02米什金《货币金融学-英文第12版》PPT-第二章-金融体系概览(上).pdfVIP

Finance

Lecture2

AnOverviewoftheFinancialSystemI

•FunctionofFinancialMarkets

•StructureofFinancialMarkets

•FinancialMarketInstruments

•InternationalizationofFinancialMarkets

LearningObjectives

Comparedirectandindirectfinance.

Identifythestructureandcomponentsoffinancialmarkets.

Describedifferenttypesoffinancialmarketinstruments.

Recognizetheinternationaldimensionsoffinancialmarkets.

Part1

FunctionofFinancialMarkets

1.1FinancialMarkets

FinancialMarkets(P2)：

Marketsinwhichfundsare

transferredfrompeoplewhohave

anexcessofavailablefundsto

peoplewhohaveashortage.

金融市场：资金从那些可用资金过

剩的人转移到资金短缺的人的市场。

1.2DirectFinance

Indirectfinance(P23),borrowersborrowfundsdirectlyfromlendersin

financialmarketsbysellingthelenderssecurities(alsocalledfinancial

instruments).

在直接融资中，借款人通过在金融市场出售证券（也称为金融工具），直接从

贷款人手中借入资金。

Securitiesincludebondsandstocks.

证券包括债券和股票

1.2DirectFinance

Waysofdirectfinancing:

•Sellingabond,adebtsecuritythatpromisestomakeperiodicpayments

foraspecifiedperiodoftime.

•Sellingastock,asecuritythatentitlestheownertoashareofthe

company’sprofitsandassets.

1.3IndirectFinance

Inindirectfinance(p23),afinancial

intermediaryborrowsfundsfrom

lender-saversandthenusesthesefunds

tomakeloanstoborrower-spenders.

在间接融资中，金融中介机构从贷款-储蓄

者手中借入资金，并利用这些资金向借款-

支出者发放贷款。

1.4FunctionofFinancialMarkets

Financialmarketsarecriticalforproducinganefficientallocationofcapital,

whichcontributestohigherproductionandefficiencyfortheoverall

economy.

金融市场对于有效分配资本至关重要，这有助于提高整体经济的生产和效率。

Financialmarketsthatareoperatingefficientlyimprovetheeconomic

welfareofeveryoneinthesociety.

有效运作的金融市场改善了社会中每个人的经济福利。

Part2

StructureofFinancialMarkets

2.1ClassificationsofFinancialMarkets

•DebtandEquityMarkets

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