下载文档原格式
FinanceLecture 2An Overview of the Financial System I•Function of Financial Markets •Structure of Financial Markets •Financial Market Instruments •Internationalization of Financial MarketsLearning ObjectivesCompare direct and indirect finance.Identify the structure and components of financial markets. Describe different types of financial market instruments.Recognize the international dimensions of financial markets.Part 1Function of Financial Markets1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。
1.2 Direct FinanceIn direct finance (P23), borrowers borrow funds directly from lenders in financial markets by selling the lenders securities (also called financial instruments).在直接融资中，借款人通过在金融市场出售证券（也称为金融工具），直接从贷款人手中借入资金。
2023内部版米什金版货币金融学简答及知识点第一章：1 .什么是金融市场，金融市场的基本功能是什么？金融市场是资金由盈余单位向短缺单位转移的市场。
金融市场履行的基本经济功能是：从那些由于支出少于收入而积蓄了盈余资金的人那里把资金引导到那些由于支出超过收入而资金短缺的人那里。
第二章：金融体系概述L金融市场的种类划分⑴股权市场和债权市场。
（按契约的性质）2 2）一级市场和二级市场。
（按在发行和交易中的地位）（3）场内交易市场和场外交易市场。
（按交易的地点和场所）（4）货币市场和资本市场。
（按所交易金融工具的期限长短）2 .主要的货币市场工具和资本市场工具有哪些？货币市场工具：（1）美国国库券（贴现发行）（2）可转让银行定期存单（3）商业票据（4）回购协议（5）联邦基金资本市场工具：（1）股票（2）抵押贷款（3）公司债券（4）美国政府债券（5）美国政府机构债券（6）州和地方政府债券3 .金融中介机构的概念和类型概念：金融中介机构是通过发行负债工具筹集资金，并且通过运用这些资金购买证券或者发放贷款来形成资产的金融机构。
（1）存款机构（商业银行，储贷协会，互助储蓄银行，信用社）（2）契约型储蓄机构（保险公司，养老金，退休金）（3）投资中介机构（财务公司，共同基金，货币市场共同基金，投资银行）4 .直接融资和间接融资的区别(1)在直接融资中，借款人通过将证券卖给贷款人，直接从贷款人那里取得资金；在间接融资中，金融机构居于贷款人和借款人之间，帮助实现资金在二者之间的转移。
(2)直接融资的优点：短缺单位可以节约一定的融资成本，盈余单位可以获得较高的资金报酬。
缺点：盈余单位需要有一定专业知识和能力且负担的风险高；对短缺单位来说，直接融资市场门槛较高。
(3)间接融资的优点或功能：降低交易成本，实现规模经济；有助于降低投资者面临的风险；解决信息不对称问题(交易发生前:逆向选择；交易发生后：道德风险)(4)需要注意的是区别这两种融资不在于是否有金融机构的介入，而在于金融机构是否发挥了信用中介作用。
第二章建设现代金融体系与金融制度第一节现代金融体系一、现代金融体系概述（一）现代金融体系内涵1、金融体系是货币政策、金融机构、金融市场、金融工具、金融监管等金融要素的集合，是有机系统。
2、现代金融体系强调以下几点内容：（1）金融要素结合的条件和有机程度提高，实现金融体系的结构优化；（2）金融要素结合后的金融功能发挥程度提高；（3）新的金融要素（金融科技、绿色金融）的融入，扩展了金融体系的外延（二）现代金融体系的特征（5个）1、能够充分发挥市场机制在金融资源配置上的决定性作用2、能够发挥金融市场的对内对外开放机制3、能够充分发挥宏观调控部门的作用4、能够做到金融监管对各类金融行为的全覆盖5、能够根据现代科技进步和实体经济部门的要求，适时改革或调整金融结构，提高金融运作效率（三）现代金融体系的功能20世纪90年代，罗伯特默盾和兹维博迪提出金融功能框架，同样适用于现代金融体系1、提供清算和结算的途径2、提供集中资本和股份分割的机制。
3、在时间和空间上转移资源4、提供分散、转移和管理风险的途径5、提供价格信息6、提供解决激励问题的方法（四）银行导向的金融体系和市场导向的金融体系1、比较金融体系理论将金融体系分为：银行导向的金融体系、市场导向的金融体系，二者无优劣之分2、银行导向的金融体系，资源配置主要依靠银行，如德、日3、市场导向的金融市场，资源配置主要依靠资本市场，如美、英4、我国的金融体系：从静态角度看呈现银行导向结构，从动态角度看则迅速向市场导向的结构靠近；随着我国金融体制改革的不断深化，开放的市场导向金融体系是未来的发展方向。
二、我国推动构建具有高度适应性、竞争力、普惠性的现代金融体系的重要政策举措（一）推动金融回归服务实体经济的本源1、遏制金融资金脱实向虚趋势；我国采取一系列措施补充实体经济资本金（1）通过发展股权融资补充实体经济资本金，解决融资难、融资贵问题；（2）大力发展资本市场，“沪港通”、“深港通”先后实施；（3）要求银行业金融机构增强对制造强国建设的支持力度，继续做好产业结构战略性调整；（4）为京津冀协同发展、长江经济带建设提供金融支持；（5）指定支持普惠金融措施2、鼓励金融业扶持小微企业和农业（1）关于扶持小微企业，《国务院关于扶持小型微型企业健康发展意见》提出10项政策措施，包括税收优惠政策等；随后连续出台多项措施支持小微企业发展（2）关于扶持农业，主要集中在各类农业补贴、补助政策上（二）全面深化金融体制改革党的十八大以来，我国采取了一系列推进和深化金融体制改革的举措：1、积极稳妥推进金融机构改革2、加强多层次资本市场体系建设3、拓宽保险资金支持实体资金渠道4、大力发展普惠金融和绿色金融（三）加强金融风险防控体系建设维护金融安全和稳定，关键是防范化解金融风险尤其是系统性金融风险党的十八大以来，我国采取了一系列措施强化金融风险防控体系建设1、健全金融监管制度，包括建立健全金融监管机制、健全金融监管法治等；2、完善金融监管措施，包括加强风险防控、提升金融业稳健性标准等；3、提高金融监管的专业化水平，包括构建专业化现代化的金融监管机构等第二节金融宏观调控与金融机构一、金融宏观调控体系及其制度安排金融宏观调控：央行制定和实施货币政策为主导，通过调节货币供应量、利率和汇率水平，间接调控金融市场的活动特点：调控主体是中央银行；调控手段以货币政策为核心；调控必须依法进行；调控目的是稳定币值以促进经济发展（一）货币政策的制定与创新货币政策的含义：指货币政策目标以及实现该目标的一系列制度安排；包括货币创造机制、货币政策目标、货币政策工具、货币政策规则、货币政策传导机制、货币政策传导渠道1、我国货币政策创新的原因（1）国内经济发展进入“新常态”党的十八大以来，我国进入中高速增长阶段；经济面临“三期叠加”局面；产能过剩、地方债务、房地产泡沫等多重经济风险进一步暴露；随着我国金融创新与利率市场的推进，传统货币政策的有效性被削弱（2）国际宏观经济形势和宏观政策的分化货币信用体系日趋复杂化全球经济形势字2015年来分化严重，美联储未来降息政策的影响会使我国传统的调节基础货币的路径面临挑战2、我国货币政策创新的实践（1）调整货币政策目标，由数量调控逐步转为价格调控①矛盾点：我国长期关注广义货币量、社会融资规模新增贷款等数量型中介目标，但传统中介目标与经济增速、通货膨胀、金融稳定之间的相关性被弱化，促使货币政策中介目标的转变②转变方式：构建利率走廊；以常备借贷便利利率为上线、公开市场7天逆回购操作利率为隐性下限、超额存款准备金利率为显性下限更加注重银行间市场存款类金融机构以利率债为质押的7天回购利率的中介作用③优点：简化利率操作过程，降低操作成本；不依赖国债市场（2）创新货币政策工具，构建结构性货币政策①对传统货币政策工具（存款准备金、再贴现与再贷款、公开市场操作）的创新应用②创新货币政策工具以实现结构性调控：公开市场短期流动性调节工具；常备借贷便利；抵押补充贷款；中期借贷便利；定向中期借贷便利（3）完善货币政策机制，转变调控方式和操作手段①2011年，实施差别准备金动态调整机制，加强逆周期信贷调节，引入社会融资规模统计，使货币政策操作向货币信用管理转变；②2014-2016年，创设中期借贷便利、抵押补充贷款等货币政策工具；将差别准备金动态调整机制升级为宏观审慎评估体系③2016年底，探索构建利率走廊，疏通传导渠道，稳定市场预期④2018年，面对内忧外患，文件的货币政策坚持松紧适度采取定向降准、债券市场投资者窗口指导、加大支小支农再贷款投放等措施，以稳金融支持稳增长（4）宏观调控注重国际协调，增强货币政策独立性①复杂的国际形势要求在宏观调控中重视国际协调的作用②利用二十国集团等国际治理平台，与发达国家和新兴市场国家进行有效沟通，适时调整宏观政策，抵消外部冲击③从三元悖论角度分析，需对我国人民币汇率形成机制进行改革（二）宏观审慎管理框架的构建与完善1、含义：利用审慎性工具防范系统性金融风险2、发展历程：（1）1979年，由库克委员会首次提出（2）2010年发布的巴塞尔协议三包含宏观审慎要素，其核心是要求银行在经营状况良好时积累缓冲资本。
