1、,Saving, Investment, and the Financial System 儲蓄、投資與金融體系,Chapter 26,1,PPT學(xué)習(xí)交流,The Financial System 金融體系,The financial system consists of institutions that help to match one persons saving with another persons investment. 金融體系由經(jīng)濟(jì)中幫助一個人的儲蓄與另一個人的投資相匹配的機(jī)構(gòu)組成。 It moves the economys scarce resources from s

2、avers to borrowers. 它把經(jīng)濟(jì)的稀缺資源從儲蓄者手中轉(zhuǎn)移到借貸者手中。,2,PPT學(xué)習(xí)交流,Financial Institutions in the U.S. Economy,The 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

3、financial intermediaries.,3,PPT學(xué)習(xí)交流,美國經(jīng)濟(jì)中的金融機(jī)構(gòu),金融體系由幫助協(xié)調(diào)儲蓄者與借貸者的各種金融機(jī)構(gòu)所組成。 金融機(jī)構(gòu)可以分為兩種類型：金融市場和金融中介機(jī)構(gòu)。,4,PPT學(xué)習(xí)交流,Financial Institutions in the U.S. Economy 美國經(jīng)濟(jì)中的金融機(jī)構(gòu),Financial Markets 金融市場 Stock Market 股票市場 Bond Market 債券市場 Financial Intermediaries 金融中介機(jī)構(gòu) Banks 銀行 Mutual Funds 共同基金,5,PPT學(xué)習(xí)交流,Financia

4、l Institutions in the U.S. Economy 美國經(jīng)濟(jì)中的金融機(jī)構(gòu),Financial markets are the institutions through which savers can directly provide funds to borrowers. 金融市場想儲蓄的人直接向想借款的人提供資金的機(jī)構(gòu)。 Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介機(jī)構(gòu)儲蓄者可以

5、 通過它間接地向借款者提供資金的金融機(jī)構(gòu)。,6,PPT學(xué)習(xí)交流,Financial Markets,The Bond Market A bond is a certificate of indebtedness that specifies obligations of the borrower to the holder of the bond. Characteristics of a Bond Term: The length of time until the bond matures. Credit Risk: The probability that the borrower wi

6、ll fail to pay some of the interest or principal. Tax Treatment: The way in which the tax laws treat the interest on the bond. Municipal bonds are federal tax exempt.,7,PPT學(xué)習(xí)交流,金融市場,債券市場 債券一種債務(wù)證明書，規(guī)定了借款人向債券持有人的負(fù)債責(zé)任。 債券特點(diǎn) 期限: 債券到期之前的時間長度。 信用風(fēng)險: 借款者不能支付某些利息或本金的可能性。 稅收待遇: 稅法對待債券所賺到的利息的方式。 市政債券利息免征聯(lián)邦所得稅

7、。,8,PPT學(xué)習(xí)交流,Financial Markets,The Stock Market Stock represents a claim to partial ownership in a firm and 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 re

8、turns. The most important stock exchanges in the United States are the New York Stock Exchange, the American Stock Exchange, and NASDAQ.,9,PPT學(xué)習(xí)交流,金融市場,股票市場 股票 代表企業(yè)的所有權(quán)，所以也代表對所獲得利潤的索取權(quán)。 出售股票來籌資稱為股本籌資。 與債券相比，股票的風(fēng)險高，潛在收益也高。 美國經(jīng)濟(jì)中最重要的股票交易所是紐約股票交易所、美國股票交易所和納斯達(dá)克（NASDAQ）。,10,PPT學(xué)習(xí)交流,The Stock Market,Most

9、newspaper stock tables provide the following information: Price (of a share) Volume (number of shares sold) Dividend (profits paid to stockholders) Price-earnings ratio,11,PPT學(xué)習(xí)交流,股票市場,大多數(shù)報紙的股票欄目提供以下信息： 價格 (每股) 交易量 (股票銷售的量) 股利 (付給股票持有人的利潤) 價格每股贏利率（P/E）,12,PPT學(xué)習(xí)交流,Financial Intermediaries 金融中介機(jī)構(gòu),Fina

10、ncial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介機(jī)構(gòu)儲蓄者可以通過它間接地向借款者提供資金的金融機(jī)構(gòu)。,13,PPT學(xué)習(xí)交流,Financial Intermediaries,Banks take deposits from people who want to save and use the deposits to make loans to people who want to borrow. pay de

