第三章 金融体系与金融机构.pdf

Chapter 3
FiFinnaannciaciall IInnssttrruummeennttss,,
MMaarrkkeettss,, aandnd IInnsstittituutitionsons
What does the finance mean?
flow of funds
the flow of funds from saver-lender to borrower-spenders
saver-lender-------------------------------borrower-spenders
getting interest,
dividends investment
households business firms
business firms governments
governments households
Two types of financing
Funds flow directly through financial markets -direct finance(直
接金融、直接融资)
direct securities 直接证券
Funds flow indirectly through financial intermediaries -indirect
finance (间接金融、间接融资)
indirect securities 间接证券
What advantages and disadvantages do the two types of financing
possess?
Advantages and disadvantages of the two types of
financing
1. direct finance
2. indirect finance
Informational Asymmetries in Financial Market(信息不对称)
Informational Asymmetries:指某些市场参与者拥有另一些市
场参与者所不拥有的信息。
Asymmetry can create many difficulties in the availability and
distribution information cause two problems.
vadverse selection 逆向选择
A problem of asymmetric information that occurs,
in the case of a debt contract, at the origination
stage because lenders can not differentiate between
high and low quality borrowers.
过高的利率使逆向选择的概率增加。为什么?
vMoral hazard 道德风险
A problem of asymmetric information occurring after
a loan is made. In particular, the borrower may
e riskier without being detected by the lender.
防范风险的根本措施就是保证信息的
Ø Availability可得性
Ø Transparency透明度
Ø Accountability 可靠性
Sound financial decisions require adequate and
accurate financial information.
instruments and markets
Financial instruments:是以货币计值的,载有
金融交易条件、金融交易双方各自权利义务的信用
工具,或金融合约。是债权债务关系并借以进行货
币资金交易的法律凭证。