米雷-三日游
Chapter 1
The international money market trades short-term claims with an original maturity of
one year or less.
The
international
capital
market
trades
capital
market
instruments
with
an
original
maturity greater than one year.
The foreign exchange market is the one where foreign currencies are bought and sold
in the course of trading goods, services, and financial claims among countries.
Chapter 2
1.
Money
：
Economists
define
money
(also
referred
to
as
the
money
supply)
as
anything
that
is
generally
accepted
in
payment
for
goods
or
services
or
in
the
repayment of debts.
2.
Currency
：
One type of money
：
dollar bills and coins
3.
Medium of Exchange
：
In almost all market transactions in an economy, money in
the
form
of
currency
or
checks
is
a
medium
of
exchange;
it
is
used
to
pay
for
goods and services.
4.
Transaction Cost
：
The time spent trying to exchange goods and services is called a
transaction cost.
5.
Store
of
Value
：
Money
also
functions
as
a
store
of
value;
it
is
a
repository
of
purchasing power over time. A store of value is used to
save purchasing power
from the time income is received until the time it is spent.
6.
Liquidity
：
Liquidity is a measure of the ease with which an asset can be turned
into a means of payment, namely money.
7.
Inflation
：
Inflation is a sustained rise in the general price level
—
that is, the price
of everything goes up more or less at the same time.
8.
Money
aggregates: We
have drawn the line in
a number of different
places
and
computed several measures of money, called the money aggregates: M1, M2, and
M3.
M1=currency
currency and various deposit accounts on which people can write checks
+Traveler’s checks
+Demand deposits
+Other checkable deposits
M2=M1
M2 equals all of M1 plus assets that cannot be used directly as a means of
payment and are difficult to turn into currency quickly
+Small-denomination time deposits
+Savings deposits and money market deposit accounts
+Money market mutual fund shares (non-institutional)
M3=M2
M3
adds
to
M2
a
number
of
other
assets
that
are
important
to
large
institutions but not to individuals.
+Large- denomination time deposits
+Money market mutual fund shares (institutional)
+Repurchase agreements
+Eurodollars
Chapter 3
1.
Depository institutions
：
Depository institutions are financial institutions that accept
deposits
from
savers
and
make
loans
to
borrowers .W
e
use
the
term
“banks”
as
an
alternative.
2.
bank
：
A bank is a financial institution where you can deposit your money.
3.
Commercial Banks
：
A commercial bank is an institution that accepts deposits and
uses the proceeds to make consumer, commercial, and mortgage loans. Originally
established
to
meet
the
needs
of
businesses,
many
of
these
banks
now
serve
individual customers as well
4.
holding company
：
A holding company is a corporation that owns a group of other
firms.
5.
Community Banks
：
Small banks
—
those with assets of less than $$1 billion
—
that
concentrate on serving consumers and small businesses.
These are the banks that take deposits from people in the local area and lend them
back to local businesses and consumers.
6.
Regional
and
Super-Regional
Banks
：
larger
than
community
banks
and
much
less
local.
Besides
consumer
and
residential
loans,
these
banks
also
make
commercial and industrial loans.
7.
Money Center Banks
：
do not rely primarily on deposit financing. These banks rely
instead on borrowing for their funding
8.
Savings
Institutions
：
Savings
institutions,
which
are
sometimes
referred
to
as
“thrift institutions” or “thrifts”, are financial intermediaries that were established
to serve households and individuals.
9.
Credit Union
：
Credit unions (CUs) are nonprofit organizations
They are composed of members with a common bond, such as an affiliation with a
particular labor union, church, university, or even residential area.
Chapter 4
Insurance
Companies
:
Insurance
companies
are
intermediaries
whose
primary
function
is
to
allow
households
and
businesses
to
shed
specific
risks
by
buying
contracts
called
insurance
policies
that
pay
cash
compensation
if
certain
specified
events occur.
1.
Insurance
:
Insurance
is
a
financial
arrangement
that
redistributes
the
costs
of
unexpected losses.
2.
