宏观经济学课件 Chap05.pptVIP

Saving, Investment, and the Financial System储蓄、投资与金融体系 Chapter 5 LEARNING OBJECTIVES By the end of this chapter, we should understand: ☆ some of the important financial institutions in the U.S. economy.了解美国经济中一些重要的金融机构 ☆ how the financial system is related to key macroeconomic variables.考虑金融体系如何与关键的宏观经济变量相关 ☆ the model of the supply and demand for loanable funds in financial markets.提出一个金融市场上可贷资金供求模型 ☆ how to use the loanable-funds model to analyze various government policies.用可贷资金模型分析各种政府政策 ☆ how government budget deficits affect the U.S. economy. 考虑政府预算赤字如何影响美国经济 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 bor