objective Understanding the workings of the financial system Determining rates of return Chapter 2 Contents 2.1 What is a Financial System? 2.2 The Flow of Funds 2.3 The Functional Perspective 2.4 Financial Innovation the “Invisible Hand” 2.5 Financial Markets 2.6 Financial Market Rates 2.7 Financial Intermediaries 2.8 Financial Infrastructure and Regulation 2.9 Governmental Quasi-Governmental Organizations The Financial System Financial decisions are made within the context of a financial system The financial system both constrains and enables the decision maker This chapter provides a framework for understanding how financial systems work 2.1 What is the Financial System? A Financial System is comprised of markets, intermediaries, service firms and other institutions used to carry out the financial decisions of households, business firms, and governments Geography of the Markets some markets for a particular market instrument may have a well defined geographic location such as the New York Stock Exchange or the Osaka Options and Futures Exchange other market instruments are traded on over-the-counter or off-exchange markets for bonds, stocks, and foreign exchange Financial Intermediary a firm whose primary business is to provide financial services and financial products Examples: bank (checking accounts, loans, CDs …) investment company (mutual funds …) insurance company (term life insurance …) The Flow of Funds Diagram Markets Intermediaries Surplus Units Deficit Units The Flow of Funds Diagram We shall examine various pathways from the surplus unit to the deficit unit Fund Flows via Market A household with surplus funds invests them in government bonds Fund Flows via Market Markets Intermediaries Surplus Units Deficit Units Fund Flows via Intermediary Holders of surplus funds may use an intermediary, such as a bank, to invest them. The bank receives the surplus funds, say as 90-day deposits, and adds th