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1、Chapter 2,An Overview of the Financial System,2.1 Function of Financial Markets,Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of fundsDirect finance: borrowers borrow funds directly from lenders in financial marke
2、ts by selling them securities.,FIGURE 1 Flows of Funds Through the Financial System,Function of Financial Markets,Promotes economic efficiency by producing an efficient allocation of capital, which increases production Directly improve the well-being of consumers by allowing them to time purchases b
3、etter,2.2 Structure of Financial Markets,2.2.1 Debt and Equity MarketsDebt instrumentsA bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular intervals until a specified date (maturity date).Maturity: number of years
4、(term) until that instruments expiration date. short-term: less than a year. long-term: ten years of longer intermediate-term: between one and ten years,Equities Claims to share in the net income and the assets of a business.Equities often make periodic payments (dividends) to their holders and have
5、 no maturity date.Owing stock means you own a portion of the firm and thus have the right to vote on issues important to the firm and to elect its directors.,The main disadvantage of owning a corporations equities rather than its debt is that an equity holder is a residual claimant; that is ,the cor
6、poration must pay all its debt holders before it pays its equity holdersThe advantage of holding equities is that equity holders benefit directly from any increases in the corporations profitability or asset value.In US, the size of the debt market is often larger than the size of the equities marke
7、t.,2.2.2 Primary and Secondary Markets,A primary market is a financial market in which new issues of a security are sold to initial buyers by the corporation or government agency borrowing the funds.A secondary market is a financial market in which securities that have been previously issued can be
8、resold.,Investment Banks underwrite securities in primary market.It guarantees an price for a corporations securities and then sells them to the public.Brokers and dealers work in secondary markets funds.The New York and American stock exchanges and NASDAQ are the best-known examples of secondary ma
9、rkets.,Two important functions of secondary markets:They make the financial instruments more liquid.They determine the price of the security that issuing firm sells in the primary market.,2.2.3 Exchanges and Over-the-Counter (OTC) Markets,Exchanges: buyers and sellers of securities meet in one centr
10、al location to conduct trades. NYSE, Chicago Board of TradeOTC Markets: dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter” to anyone who comes to them and is willing to accept their prices.A majority of the largest corporation
11、s have their shares traded at organized stock exchanges in the U.S.The U.S. government bond market , foreign exchange market are OTC markets.,Shanghai Stock Exchange,Chicago Board of Trade,2.2.4 Money and Capital MarketsMoney markets deal in short-term debt instrumentsCapital markets deal in longer-
12、term debt and equity instruments.,2.3 Financial Market Instruments,2.3.1 Money Market InstrumentsLeast price fluctuations and the least risky.,(1) US Treasury BillsShort-term debt instruments of the U.S. government One-, three-, and six-month maturities.Have no interest payments and are sold at a di
13、scount.The most liquid and the safest.,(2) Negotiable Bank Certificates of DepositCD is a debt instrument sold by a bank to depositors that pays annual interest of a given amount and at maturity pays back the original purchase price.Negotiable CDs are CDs sold in secondary markets.An extremely impor
14、tant source of funds for commercial banks.,(3)Commercial PaperA short-term debt instrument issued by large banks and well-known corporations.Growth is substantial.(4) Bankers AcceptancesA bank draft issued by a firm, payable at some future date, and guaranteed for a fee by the bank that stamps it “a
15、ccepted”.Often resold in a secondary market at a discount and the amount outstanding declined.,(5) Repurchase AgreementsRepos are effectively short-term loans for which Treasury bills serve as collateral.An important source of bank funds and the most important lenders in this market are large corpor
16、ations.,(6) Federal fundsOvernight loans between banks of their deposits at the Federal Reserve.These loans are not made by the Federal Reserve but rather by banks to other banksThe interest rate, called federal funds rate, is a closely watched barometer.,What about China?,我国银行间拆借市场于1996年联网试运行，其交易方式
17、有信用拆借和回购两种， 以回购为主。2007年1月1日，SHIBOR开始对外发布。全称是“上海银行间同业拆借利”(Shanghai Interbank Offered Rate，SHIBOR)，被称为中国的LIBOR ，是中国人民银行希望培养的基准利率体系。Shibor报价银行团现由16家商业银行组成。报价银行是公开市场一级交易商或外汇市场做市商，在中国货币市场上人民币交易相对活跃、信息披露比较充分的银行。目前，对社会公布的Shibor品种包括隔夜、1周、2周、1个月、3个月、6个月、9个月及1年。,Table 1 Principal Money Market Instruments,2.3.
