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1、Financial Institutions in the U.S.EconomyThe financial system is made up of financial institutions that coordinate the actions of savers and borrowers.Financial institutions can be grouped into two different categories:financial markets and financial intermediaries.第1页/共70页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
2、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。第2页/共70页Financial Institutions in the U.S.Economy美国经济中的金融机构Financial Markets 金融市场uStock Market 股票市场uBond Market 债券市场Financial Intermediaries 金融中介机构uBanks 银行uMutual Funds 共同基金第3页/共70页Financial Institutions in the U.S.Economy美国经济中的金融机构Financial markets are the insti
3、tutions 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。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。第4页/共70页Financial MarketsThe Bond MarketA bond is a certifi
4、cate of indebtedness thatspecifies obligations of the borrower to the holder of the bond.Characteristics of a BondTerm:The length of time until the bond matures.Credit Risk:The probability that the borrower will fail to pay some of the interest or principal.Tax Treatment:The way in which the tax law
5、s treat the interest on the bond.Municipal bonds are federal tax exempt.IOU第5页/共70页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。IOU第6页/共70页Financial Markets The Stock MarketStock represents a claim to partial ownership in a firm an
6、d is therefore,a claim to the profits that the firm makes.The sale of stock to raise money is called equity financing.Compared to bonds,stocks offer both higher risk and potentially higher returns.The most important stock exchanges in the United States are the New York Stock Exchange,the American St
7、ock Exchange,and NASDAQ.第7页/共70页金融市场 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）。第8页/共70页The Stock MarketMost newspaper stock tables provide the following information:Price(of a share)Volume(number of shares sold)Dividend(profits paid
8、 to stockholders)Price-earnings ratio第9页/共70页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）第10页/共70页Financial Intermediaries金融中介机构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。第11页/共
9、70页Financial IntermediariesBankstake deposits from people who want to save and use the deposits to make loans to people who want to borrow.pay depositors interest on their deposits and charge borrowers slightly higher interest on their loans.第12页/共70页金融中介机构银行从想储蓄的人那里得到存款，并用这些存款向想借款的人进行贷款。向存款人的存款支付利息
10、，并向借款人的贷款收取略高一点的利息。第13页/共70页Financial Intermediaries BanksBanks help create a medium of exchange by allowing people to write checks against their deposits.A medium of exchanges is an item that people can easily use to engage in transactions.This facilitates the purchases of goods and services.第14页/共
11、70页金融中介机构银行银行通过允许人们根据自己的存款签发支票，帮助创造出一种交换媒介。交换媒介是人们能容易地用来进行交易的东西。这方便了物品与劳务的购买。第15页/共70页Financial Intermediaries:Mutual FundsA mutual fund is an institution that sells shares to the public and uses the proceeds to buy a selection,or portfolio,of various types of stocks,bonds,or both.uThey allow people
12、 with small amounts of money to easily diversify.第16页/共70页金融中介机构:共同基金共同基金 是一个向公众出售股份，并用收入购买各种股票、债券，或股票与债券都有的选择，或资产组合的机构。u它们可以使钱并不多的人进行多元化投资。第17页/共70页Financial Intermediaries：Other Financial Institutions 金融中介机构：其他金融机构Credit unions 信用社 Pension funds 养老基金Insurance companies 保险公司Loan sharks 地方高利贷者第18页/共
