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曼昆《经济学原理（宏观经济学分册）》（第6版）第26章储蓄、投资和金融体系课后习题详解跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
一、概念题1．金融体系（）答：金融体系指由经济中促使一个人的储蓄与另一个人的投资相匹配的机构组成。
一国金融组织体系完善与否，可以由三个标准来衡量，即适应性标准、效率性标准、稳定性标准。
（1）金融组织体系的适应性。
金融组织体系的适应性在理论上可以解释为：任何一种交易行为都只有在与之相适应的制度约束条件下才能发生，即不同的交易方式，与之相对应的制度约束框架也应该不相同。
（2）金融组织体系的效率性。
金融组织体系的效率性是指特定的金融组织体系能够保证金融交易活动低成本地顺利进行和储蓄向投资转化的程度。
（3）金融组织体系的稳定性。
金融组织体系的稳定性是指金融组织体系在保证金融稳定均衡、协调和有序运行等方面的能力状态。
2．金融市场（）答：金融市场指资金供求双方运用各种金融工具，通过各种途径实现货币借贷和资金融通的交易活动的总称。
其含义有广义和狭义之分。
广义是指金融机构与客户之间、各金融机构之间、客户与客户之间所有以资金商品为交易对象的金融交易，包括存款、贷款、信托、租赁、保险、票据抵押与贴现、股票债券买卖等全部金融活动。
狭义则一般限定在以票据和有价证券为交易对象的融资活动范围之内。
3．债券（）答：债券指由筹资者（即债务人）向投资者（即债权人）出具的、承诺在一定时期支付利息和到期归还本金的债务凭证。
它是表明债权债务关系的有价证券。
对债券发行人来说，它是一种债务，是按照约定条件（包括期限、利率、本息偿还方式等）支付利息和偿还本金的书面承诺；对债券持有人来说，它是一种债权，是按照约定条件要求发行人付息还本的权利。
CHAPTER 26 SA VING, INVESTMENT, AND THE FINANCIALSYSTEMLEARNING OBJECTIVES:By the end of this chapter, students should understand:➢some of the important financial institutions in the U.S. economy.➢how the financial system is related to key macroeconomic variables.➢the model of the supply and demand for loanable funds in financial markets.➢how to use the loanable-funds model to analyze various government policies.➢how government budget deficits affect the U.S. economy.KEY POINTS:1.The U.S. financial system is made up of many types of financial institutions, such as the bondmarket, the stock market, banks, and mutual funds. All these institutions act to direct the resources of households who want to save some of their income into the hands of households and firms who want to borrow.2.National income accounting identities reveal some important relationships amongmacroeconomic variables. In particular, for a closed economy, national saving must equal investment. Financial institutions are the mechanism through which the economy matches one person’s saving with another person’s investment.3.The interest rate is determined by the supply and demand for loanable funds. The supply ofloanable funds comes from households who want to save some of their income and lend it out.The demand for loanable funds comes from households and firms who want to borrow for investment. To analyze how any policy or event affects the interest rate, one must consider how it affects the supply and demand for loanable funds.4.National saving equals private saving plus public saving. A government budget deficitrepresents negative public saving and, therefore, reduces national saving and the supply ofloanable funds available to finance investment. When a government budget deficit crowds out investment, it reduces the growth of productivity and GDP.OUTLINE:I. Definition of financial system: the group of institutions in the economy that help tomatch one person’s saving with another person’s investment.II. Financial Institutions in the U.S. EconomyA. Financial Markets1. Definition of financial markets: financial institutions through whichsavers can directly provide funds to borrowers.2. The Bond Marketa. Definition of bond: a certificate of indebtedness.b. A bond identifies the date of maturity and the rate of interestthat will be paid periodically until the loan matures.c. One important characteristic that determines a bond’s value isits term. The term is the length of time until the bond matures.All else equal, long-term bonds pay higher rates of interest thanshort-term bonds.d.Another important characteristic of a bond is its credit risk,which is the probability that the borrower will fail to pay someof the interest or principal. All else equal, the more risky abond is, the higher its interest rate.e. A third important characteristic of a bond is its tax treatment.For example, when state and local governments issue bonds(called