金融學(xué)課件：第02章 金融制度

1、1第二章: 金融制度Copyright 陳國進，2004學(xué)習(xí)目的學(xué)習(xí)目的了解金融制度運行規(guī)律利率決定機制 23金融市場金融中介盈余單位赤字單位4經(jīng)由市場的資金流動金融市場金融中介盈余單位赤字單位5經(jīng)由中介的資金流動市場Intermediaries盈余單位Deficit Units6經(jīng)由中介和市場的資金流動市場中介盈余單位赤字單位7經(jīng)由市場和中介的資金流動市場中介盈余單位赤字單位8資金流動: 非中介化MarketsIntermediariesSurplus UnitsDeficit Units市場中介盈余單位赤字單位9金融制度的六大基本功能: 時空間資源轉(zhuǎn)移 風(fēng)險管理 清算和支付結(jié)算 資源集聚和

2、股權(quán)細分 信息提供 解決激勵問題10匯率舉例15000 15260 15450 100109時間3% / (direct)1.73% /150 /9%/140 /日本英國1115000 16241 15450 100109時間3% / (direct)8.27% /150 /9%/149 /日本英國12匯率舉例15000 (borrowed)15450 15450 Repaid 100Invested109Matures時間3% / (direct)3% /150 /9%/Forward /日本英國13US Treasury Yiled Curve, Jan 974.505.005.506.0

3、06.507.007.50051015202530Years to MaturityAnnualized Yield (%)14Yield ComparisonsApril 95USCorporateCorporateTreasuryHigh QualityM ed Quality1 - 10 Years6.92%7.57%7.86%10 + Years7.65%8.15%8.55%15收益率計算()($105 $100) $50.10 10%$100期末價格 期初價格現(xiàn)金股利收益率期初價格收益率16Security Returns-60.00-40.00-20.000.0020.0040.0

4、060.00192519301935194019451950195519601965197019751980198519901995Year% ReturnBillsBondsStocksInflation17Consolidated Indicies1.000010.0000100.00001000.0000192519301935194019451950195519601965197019751980198519901995YearIndex (Log Scale)Bills_IndexBonds_IndexStocks_IndexInflation_Index18Frequency of Returns010203040506070-50-40-30-20-1001020304050PercentProbabilityFreq_BillsFreq_BondsFreq_St