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1、LectureNotesonTheEconomicsofMoney,Banking,andFinancialMarketsPreparedbyWenyeYanITheNatureofMoney,Credit,andFinancialSystem1.1Itisallaboutthemoney“ItisallabouttheGoddamnedmoney”.“Moneymatters”.You’veheardofthesemanytimes.Sowhatexactlyismoney?Well,moneyisanythingacceptedasmethodsofpaymen
2、t,atleastasitisprintedintextbooks(SeeMishkin,page49).1.1.1OpeningQuestions:Why1)Moneyevolves:Gold,Silver—Coins—ThinPaper—SomeNumberonSomeComputer?2)PoliticalFiguresononeside,stampoftheCentralBankerontheothersideofPapermoney?3)Thereiscashofhugedenomination?QuickAnswer:Moneyistrustinscri
3、bed.1.1.2TheNatureofMoney:MoneyisTrustInscribed1)Beliefinthevalueofthecommoditieshereceivedasapayment2)Beliefintheauthorityissuingpapermoneyandthusitspurchasingpower3)Beliefthatthebankswillhonortheirchecks4)Beliefthattheinstitutionswillhonortheelectronicpaymentandtransfer1.1.3OriginofM
4、oneyCommoditymoneyevolvesfromtrades(CarlMenger,AustrianSchoolEconomist)Economicsstudiestrades有人的地方就有江湖，有江湖的地方就有交易。Tradesneednottobeequivalent!Trades,whenfreeandfair,arewin‐wingames,andthusshouldbeencouragedItstartsfrombarter,withhugesearchingcostSlowly,therewillbesomecommodityvaluedbya
5、ll(ormost),and:PortableDividableStorableItbecomescommoditymoney,andfunctionsas:Mediumofexchange,UnitofaccountStoreofValueMoneyisself‐generatingendogenousinstitution就交易的地方就有货币。Examplesofcommoditymoneyincludecigaretteinprison,etc1.1.4Moneyisthesinglebestinstitutioncreatedforhumaneconomic
6、activities1)Reducestransactioncost2)Promotestradesandspecialization3)Promotescreativityandmakemodernenterprisepossible4)Itimprovesthesocialwelfare1.2“IBelieve”1.2.1BankingandOriginofCredit1)Merchantsusedtopayfordepositingmoney2)Bankswriteabanknoteasreceiptfordeposit3)Banknotescouldbeus
7、edasmethodofpaymenttoavoidhassles4)Andthustheoriginofpapermoney(e.g.交子)5)Banksfindtheyalwayshavemoneyinstock,i.e.reserve.Theystarttolendtopeople6)Andthustheoriginofloanandcredit(usuryexistbeforethis)7)Examplesofbankingandcreditinclude“钱庄”,andMedicibanks1.2.2DefinitionofCreditExtendCr