municipal bonds), the interest income earned by theholders of these bonds is not taxed by the federal government.This makes these bonds more attractive; thus, lowering theinterest rate needed to entice people to buy them.3. The Stock Marketa. Definition of stock: a claim to partial ownership in a firm.b. The sale of stock to raise money is called equity finance; thesale of bonds to raise money is called debt finance.c. Stocks are sold on organized stock exchanges (such as the NewYork Stock Exchange or NASDAQ) and the prices of stocks aredetermined by supply and demand.d. The price of a stock generally reflects the perception of acompany’s future profitability.e. A stock index is computed as an average of a group of stockprices.B. Financial Intermediaries1. Definition of financial intermediaries: financial institutions throughwhich savers can indirectly provide funds to borrowers.2. Banksa. The primary role of banks is to take in deposits from peoplewho want to save and then lend them out to others who want toborrow.b. Banks pay depositors interest on their deposits and chargeborrowers a higher rate of interest to cover the costs of runningthe bank and provide the bank owners with some amount ofprofit.c. Banks also play another important role in the economy byallowing individuals to use checking deposits as a medium ofexchange.3. Mutual Fundsa. Definition of mutual fund: an institution that sells shares tothe public and uses the proceeds to buy a portfolio of stocksand bonds.b. The primary advantage of a mutual fund is that it allowsindividuals with small amounts of money to diversify.c.Mutual funds called “index funds” buy all of the stocks of a givenstock index. These funds have generally performed better thanfunds with active fund managers. This may be true because theytrade stocks less frequently and they do not have to pay the salariesof fund managers.C. Summing Up1. There are many financial institutions in the U.S. economy.2. These institutions all serve the same goal—moving funds from savers toborrowers.III.Saving and Investment in the National Income AccountsA. Some Important Identities1. Remember that GDP can be divided up into four components:consumption, investment, government purchases, and net exports.2. We will assume that we are dealing with a closed economy (an economythat does not engage in international trade or international borrowingand lending). This implies that GDP can now be divided into onlythree components:3. To isolate investment, we can subtract C and G from both sides:4. The left-hand side of this equation (Y–C–G) is the total income in theeconomy after paying for consumption and government purchases.This amount is called national saving.5. Definition of national saving (saving): the total income in theeconomy that remains after paying for consumption andgovernment purchases.6. Substituting saving (S) into our identity gives us:7. This equation tells us that saving equals investment.8. Let’s go back to our definition of national saving once aga in:9. We can add taxes (T) and subtract taxes (T):10. The first part of this equation (Y–T–C) is called private saving; thesecond part (T–G) is called public saving.a. Definition of private saving: the income that householdshave left after paying for taxes and consumption.b. Definition of public saving: the tax revenue that thegovernment has left after paying for its spending.c. Definition of budget surplus: an excess of tax revenue overgovernment spending.d.Definition of budget deficit: a shortfall of tax revenue fromgovernment spending.Note: The important point to make here is that with a government budget deficit, public saving is negative and the public sector is thus “dissaving.” To make up for this shortfall, it must go to the loanable