13、70页Saving and Investment in the National Income Accounts国民收入帐户中的储蓄与投资Recall that GDP is both total income in an economy and total expenditure on the economys output of goods and services:我们还记得，GDP既是一个经济的总收入，又是用于经济的物品与劳务产量的总支出。Y=C+I+G+NX第19页/共70页Some Important Identities一些重要的恒等式Assume a closed econom
14、y one that does not engage in international trade:假设一个封闭经济不与其他经济交易的经济。Y=C+I+G第20页/共70页Some Important IdentitiesNow,subtract C and G from both sides of the equation:Y C G=IThe left side of the equation is the total income in the economy after paying for consumption and government purchases and is cal
15、led national saving,or just saving(S).第21页/共70页一些重要恒等式现在，从上面等式两边减去C 和 G，得出:Y C G=I这个等式的左边是在用于消费和政府购买之后留下的总收入，这个量被称为国民储蓄，或简称 储蓄(S)。第22页/共70页Some Important Identities一些重要的恒等式Substituting S for Y-C-G,the equation can be written as:用S代替Y-C-G，上式可以写为：S=I第23页/共70页Some Important Identities一些重要的恒等式National s
16、aving,or saving,is equal to:国民储蓄或储蓄等于：S=IS=Y C G S=(Y T C)+(T G)第24页/共70页The Meaning of Saving and InvestmentNational SavingNational saving is the total income in the economy that remains after paying for consumption and government purchases.Private SavingPrivate saving is the amount of income that
17、households have left after paying their taxes and paying for their consumption.Private saving=(Y T C)第25页/共70页储蓄与投资的含义国民储蓄国民储蓄一个经济在用于消费和政府购买后剩下的总收入。私人储蓄私人储蓄家庭在支付了税收和消费之后剩余的收入量。私人储蓄=(Y T C)第26页/共70页The Meaning of Saving and InvestmentPublic SavingPublic saving is the amount of tax revenue that the go
18、vernment has left after paying for its spending.Public saving =(T G)第27页/共70页储蓄与投资的含义公共储蓄公共储蓄政府在支付其支出后剩余的税收收入量。公共储蓄 =(T G)第28页/共70页The Meaning of Saving and InvestmentSurplus and DeficitIf T G,the government runs a budget surplus because it receives more money than it spends.The surplus of T-G repre
19、sents public saving.If G T,the government runs a budget deficit because it spends more money than it receives in tax revenue.第29页/共70页储蓄与投资的含义预算盈余与预算赤字如果TG，政府由于得到的资金大于支出，政府有预算赢余。这种 T-G 的盈余代表 公共储蓄。如果 GT，政府支出大于其税收收入，政府有预算赤字。第30页/共70页The Meaning of Saving and Investment 储蓄与投资的含义For the economy as a who
20、le,saving must be equal to investment.对整个经济而言，储蓄必定等于投资。S=I第31页/共70页The Market for Loanable Funds可贷资金市场Financial markets coordinate the economys saving and investment in the market for loanable funds.金融市场在 可贷资金市场上协调经济中的储蓄与投资。第32页/共70页The Market for Loanable Funds可贷资金市场The market for loanable funds is
21、 the market in which those who want to save supply funds and those who want to borrow to invest demand funds.可贷资金市场想储蓄提供资金的人和想为投资需求借资金的人的市场。第33页/共70页The Market for Loanable Funds可贷资金市场Loanable funds refers to all income that people have chosen to save and lend out,rather than use for their own consu
22、mption.可贷资金是指人们选择储蓄并贷出而不用于自己消费的所有收入。第34页/共70页The supply of loanable funds comes from people who have extra income they want to save and lend out.The demand for loanable funds comes from households and firms that wish to borrow to make investments.Supply and Demand for Loanable Funds第35页/共70页可贷资金的供给来