Chapter 2 Overview of the Financial System2.1 Single Choice1) Every financial market performs the following function:A) It determines the level of interest rates.B) It allows common stock to be traded.C) It allows loans to be made.D) It channels funds from lenders-savers to borrowers-spenders.2) Financial markets have the basic function ofA) bringing together people with funds to lend and people who want to borrow funds.B) assuring that the swings in the business cycle are less pronounced.C) assuring that governments need never resort to printing money.D) both A and B of the above.E) both B and C of the above.3) Which of the following can be described as involving direct finance?A) A corporation's stock is traded in an over-the-counter market.B) People buy shares in a mutual fund.C) A pension fund manager buys commercial paper in the secondary market.D) An insurance company buys shares of common stock in the over-the-counter markets.E) None of the above.4) Which of the following can be described as involving direct finance?A) A corporation's stock is traded in an over-the-counter market.B) A corporation buys commercial paper issued by another corporation.C) A pension fund manager buys commercial paper from the issuing corporation.D) Both A and B of the above.E) Both B and C of the above.5) Which of the following can be described as involving indirect finance?A) A corporation takes out loans from a bank.B) People buy shares in a mutual fund.C) A corporation buys commercial paper in a secondary market.D) All of the above.E) Only A and B of the above.6) Which of the following can be described as involving indirect finance?A) A bank buys a U.S. Treasury bill from one of its depositors.B) A corporation buys commercial paper issued by another corporation.C) A pension fund manager buys commercial paper in the primary market.D) Both A and C of the above.7) Financial markets improve economic welfare becauseA) they allow funds to move from those without productive investment opportunities to those who have such opportunities.B) they allow consumers to time their purchases better.C) they weed out inefficient firms.D) they do all of the above.E) they do A and B of the above.8) A country whose financial markets function poorly is likely toA) efficiently allocate its capital resources.B) enjoy high productivity.C) experience economic hardship and financial crises.D) increase its standard of living.9) Which of the following are securities?A) A certificate of depositB) A share of Texaco common stockC) A Treasury billD) All of the aboveE) Only A and B of the above10) Which of the following statements about the characteristics of debt and equity are true?A) They both can be long-term financial instruments.B) They both involve a claim on the issuer's income.C) They both enable a corporation to raise funds.D) All of the above.E) Only A and B of the above.11) The money market is the market in which _________ are traded.A) new issues of securitiesB) previously issued securitiesC) short-term debt instrumentsD) long-term debt and equity instruments12) Long-term debt and equity instruments are traded in the _________ market.A) primaryB) secondaryC) capitalD) money13) Which of the following are primary markets?A) The New York Stock ExchangeB) The U.S. government bond marketC) The over-the-counter stock marketD) The options marketsE) None of the above14) Which of the following are secondary markets?A) The New York Stock ExchangeB) The U.S. government bond marketC) The over-the-counter stock marketD) The options marketsE) All of the above15) A corporation