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FinanceChapter1 IntroductionWhy Study Money, Banking, and Financial Markets An Overview of the Financial SystemWhat Is Money?Lecture 1Why Study Money, Banking, and Financial Markets?•Course Overview•Why Study Financial Markets?•Why Study Financial Institutions and Banking?•Why Study Money and Monetary Policy?Learning Objectives：How to construct a preliminary financial knowledge system Types of financial marketsTypes of financial institutionsHow the central bank implement monetary policyWhat is monetary theoryPart 1Why Study Financial Markets?1.1 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。
Why study financial markets?•Channel funds from savers to borrowers, thereby promoting economic efficiency•Affect personal wealth and behavior of business firms1.2 The Bond Market and Interest RatesBond (P3) is a debt security that promises to make periodic payments for a specified period of time.债券：是一种债务性证券，承诺在一个特定时间段内定期支付。
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。
FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock MarketTheory of Rational Expectations, and the Efficient Market HypothesisLecture 4Interest Rates and Calculation of Interest Rates •Interest Rate and Classification of Interest Rate •Simple and Compound Interest Rate •Present Value•Yield to Maturity and Its Calculation•The Distinction Between Interest Rates And ReturnsLearning ObjectivesCalculate the present value of future cash flows and the yield to maturity on the four types of credit market instruments.Recognize the distinctions among yield to maturity, current yield, rate of return, and rate of capital gain.Interpret the distinction between real and nominal interest rates.Part 1Interest Rate and Classification of Interest Rate1.1 Interest RateInterest rate (P3) is the cost of borrowing or the price paid for the rental of funds.利率是借款的成本或为借入资金支付的价格。
FinanceChapter2 Financial MarketsInterest Rates and Calculation of Interest RatesThe Behavior of Interest RatesThe Risk and Term Structure of Interest RatesThe Stock Market, theTheory of Rational Expectations, and the Efficient Market HypothesisLecture 5The Behavior of Interest Rates•Determinants of Asset Demand•Supply and Demand in the Bond Market •Supply And Demand in the Money Market: The Liquidity Preference FrameworkLearning ObjectivesIdentify the factors that affect the demand for assets.Draw the demand and supply curves for the bond market and the money market, identify the equilibrium interest rate.List and describe the factors that affect the equilibrium interest rate in the bond market and the money market.Identify and illustrate the effects on the interest rate of changes in money growth over time.Interest Rate Determination Theory•Asset Demand Theory•Bond Supply and Demand Analysis •Money Supply and Demand Analysis ——(Liquidity Preference Framework)Part 1Determinants of Asset Demand1.1 Determinants of Asset DemandAsset is a piece of property that is a store of value.资产就是具有价值储藏功能的财产Money, bonds, stocks, art, land, houses, farm equipment, and manufacturing machinery are all assets.1.1 Determinants of Asset DemandDeterminants of Asset Demand:•Wealth: total resources owned by the individual, including all assets;•Expected return relative to other assets; (Expected return: the return expected over the next period)•Risk relative to other assets; (Risk: the degree of uncertainty associated with the return)•Liquidity relative to other assets; (Liquidity: the ease and speed with which an asset can be turned into cash)1.2 Theory of Portfolio ChoicePart 2Supply and Demand in the Bond Market2 Supply and Demand in the Bond Market2.1 Demand CurveConsider the demand for one-year discount bonds, which make no coupon payments but pay the owner the $1,000 face value in a year.If the holding period = years to maturity = 1 year, rate of return = interest rateii=RR=FF−PP PPwhere i= interest rate = yield to maturityRR= rate of returnF = face value of the discount bondP = initial purchase price of the discount bond2.1 Demand CurveIf the bond sells for $950, the interest rate and rate of return areii=RR=$1000−$950$950=0.053=5.3%At a price of $900, the interest rate and rate of return areii=RR=$1000−$900$900=0.111=11.1%Each bond price has a corresponding interest rate and expected rate of return2.1 Demand CurveAs predicted by portfolio theory, when the rate of return is higher, with all other economic variables (such as income, expected returns on other assets, risk, and liquidity) held constant, the quantity demanded of these bonds will be higher.根据资产需求的决定因素，当回报率上升时，其他要素不变，资产需求量也随之上升。
