金融專業(yè)英語第四講

WhatisMoney?(什么是貨幣）2024/4/62LearningObjectivesLearnaboutdefinitionsandfunctionsofMoney(貨幣的含義和功能);WhyandhowMoneypromoteseconomicefficiency(對經(jīng)濟(jì)運(yùn)行效率產(chǎn)生的重要作用);Howitsformshaveevolvedovertime(貨幣體系的演變);Howmoneyiscurrentlymeasured(貨幣的計量方式).MeaningofMoneyMoney(orthe“moneysupply”):anythingthatisgenerallyacceptedaspaymentforgoodsorservicesorintherepaymentofdebts.貨幣（也稱為貨幣供給）任何一種被普遍接受的、可以作為購買商品和服務(wù)支付手段的或者用于償付債務(wù)的物品。2024/4/63MeaningofMoneyNarrow（狹義）definition:Currency:papermoneyandcoins（通貨、貨幣——紙幣和硬幣）Aratherbroad（廣義）definition：Checks（支票）+checkingaccountdeposits（支票存款）:

alsoconsideredasmoney+savingdeposits（儲蓄存款）:

canbeconvertedintocurrencyorcheckingaccountdepositquicklyandeasily.2024/4/64MeaningofMoney2024/4/65“Joeisrich—hehasanawfullotofmoney.”“Sheilawouldbeawonderfulcatch;shehasagoodjobandearnsalotofmoney.”MeaningofMoneyInfinancialeconomics,Moneyisastockconcept（存量概念）andisdifferentfrom:Wealth（財富）:thetotalcollectionofpiecesofpropertythatservetostorevalueastockconcept:storevaluenotonlyincludemoney,butalsootherassets:bonds,stock,art,land,cars,houses,furniture,etc.Income（收入）:aflowofearningsperunitoftimeaflowconcept（流量概念）Include:(a)laborincome(e.g.wage)and(b)capitalincome(e.g.rent,dividend,etc.)

2024/4/66FunctionsofMoney1.MediumofExchange(交易媒介）Reducestransactioncosts降低交易成本abartereconomy:goodsandservicesareexchangeddirectlyPromotesspecializationanddivision促進(jìn)專業(yè)化分工進(jìn)程

Without

money,workersandotherresourcescouldnotbepaidexceptintheoutputproduced.

2024/4/67物物交換經(jīng)濟(jì)FunctionsofMoney1.MediumofExchange(交易媒介）Amediumofexchangemust:beeasilystandardizedbewidelyacceptedbedivisiblebeeasytocarrynotdeterioratequickly2024/4/68商品必須滿足以下條件才能發(fā)揮貨幣功能：a.易于標(biāo)準(zhǔn)化b.被普遍接受c.易于分割d.易于攜帶e.不會很快腐壞變質(zhì)FunctionsofMoney

2024/4/69FunctionsofMoney3.StoreofValue（價值儲存）Usedtosavepurchasingpowerovertime儲存購買力Otherassetsalsoservethisfunction.Stocks,bonds,land,houses,art,jewelry,etc.Moneyisthemostliquidofallassetsbutlosesvalueduringinflation.貨幣是流動性最高的資產(chǎn)，但是當(dāng)發(fā)生通貨膨脹時，其價值儲藏的功能會減弱。Inflation通貨膨脹Hyperinflation惡性通貨膨脹Mostcentralbankstargetanannualinflationrateforacountryofaround2%to3%.2024/4/610FunctionsofMoney2024/4/6112024/4/612FunctionsofMoneyHYPERINFLATIONEvolutionofthePaymentsSystemPaymentsSystem:

themethodofconductingtransactionsintheeconomy.經(jīng)濟(jì)中進(jìn)行交易的方式CommodityMoney