18、2 Capital Market Instruments,(1) Stock我国：1990年，上海证券交易所成立1991年，深圳证券交易所成立。1990年底，只有13家上市公司.,(2)MortgagesLoans to households or firms to purchase housing, land, or other real structures, where the structure or land itself serves as collateral for the loans.Largest debt market in the US.Three government
19、 agencies: FNMA, GNMA, FHLMC,(3) Corporate BondsIssued by corporations with very strong credit ratings.The typical corporate bond sends the holder an interest payment twice a year and pays off the face value when the bond matures.Convertible bond: have the additional feature of allowing the holder t
20、o convert them into a specified number of shares of stock at any time up to the maturity date.,(4)Government SecuritiesIssued by the Treasury to finance the deficits of the federal government.The most liquid security.(5) Government Agency SecuritiesIssued by government agencies.,(6)State and Local G
21、overnment Bonds (Municipal bonds)Issued by state and local governments.(7)Consumer and Bank Commercial Loans,Table 2 Principal Capital Market Instruments,2.4 Internationalization of Financial Markets (Glossary),Foreign Bonds: sold in a foreign country and denominated in that countrys currencyEurobon
22、d: bond denominated in a currency other than that of the country in which it is soldEurocurrencies: foreign currencies deposited in banks outside the home countryEurodollars: U.S. dollars deposited in foreign banks outside the U.S. or in foreign branches of U.S. banksWorld Stock MarketsHelp finance
23、federal government also,2.5 Function of Financial Intermediaries: Indirect Finance,Financial intermediation is the primary route for moving funds from lenders to borrowers.2.5.1 Lower transaction costs (time and money spent in carrying out financial transactions). Economies of scaleLiquidity service
24、s2.5.2 Reduce the exposure of investors to riskRisk Sharing (Asset Transformation)Diversification,2.5 Function of Financial Intermediaries: Indirect Finance,2.5.3 Deal with asymmetric information problems(before the transaction) Adverse Selection: try to avoid selecting the risky borrower.Gather inf
25、ormation about potential borrower.(after the transaction) Moral Hazard: ensure borrower will not engage in activities that will prevent him/her to repay the loan. Sign a contract with restrictive covenants.,2.5 Function of Financial Intermediaries: Indirect Finance,Conclusion:Financial intermediarie
26、s allow “small” savers and borrowers to benefit from the existence of financial markets.,Table 3 Primary Assets and Liabilities of Financial Intermediaries,2.6 Types of Financial Intermediaries,2.6.1 Depository InstitutionsFinancial intermediaries that accept deposits from individuals and institutio
27、ns and make loans.(1)Commercial banks largest in US(2)Savings and Loan Associations and Mutual Savings BanksBecome more alike(3)Credit UnionsVery small cooperative lending institutions.,2.6.2 Contractual Savings InstitutionsAcquire funds at periodic intervals on a contractual basis and tend to inves
28、t their funds primarily in long-term securities.(1) Life Insurance Companies(2) Fire and Casualty Insurance Companies(3) Pension Funds and Government Retirement Funds,2.6.3 Investment Intermediaries(1) Finance CompaniesRaise fund by selling commercial paper and by issuing stocks and bonds. They lend
29、 these funds to consumers and small businesses.(2) Mutual FundsAcquire funds by selling shares to many individuals and use the proceeds to diversified portfolios of stocks and bonds.,(3) Money Market Mutual FundsUses funds to buy money market instruments.It is like checking account deposits that pay
30、 interest. Shareholders can write checks. (4)Investment BanksHelps a corporation issue securities.,Table 4 Principal Financial Intermediaries and Value of Their Assets,Types of Financial Intermediaries in China,以中国人民银行为领导，国有商业银行为主体，多种金融机构并存，分工协作的金融中介机构体系：截至2011年底，我国银行业金融机构包括2家政策性银行及国家开发银行，5家大型商业银行，1
31、2家股份制商业银行，144家城市商业银行，212家农村商业银行，190家农村合作银行，2,265家农村信用社，1家邮政储蓄银行，4家金融资产管理公司，40家外资法人金融机构，66家信托公司，127家企业集团财务公司，18家金融租赁公司，4家货币经纪公司，14家汽车金融公司，4家消费金融公司，635家村镇银行，10家贷款公司以及46家农村资金互助社。我国银行业金融机构共有法人机构3,800家，从业人员319.8万人。,2.7 Regulation of the Financial System,2.7.1 To increase the information available to inve
32、stors:Reduce adverse selection and moral hazard problemsReduce insider trading (SEC).,Regulation of the Financial System,2.7.2 To ensure the soundness of financial intermediaries:Restrictions on entry (chartering process).Disclosure of information. Restrictions on Assets and Activities (control hold
33、ing of risky assets). Deposit Insurance (avoid bank runs).Limits on Competition (mostly in the past):Branching Restrictions on Interest Rates,Table 5 Principal Regulatory Agencies of the U.S. Financial System,Financial Regulation in China,我国现行金融监管体制的基本特征是分业监管，形成了由中国人民银行、银监会、证监会和保监会三家分业监管的格局 。按照金融监管的分工，银监会主要负责商业银行、政策性银行、外资银行、农村合作银行（信用社）、信托投资公司、财务公司、租赁公司、金融资产管理公司的监管。而证监会和保监会则分别负责证券、期货、基金和保险业的监管。,