acquires new funds only when its securities are sold in theA) secondary market by an investment bank.B) primary market by an investment bank.C) secondary market by a stock exchange broker.D) secondary market by a commercial bank.16) Intermediaries who are agents of investors and match buyers with sellers of securities are calledA) investment bankers.B) traders.C) brokers.D) dealers.E) none of the above.17) Intermediaries who link buyers and sellers by buying and selling securities at stated prices are calledA) investment bankers.B) traders.C) brokers.D) dealers.E) none of the above.18) An important financial institution that assists in the initial sale of securities in the primary market is theA) investment bank.B) commercial bank.C) stock exchange.D) brokerage house.19) Which of the following statements about financial markets and securities are true?A) Most common stocks are traded over-the-counter, although the largest corporations have their shares traded at organized stock exchanges such as the New York Stock Exchange.B) A corporation acquires new funds only when its securities are sold in the primary market.C) Money market securities are usually more widely traded than longer-term securities and so tendto be more liquid.D) All of the above are true.E) Only A and B of the above are true.20) Which of the following statements about financial markets and securities are true?A) A bond is a long-term security that promises to make periodic payments called dividends to the firm's residual claimants.B) A debt instrument is intermediate term if its maturity is less than one year.C) A debt instrument is long term if its maturity is ten years or longer.D) The maturity of a debt instrument is the time (term) that has elapsed since it was issued.21) Which of the following statements about financial markets and securities are true?A) Few common stocks are traded over-the-counter, although the over-the-counter markets have grown in recent years.B) A corporation acquires new funds only when its securities are sold in the primary market.C) Capital market securities are usually more widely traded than longer term securities and so tend to be more liquid.D) All of the above are true.E) Only A and B of the above are true.22) Which of the following markets is sometimes organized as an over-the-counter market?A) The stock marketB) The bond marketC) The foreign exchange marketD) The federal funds marketE) all of the above23) Bonds that are sold in a foreign country and are denominated in that country's currency are known asA) foreign bonds.B) Eurobonds.C) Eurocurrencies.D) Eurodollars.24) Bonds that are sold in a foreign country and are denominated in a currency other than that of the country in which they are sold are known asA) foreign bonds.B) Eurobonds.C) Eurocurrencies.D) Eurodollars.25) Financial intermediariesA) exist because there are substantial information and transaction costs in the economy.B) improve the lot of the small saver.C) are involved in the process of indirect finance.D) do all of the above.E) do only A and B of the above.26) The main sources of financing for businesses, in order of importance, areA) financial intermediaries, issuing bonds, issuing stocks.B) issuing bonds, issuing stocks, financial intermediaries.C) issuing stocks, issuing bonds, financial intermediaries.D) issuing stocks, financial intermediaries, issuing bonds.27) The presence of transaction costs in financial markets explains, in part, whyA) financial intermediaries and indirect finance play such an important role in financial markets.B) equity and bond financing play such an important role in financial markets.C) corporations get more funds through equity financing than they get from financial intermediaries.D) direct financing is more important than indirect financing as a source of funds.28) Financial intermediaries can substantially