11、positors interest on their deposits and charge borrowers slightly higher interest on their loans.,14,PPT學(xué)習(xí)交流,金融中介機(jī)構(gòu),銀行 從想儲蓄的人那里得到存款，并用這些存款向想借款的人進(jìn)行貸款。 向存款人的存款支付利息，并向借款人的貸款收取略高一點(diǎn)的利息。,15,PPT學(xué)習(xí)交流,Financial Intermediaries,Banks Banks help create a medium of exchange by allowing people to write checks aga

12、inst 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.,16,PPT學(xué)習(xí)交流,金融中介機(jī)構(gòu),銀行 銀行通過允許人們根據(jù)自己的存款簽發(fā)支票，幫助創(chuàng)造出一種交換媒介。 交換媒介是人們能容易地用來進(jìn)行交易的東西。 這方便了物品與勞務(wù)的購買。,17,PPT學(xué)習(xí)交流,Financial Intermediaries: Mutual Fund

13、s,A 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. They allow people with small amounts of money to easily diversify.,18,PPT學(xué)習(xí)交流,金融中介機(jī)構(gòu): 共同基金,共同基金 是一個向公眾出售股份，并用收入購買各種股票、債券，或股票與債券都有的選擇，或

14、資產(chǎn)組合的機(jī)構(gòu)。 它們可以使錢并不多的人進(jìn)行多元化投資。,19,PPT學(xué)習(xí)交流,Financial Intermediaries ：Other Financial Institutions 金融中介機(jī)構(gòu)：其他金融機(jī)構(gòu),Credit unions 信用社 Pension funds 養(yǎng)老基金 Insurance companies 保險公司 Loan sharks 地方高利貸者,20,PPT學(xué)習(xí)交流,Saving and Investment in the National Income Accounts 國民收入帳戶中的儲蓄與投資,Recall that GDP is both total i

15、ncome in an economy and total expenditure on the economys output of goods and services: 我們還記得，GDP既是一個經(jīng)濟(jì)的總收入，又是用于經(jīng)濟(jì)的物品與勞務(wù)產(chǎn)量的總支出。 Y = C + I + G + NX,21,PPT學(xué)習(xí)交流,Some Important Identities 一些重要的恒等式,Assume a closed economy one that does not engage in international trade: 假設(shè)一個封閉經(jīng)濟(jì)不與其他經(jīng)濟(jì)交易的經(jīng)濟(jì)。 Y = C + I + G

16、,22,PPT學(xué)習(xí)交流,Some Important Identities,Now, subtract C and G from both sides of the equation: Y C G =I The left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving, or just saving (S).,23,PPT學(xué)習(xí)交流,一些重要恒等式,現(xiàn)在，從上面等式兩

17、邊減去C 和 G ，得出: Y C G =I 這個等式的左邊是在用于消費(fèi)和政府購買之后留下的總收入，這個量被稱為國民儲蓄，或簡稱 儲蓄 (S)。,24,PPT學(xué)習(xí)交流,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 ，上式可以寫為： S = I,25,PPT學(xué)習(xí)交流,Some Important Identities 一些重要的恒等式,National saving, or saving, is equal to: 國民儲蓄或儲蓄等于：

18、S = I S = Y C G S = (Y T C) + (T G),26,PPT學(xué)習(xí)交流,The Meaning of Saving and Investment,National Saving National saving is the total income in the economy that remains after paying for consumption and government purchases. Private Saving Private saving is the amount of income that households have left a

19、fter paying their taxes and paying for their consumption. Private saving = (Y T C),27,PPT學(xué)習(xí)交流,儲蓄與投資的含義,國民儲蓄 國民儲蓄一個經(jīng)濟(jì)在用于消費(fèi)和政府購買后剩下的總收入。 私人儲蓄 私人儲蓄家庭在支付了稅收和消費(fèi)之后剩余的收入量。 私人儲蓄 = (Y T C),28,PPT學(xué)習(xí)交流,The Meaning of Saving and Investment,Public Saving Public saving is the amount of tax revenue that the govern

20、ment has left after paying for its spending. Public saving = (T G),29,PPT學(xué)習(xí)交流,儲蓄與投資的含義,公共儲蓄 公共儲蓄政府在支付其支出后剩余的稅收收入量。 公共儲蓄 = (T G),30,PPT學(xué)習(xí)交流,The Meaning of Saving and Investment,Surplus and Deficit If T G, the government runs a budget surplus because it receives more money than it spends. The surplus