23、自那些有额外收入并想储蓄和贷出的人。可贷资金的需求来自希望借款进行投资的家庭和企业。可贷资金的供给与需求第36页/共70页The interest rate is the price of the loan.It represents the amount that borrowers pay for loans and the amount that lenders receive on their saving.The interest rate in the market for loanable funds is the real interest rate.Supply and De
24、mand for Loanable Funds第37页/共70页利率 是贷款的价格。它代表借款者要为贷款支付的量以及贷款者从其储蓄得到的量。可贷资金市场上的利率是实际利率。可贷资金的供给与需求第38页/共70页Supply and Demand for Loanable Funds可贷资金的供给与需求Financial markets work much like other markets in the economy.金融市场的运行很像经济中其他市场的运行。uThe equilibrium of the supply and demand for loanable funds determ
25、ines the real interest rate.可贷资金市场的供给与需求均衡决定了实际利率。第39页/共70页Loanable Funds(in billions of dollars)可贷资金0Interest Rate利率Demand需求Supply供给5%$1,200Figure 1 Market for Loanable Funds图1.可贷资金市场 第40页/共70页Supply and Demand for Loanable FundsGovernment Policies That Affect Saving and InvestmentTaxes and savingT
26、axes and investmentGovernment budget deficits第41页/共70页可贷资金的供给与需求影响储蓄与投资的政府政策税收与储蓄税收与投资政府预算赤字第42页/共70页Policy 1:Saving Incentives 政策1：储蓄激励Taxes on interest income substantially reduce the future payoff from current saving and,as a result,reduce the incentive to save.对利息收入征税大大减少了现期储蓄的未来收益，因此，减少了对人们储蓄的激
27、励。第43页/共70页Policy 1:Saving Incentives A tax decrease increases the incentive for households to save at any given interest rate.uThe supply of loanable funds curve shifts to the right.uThe equilibrium interest rate decreases.uThe quantity demanded for loanable funds increases.第44页/共70页政策1：储蓄激励税收减少提高了
28、任何一种既定利率水平下对家庭储蓄的激励。u可贷资金的供给曲线向右移动。u均衡利率下降。u对可贷资金的需求量增加。第45页/共70页Figure 2 An Increase in the Supply of Loanable FundsLoanable Funds(in billions of dollars)0InterestRateSupply,S1S22.whichreduces theequilibriuminterest rate.3.and raises the equilibriumquantity of loanable funds.Demand1.Tax incentives
29、forsaving increase thesupply of loanablefunds.5%$1,2004%$1,600第46页/共70页S21.储蓄的税收激励增加了可贷资金的供给.图2.可贷资金供给增加可贷资金(10亿美元)0利率5%供给,S1$1,200需求$1,6003.并增加了可贷资金均衡数量。4%2.这导致均衡利率下降.第47页/共70页Policy 1:Saving Incentives 政策1：储蓄激励If a change in tax law encourages greater saving,the result will be lower interest rates
30、 and greater investment.如果税法变动鼓励了更多储蓄，结果是利率下降和投资增加。第48页/共70页Policy 2:Investment Incentives 政策2：储蓄与投资An investment tax credit increases the incentive to borrow.投资税收优惠提高了借款的激励。uIncreases the demand for loanable funds.提高了对可贷资金的需求。uShifts the demand curve to the right.使需求曲线向右移动。uResults in a higher inte
31、rest rate and a greater quantity saved.导致更高的利率和更大的储蓄量。第49页/共70页Policy 2:Investment Incentives 政策2：储蓄与投资If a change in tax laws encourages greater investment,the result will be higher interest rates and greater saving.如果税法变动鼓励更多投资，结果是利率上升而储蓄更多。第50页/共70页Figure 3 An Increase in the Demand for Loanable
32、FundsLoanable Funds(in billions of dollars)0InterestRate1.An investmenttax creditincreases thedemand for loanable funds.2.whichraises theequilibriuminterest rate.3.and raises the equilibriumquantity of loanable funds.SupplyDemand,D1 D25%$1,2006%$1,400第51页/共70页图3.可贷资金需求增加可贷资金(10亿美元)0 利率5%$1,200供给需求,D
33、1 1.投资赋税优惠增加了可贷资金的需求.D26%2.这导致均衡利率上升.$1,4003.并增加了可贷资金均衡量。第52页/共70页Policy 3:Government Budget Deficits and Surpluses政策3：政府预算赤字与盈余When the government spends more than it receives in tax revenues,the short fall is called the budget deficit.当政府支出大于其税收收入时引起的收入短缺被称为预算赤字。The accumulation of past budget def