Insurance
System
:
An
insurance
system
accomplishes
the
redistribution
of
the
cost
of
losses
by
collecting
a
premium
payment
from
every
participant
in
the
system.
Marine Insurance
—
The large majority of ship owners resort to marine insurance
for the protection of their ships, freight and other interests against marine perils.
Life Insurance
—
Life insurance pays a stated amount of money on the death of
the insured individual
Fire Insurance
—
Fire insurance covers losses due to fire
Property
Insurance
—
property
insurance
covers
damage
to
the
properties
of
the
assured subject to an agreed limit.
Motor
Insurance
—
a
legally
required
insurance
covering
the
driver
of
a
car
for
potential
damages
to
other
road
users
or
their
vehicles
from
accidents
caused
through their fault.
Accident Insurance
—
this type of insurance provides compensation in the event of
an accident causing death or injury.
Liability Insurance
—
this type of insurance is to protect the policyholder who is
sued for damages arising from negligence.
Property and casualty insurance--- Policies that cover accidents, theft, or fire are
called property and casualty insurance.
Health
and
disability
insurance---
Policies
that
cover
sickness
or
the
inability
to work are called health and disability insurance
Life insurance---Policies that cover death are called life insurance
3.
Premiums
:
Payments made to insurance companies for the insurance they provide
are called premiums.
4.
Reinsurance
:
Insurance
companies
commonly
obtain
reinsurance,
which
effectively
allocates
a
portion
of
their
return
and
risk
to
other
insurance
companies.
（
1
）
Pension Funds
:
Like an insurance company, a pension fund offers people the
ability
to
make
premium
payments
today
in
exchange
for
promised
payments
under certain future circumstances.
（
2
）
Pension
plan
:
A
pension
plan
is
an
asset
pool
that
accumulates
over
an
individual’s working years and is paid out during the nonworking years.
5.
Installment
Loans
:
Consumer
finance
firms
provide
small
installment
loans
to
individual consumers.
This kind of consumer credit allows people without sufficient savings to purchase
appliances such as television sets, washing machines, and microwave ovens
6.
Mutual
Funds
:
A
mutual
fund
is
a
portfolio
of
stocks,
bonds,
or
other
assets
purchased
in
the
name
of
a
group
of
investors
and
managed
by
a
professional
investment company or other financial institution.
7.
Open-end
mutual
funds:
Open-end
mutual
funds
are
willing
to
repurchase
the
shares they sell from investors at any time.
8.
Closed end: Closed-end mutual funds do not repurchase the shares they sell.
9.
Investment Bank:
It is a financial institution that helps corporations raise funds.
10.
Securities
Brokers:
Securities
brokers
and
dealers
conduct
trading
in
secondary
markets.
11.
Brokers:
Brokers
are
pure
intermediaries
who
act
as
agents
for
investors
in
the
purchase or sale of securities.
12.
Securities Dealers:
Security dealers
link buyers
and sellers by standing ready to
buy and sell securities at given prices.
13.
Organized Exchange: An organized exchange actually functions as a hybrid of an
auction
market
(in
which
buyers
and
seller
trade
with
each
other
in
a
central
location
14.
dealer market: A dealer market (in which dealers make the market by buying and
selling securities at given prices)
Chapter 5
1.
Interest rate
：
The willingness to postpone purchases into the future is a function of
the reward.
2.
Future
Values:
future
value
is
the
value
on
some
future
date
of
an
investment
made today.
3.
Present
Value:
Present
value
is
the
value
in
the
present
of
a
payment
that
is
promised to be made in the future.
4.
Nominal Interest Rates: interest rate that is adjusted for expected changes in the
price level so that it more accurately reflects the true cost of borrowing.
补：
The interest rate before taking inflation into account. The nominal interest rate is
the rate quoted in loan and deposit agreements. The equation that links nominal and
real interest rates is:
(1 + nominal rate) = (1 + real interest rate) (1 + inflation rate).
It can be approximated as nominal rate = real interest rate + inflation rate.
5.
