金融学finance 02.ppt

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金融学finance 02

Chapter 2 The Financial System Objectives: How the financial System works and changes over time The meaning determinants of rates of return on different classes of assets 2.1 What is the financial system? 2.2 The flow of funds 2.3 The functional perspective 2.4 Financial innovation the “invisible hand” 2.5 Financial markets 2.6 Financial markets rates 2.7 Financial intermediaries 2.8 Financial infrastructure regulation 2.9 Governmental quasi-governmental organizations 2.1 What is the financial system? Financial system includeds : { markets, intermediaries, service firms, other institution…} Market---- {Money market; capital market } {primary market; secondary market} {national local securities exchange; over-the-counter / off-exchange market (OTC, eg. Nasdaq) } Intermediaries----firms which provided financial services product {banks; investment companies; insurance companies; Pension fund; Charitable foundation; Mutual fund ;Venture capital firm … } Financial market intermediaries are linked though a vast international telecommunications network 2.2 The flow of funds Funds flow through the financial system from entities that have a surplus of funds to those that have a deficit Shown in the figure ___ a flow-of-funds diagram The Flow of Funds Diagram The flow of funds Fund Flows via Market Fund Flows via Intermediary Funds Flow via Markets and Intermediaries Fund Flows via Intermediary and Market Funds Flow: Disintermediation Funds Flow: Secured Credit 2.3 The functional perspective The primary function of financial system is efficient resource allocation Distinguish 6 basic financial functions (not institutional forms/names ) rest on two premises: Financial institutional forms differ in different countries change over time. But financial functions are more stable institutional form follows function, innovation competition

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