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Chapter 1 Financial markets Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage. Security Is a claim on the issuer’s future income or assets. Bond Is a debt security that promises to make payments periodically for a specified period of time. Interest rate Is the cost of borrowing or the price paid for the rental of funds. Common stock (stock) Represents a share of ownership in a corporation. To raise funds to finance their activities. A higher price for a firm’s shares means that it can raise a larger amount of funds, which can be used to buy production facilities and equipment. The foreign exchange market For funds to be transferred from one country to another, they have to be converted from the currency in the country of origin(say, dollars) into the currency of the country they are going to (say, euros). The foreign exchange market is where this conversion takes place. The foreign exchange rate The price of one country’s currency in terms of another’s. Financial intermediaries Institutions that borrow funds from people who have saved and in turn make loans to others. Banks Are financial institutions that accept deposits and make loans. Commercial banks Saving and loan associations Mutual saving banks Credit unions Other financial institutions Insurance companies Finance companies Pension funds Mutual funds Investment banks Types of financial intermediaries Depository institutions存款机构 Commercial banks Savings and loan associations and mutual savings banks Credit unions信用社 Contractual savings institutions契约型储蓄机构 Life insurance companies人寿保险 Fire and casualty insurance companies意外伤害险 Pension funds and government retirement funds养老和政府退休资金 Investment intermediaries投资中介 Finance companies Mutual funds Money market mutual funds Investment banks A budget deficit is the excess of government expenditures over tax revenues for a particular time period, typically a year, while a budget surplus arises when tax