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1、ChapterOutline3.1TheFinancialMarketEconomy3.2MakingConsumptionChoicesOverTime3.3TheCompetitiveMarket3.4TheBasicPrinciple3.5PracticingthePrinciple3.6IllustratingtheInvestmentDecision3.7CorporateInvestmentDecision‑Making3.8SummaryandConclusions3.1TheFinancialMarketEconomyIndividualsandinstitutions
2、havedifferentincomestreamsanddifferentintertemporalconsumptionpreferences.Becauseofthis,amarkethasarisenformoney.Thepriceofmoneyistheinterestrate.TheFinancialMarketEconomy:ExampleConsideradentistwhoearns$200,000peryearandchoosestoconsume$80,000peryear.Hehas$120,000insurplusmoneytoinvest.Hecouldl
3、oan$30,000toeachof4collegeseniors.Theyeachpromisetopayhimbackwithinterestaftertheygraduateinoneyear.DentistStudent#1Student#2Student#3Student#4$30,000$30,000$30,000$30,000$30,000×(1+r)$30,000×(1+r)$30,000×(1+r)$30,000×(1+r)TheFinancialMarketEconomy:ExampleRatherthanperformingthecreditanalysis4ti
4、mes,hecouldloanthewhole$120,000toafinancialintermediaryinreturnforapromisetorepaythe$120,000inoneyearwithinterest.Theintermediaryinturnloans$30,000toeachofthe4collegeseniors.Student#1Student#2Student#3Student#4$30,000$30,000$30,000Bank$120,000Dentist$30,000$30,000×(1+r)$30,000×(1+r)$30,000×(1+r)
5、$30,000×(1+r)$120,000×(1+r)TheFinancialMarketEconomy:ExampleFinancialintermediationcantakethreeforms:SizeintermediationIntheexampleabove,thebanktookalargeloanfromthedentistandmadesmallloanstothestudents.TermintermediationCommercialbanksfinancelong-termmortgageswithshort-termdeposits.Riskintermed
6、iationFinancialintermediariescantailortheriskcharacteristicsofsecuritiesforborrowersandlenderswithdifferentdegreesofrisktolerance.MarketClearingThejobofbalancingthesupplyofanddemandforloanablefundsistakenbythemoneymarket.Whenthequantitysuppliedequalsthequantitydemanded,themarketisinequilibriumat
7、theequilibriumprice.Thepriceofmoneyistheinterestrate.3.2MakingConsumptionChoicesoverTimeAnindividualcanalterhisconsumptionacrosstimeperiodsthroughborrowingandlending.Wecanillustratethisbygraphingconsumptiontodayversusconsump
