《曼昆经济学原理26.ppt

Saving, Investment, and the Financial System储蓄、投资与金融体系 Chapter 26 The Financial System 金融体系 The financial system consists of institutions that help to match one person’s saving with another person’s investment. 金融体系由经济中帮助一个人的储蓄与另一个人的投资相匹配的机构组成。 It moves the economy’s scarce resources from savers to borrowers. 它把经济的稀缺资源从储蓄者手中转移到借贷者手中。 Financial Institutions in the U.S. Economy The financial system is made up of financial institutions that coordinate the actions of savers and borrowers. Financial institutions can be grouped into two different categories: financial markets and financial intermediaries. 美国经济中的金融机构 金融体系由帮助协调储蓄者与借贷者的各种金融机构所组成。 金融机构可以分为两种类型：金融市场和金融中介机构。 Financial Institutions in the U.S. Economy美国经济中的金融机构 Financial Markets 金融市场 Stock Market 股票市场 Bond Market 债券市场 Financial Intermediaries 金融中介机构 Banks 银行 Mutual Funds 共同基金 Financial Institutions in the U.S. Economy美国经济中的金融机构 Financial markets are the institutions through which savers can directly provide funds to borrowers. 金融市场——想储蓄的人直接向想借款的人提供资金的机构。 Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介机构——储蓄者可以 通过它间接地向借款者提供资金的金融机构。 Financial Markets The Bond Market A bond is a certificate of indebtedness thatspecifies obligations of the borrower to the holder of the bond. Characteristics of a Bond Term: The length of time until the bond matures. Credit Risk: The probability that the borrower will fail to pay some of the interest or principal. Tax Treatment: The way in which the tax laws treat the interest on the bond. Municipal bonds are federal tax exempt. 金融市场 债券市场 债券——一种债务证明书，规定了借款人向债券持有人的负债责任。 债券特点 期限: 债券到期之前的时间长度。 信用风险: 借款者不能支付某些利息或本金的可能性。 税收待遇: 税法对待债券所赚到的利息的方式。 市政债券利息免征联邦所得税。 Financial Markets The Stock Market Stock represents a claim to partial ownership in a firm and is therefore, a claim to the profits that the firm makes. The sale of stock to raise money is called equity fina