Financial markets and institution参考.ppt

Money Market Mostly debt instruments issued by governments and secure large corporations Highly liquid: Quickly convertible to cash Globally integrated Capital Market Equities, and debt instruments with a life greater than a year * Interest rates (Nominal and Real) Return rate of assets( stocks, real estate) Exchange rates Inflation rate Stock-market indicators * * DJIA 2005-2012 11500点 386点 42点 Glass-Steagall Act * Banks Other depository savings institutions Insurance companies Pension and retirement funds Mutual funds Investment banks Venture capital firms Asset management firms Information services * * * * * * * * * A household with surplus funds invests them in government bonds * Holders of surplus funds may use an intermediary, such as a bank, to invest them. The bank receives the surplus funds, say as 90-day deposits, and adds them to the bank’s assets (creating a bank liability). Money is fungible, so the corresponding loan can not be identified 此时你的银行存款与企业贷款有着不同的风险和流动性特征。 * e.g. insurance company * * * * * * * * * * * * * 截止2013年9月11日，DJIA指数为15230.88。1884年开始编制，现在的道指是以1928年为基期100点。 * * * Objective Understanding the workings of the financial system Determining rates of return 2.1 What is a 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 Market Rates 2.7 Financial Intermediaries 2.8 Financial Infrastructure and Regulation 2.9 Governmental Quasi-Governmental Organizations * Financial decisions are made within the context of a financial system The financial system both constrains and enables the decision maker This chapter provides a framework for understanding how financial systems work * A Financial System is comprised of markets, intermediaries, service firms and other institutions used to carry out the financial decisions of households, business firms, and governments * some markets for a particular market instrument may have a well de