reduce transaction costs per dollar of transactions because their large size allows them to take advantage ofA) poorly informed consumers.B) standardization.C) economies of scale.D) their market power.29) The purpose of diversification is toA) reduce the volatility of a portfolio's return.B) raise the volatility of a portfolio's return.C) reduce the average return on a portfolio.D) raise the average return on a portfolio.30) An investor who puts all her funds into one asset _________ her portfolio's _________.A) increases; diversificationB) decreases; diversificationC) increases; average returnD) decreases; average return31) Through risk-sharing activities, a financial intermediary _________ its own risk and _________ the risks of its customers.A) reduces; increasesB) increases; reducesC) reduces; reducesD) increases; increases32) The presence of _________ in financial markets leads to adverse selection and moral hazardproblems that interfere with the efficient functioning of financial markets.A) noncollateralized riskB) free-ridingC) asymmetric informationD) costly state verification33) When the lender and the borrower have different amounts of information regarding a transaction, _________ is said to exist.A) asymmetric informationB) adverse selectionC) moral hazardD) fraud34) When the potential borrowers who are the most likely to default are the ones most actively seeking a loan, _________ is said to exist.A) asymmetric informationB) adverse selectionC) moral hazardD) fraud35) When the borrower engages in activities that make it less likely that the loan will be repaid, _________ is said to exist.A) asymmetric informationB) adverse selectionC) moral hazardD) fraud36) The concept of adverse selection helps to explainA) which firms are more likely to obtain funds from banks and other financial intermediaries, rather than from the securities markets.B) why indirect finance is more important than direct finance as a source of business finance.C) why direct finance is more important than indirect finance as a source of business finance.D) only A and B of the above.E) only A and C of the above.37) Adverse selection is a problem associated with equity and debt contracts arising fromA) the lender's relative lack of information about the borrower's potential returns and risks of his investment activities.B) the lender's inability to legally require sufficient collateral to cover a 100 percent loss if the borrower defaults.C) the borrower's lack of incentive to seek a loan for highly risky investments.D) none of the above.38) When the least desirable credit risks are the ones most likely to seek loans, lenders are subjectto theA) moral hazard problem.B) adverse selection problem.C) shirking problem.D) free-rider problem.E) principal-agent problem.39) Financial institutions expect thatA) moral hazard will occur, as the least desirable credit risks will be the ones most likely to seek out loans.B) opportunistic behavior will occur, as the least desirable credit risks will be the ones most likely to seek out loans.C) borrowers will commit moral hazard by taking on too much risk, and this is what drives financial institutions to take steps to limit moral hazard.D) none of the above will occur.40) Successful financial intermediaries have higher earnings on their investments because they are better equipped than individuals to screen out good from bad risks, thereby reducing losses due toA) moral hazard.B) adverse selection.C) bad luck.D) financial panics.41) In financial markets, lenders typically have inferior information about potential returns and risks associated with any investment project. This difference in information is calledA) comparative informational disadvantage.B) asymmetric information.C) variant information.D) caveat venditor.42) The largest depository institution at the end of 2004 wasA) life