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1、Chapter 6 Money and Banking组员：苏钰 李艳梅 梁聪 杨洁 林青清 廖丽伟 甘华林,苏钰,Definition:Money is something which people generally accept in exchange for a goods or a service.,For something to be money,it must at least have the five characteristics:Portability（可携带性）Divisibility（可分割性）Stability（稳定性）Durability（耐用性，耐磨损性）Ac
2、ceptability（合法使用性）,First,money must be light in weight and easy to carry.,Second,money must be easily divisible into smaller parts with a fixed value for each unit.,Third,money must be stable in value.,Fourth,money must be able to stand the wear and tear（耐磨损）of repeated transactions（交易）during its li
3、fe in circulation（流通）.,Last,money must be made legal tender（法定货币）for that country by its government and be acceptable to the public.,李艳梅,Wisdom in the mind is better than money in the hand.（脑中有知识，胜过手中有金钱。）,What Does Money Do?,currencies,What Does Money Do?,To some people,money can do wonders because
4、 they believe that money can buy them everything:food,drink,education,health,and even love.Most of us would not be so naive.But what functions does money actually perform?,Functions of Money,The first function money performs is,in the teminology of ecomomics,to provide a medium of exchage（交换媒体）,beca
5、use it is used as a standard unit of value for the completion of business transactions.,Compare with these,Second,money serves as a store of value（价值存储）.People can save money now and use it later.Of course,other assets such as land,building or your personal computer also represent store of value,but
6、 they are not as liquid as money;in another words,they can not be used in exchange for something else as readily as money.,Finally,money acts as a unit of account（计算单位）because we can use it to measure the relative value of goods and services.,Types of Money by 梁聪,M-1,which includes the most liquid f
7、orms of money:currency,demand deposits,and other“checkable”deposits.Paper money,Checks,Demand deposit,M-2,consists of everything in M-1 plus time deposits,money-market mutual funds and other items,cannot be spent directly but can easily converted to spendable forms.,Time deposit Advantage:high inter
8、est ratesDisadvantages:no check can be written against them and prior noticeDemand depositAdvantage:convenient for daily lifeDisadvantage:basically interest-free,货币市场共同基金（Money Market Mutual Funds,简称MMMFs)共同基金是将众多的小额投资者的资金集合起来，由专门的经理人进行市场运作，赚取收益后按一定的期限及持有的份额进行分配的一种金融组织形式。对于主要在货币市场上进行运作的共同基金，成为货币市场共同
9、基金。货币市场共同基金是一种特殊类型的共同基金，是没过20世纪70年代以来出现的一种新型投资理财工具。购买者按固定价格购入若干个基金股份，货币市场共同基金的管理者就利用这些资金投资于可获利的短期货币市场工具(如国库券和商业票据等)。,The financial system杨洁,Commercial banks Savings and loan associationsMutual savings banks Credit unionsOther financial institutions,Commercial banks,Two basic services:Taking in depos
10、its in the form of checking and savings accounts and;Using such deposits to make loans to businesses and individuals.,By providing the services,commercial banks make profits for themselves.In the US,all commercial banks must be chartered by individual states or by the federal government.,Currency ex
11、change 货币兑换Letters of credit 信用证Bankers acceptance 银行承兑Credit card 信用卡Debit card 借记卡Access card 自动柜员机卡Financial counseling 理财咨询,Other services,Savings and Loan Associations(储蓄贷款协会)Mutual Savings Bank（互助储蓄银行）Credit Unions(信用社)Other Financial Institutions（其他融资机构）By林青清,Savings and Loan AssociationsS&Ls
12、,Quite similar to commercial banks,the S&Ls accept deposits(保证金)and make loan,and must be chartered either by individual states or by the government.The difference is that most of the loans that S&Ls make are for home mortgages(住房抵押).,Mutual savings bankMSBs,The MSBs are located in the northeastern
13、part of the US.Compare the S&Ls,the major difference is in ownership.MSBs are owned by their depositors and the profits or losses are shared among the owners in proportion to their deposits.,Credit Unions(信用社),Credit unions are non-profit cooperatives organized to meet the needs of their members.Usu
14、ally associated with the same organization(e.g.a business firm,a university,or trade union),the members of a credit union put their saving in a pool and make loans to members.,The other financial institutions,1、Pension funds（养老基金）is a pool of funds created and managed to provide retirement income fo
15、r the members.2、Insurance companies(保险公司)take a lot of funds from premiums.They invest these funds in stocks,real estate,government securities and other assets,and earn profits to pay for insured losses.,3、Finance companies(信贷公司)specialize in loans to businesses which need capital for short-term ope
16、rations or long-term expansion,or to consumers who need money to purchase expensive goods or services.,Money supply and the federal reserve system-廖丽伟,Money supply（货币供给）,central bankMoney is created by commercial bank other financial institutionsSuch institutions expand money supply through acceptin
17、g deposits and making loans.,Central bank,Commercial bank,Other financial institution,Money supply,Commercial banks and other depository institutions are allowed to loan out most of the money they take in as deposits.The way of the money expanded.bankDeposits$10,000 in lend$9,000 to Client bank some
18、body deposits$9,000 in loan out to,Federal reserve system(联邦储备体系）,When the growth rate of a countrys money supply exceeds that of its economy,its money will decline in value,resulting in inflation.In the US,the Federal Reserve System(Fed)uses reserve requirements(储备金要求）,discount rates（贴现率）,open-mark
19、et operations（公开市场运作）to regulate the money supply.,Reserve requirements（储备金要求）,Commercial banks are required to store some of their funds either in their own vault or as deposit with their local Federal Reserve Banks.In order to control the money supply,the Fed can adjust reserve requirements for co
20、mmercial banks.Higher reserve requirements lower reserve requirement the expansion of money increase supply of money,Discount rate(贴现率）,Commercial banks can borrrow money from the Federal Reserve Banks and pay interest on the loans.The rate of interest charged by the Fed is called discount rate.Disc
21、ount rate discount rateMoney supply money supplyChanges in the discount rate cause more subtle shifts in the money supply than do changes in the reserve requirements.,Open-market operations(公开市场运作）,公开市场操作是中央银行调节市场流动性的主要货币政策工具，通过中央银行与指定交易商进行有价证券和外汇交易，实现货币政策调控目标.Fed buys securities from dealers Fed sells securities the money supply the money supply Open-market operations are the monst effective tools of control because they act quickly and predictably.,Thanks,
