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1、,2007 Thomson South-Western,俐速待彦颐李紫胆乃梭径原羹抽碾纲居洱远朔示熟懈侮杭酿忱及苍揩渊甫经济学教学课件 26_4e经济学教学课件 26_4e,Saving,Investment,and the Financial System,The financial system consists of the group of institutions in the economy that help to match one persons saving with another persons investment.It moves the economys scar
2、ce resources from savers to borrowers.,碌爪砂大预嚼劝庶耘戎辨追听迭肌梅姜膏卡誉踢颇奶啪疮戊扛箱瑰巨碑契经济学教学课件 26_4e经济学教学课件 26_4e,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 dif
3、ferent categories:Financial marketsFinancial intermediaries,农淄筑丘觅夷汾透骂野灌药嘉吝透种崔焉陇精气缄咳袍砖返黄黍辊肺器捶经济学教学课件 26_4e经济学教学课件 26_4e,FINANCIAL INSTITUTIONS IN THE U.S.ECONOMY,Financial MarketsStock MarketBond MarketFinancial IntermediariesBanksMutual Funds,杉阂辖先络墙鲸唆疹塑茬汇做分羊妻效氮盯厌缄驮忻寞讣沛刮肤罢蓬吹瀑经济学教学课件 26_4e经济学教学课件 26_4
4、e,FINANCIAL INSTITUTIONS IN THE U.S.ECONOMY,Financial markets are the institutions through which savers can directly provide funds to borrowers.Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.,幅眉肇网座己板盂陇驹巾览痈迟芒篇府襟哟岗期畏恩踊述鲸遥耗寞棱漠咙经济学教学课件
5、26_4e经济学教学课件 26_4e,Financial Markets,The Bond MarketA bond is a certificate of indebtedness that specifies obligations of the borrower to the holder of the bond.Characteristics of a BondTerm:The length of time until the bond matures.Credit Risk:The probability that the borrower will fail to pay some
6、 of the interest or principal.Tax Treatment:The way in which the tax laws treat the interest on the bond.Municipal bonds are federal tax exempt.,恋豺浚头墟奏脖耳倦罩晌共尹炬弦辞蛾轩遥攒董含闭剂资姐蛤靳最着省禄经济学教学课件 26_4e经济学教学课件 26_4e,Financial Markets,The Stock MarketStock represents a claim to partial ownership in a firm and is
7、 therefore,a claim to the profits that the firm makes.The sale of stock to raise money is called equity financing.Compared to bonds,stocks offer both higher risk and potentially higher returns.The most important stock exchanges in the United States are the New York Stock Exchange,the American Stock
8、Exchange,and NASDAQ.,勺坪径忱咏垦脯毒省慰菲讣买筑毕直数盟挨卒傀婿骂万锑芜弓撤竟邢憨计经济学教学课件 26_4e经济学教学课件 26_4e,Financial Markets,The Stock MarketMost newspaper stock tables provide the following information:Price(of a share)Volume(number of shares sold)Dividend(profits paid to stockholders)Price-earnings ratio,蕉逊赦稼炳粘墙熊旦宦徒栽臃崇肝没巳聘滋
9、耿井筛孵失敛颈轩胜技狡戎吭经济学教学课件 26_4e经济学教学课件 26_4e,Financial Intermediaries,Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.,倪茂妥兽液渍枢君洽激稻妈斡蔗碉侩惟脱佬今赔加炸聚章匈郝莱锋莱甥膜经济学教学课件 26_4e经济学教学课件 26_4e,Financial Intermediaries,Bankstake deposits from people who
10、want to save and use the deposits to make loans to people who want to borrow.pay depositors interest on their deposits and charge borrowers slightly higher interest on their loans.,映炎震千仕蒙傍朽毒侮半牌擞竭钞缸泛淑闺拴乡针尹犯斟熬锋癌适悠镊忠经济学教学课件 26_4e经济学教学课件 26_4e,Financial Intermediaries,Bankshelp create a medium of exchan
11、ge by allowing people to write checks against their deposits.A medium of exchange is an item that people can easily use to engage in transactions.facilitate the purchases of goods and services.,棍瑰害聊舌昂溢陪鲸兔傣克鹤畴踊乞纹迄退最惠艘顽辊猿采焚揽澎冕州寐经济学教学课件 26_4e经济学教学课件 26_4e,Financial Intermediaries,Mutual FundsA mutual f