Real Interest Rates:
（补）
An interest rate that has been adjusted to remove the
effects
of inflation to
reflect
the real
cost
of funds to
the borrower, and the real
yield
to
the
lender.
The
real
interest
rate
of
an
investment
is
calculated
as
the
amount by which the nominal interest rate is higher than the inflation rate.
Real Interest Rate = Nominal Interest Rate - Inflation (Expected or Actual)
Chapter 6
Money Market
：
Money market is the market for short-term credit
Money market provides short term debt financing and investment.
1.
Treasury Bills
：
A short-term debt obligation backed by the U.S. government with
a maturity of less than one year. T-bills are sold in denominations of $$1,000 up to
a maximum purchase of $$5 million and commonly have maturities of one month
(four weeks), three months (13 weeks) or six months (26 weeks).
2.
Negotiable Certificates of Deposit (CDs)
：
The term CD stands for Certificate of
Deposit. A CD is simply a short- to medium-length investment. Most CDs have a
maturity of 1-12 months.
3.
Commercial Paper
：
Commercial paper securities are unsecured promissory notes,
issued by corporations that mature in no more than 270 days.
4.
Banker’s
Acceptance
：
Banker’s
acceptances
are
money
market
instruments
created in the course of financing international trade.
An acceptance is a financial instrument designed to shift the risk of international
trade to a third party willing to take on that risk for a known cost.
5.
Repurchase
Agreements
：
Repurchase
agreements
(repos)
are
short-term
agreements
in
which
the
seller
sells
a
government
security
to
a
buyer
and
simultaneously
agrees
to
buy
the
government
security
back
on
a
later
date
at
a
higher price.
6.
Money Market Mutual Funds
：
MMMFs are funds that aggregate money from a
group of small investors and invest it in money market instruments.
7.
open-ended fund
：
An open-ended fund is one that invests in securities and sells
direct claims on the securities to investors.
Chapter 7
1.
Central Bank
：
The central bank is the financial institution designed to regulate
and
control
the
money
supply
of
a
nation,
with
the
goal
of
fostering
economic
growth without inflation
.
2.
expansionary policy
：
lower interest rates, raises both growth and inflation over the
short run
3.
restrictive policy
：
Higher interest rates, reduces both growth and inflation.
4.
Dollar hegemony: dollar hegemony means that managing the US dollar therefore
not only affects the US economy but all economies.
Chapter 8
1.
Monetary
policy
：
Defined
as
the
use
of
various
tools
by
the
central
bank
to
control the availability of loanable funds in an effort to achieve national economic
goals, such as full employment and reasonable price stability.
2.
Reserve
Requirements:
Reserve
requirements
are
a
percentage
of
depository
institutions' demand deposit liabilities that must be kept on deposit at the central
bank as a requirement of banking regulations.
3.
Discount Rate
：
Discount rate is the interest rate charged by a central bank on loans
to commercial banks.
4.
Open Market Operations
：
Open market operations, the central ban
k’s purchase or
sale of bonds in the open market
Open
market
purchases
：
Open
market
purchases
expand
reserves
and
the
monetary base, thereby raising the money supply and lowering short-term interest
rates.
Open
market
sales
：
Open
market
sales
shrink
reserves
and
the
monetary
base,
lowering the money supply and raising short-term interest rates.
Chapter 9
Capital Market
：
The capital market is the market in which long-term debt (generally
those with original maturity of one year or greater) and equity instruments are traded.
1.
The primary market
：
The primary market is where new issues of stocks and bonds
are
introduced.
Investment
funds,
corporations,
and
individual
investors
can
purchase all securities offered in the primary market
.
2.
Organized
Securities
Exchanges
：
Exchange
rules
govern
trading
to
ensure
the
efficient and legal operation of the exchange, and the exchange’s board constantly
reviews these rules to ensure that they result in competitive trading
.
米雷-三日游
米雷-三日游
米雷-三日游
米雷-三日游
米雷-三日游
米雷-三日游
米雷-三日游
米雷-三日游
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