货币银行学（双语） Principles of Money, Banking and Financial Markets 四川大学经济学院 王雅梅 Chapter 1 Introducing Money, Banking and Financial Markets Textbook: Principles of Money, Banking and Financial Markets- 10th ed ( Lawrence S. Ritter, William L. Silber, Gregory F.Udell, Jointly Published by Pearson Education North Asia Limited and China Higher Education Press, 2002 ) Suggested Readings: 1.Money, Banking and Financial Markets (Lloyd B. Thomas, Published by McGraw-Hill Companies, Inc. 1997) 2.International Financial Markets –3th ed. (Orlin Grabbe, Published by Prentice Hall, Inc. 1996) 3.Money and Capital Markets----Financial Institutions and Instruments in a Global Marketplace -6th ed. ( Peter S. Rose , Jointly Published by China Machine Press/McGraw-Hill Companies, Inc. 1998) 4.Money and Banking -5th ed (Raymond P. Kent, Published by Holt, Rinehart and Winston, Inc. 1966 ) 5.张红伟：货币银行学，四川大学出版社,2001 6.黄达：货币银行学，中国人民大学出版社，2000 7.易刚﹑吴有昌：货币银行学，上海人民出版社，1999 8.殷孟波：货币银行学，西南财大出版社，2000 9.李崇淮等：西方货币银行学，中国金融出版社，1998 10.（美）托马斯．梅耶等：货币﹑银行与经济，上海三联出版社， 1989 11.（美）米什金：货币金融学，人民大学出版社，1998 12.余力：货币理论创新，经济管理出版社,2000 13.李扬、王松奇：中国金融理论前沿，社会科学文献出版社,2000 14.孙杰：货币与金融，社会科学出版社,1998 15.谢平﹑刘锡良：从通货膨胀到通货紧缩，西南财大出版社,2001 16.（美）劳埃德Ｂ．托马斯：货币﹑银行与金融市场，机械工业 出版社,1999 17.（美）米尔顿．弗里德曼：货币数量论研究，中国社会科学出版 社,2001 18.曹凤歧、贾春新：金融市场与金融机构，北京大学出版社,2002 19.A. 加里·希林：通货紧缩，西南财经大学出版社，2000 20.有关金融报刊：如《金融研究》、《国际金融研究》、《金融与 保险》（人大复印报刊资料），等等。 1. 1 Money 西方经济学的一句格言 “货币是人类发明的最伟大的自由工具之一”。 1.1.1 The nature of money Money overcomes the difficulties of barter. Bartering (实物交易)：To trade goods or services without the exchange of money. What problems has the bartering? 1.1.2 What is Money? Money is anything that is commonly used and generally accepted as a medium of exchange or as a standard of value. The concept money includes all kinds of paper instruments that are commonly used and generally accepted as mediums of exchange or as standards of value. Bank demand deposits or “checking accounts” should also be classified as money in keeping with the terms of the definition. 1.1.3 The functions of money The functions of money refers to the work that money does in economic society. 1. money as a medium of exchange （交易媒介） When money is used as a medium of exchange, an exchange of goods for goods is broken into two transactions: Goods are given for money Money is used to get other goods What characteristics should the material of money have？ 2.money as a standard of value （价值标准）or unit of account（计算单位）or value measure (价值尺度 ) v As a standard of value, money can be compared with other units of measurement. It is used to measure and compare economic values. Economic values are stated in monetary terms as prices. With the prices,we can easily make certain the relationship between the value of one kind of goods and all other kinds. v v The unit of account is the unit in which value(economic value)of goods and services are stated, recorded and settled. Currency unit 货币单位 3. money as a store of value(价值储藏) A reserve of future purchasing power. It is something that people keep in order to maintain the value of their wealth. What is the biggest threat for the money as a store of value? 4. money as a standard of deferred payments （延期支付标准) The function is closely related to its function as medium of exchange. Deferred payment means a payment made in the future, not now. 1.1.4 The types of money 1. Commodity money (商品货币, 实物货币) Any commodity used as a medium of exchange is commodity money. 作为交易媒介的价值与作为商品的价值基本一样的货币。 如果二者的价值完全一致，则称为实物货币full-bodied money 如果二者的价值不完全相等，则称为代表实物货币 representative full-bodied money 出现实物货币时的商品交换被成为“间接的物物交换”。 代用货币通常是政府或银行所发行的银行券，这些银行券所 代表的实物主要是金属货币。 为什么会出现代用货币呢? Paper money Paper currency is now standard in every civilized country in the world. One advantage of paper money is that it is cheaper to make. Another is that it is easier to carry around in large quantities. 2. Credit money/Fiduciary money (信用货币) Credit money is called Fiat money or legal tender。 Fiat money : a monetary standard (usually paper money ) that people are required by law to accept as a medium of exchange and /or a standard of deferred payment. It is money by the “fiat”(法令)--the command --of the sovereign. Main types of Credit money vCredit money issued by governments token coins 辅币 paper money 钞票/纸币 currency or cash 通货或现金 In our system, money creation is controlled and managed by the central banks. The central Banks control the creation of money by regulating bank reserves and controlling the amount of reserves available. vCredit money issued financial institutions Bank money is also called “fiduciary money”, since it is based on the trust people have that the bank will keep faith and pay as promised. Two major instances of fiduciary money : Bank notes银行券 These are bills issued by banks. demand deposits活期存款 Checking accounts--In our society, checks are acceptable as money. v Credit money issued international financial institutions Special drawing rights (SDR)特别提款权 EURO 欧元 Is it possible for the mankind to form an unified world currency? 3. Electronic currency invisible currency 电子货币有何优越性？如何看待电子货币的安全性？ Can we go cashless? 1.2 Banking (银行业) v It refers to banks and other financial intermediaries（金融中介）. v A intermediary is an institution that takes funds from one group of investors and redeploys those funds by investing in financialassets. v Banks serve as the principal caretaker of the economy’s money supply. 1.3 Financial Markets Financial market refers to the markets in which financial assets can be traded. Financial markets provide a mechanism for those with extra funds to purchase securities（有价证券），financial markets also provide prices for those stocks and bonds . 1.3.1 Types of Markets There are essentially three types of markets at work within the economic system. factor markets In factor markets, consuming units sell their labor and other resources to those purchasing units offering the highest prices. product markets Consuming units use most of their income getting from factor markets to purchase goods and services in product markets. financial markets The financial markets are the heart of the financial system and perform a vital function within the modern economic system. 1.3.2 Nature of Savings Its definition differs depending on what type of unit in the economy is doing the saving. ----households ----enterprises ----government 1.3.3 Nature of Investment Most of the funds which are set aside as savings flow through the financial markets to support investment by enterprises, governments and households. ----enterprises ----households ----government 1.3.4 The types of financial markets Financial markets are classify into money markets and capital markets, according to maturity. vMoney markets are markets for financial assets and liabilities of short maturity, usually to be less than one year. vCapital markets are markets for financial assets and liabilities with maturity greater than one year.