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1、货币金融学(ECONOMICS OF MONEY & FINANCE),薛 彤,学习内容:货币金融学是教育部确定的“财经类专业核心课程”之一，也是我校国贸学院国贸、金融专业以及国贸二学位通开的专业必修课程，是一门基础课程。内容涉及金融学的各个方面，系统阐述金融学的基本理论、基本知识及其运动规律；客观介绍世界上主流金融理论及其最新研究成果、金融实务运作的机制及最新发展。,教学目的 本课程的目的是使学生系统地了解和掌握金融学的基本概念、基本原理、基本知识、基本思想和方法，对货币、信用、利率、金融机构、金融市场、国际金融、金融宏观调控、金融监管等基本范畴、内在关系及其运动规律有较系统的掌握；使学生了
2、解国内外金融问题的现状，掌握观察和分析金融问题的正确方法，培养辨析金融理论和解决金融实际问题的能力；又要为后继课程的学习作好业务、思想和心理上的准备，还要为学生毕业后从事有关工作打下良好的基础。,教材：Mishkin, Frederic, The Economics of Money, Banking, and Financial Markets, （商学院版）, 2010年，人民大学出版社最终成绩:1.期末考试：602.平时成绩：40,Part 1 Introduction,Part 2 Financial Market,Part 3 Financial Institutions,Part
3、4 Central Banking & Monetary Policy,Chapter 1,Why Study Money, Banking, and Financial Markets?,To examine how financial markets such as bond and stock markets work.To examine how financial institutions such as banks and insurance companies work.To examine the role of money in the economy.,1.1Why Stu
4、dy Financial Markets,Financial MarketsMarkets in which funds are transferred from people who have an excess of available funds to people who have a shortage of funds,1.1.1The Bond Market and Interest Rates,A security (financial instrument) is a claim on the issuers future income or assetsA bond is a
5、 debt security that promises to make payments periodically for a specified period of timeAn interest rate is the cost of borrowing or the price paid for the rental of funds.,FIGURE 1 Interest Rates on Selected Bonds, 19502008,Sources: Federal Reserve Bulletin; www.federalreserve.gov/releases/H15/dat
6、a.htm.,Interest rates are important on a number of levels.So it is important to explain fluctuations in interest rates.Because different interest rates have a tendency to move in unison, economists frequently lump interest rates together and refer to “the” interest rate.In Chapter 2 we study the rol
7、e of bond markets and in Chapters 4 through 6 we examine what an interest rate ,how the common movements in interest rates come about and why the interest rate on different bonds vary.,1.1.2 The Stock Market,Common stock represents a share of ownership in a corporationA share of stock is a claim on
8、the earnings and assets of the corporationIssuing stock and selling it to the public is a way for corporations to raise funds to finance their activities.The stock market is the most widely followed financial market in almost every country. It is a place where people can get rich- or poor- quickly.,
9、FIGURE 2 Stock Prices as Measured by the Dow Jones Industrial Average, 19502008,Source: Dow Jones Indexes: http:/,In Chapter 2 we examine the role of stock market and in Chapter 7 we return to the issue of how stock prices behave and respond to information in the marketplace.,1.2 Why Study Financial
10、 Institutions and Banking?,1.2.1 Structure of the financial systemFinancial Intermediaries: institutions that borrow funds from people who have saved and make loans to other people.Why are financial intermediaries so crucial？Why are they the most heavily regulated businesses in the economy? We answe
11、r these questions in Chapter 8.,Banks: accept deposits and make loansOther Financial Institutions: insurance companies, finance companies, pension funds, mutual funds and investment banksIn Chapter 9, we examine how banks and other financial institutions manage their assets and liabilities to make p
12、rofits. In Chapter 10, we look at the banking industry and in Chapter 12, we study the nonbank financial institutions.,1.2.2 Financial Innovation: in particular, the advent of the information age and e-financeIn Chapter 10 we study why and how financial innovation takes place.,1.3 Why Study Money an
13、d Monetary Policy?,1.3.1 Money and Business Cycles Evidence suggests that money plays an important role in generating business cyclesRecessions (unemployment) and expansions affect all of usMonetary Theory ties changes in the money supply to changes in aggregate economic activity and the price level
14、,FIGURE 3 Money Growth (M2 Annual Rate) and the Business Cycle in the United States, 19502008,Note: Shaded areas represent recessions.Source: Federal Reserve Bulletin, p. A4, Table 1.10; www.federalreserve.gov/releases/h6/hist/h6hist1.txt.,FIGURE 4 Aggregate Price Level and the Money Supply in the U
15、nited States, 19502008,Sources: www.stls.frb.org/fred/data/gdp/gdpdef; www.federalreserve.gov/releases/h6/hist/h6hist10.txt.,1.3.2 Money and Inflation,The aggregate price level is the average price of goods and services in an economyA continual rise in the price level (inflation) affects all economi
16、c playersData shows a connection between the money supply and the price level,FIGURE 5 Average Inflation Rate Versus Average Rate of Money Growth for Selected Countries, 19972007,Source: International Financial Statistics.,1.3.3Money and Interest Rates,Interest rates are the price of moneyPrior to 1
17、980, the rate of money growth and the interest rate on long-term Treasury bonds were closely tiedSince then, the relationship is less clear but the rate of money growth is still an important determinant of interest rates,FIGURE 6 Money Growth (M2 Annual Rate) and Interest Rates (Long-Term U.S. Treas
18、ury Bonds), 19502008,Sources: Federal Reserve Bulletin, p. A4, Table 1.10; www.federalreserve.gov/releases/h6/hist/h6hist1.txt.,1.3.4 Conduct of Monetary Policy,Monetary policy is the management of the money supply and interest ratesConducted by the central bank and in the U.S. is by the Federal Res
19、erve System (Fed)In Chapter 15 through 18, we study how central banks can affect the quantity of money and interest rate and then look at how monetary policy is actually conducted in the U.S.,1.4 How We Will Study Money, Banking, and Financial Markets,A simplified approach to the demand for assetsThe concept of equilibriumBasic supply and demand to explain behavior in financial marketsThe search for profitsAn approach to financial structure based on transaction costs and asymmetric informationAggregate supply and demand analysis,
