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1、Chapter1AnOverviewoftheFinancialSystemFivePartsoftheFinancialSystemWeusemoneytopayforourpurchasesandtostorewealth.Weusefinancialinstrumentstotransferresourcesfromsaverstoinvestorsandtotransferrisktothosewhoarebestequippedtobearit.Financialmarketsallowsu
2、stobuyandsellfinancialinstrumentsquicklyandcheaply.Financialinstitutionsprovideanumberofservices,includingaccesstothefinancialmarketsandcollectionofinformationaboutprospectiveborrowerstoensuretheyarecreditworthy.Centralbanksmonitorandstabilizetheeconomy
3、.2021/10/32Chapter1AnOverviewoftheFinancialSystemEvolutionofMoneyMoneyonceconsistedofgoldandsilvercoins,whichwereeventuallyreplacedbypapercurrency,whichtodayisbeingeclipsedbyelectronicfundstransfers.Methodsofaccessingmeansofpaymenthavechangeddramaticall
4、yaswell.Customarily,peopleobtainedcurrencyfrombanktellerswhentheycashedtheirpaychecksorwithdrewtheirsavingsfromthelocalbank.Today,theycangetcashfrompracticallyanyATManywhereintheworld.Topaytheirbills,peopleoncewrotechecksandputtheminthemail,thenwaitedfo
5、rtheirmonthlybankstatementstomakesurethetransactionshadbeenprocessedcorrectly.Today,paymentscanbemadeautomatically,andaccountholderscancheckthetransactionsatanytimeontheirbank’swebsite.2021/10/33Chapter1AnOverviewoftheFinancialSystemInthelastfewcenturie
6、s,investorscouldbuyindividualstocksthroughstockbrokers,butthetransactionswerecostly.Furthermore,puttingtogetheraportfolioofevenasmallnumberofstocksandbondswasextremelytime-consuming;justcollectingtheinformationnecessarytoevaluateapotentialinvestmentwasa
7、dauntingtask.Asaresult,investingwasanactivityreservedforthewealthy.Today,financialinstitutionsofferpeoplewithaslittleas$1,000topurchasesharesinmutualfunds,whichpoolthesavingsofalargenumberofinvestors.Becauseoftheirsize,mutualfundscanconstructportfolioso
8、fhundredsoreventhousandsofdifferentstocksand/orbonds.EvolutionofFinancialInstruments2021/10/34Chapter1AnOverviewoftheFinancialSystemEvolutionofFinancialMarketsOriginally,financialmarketswerelocatedincertaincoffeehousesandtavernsw