34、icits is called the government debt.过去预算赤字的积累被称为政府债务。第53页/共70页Policy 3:Government Budget Deficits and SurplusesGovernment borrowing to finance its budget deficit reduces the supply of loanable funds available to finance investment by households and firms.This fall in investment is referred to as cro
35、wding out.uThe deficit borrowing crowds out private borrowers who are trying to finance investments.第54页/共70页政策3：政府预算赤字与盈余当政府借款为其预算赤字筹资时，它就减少了可用于家庭和企业为投资而筹借的可贷资金的供给。这种投资的减少被称为挤出.u政府为其预算赤字借款 挤出了那些想为投资筹资的私人借款者。第55页/共70页Policy 3:Government Budget Deficits and Surpluses政策3：政府预算赤字与盈余A budget deficit decr
36、eases the supply of loanable funds.预算赤字减少了可贷资金的供给。uShifts the supply curve to the left.使供给曲线向左移动。uIncreases the equilibrium interest rate.提高了均衡利率。uReduces the equilibrium quantity of loanable funds.减少了可贷资金的均衡量。第56页/共70页Figure 4:The Effect of a Government Budget DeficitLoanable Funds(in billions of d
37、ollars)0InterestRate3.and reduces the equilibriumquantity of loanable funds.S22.whichraises theequilibriuminterest rate.Supply,S1Demand$1,2005%$8006%1.A budget deficitdecreases thesupply of loanablefunds.第57页/共70页S2 1.预算赤字减少了可贷资金的供给.图4.政府预算赤字的后果可贷资金(10亿美元)0利率$1,200供给,S1需求5%$8003.可贷资金的均衡数量下降。2.导致均衡利率
38、上升.6%第58页/共70页Policy 3:Government Budget Deficits and Surpluses政策3：政府预算赤字与盈余When government reduces national saving by running a deficit,the interest rate rises and investment falls.当政府存在预算赤字时，减少了国民储蓄，利率上升，投资减少。第59页/共70页Policy 3:Government Budget Deficits and Surpluses政策3：政府预算赤字与盈余A budget surplus i
39、ncreases the supply of loanable funds,reduces the interest rate,and stimulates investment.预算盈余增加了可贷资金的供给，降低了利率，并刺激了投资。第60页/共70页Figure 5 The U.S.Government DebtPercentof GDP17901810183018501870189019101930195019701990RevolutionaryWar2010CivilWarWorld War IWorld War II020406080100120图5.美国政府债务独立战争内战一战二
40、战GDP的百分比第61页/共70页SummaryThe U.S.financial system is made up of financial institutions such as the bond market,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
41、 to borrow.第62页/共70页小结美国金融体系由各种金融机构所组成，例如，债券市场、股票市场、银行和共同基金。所有这些机构的作用都是使那些想把一部分收入储蓄起来的家庭的资源流入那些想借款的家庭和企业的手中。第63页/共70页SummaryNational income accounting identities reveal some important relationships among macroeconomic variables.In particular,in a closed economy,national saving must equal investment.
42、Financial institutions attempt to match one persons saving with another persons investment.第64页/共70页小结国民收入帐号恒等式说明了宏观经济变量之间的一些重要关系。特别是，对一个封闭经济来说，国民储蓄一定等于投资。金融机构是经济使一个人的储蓄与另一个人的投资相匹配的机制。第65页/共70页SummaryThe interest rate is determined by the supply and demand for loanable funds.The supply of loanable f
43、unds comes from households who want to save some of their income.The demand for loanable funds comes from households and firms who want to borrow for investment.第66页/共70页小结利率由可贷资金的供求决定。可贷资金的供给来自想把自己一部分收入储蓄起来并借出去的家庭。可贷资金的需求来自想借款投资的家庭和企业。第67页/共70页SummaryNational saving equals private saving plus publi
44、c saving.A government budget deficit represents negative public saving and,therefore,reduces national saving and the supply of loanable funds.When a government budget deficit crowds out investment,it reduces the growth of productivity and GDP.第68页/共70页小结国民储蓄等于私人储蓄加公共储蓄。政府预算赤字代表负的公共储蓄，从而减少了国民储蓄和可用于为投资筹资的可贷资金的供给。当政府预算赤字挤出了投资时，它就降低了生产率和GDP的增长。第69页/共70页感谢您的欣赏！第70页/共70页