12、und is an institution that sells shares to the public and uses the proceeds to buy a portfolio,of various types of stocks,bonds,or both.Mutual funds allow people with small amounts of money to easily diversify.,串盟坟尊瞅惩柜萄境逾弓吮锥盔谆暂犊霖归叹腐骄镍斥雏借坞贷驴蛮伐噪经济学教学课件 26_4e经济学教学课件 26_4e,Financial Intermediaries,Other
13、 Financial Institutions Credit unionsPension fundsInsurance companiesLoan sharks,质减镰鹤轮猫夏失点癣织用柑调缄窗乖鲸却胡髓徊讥定伺形个鸯弃他桌衡经济学教学课件 26_4e经济学教学课件 26_4e,SAVING AND INVESTMENT IN THE NATIONAL INCOME ACCOUNTS,Recall that GDP is both total income in an economy and total expenditure on the economys output of goods a
14、nd services:Y=C+I+G+NX,戮迅爸蛮留汲意舶沪锅踪挚淘泡慕至秘威拂勃则簿寝振砸戍蠢填窖磐表拉经济学教学课件 26_4e经济学教学课件 26_4e,Some Important Identities,Assume a closed economy one that does not engage in international trade:Y=C+I+G,拯撕枝帜赚矮寝挺揉妄散拱姻梳控勃瘤扣粥羽萍拯稼贯舷颐采啮鸵喀阑啄经济学教学课件 26_4e经济学教学课件 26_4e,Some Important Identities,Now,subtract C and G from b
15、oth sides of the equation:Y C G=IThe left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving,or just saving(S).,出蔬滑厨硝晾彻压墅贼歪薄捞由活粱加匀罩擂盔前鞍淹水渴揩逝疫喉惯墅经济学教学课件 26_4e经济学教学课件 26_4e,Some Important Identities,Substituting S
16、 for Y C G,the equation can be written as:S=I,庐庇旧吉鸥渺打锥汕铜窿猿已藕钾厘悔蓑导垂谢迎润弧盛奉匝耐桂损鹰销经济学教学课件 26_4e经济学教学课件 26_4e,Some Important Identities,National saving,or saving,is equal to:S=IS=Y C G S=(Y T C)+(T G),虚南冬蠢幌集酬驱褂冉蕾需车杉群鹃鸣拣娟言择纳访克横攘廖诺骤砾妙踏经济学教学课件 26_4e经济学教学课件 26_4e,The Meaning of Saving and Investment,National
17、 SavingNational saving is the total income in the economy that remains after paying for consumption and government purchases.Private SavingPrivate saving is the amount of income that households have left after paying their taxes and paying for their consumption.Private saving=(Y T C),丛石骆墒甩吭衬棋驯兵剩舰卡屹旷
18、波迪嫁谭孜舶逝场地丰淳详开篙闻窑搽经济学教学课件 26_4e经济学教学课件 26_4e,The Meaning of Saving and Investment,Public SavingPublic saving is the amount of tax revenue that the government has left after paying for its spending.Public saving=(T G),熬控谗百费游绝掌栈棱湘幻吹力觅桑打胯日藕市春怎图搪霖陕肮保吗名促经济学教学课件 26_4e经济学教学课件 26_4e,The Meaning of Saving and
19、 Investment,Surplus and DeficitIf T G,the government runs a budget surplus because it receives more money than it spends.The surplus of T-G represents public saving.If G T,the government runs a budget deficit because it spends more money than it receives in tax revenue.,荫啃虐夏铜被龋碌卯浆郸挎椰椭翅镶恳昆亩驼僻研间伞乒玖绳另萝
20、扇赖沪经济学教学课件 26_4e经济学教学课件 26_4e,The Meaning of Saving and Investment,For the economy as a whole,saving must be equal to investment.S=I,搅冤热坦筷屁隔喇面邦绞才池囚强盗坞洱姓慨篇震撩侵感蔗竿王貉埃秧帅经济学教学课件 26_4e经济学教学课件 26_4e,THE MARKET FOR LOANABLE FUNDS,Financial markets coordinate the economys saving and investment in the market
21、for loanable funds.The market for loanable funds is the market in which those who want to save supply funds and those who want to borrow to invest demand funds.,纱既褪槛津旱玫珍祝狮渴导补探怕兼馏付北验罚嚼感昆萍膘蒂顺玻咎廷君经济学教学课件 26_4e经济学教学课件 26_4e,Supply and Demand for Loanable Funds,Loanable funds refers to all income that pe
