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ID:38721280
大小:137.86 KB
页数:13页
时间:2019-06-18
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1、Chapter1FinancialmarketsMarketsinwhichfundsaretransferredfrompeoplewhohaveanexcessofavailablefundstopeoplewhohaveashortage.SecurityIsaclaimontheissuer’sfutureincomeorassets.BondIsadebtsecuritythatpromisestomakepaymentsperiodicallyforaspecifiedperiodoftime.InterestrateIsth
2、ecostofborrowingorthepricepaidfortherentaloffunds.Commonstock(stock)Representsashareofownershipinacorporation.lToraisefundstofinancetheiractivities.lAhigherpriceforafirm’ssharesmeansthatitcanraisealargeramountoffunds,whichcanbeusedtobuyproductionfacilitiesandequipment.The
3、foreignexchangemarketForfundstobetransferredfromonecountrytoanother,theyhavetobeconvertedfromthecurrencyinthecountryoforigin(say,dollars)intothecurrencyofthecountrytheyaregoingto(say,euros).Theforeignexchangemarketiswherethisconversiontakesplace.TheforeignexchangerateThep
4、riceofonecountry’scurrencyintermsofanother’s.FinancialintermediariesInstitutionsthatborrowfundsfrompeoplewhohavesavedandinturnmakeloanstoothers.BanksArefinancialinstitutionsthatacceptdepositsandmakeloans.lCommercialbankslSavingandloanassociationslMutualsavingbankslCreditu
5、nionsOtherfinancialinstitutionslInsurancecompanieslFinancecompanieslPensionfundslMutualfundslInvestmentbanksTypesoffinancialintermediarieslDepositoryinstitutions存款机构CommercialbanksSavingsandloanassociationsandmutualsavingsbanksCreditunions信用社lContractualsavingsinstitution
6、s契约型储蓄机构Lifeinsurancecompanies人寿保险Fireandcasualtyinsurancecompanies意外伤害险Pensionfundsandgovernmentretirementfunds养老和政府退休资金lInvestmentintermediaries投资中介FinancecompaniesMutualfundsMoneymarketmutualfundsInvestmentbanksAbudgetdeficitistheexcessofgovernmentexpendituresovertaxre
7、venuesforaparticulartimeperiod,typicallyayear,whileabudgetsurplusariseswhentaxrevenuesexceedgovernmentexpenditures.Chapter2Financialmarketsperformtheessentialeconomicfunctionofchannelingfundsfromhouseholds,firms,andgovernmentsthathavesavedsurplusfundsbyspendinglessthanthe
8、irincometothosethathaveashortageoffundsbecausetheywishtospendmorethantheirincome.DirectfinanceBo
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