宏观经济学(曼昆第四版)讲义Ch3_7.ppt

宏观经济学;教 材;;第三章 国民收入： 从那里来和到那里去;货币在经济中的循环流量;一、什么因素决定物品与劳务的总生产;二、国民收入如何分配给生产要素;4.国民收入的划分;三、什么因素决定物品与劳务需求;四、什么因素使物品与劳务的供求均衡; ;3.储蓄的变动:财政政策的影响;; ;The Financial System: Markets, Intermediaries, and the Crisis of 2008–2009;The actual financial system is a bit more complicated than this description. As in this model, the goal of the system is to channel resources from savers into various forms of investment. But the system includes a large variety of mechanisms to facilitate this transfer of resources.;One piece of the financial system is the set of financial markets through which households can directly provide resources for investment. Two important financial markets are the market for bonds and the market for stocks. A person who buys a bond from, say, Apple Corporation becomes a creditor of the company, while a person who buys newly issued stock from Apple becomes a part owner of the company. Raising investment funds by issuing bonds is called debt finance（债务融资）, and raising funds by issuing stock is called equity finance（权益融资）.;Another piece of the financial system is the set of financial intermediaries through which households can indirectly provide resources for investment. As the term suggests, a financial intermediary stands between the two sides of the market and helps direct financial resources toward their best use. Banks are the best-known type of financial inter-mediary. They take deposits from savers and use these deposits to make loans to those who have investments to make. Other examples of financial intermediaries include mutual funds（共同基金）, pension funds（养老基金）, and insurance companies（保险公司）.;In 2008 and 2009, the world financial system experienced a historic crisis. Many banks and other financial intermediaries had previously made loans to homeowners, called mortgages（抵押贷款）, and had purchased many mortgage-backed securities (financial instruments whose value derives from a pool of mort-gages). A large decline in housing pr