21、of T - G represents public saving. If G T, the government runs a budget deficit because it spends more money than it receives in tax revenue.,31,PPT學(xué)習(xí)交流,儲蓄與投資的含義,預(yù)算盈余與預(yù)算赤字 如果TG，政府由于得到的資金大于支出，政府有預(yù)算贏余。 這種 T-G 的盈余代表 公共儲蓄。 如果 GT， 政府支出大于其稅收收入，政府有預(yù)算赤字。,32,PPT學(xué)習(xí)交流,The Meaning of Saving and Investment 儲蓄與投資

22、的含義,For the economy as a whole, saving must be equal to investment. 對整個經(jīng)濟(jì)而言，儲蓄必定等于投資。 S = I,33,PPT學(xué)習(xí)交流,The Market for Loanable Funds 可貸資金市場,Financial markets coordinate the economys saving and investment in the market for loanable funds. 金融市場在 可貸資金市場上協(xié)調(diào)經(jīng)濟(jì)中的儲蓄與投資。,34,PPT學(xué)習(xí)交流,The Market for Loanable F

23、unds 可貸資金市場,The market for loanable funds is the market in which those who want to save supply funds and those who want to borrow to invest demand funds. 可貸資金市場想儲蓄提供資金的人和想為投資需求借資金的人的市場。,35,PPT學(xué)習(xí)交流,The Market for Loanable Funds 可貸資金市場,Loanable funds refers to all income that people have chosen to sav

24、e and lend out, rather than use for their own consumption. 可貸資金是指人們選擇儲蓄并貸出而不用于自己消費(fèi)的所有收入。,36,PPT學(xué)習(xí)交流,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 investmen

25、ts.,Supply and Demand for Loanable Funds,37,PPT學(xué)習(xí)交流,可貸資金的供給來自那些有額外收入并想儲蓄和貸出的人。 可貸資金的需求來自希望借款進(jìn)行投資的家庭和企業(yè)。,可貸資金的供給與需求,38,PPT學(xué)習(xí)交流,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 th

26、e market for loanable funds is the real interest rate.,Supply and Demand for Loanable Funds,39,PPT學(xué)習(xí)交流,利率 是貸款的價格。 它代表借款者要為貸款支付的量以及貸款者從其儲蓄得到的量。 可貸資金市場上的利率是實際利率。,可貸資金的供給與需求,40,PPT學(xué)習(xí)交流,Supply and Demand for Loanable Funds 可貸資金的供給與需求,Financial markets work much like other markets in the economy. 金融市場的運(yùn)行

27、很像經(jīng)濟(jì)中其他市場的運(yùn)行。 The equilibrium of the supply and demand for loanable funds determines the real interest rate. 可貸資金市場的供給與需求均衡決定了實際利率。,41,PPT學(xué)習(xí)交流,Loanable Funds (in billions of dollars) 可貸資金,0,Interest Rate 利率,Figure 1 Market for Loanable Funds 圖1. 可貸資金市場,42,PPT學(xué)習(xí)交流,Supply and Demand for Loanable Funds

28、,Government Policies That Affect Saving and Investment Taxes and saving Taxes and investment Government budget deficits,43,PPT學(xué)習(xí)交流,可貸資金的供給與需求,影響儲蓄與投資的政府政策 稅收與儲蓄 稅收與投資 政府預(yù)算赤字,44,PPT學(xué)習(xí)交流,Policy 1: Saving Incentives 政策1：儲蓄激勵,Taxes on interest income substantially reduce the future payoff from current s

29、aving and, as a result, reduce the incentive to save. 對利息收入征稅大大減少了現(xiàn)期儲蓄的未來 收益，因此，減少了對人們儲蓄的激勵。,45,PPT學(xué)習(xí)交流,Policy 1: Saving Incentives,A tax decrease increases the incentive for households to save at any given interest rate. The supply of loanable funds curve shifts to the right. The equilibrium intere

30、st rate decreases. The quantity demanded for loanable funds increases.,46,PPT學(xué)習(xí)交流,政策1：儲蓄激勵,稅收減少提高了任何一種既定利率水平下對家庭儲蓄的激勵。 可貸資金的供給曲線向右移動。 均衡利率下降。 對可貸資金的需求量增加。,47,PPT學(xué)習(xí)交流,Figure 2 An Increase in the Supply of Loanable Funds,Loanable Funds,(in billions of dollars),0,Interest,Rate,48,PPT學(xué)習(xí)交流,圖2. 可貸資金供給增加,可

