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1、Chapter1AnIntroductiontoMoneyandtheFinancialSystemLearningObjectivesUnderstand...LO1*ThepartsofthefinancialsystemLO2ThecoreprinciplesofmoneyandbankingLO3SpecialfeaturesandorganizationofthebookThismorning,atypicalAmericancollegestudentboughtcoffeeatthelocalca
2、fé,payingforitwithanATMcard.Thenshejumpedintoherinsuredcaranddrovetotheuniver-sity,whichsheattendsthankstoherstudentloan.Shemayhaveleftherparents’home,whichismortgaged,afewminutesearlytoavoidconstructionworkonanewdormitory,financedbybondsissuedbytheuniversit
3、y.Orperhapssheneededtopurchasethisbookonline,usinghercreditcard,beforeherfirstmoneyandbankingclassbegan.Beneaththesurface,thefinancialtransactionsembeddedinthisstory—eventheseeminglysimpleones—arequitecomplicated.Ifthecaféownerandthestudentusedifferentbanks,
4、payingforthecoffeewillrequireaninterbankfundstransfer.Thecompanythatinsuresthestudent’scarhastoinvestthepremiumsshepaysuntiltheyareneededtopayoffclaims.Thestudent’sparentsalmostsurelyobtainedtheirhomemortgagethroughamortgagebroker,whosejobwastofindthecheapes
5、tmortgageavailable.Andthebondstheuniversityissuedtofinanceconstructionofthenewdor-mitorywerecreatedwiththeaidofaninvestmentbank.Thisbriefexamplehintsatthecomplexwebofinterdependentinstitutionsandmarketsthatisthefoundationforourdailyfinancialtransactions.Thes
6、ystemissoefficientthatmostofusrarelytakenoteofit.Butafinancialsystemislikeairtoaneconomy:Ifitdisappearedsuddenly,everythingwouldgrindtoahalt.Intheautumnof2008,wecameclosertosuchafinancialmeltdownthanatanytimesincethe1930s.Intheearlierepisode,thecollapseofthe
7、bankingsystemledtotheGreatDepression.Intherecentcrisis,someoftheworld’slargestfinancialinstitutionsfailed.Keymarketsstoppedfunctioning.Creditdriedup,evenforsoundborrowers.Asaresult,vibrantcompaniesthatreliedonshort-termloanstopaytheiremployeesandbuymaterials
8、facedpotentialruin.Evensomefundamentalwaysthatwemakepaymentsforgoodsandserviceswerethreatened.Gaspingforairinthisfinancialcrisis,theglobaleconomyduring2008and2009sankintothedeepest,broadest,andl