商品貨幣Positive:valuable,easilystandardizedanddivisiblecommodities(e.g.preciousmetals,cigarettes)Negative:tooheavyandhardtotransportfromoneplacetoanotherFiatMoney法定貨幣mustauthorizedbygovernmentpositive:lightandiseasytocarry;negative:beingeasilystolenandexpensivetotransport.Isbitcoinfiatmoney?2024/4/6135EvolutionofthePaymentsSystemCommodityMoneypapercurrencychecksCreditcardpaymentElectronicpaymentEvolutionofthePaymentsSystemChecks(支票):aninstructiontoyourbanktotransfermoneyfromyouraccount向你的開戶行發(fā)出的一個指令，要求銀行把錢從你的賬戶轉(zhuǎn)移至存入該支票的人的賬戶。Shortcomings:ittakestimetogetchecksfromoneplacetoanother:mailingthecheck異地轉(zhuǎn)移成本papershufflingcost紙質(zhì)支票處理成本2024/4/615EvolutionofthePaymentsSystemE-Money(electronicmoney,電子貨幣):Debitcard借記卡Creditcard信用卡Stored-valuecard

儲值卡E-cash(電子現(xiàn)金）usedontheinternettopurchasegoodsorservices.e.g.zhifubao,WeChat2024/4/616AreWeHeadedforaCashlessSociety?2024/4/617無現(xiàn)金社會？WillCryptocurrencyBecometheMoneyoftheFuture?BitcoinisthefirsttypeofCryptocurrencycreatedin2009.By“mining”,Bitcoiniscreatedbydecentralizeduserswhentheyusetheircomputingpowertoverifyandprocesstransactions.AlthoughBitcoinfunctionsasamediumofexchangeitisunlikelytobecomethemoneyofthefuturebecauseitperformslesswellasaunitofaccountandastoreofvalue.2024/4/618比特幣去中心化WillCryptocurrencyBecometheMoneyoftheFuture?2024/4/619數(shù)字貨幣BTC/USDpriceWillCryptocurrencyBecometheMoneyoftheFuture?2024/4/620數(shù)字貨幣MeasuringMoneyM0

=currency通貨papermoneyorcoinsinthehandsofthenonbankpublic非銀行的居民持有的紙幣和硬幣M1=currency+traveler’schecks+demanddeposits+othercheckabledepositstraveler’schecks:旅行支票僅指非銀行簽發(fā)的旅行支票。demanddeposits:活期存款--包括不支付利息的商業(yè)往來賬戶以及銀行簽發(fā)的旅行支票。othercheckabledeposits:其他可開具支票的存款包括其他所有的可開具支票的存款，尤其是由家庭居民持有的支付利息的支票賬戶。2024/4/621MeasuringMoneyM2=M1+small-denominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundsharessmalldenominationtimedeposit:小額定期存款(<100,000USD)savingdeposits:儲蓄存款moneymarketdepositaccountsandmoneymarketmutualfundshares:貨幣市場存款賬戶、貨幣市場共同基金2024/4/622美聯(lián)儲貨幣供給總量2024/4/623/categories/24通貨旅行支票活期存款其他可開具支票的存款小額定期存款儲蓄存款和貨幣市場存款賬戶貨幣市場共同基金2024/4/624MeasuresofMoneySupplyinChina我國貨幣層次劃分為：（1）M0=流通中現(xiàn)金；（2）M1=M0+銀行活期存款（企事業(yè)單位，可開支票）；（3）M2=M1+企業(yè)定期存款+儲蓄存款+證券公司客戶保證金?？紤]到非存款類金融機(jī)構(gòu)在存款類金融機(jī)構(gòu)的存款和住房公積金存款規(guī)模已較大，對貨幣供應(yīng)量的影響較大，2011年10月起，人民銀行將上述兩類存款納入廣義貨幣供應(yīng)量（M2）統(tǒng)計范圍。Figure1M1andM2AggregatesANDGrowthRatesfrom1999–20202024/4/6252024/4/626Figure1:description

活期存款增速大于定期存款增速。意味需求增加，投資上漲，一定的通脹壓力。

定期存款增速大于活期存款增速。意味著實體經(jīng)濟(jì)中投資機(jī)會短缺，需求減弱2024/4/627SummaryMoneyservesthreeprimaryfunctions:asamediumofexchange,asaunitofaccount,andasastoreofvalue.Thepaymentssystemhasevolvedovertime.Twodifferentmeasuresofthemoneysupply,M1andM2.Thesemeasuresarenotequivalent