货币金融学英文课件Lecture .ppt

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1、Chapter4UnderstandingInterestRatesMoneyhastimevalue!Adollar($1)paidtodayhasahighervaluethanadollarpaidinfutureMoneycanbeusedtoinvestthereforegainmoremoneyinthefutureThepurchasingpowerofmoneywillchangeinlightoftheinflationrate2Copyright©2007PearsonAddison-Wesley.Allrightsreserved.Diff

2、erentdebtinstrumentshavedifferentstreamofcashpayment(cashflow)withverydifferenttimingItisthereforenecessarytoknowhowthetwodifferentdebtinstrumentscanbecomparedTheconceptof‘presentvalue’isusedforthispurposePresentValue(PV)calculatesthecurrentvalueoffuturepaymentsMeasuringInterestRate3

3、Copyright©2007PearsonAddison-Wesley.Allrightsreserved.DiscountingtheFutureYouarejustashappyhaving$100todayashaving$110ayearfromnow,orashaving$121twoyearsfromnow,or$100(1+0.1)^nnyearsfromnow.4Copyright©2007PearsonAddison-Wesley.Allrightsreserved.PresentValuen=numberofyearsDiscountingt

4、heFuture5Copyright©2007PearsonAddison-Wesley.Allrightsreserved.TheconceptofPVisextremelyusefulbecauseitallowsustofigureouttoday’svalueofdebtmarketinstrumentThisinformationinturnallowsustocomparethevalueoftwodifferentinstrumentswithdifferenttimingoftheirpayments6Copyright©2007PearsonA

5、ddison-Wesley.Allrightsreserved.Example：7Copyright©2007PearsonAddison-Wesley.Allrightsreserved.8Copyright©2007PearsonAddison-Wesley.Allrightsreserved.9Copyright©2007PearsonAddison-Wesley.Allrightsreserved.TherearefourtypesofcreditmarketinstrumentsAsimpleloan(businessorcommercialloans

6、)Lendersprovidestheborrowerwithanamountoffund,mustberepaidsomeinterestatmaturitydatealongwiththepaymentforinterestAfixedpaymentloan(fullyamortizedloan)（固定支付贷款）Itmustberepaidbymakingthesamepaymenteveryperiod,consistingofpartoftheprincipalandinterestforasetnumberofyearsAcouponbond(fixe

7、dinterestpayment)（息票贷款）Itpaysfixedinterestuntilmaturitydateandrepaysprincipalatmaturity(issuer,maturity,couponrate)Adiscountbond(azerocouponbond)ItdoesnotmakeanyinterestbutsoldatlessthanfacevalueAtmaturityfullfacevalueisrepaidTypesofCreditMarketInstruments10Copyright©2007PearsonAddis

8、on-Wesley.Al