funds market and borrow the money. This will reduce the supply of loanable funds available for investment.11. The fact that S = I means that for the economy as a whole saving mustbe equal to investment.a. The bond market, the stock market, banks, mutual funds, andother financial markets and institutions stand between the twosides of the S = I equation.b. These markets and institutions take in the nation's saving anddirect it to the nation's investment.B. The Meaning of Saving and Investment1.In macroeconomics, investment refers to the purchase of new capital,such as equipment or buildings.Note: You will have to keep reminding yourself what the term “investment” means to macroeconomists. Outside of the economics pro fession, most people use the terms “saving” and “investing” interchangeably.2. If an individual spends less than he earns and uses the rest to buy stocksor mutual funds, economists call this saving.IV. The Market for Loanable FundsA. Definition of market for loanable funds: the market in which those who wantto save supply funds and those who want to borrow to invest demand funds.B.Supply and Demand for Loanable FundsFigure 11. The supply of loanable funds comes from those who spend less thanthey earn. The supply can occur directly through the purchase of somestock or bonds or indirectly through a financial intermediary.2. The demand for loans comes from households and firms who wish toborrow funds to make investments. Families generally invest in newhouses while firms may borrow to purchase new equipment or to buildfactories.3. The price of a loan is the interest rate.a. All else equal, as the interest rate rises, the quantity of loanablefunds supplied will increase.b.All else equal, as the interest rate rises, the quantity of loanablefunds demanded will fall.4. At equilibrium, the quantity of funds demanded is equal to the quantityof funds supplied.a. If the interest rate in the market is greater than the equilibriumrate, the quantity of funds demanded would be smaller than thequantity of funds supplied. Lenders would compete forborrowers, driving the interest rate down.b.If the interest rate in the market is less than the equilibrium rate,the quantity of funds demanded would be greater than thequantity of funds supplied. The shortage of loanable fundswould encourage lenders to raise the interest rate they charge.5.The supply and demand for loanable funds depends on the real (ratherthan nominal) interest rate because the real rate reflects the true return to savingand the true cost of borrowing.C. Policy 1: Saving IncentivesFigure 21. Savings rates in the United States are relatively low when comparedwith other countries such as Japan and Germany.2. Suppose that the government changes the tax code to encourage greatersaving.a. This will cause an increase in saving, shifting the supply ofloanable funds to the right.b. The equilibrium interest rate will fall and the equilibriumquantity of funds will rise.3. Thus, the result of the new tax laws would be a decrease in theequilibrium interest rate and greater saving and investment.E. Policy 2: Investment IncentivesFigure 31. Suppose instead that the government passed a new law lowering taxesfor any firm building a new factory or buying a new piece of equipment(through the use of an investment tax credit).a. This will cause an increase in investment, causing the demandfor loanable funds to shift to the right.b. The equilibrium interest rate will rise, and the equilibriumquantity of funds will increase as well.2.Thus, the result of the new tax laws would be an increase in theequilibrium interest rate and greater saving and investment.F. Policy 3: Government Budget Deficits and SurplusesFigure 4Figure 41. A budget deficit occurs if the government spends