31、貸資金 (10億美元),0,5%,供給, S1,$1,200,需求,49,PPT學(xué)習(xí)交流,Policy 1: Saving Incentives 政策1：儲蓄激勵,If a change in tax law encourages greater saving, the result will be lower interest rates and greater investment. 如果稅法變動鼓勵了更多儲蓄，結(jié)果是利率下降和投資增加。,50,PPT學(xué)習(xí)交流,Policy 2: Investment Incentives 政策2： 儲蓄與投資,An investment tax cred

32、it increases the incentive to borrow. 投資稅收優(yōu)惠提高了借款的激勵。 Increases the demand for loanable funds. 提高了對可貸資金的需求。 Shifts the demand curve to the right. 使需求曲線向右移動。 Results in a higher interest rate and a greater quantity saved. 導(dǎo)致更高的利率和更大的儲蓄量。,51,PPT學(xué)習(xí)交流,Policy 2: Investment Incentives 政策2： 儲蓄與投資,If a chan

33、ge in tax laws encourages greater investment, the result will be higher interest rates and greater saving. 如果稅法變動鼓勵更多投資，結(jié)果是 利率上升而儲蓄更多。,52,PPT學(xué)習(xí)交流,Figure 3 An Increase in the Demand for Loanable Funds,Loanable Funds,(in billions of dollars),0,Interest,Rate,53,PPT學(xué)習(xí)交流,圖3. 可貸資金需求增加,可貸資金 (10億美元),0,5%,$1

34、,200,供給,需求, D1,54,PPT學(xué)習(xí)交流,Policy 3: Government Budget Deficits and Surpluses 政策3：政府預(yù)算赤字與盈余,When the government spends more than it receives in tax revenues, the short fall is called the budget deficit. 當(dāng)政府支出大于其稅收收入時引起的收入短缺被稱為預(yù)算赤字。 The accumulation of past budget deficits is called the government deb

35、t. 過去預(yù)算赤字的積累被稱為政府債務(wù)。,55,PPT學(xué)習(xí)交流,Policy 3: Government Budget Deficits and Surpluses,Government 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 crowding out. The deficit borr

36、owing crowds out private borrowers who are trying to finance investments.,56,PPT學(xué)習(xí)交流,政策3：政府預(yù)算赤字與盈余,當(dāng)政府借款為其預(yù)算赤字籌資時，它就減少了可用于家庭和企業(yè)為投資而籌借的可貸資金的供給。 這種投資的減少被稱為擠出. 政府為其預(yù)算赤字借款 擠出了那些想為投資籌資的私人借款者。,57,PPT學(xué)習(xí)交流,Policy 3: Government Budget Deficits and Surpluses 政策3：政府預(yù)算赤字與盈余,A budget deficit decreases the supply

37、 of loanable funds. 預(yù)算赤字減少了可貸資金的供給。 Shifts the supply curve to the left. 使供給曲線向左移動。 Increases the equilibrium interest rate. 提高了均衡利率。 Reduces the equilibrium quantity of loanable funds. 減少了可貸資金的均衡量。,58,PPT學(xué)習(xí)交流,Figure 4: The Effect of a Government Budget Deficit,Loanable Funds,(in billions of dollars

38、),0,Interest,Rate,59,PPT學(xué)習(xí)交流,圖4. 政府預(yù)算赤字的后果,可貸資金 (10億美元),0,$1,200,供給, S1,需求,5%,60,PPT學(xué)習(xí)交流,Policy 3: Government Budget Deficits and Surpluses 政策3：政府預(yù)算赤字與盈余,When government reduces national saving by running a deficit, the interest rate rises and investment falls. 當(dāng)政府存在預(yù)算赤字時，減少了國民儲蓄，利率上升，投資減少。,61,PPT學(xué)習(xí)

39、交流,Policy 3: Government Budget Deficits and Surpluses 政策3：政府預(yù)算赤字與盈余,A budget surplus increases the supply of loanable funds, reduces the interest rate, and stimulates investment. 預(yù)算盈余增加了可貸資金的供給，降低了利率，并刺激了投資。,62,PPT學(xué)習(xí)交流,Figure 5 The U.S. Government Debt,Percent,of GDP,1790,1810,1830,1850,1870,1890,19

40、10,1930,1950,1970,1990,2010,0,20,40,60,80,100,120,圖5. 美國政府債務(wù),獨(dú)立戰(zhàn)爭,內(nèi)戰(zhàn),一戰(zhàn),二戰(zhàn),GDP的百分比,63,PPT學(xué)習(xí)交流,Summary,The 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 to