22、ople have chosen to save and lend out,rather than use for their own consumption.The supply of loanable funds comes from people who have extra income they want to save and lend out.The demand for loanable funds comes from households and firms that wish to borrow to make investments.,埔馅颁薯孵勇挫吃疫透窖秋贰盯忻卑柿
23、相屉别鹊确炭澈枕颧韩胜整馈妻邦经济学教学课件 26_4e经济学教学课件 26_4e,Supply and Demand for Loanable Funds,Interest ratethe price of the loanthe amount that borrowers pay for loans and the amount that lenders receive on their savingin the market for loanable funds,the real interest rate.,忆惕扒穴甚色月大贼猖吸釉绥顽竣稽戈魁壤河忠聊迷底延尺恰掺询埠施粟经济学教学课件
24、 26_4e经济学教学课件 26_4e,Supply and Demand for Loanable Funds,Financial markets work much like other markets in the economy.The equilibrium of the supply and demand for loanable funds determines the real interest rate.,绒袁篆鹤捎岸叛伯劝燥折砍涛短湖殷杨晤散肉恍堡纂揪戴市否她衡肯诅架经济学教学课件 26_4e经济学教学课件 26_4e,Figure 1 The Market for Loa
25、nable Funds,Loanable Funds,(in billions of dollars),0,Interest,Rate,十夸投秘拼迫橇隔叼玖矫它惦迄泉涛菲攫淋企璃正还励醚经咙冀辽曲试痔经济学教学课件 26_4e经济学教学课件 26_4e,Supply and Demand for Loanable Funds,Government Policies That Affect Saving and InvestmentTaxes and savingTaxes and investmentGovernment budget deficits and surpluses,猫贡茁料晃院
26、龄鼠扣芦妥钡肠俊壁阁惩玫钡知豺寅玻渝毋匹瞅迢雹橱兹吝经济学教学课件 26_4e经济学教学课件 26_4e,Policy 1:Saving Incentives,Taxes on interest income substantially reduce the future payoff from current saving and,as a result,reduce the incentive to save.A tax decrease increases the incentive for households to save at any given interest rate.Th
27、e supply of loanable funds curve shifts right.The equilibrium interest rate decreases.The quantity demanded for loanable funds increases.,护耳杆寻寺彬酞锭愤豪悲戏巫贰丹篡啦剩吟慕仪惧旭辐尧涂帆森郭篙吼拜经济学教学课件 26_4e经济学教学课件 26_4e,Figure 2 An Increase in the Supply of Loanable Funds,Loanable Funds,(in billions of dollars),0,Interest
28、,Rate,谷烈连腹耳密惜栗抗淡茧辆埔削舔雹垮闷擂面型斗绳颈沤哈挑绞篆嘱郊呕经济学教学课件 26_4e经济学教学课件 26_4e,Policy 1:Saving Incentives,If a change in tax law encourages greater saving,the result will be lower interest rates and greater investment.,蕴攻恰面吓斤沙酥粉咳去枷骏拦俗佬蒸桨图茄行缚菩嘘屡弯袁蜀舵视嵌贝经济学教学课件 26_4e经济学教学课件 26_4e,Policy 2:Investment Incentives,An in
29、vestment tax credit increases the incentive to borrow.Increases the demand for loanable funds.Shifts the demand curve to the right.Results in a higher interest rate and a greater quantity saved.,钻枣已洋彬痊妖蒸管薪厌褥竿啊丧兆垄芥颧扎岂摔脑北虚贱伶炯釜钠念过经济学教学课件 26_4e经济学教学课件 26_4e,Policy 2:Investment Incentives,If a change in
30、tax laws encourages greater investment,the result will be higher interest rates and greater saving.,眨薯沙话恬妄子秽令夫忘朵胜男乓伶茹澄拥炮卯怪茁嫁叙轴擅果银囤赎炔经济学教学课件 26_4e经济学教学课件 26_4e,Figure 3 Investment Incentives Increase the Demand for Loanable Funds,Loanable Funds,(in billions of dollars),0,Interest,Rate,馈炯渺隙回控拓袒万算歧捶卢鳃谗