more than it receivesin tax revenue.2. This implies that public saving (T – G) falls which will lower nationalsaving.a. The supply of loanable funds will shift to the left.b. The equilibrium interest rate will rise, and the equilibriumquantity of funds will decrease.3. When the interest rate rises, the quantity of funds demanded forinvestment purposes falls.4. Definition of crowding out: a decrease in investment that resultsfrom government borrowing.5. When the government reduces national saving by running a budgetdeficit, the interest rate rises and investment falls.ernment budget surpluses work in the opposite way. The supply ofloanable funds increases, the equilibrium interest rate falls, and investment rises.7. Case Study: The History of U.S. Government DebtFigure 5Figure 5a. Figure 5 shows the debt of the U.S. government expressed as apercentage of GDP. In recent years, government debt has beenabout 50 percent of GDP.b. Throughout history, the primary cause of fluctuations ingovernment debt has been wars. However, the U.S. debt alsoincreased substantially during the 1980s when taxes were cutbut government spending was not.c. By the late 1990s, the debt to GDP ratio began declining due tobudget surpluses.d. As of 2002, the Congressional Budget Office was projectingthat the debt-GDP ratio would decline over the next decade toreach 15 percent in 2012.。
曼昆《经济学原理（宏观经济学分册）》（第6版）第26章储蓄、投资和金融体系复习笔记跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
一、美国经济中的金融机构金融体系（financial system）是指经济中促使一个人的储蓄与另一个人的投资相匹配的一组结构。
金融体系由帮助协调储蓄者与借款者的各种金融机构组成。
金融机构可以分为两种类型——金融市场和金融中介机构。
1．金融市场金融市场（financial markets）是储蓄的人可以借以直接向想借款的人提供资金的机构。
经济中两种最重要的金融市场是债券市场和股票市场。
（1）债券市场债券（bond）是规定借款人对债券持有人负有债务责任的证明。
债券就是借据（IOU），规定了贷款偿还的时间，称为到期日，以及在贷款到期之前定期支付的利息的比率。
在美国经济中有几百万种表面上不同的债券，这些债券由于三个重要特点而不同。
①第一个特点是债券的期限——债券到期之前的时间长度。
一些债券是短期的，也许只有几个月，而另一些债券的期限则长达30年。
（英国政府甚至发行了永不到期的债券，称为永久债券。
这种债券永远支付利息，但从不偿还本金。
）债券的利率部分取决于它的期限。
长期债券的风险比短期债券大，因为长期债券持有人要等较长时间才能收回本金。
如果长期债券持有人在到期日之前需要钱，他只能把债券卖给其他人，也许还要以低价出卖，此外别无选择。
为了补偿这种风险，长期债券支付的利率通常高于短期债券。
②第二个重要特点是它的信用风险——借款人不能支付某些利息或本金的可能性。
这种不能支付称为拖欠。
本讲主要内容第25章生产与经济增长第26章储蓄、投资和金融体系第27章基本金融工具第28章失业与自然失业率15:192Saving, Investment, andthe Financial System储蓄、投资与金融体系2615:193金融体系•金融体系由经济中把一个人的储蓄与另一个人的投资相匹配的机构组成。
•它把经济的稀缺资源从储蓄者手中转移到借贷者手中。
15:194美国经济中的金融机构•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。
•金融机构可以分为两种类型：金融市场和金融中介机构。
15:195美国经济中的金融机构•Financial Markets 金融市场 Stock Market 股票市场Bond Market 债券市场•Financial Intermediaries金融中介机构Banks 银行Mutual Funds 共同基金15:196美国经济中的金融机构•金融市场——想储蓄的人直接向想借款的人提供资金的机构。
•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。
15:197金融市场•债券市场–债券——一种债务证明书，规定了借款人向债券持有人的负债责任。
–债券特点•期限:债券到期之前的时间长度。
•信用风险:借款者不能支付某些利息或本金的可能性。
•税收待遇:税法对待债券所赚到的利息的方式。
–市政债券利息免征联邦所得税。
15:198金融市场•股票市场–股票代表企业的所有权，所以也代表对所获得利润的索取权。
–出售股票来筹资称为股本筹资。
•与债券相比，股票的风险高，潜在收益也高。
–美国经济中最重要的股票交易所是纽约股票交易所、美国股票交易所和纳斯达克（NASDAQ）。
15:199股票市场大多数报纸的股票栏目提供以下信息：•价格(每股)•交易量(股票销售的量)•股利(付给股票持有人的利润)•价格－每股赢利率（P/E）15:1910金融中介机构•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。
曼昆《经济学原理（宏观经济学分册）》（第6版）第26章储蓄、投资和金融体系课后习题详解跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
一、概念题1．金融体系（）答：金融体系指由经济中促使一个人的储蓄与另一个人的投资相匹配的机构组成。
一国金融组织体系完善与否，可以由三个标准来衡量，即适应性标准、效率性标准、稳定性标准。
（1）金融组织体系的适应性。
金融组织体系的适应性在理论上可以解释为：任何一种交易行为都只有在与之相适应的制度约束条件下才能发生，即不同的交易方式，与之相对应的制度约束框架也应该不相同。
（2）金融组织体系的效率性。
金融组织体系的效率性是指特定的金融组织体系能够保证金融交易活动低成本地顺利进行和储蓄向投资转化的程度。
（3）金融组织体系的稳定性。
金融组织体系的稳定性是指金融组织体系在保证金融稳定均衡、协调和有序运行等方面的能力状态。
2．金融市场（）答：金融市场指资金供求双方运用各种金融工具，通过各种途径实现货币借贷和资金融通的交易活动的总称。
其含义有广义和狭义之分。
广义是指金融机构与客户之间、各金融机构之间、客户与客户之间所有以资金商品为交易对象的金融交易，包括存款、贷款、信托、租赁、保险、票据抵押与贴现、股票债券买卖等全部金融活动。
狭义则一般限定在以票据和有价证券为交易对象的融资活动范围之内。
3．债券（）答：债券指由筹资者（即债务人）向投资者（即债权人）出具的、承诺在一定时期支付利息和到期归还本金的债务凭证。
它是表明债权债务关系的有价证券。
对债券发行人来说，它是一种债务，是按照约定条件（包括期限、利率、本息偿还方式等）支付利息和偿还本金的书面承诺；对债券持有人来说，它是一种债权，是按照约定条件要求发行人付息还本的权利。
