金融学英文课件：Chapter 2 The Financial System.pptVIP

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金融学英文课件：Chapter 2 The Financial System.ppt

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Chapter 2: The Financial System Chapter 2 Contents 1 What is a Financial System 2 The Flow of Funds 3 The Functional Perspective 4 Financial Innovation the “Invisible Hand” 5 Financial Markets 6 Financial Market Rates 7 Financial Intermediaries 8 Financial Infrastructure and Regulation 9 Governmental Quasi-Governmental Organizations The Flow of Funds Diagram Fund Flows via Market Fund Flows via Intermediary Fund Flows via Intermediary and Market Funds Flow via Markets and Intermediaries Funds Flow: Disintermediation Funds Flow: Secured Credit Six Key Financial Functions: Transferring Resources Across Time Space Managing Risk Clearing and Settling Payments Pooling Resources and Subdividing Shares Providing Information Dealing with Incentive Problems Exchange Rate Example Exchange Rate Example Exchange Rate Example Yield Comparisons Computation of Return Nominal to Real * * Copyright ? Prentice Hall Inc. 2000. Author: Nick Bagley, bdellaSoft, Inc. Objective Understanding the workings of the financial system Determining rates of return Markets Intermediaries Surplus Units Deficit Units Markets Intermediaries Surplus Units Deficit Units Markets Intermediaries Surplus Units Deficit Units Markets Intermediaries Surplus Units Deficit Units Markets Intermediaries Surplus Units Deficit Units Markets Intermediaries Surplus Units Deficit Units Markets Intermediaries Surplus Units Deficit Units Markets Intermediaries Surplus Units Deficit Units Poor Credit Risk 15000 ￥ 15260 ￥ 15450 ￥￡100 ￡109 Time 3% ￥/￥ (direct) 1.73% ￥/￡/￡/￥ 150 ￥/￡ 9%￡/￡ 140 ￥/￡ Japan U.K. 15000 ￥ 16241 ￥ 15450 ￥￡100 ￡109 Time 3% ￥/￥ (direct) 8.27% ￥/￡/￡/￥ 150 ￥/￡ 9%￡/￡ 149 ￥/￡ Japan U.K. 15000 ￥ (borrowed) 15450 ￥ 15450 ￥ Repaid ￡100 Invested ￡109 Matures Time 3% ￥/￥ (direct) 3% ￥/￡/￡/￥ 150 ￥/￡ 9%￡/￡ Forward ￥/￡ Japan U.K. * * Finance Bodie and Merton Chapter 4: Time Value of Money