insurance companies.B) pension funds.C) state retirement funds.D) none of the above.43) Which of the following financial intermediaries are depository institutions?A) A savings and loan associationB) A commercial bankC) A credit unionD) All of the aboveE) Only A and C of the above44) Which of the following is a contractual savings institution?A) A life insurance companyB) A credit unionC) A savings and loan associationD) A mutual fund45) Which of the following are not investment intermediaries?A) A life insurance companyB) A pension fundC) A mutual fundD) Only A and B of the above46) Which of the following are investment intermediaries?A) Finance companiesB) Mutual fundsC) Pension fundsD) All of the aboveE) Only A and B of the above47) The government regulates financial markets for three main reasons:A) to ensure soundness of the financial system, to improve control of monetary policy, and to increase the information available to investors.B) to improve control of monetary policy, to ensure that financial intermediaries earn a normal rate of return, and to increase the information available to investors.C) to ensure that financial intermediaries do not earn more than the normal rate of return, to ensure soundness of the financial system, and to improve control of monetary policy.D) to ensure soundness of financial intermediaries, to increase the information available to investors, and to prevent financial intermediaries from earning less than the normal rate of return.48) Which of the following government regulations has the chief purpose of improving control of the money supply?A) deposit insuranceB) restrictions on entry into banking or insuranceC) reserve requirementsD) restrictions on the assets financial intermediaries can hold49) Asymmetric information can lead to widespread collapse of financial intermediaries, referred to as aA) bank holiday.B) financial panic.C) financial disintermediation.D) financial collapse.50) Foreign currencies that are deposited in banks outside the home country are known asA) foreign bonds.B) Eurobond.C) Eurocurrencies.D) Eurodollars.51) U.S. dollars deposited in foreign banks outside the United States or in foreign branches of U.S. are referred to asA) Eurodollars.B) Eurocurrencies.C) Eurobonds.D) foreign bonds.52) Banks providing depositors with checking accounts that enable them to pay their bills easily is known asA) liquidity services.B) asset transformation.C) risk sharing.D) transaction costs.53) A ________ is when one party in a financial contract has incentives to act in its own interest rather than in the interests of the other party.A) moral hazardB) riskC) conflict of interestD) financial panic54) Fire and casualty insurance companies are what type of intermediary?A) Contractual savings institutionB) Depository institutionsC) Investment intermediariesD) None of the above55) The country whose banks are the most restricted in the range of assets they may hold isA) Japan.B) Canada.C) Germany.D) the United States.答案：1-5：DAEBE 6-10:DECDD 11-15:CCEEB 16-20:CDADC 21-25:BEABD 26-30:AACAB 31-35:BCABC 36-40:DABCB 41-45:BDDAD 46-50:EACBC 51-55:AACAD。
《金融学》目录第一章金融概述11 金融的定义与范畴12 金融在现代经济中的作用13 金融体系的构成要素第二章货币与货币制度21 货币的起源与发展22 货币的职能23 货币的形态演变24 货币制度的类型与构成要素25 国际货币体系第三章信用与利息31 信用的含义与形式32 信用工具33 利息与利率的概念34 利率的决定因素与作用35 利率的计算方法第四章金融市场41 金融市场的分类与功能42 货币市场43 资本市场44 金融衍生工具市场45 金融市场的监管第五章金融机构51 金融机构体系的构成52 商业银行53 中央银行54 政策性银行55 非银行金融机构第六章商业银行的业务61 负债业务62 资产业务63 中间业务64 商业银行的风险管理第七章中央银行与货币政策71 中央银行的职能与地位72 货币政策的目标与工具73 货币政策的传导机制74 货币政策的效果评估第八章国际金融81 外汇与汇率82 汇率的决定与影响因素83 国际收支84 国际储备85 国际金融市场与国际资本流动第九章金融风险管理91 金融风险的类型与特征92 金融风险的识别与评估93 金融风险的防范与控制94 金融监管与金融稳定第十章金融创新与金融发展101 金融创新的含义与动力102 金融创新的主要内容与影响103 金融发展的理论与实践104 金融发展与经济增长的关系第十一章金融与科技111 科技对金融的影响112 金融科技的应用领域113 金融科技带来的挑战与机遇第十二章行为金融学121 行为金融学的基本概念122 投资者的心理与行为偏差123 行为金融学在投资决策中的应用第十三章金融伦理与社会责任131 金融伦理的内涵与原则132 金融机构的社会责任133 金融伦理与社会责任的实践案例。