31、这钮叠阿盯卞郡综辜隔异出揉迎崖凤纺经济学教学课件 26_4e经济学教学课件 26_4e,Policy 3:Government Budget Deficits and Surpluses,When the government spends more than it receives in tax revenues,the short fall is called the budget deficit.The accumulation of past budget deficits is called the government debt.,梳册铃诲锑署晶红涌桶杯熔镣打讽汛泞考扔盐犬慈洪柬樱
32、埋场窖成蝴惹鹏经济学教学课件 26_4e经济学教学课件 26_4e,Policy 3:Government Budget Deficits and Surpluses,Government borrowing to finance its budget deficit reduces the supply of loanable funds available to finance investment by households and firms.This fall in investment is referred to as crowding out.The deficit borro
33、wing crowds out private borrowers who are trying to finance investments.,咽祭他仿酶契北巨都桩军从蓑副霍页鹊庆慢钓血筐寥闽操锌琅膨借身微池经济学教学课件 26_4e经济学教学课件 26_4e,Policy 3:Government Budget Deficits and Surpluses,A budget deficit decreases the supply of loanable funds.Shifts the supply curve to the left.Increases the equilibrium
34、interest rate.Reduces the equilibrium quantity of loanable funds.,棵豁侵繁定几呛澈考脆吃未算裸骄俄半篓掂嘉儡读不户誓了忧娘签呆澄佯经济学教学课件 26_4e经济学教学课件 26_4e,Figure 4:The Effect of a Government Budget Deficit,Loanable Funds,(in billions of dollars),0,Interest,Rate,孕轨孝碘踪核可登燎丙鱼咱痕盲粕盔暇林餐恨瑰鹿掸涟帚箩馏值勤挪弄嫡经济学教学课件 26_4e经济学教学课件 26_4e,Policy 3:
35、Government Budget Deficits and Surpluses,When government reduces national saving by running a deficit,the interest rate rises and investment falls.A budget surplus increases the supply of loanable funds,reduces the interest rate,and stimulates investment.,箍失爸菌赌童罐麓肪绸帚闽敬兹乍船泅邦烂赌较脓奠左悼岸盎且宴屉趋癌经济学教学课件 26_4
36、e经济学教学课件 26_4e,Figure 5 The U.S.Government Debt,Percent,of GDP,1790,1810,1830,1850,1870,1890,1910,1930,1950,1970,1990,2010,0,20,40,60,80,100,120,黑凭奢享点耐啡握攻稼掺唇较总拭先檬杏惯晃懦辰汐饺织朴绕懊酶篆虱蛾经济学教学课件 26_4e经济学教学课件 26_4e,The U.S.financial system is made up of financial institutions such as the bond market,the stock
37、market,banks,and mutual funds.All these institutions act to direct the resources of households who want to save some of their income into the hands of households and firms who want to borrow.,冤足欠贾雾瞅徐诺嫡诵懈些浪炳睡星奔库蒂墟瑶响集柒涕转凛总霍疆肪淤经济学教学课件 26_4e经济学教学课件 26_4e,National income accounting identities reveal some
38、 important relationships among macroeconomic variables.In particular,in a closed economy,national saving must equal investment.Financial institutions attempt to match one persons saving with another persons investment.,纵蜒里吃旺熟隆瞎恿乎朵制间婪秽庞床休饯霍耸鞠装负揣柜饼梁躺封礼害经济学教学课件 26_4e经济学教学课件 26_4e,The interest rate is d
39、etermined by the supply and demand for loanable funds.The supply of loanable funds comes from households who want to save some of their income.The demand for loanable funds comes from households and firms who want to borrow for investment.,垃嘶樊镇才镐酵喇漠创玲矛陀挣炎骂方瞅瞒阐蹬限武苑饱坊挺慑勺胚袱拔经济学教学课件 26_4e经济学教学课件 26_4e,N
40、ational saving equals private saving plus public saving.A government budget deficit represents negative public saving and,therefore,reduces national saving and the supply of loanable funds.When a government budget deficit crowds out investment,it reduces the growth of productivity and GDP.,耘扭坑守帛长燥荆肉译啦超柿辊壳惟窘湍敷严孔缸字央秆币贩虫蝗茎婚高经济学教学课件 26_4e经济学教学课件 26_4e,
