曼昆经济学原理26.ppt

Saving, Investment, and the Financial System 储蓄、投资与金融体系 Chapter 26 Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. The Financial System 金融体系 u The financial system consists of institutions that help to match one person ’ s saving with another person ’ s investment. 金融体系由经济中帮助一个人的储蓄与另一个人的投资相匹配的机构组成。 u It moves the economy ’ s scarce resources from savers to borrowers. 它把经济的稀缺资源从储蓄者手中转移到借贷者手中。 Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Financial Institutions in the . Economy u The financial system is made up of financial institutions that coordinate the actions of savers and borrowers. u Financial institutions can be grouped into two different categories: financial markets and financial intermediaries. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. 美国经济中的金融机构 u金融体系由帮助协调储蓄者与借贷者的各种金融机构所组成。 u金融机构可以分为两种类型:金融市场和金融中介机构。 Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Financial Institutions in the . Economy 美国经济中的金融机构 u Financial Markets 金融市场 u Stock Market 股票市场 u Bond Market 债券市场 u Financial Intermediaries 金融中介机构 u Banks 银行 u Mutual Funds 共同基金 Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Financial Institutions in the . Economy 美国经济中的金融机构 u Financial markets are the institutions through which savers can directly provide funds to borrowers. 金融市场——想储蓄的人直接向想借款的人提供资金的机构。 u Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介机构——储蓄者可以通过它间接地向借款者提供资金的金融机构。 Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Financial Markets u The Bond Market ? A bond is a certificate of indebtedness that specifies obligations of the borrower to the holder of the bond. ? Characteristics of a Bond ? Term: The length of time until the bond matures. ? Credit Risk: The probability that the borrower will