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CHAPTER1 AnOverviewofFinancialMarketsandInstitutions
TheFinancialSystem Providesforefficientflowoffundsfromsavingtoinvestmentbybringingsaversandborrowerstogetherviafinancialmarketsandfinancialinstitutions.2
Basiccomponentsofthefinancialsystem:Marketsandinstitutions.Financialmarketsaremarketsforfinancialclaims,alsocalledfinancialinstrumentsorsecurities.stocks,bonds,andfuturescontractsFinancialinstitutions(alsocalledfinancialintermediaries)facilitateflowsoffundsfromsaverstomercialbanks,creditunions,insurancecompanies,pensionfunds,mutualfunds,andfinancecompaniesOverall,financialinstitutionsarefarmoreimportantsourcesoffinancingthansecuritiesmarkets.3
Economicunitswithfinancialneeds:Households,Businesses,Governments.Householdssupplylabor,demandproducts,andsaveforthefuture.Businessesdemandlabor,supplyproducts,andinvestinproductiveassets.Governmentscollecttaxesandprovide“publicgoods”(e.g.education,defense).Everyeconomicunitmustoperatewithinabudgetconstraintimposedbytheunit’stotalefortheperiod.4
Budgetpositionscreatingfinancialneedsofeconomicunits:Surplusordeficit.Surplusspendingunits(SSUs)haveefortheperiodthatexceedsspending,resultinginsavings.Otherwordsfor“SSU”aresaver,lender,orinvestor.MostSSUsarehouseholds.Deficitspendingunits(DSUs)havespendingfortheperiodthatexceedse.Anotherwordfor“DSU”is“borrower”.MostDSUsarebusinessesorgovernments.5
FinancialClaimsOneproblemfacingthefinancialsystemisthemechanismtotransferfundsfromSSUstoDSUs.ThetransfercanbeplishedbytheDSUwritingoutanIOUthattheSSUiswillingtoaccept.AnIOUisawrittenpromisetopayaspecificsumofmoney(calledtheprincipal)plusafeefortheuseofthemoney(calledinterest)andtohavetheuseofthemoneyoveraperiodoftime(calledthematurityoftheloan).IOUs
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