金融市场与金融机构chapter1

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1、PartIIntroduction1ChapterOneWhyStudyFinancialMarketsandInstitutions?2WhyStudyFinancialMarkets?WhyStudyFinancialInstitutions?AppliedManagerialPerspectiveHowWeWillStudyFinancialMarketsandInstitutionsConcludingRemarks3ChapterPreview41.1WhyStudyFinancialMarkets?1.1.1DebtM

2、arketsandInterestRates1.1.2Thestockmarket1.1.3TheForeignExchangeMarket5financialmarkets:Marketsinwhichfundsaretransferredfrompeoplewhohaveanexcessofavailablefundstopeoplewhohaveashortage.6WhyStudyFinancialMarkets?Channelsfundsfromsaverstoinvestors,therebypromotingecono

3、micefficiencyAffectspersonalwealth,behaviorofbusinessandconsumers.71.1.1DebtMarketsandInterestRatessecurity:Aclaimontheissuer'sfutureincomeorassets.Alsocalledafinancialinstrument.asset:Anyfinancialclaimorpiecesofpropertythatissubjecttoownership.8bond:Adebtsecuritythat

4、promisestomakepaymentsperiodicallyforaspecifiedperiodoftime.Acertificateofdebtissuedbyagovernmentorcorporationguaranteeingpaymentoftheoriginalinvestmentplusinterestbyaspecifiedfuturedate.9interestrate:Thecostofborrowingorthepricepaidfortherentaloffunds(usuallyexpressed

5、asapercentageoftherentalof$100peryear).10BondMarketandInterestRates11treasurybills国库券Treasurynotes中期国库券long-termbonds长期债券Treasurybills:Securitiessoldbythefederalgovernmentwithinitialmaturitiesoflessthanoneyear.Theyareoftenconsideredthelowest-risksecurityavailable.121.1

6、.2Thestockmarketstock:Asecuritythatrepresentsashareofownershipinacorporation.Itistheclaimontheearningsandassetsofacorporation.Stockmarket:inwhichclaimsontheearningsaofcorporations（sharesofstock）aretraded,isthemostwidelyfollowedfinancialmarketinAmerica(that’swhyitisofte

7、ncalledsimply“themarket”).13bigkilling大赚一笔bigloss巨大损失DowJonesindustrialaverage道琼斯工业平均指数14StockMarket151.1.3TheForeignExchangeMarketforeignexchangemarket:Themarketinwhichexchangeratesaredetermined.Themarketiswheretheconversion(thecurrencyinthecountryoforiginintothecurr

8、encyofthecountrytheyaregoingto)takeplace,andsoitisinstrumentalinmovingfundsbetweencountries.foreignexchangerate:(exch