Chapter6MoneyandBanking组员：苏钰李艳梅梁聪杨洁林青清廖丽伟甘华林,苏钰,Definition:Moneyissomethingwhichpeoplegenerallyacceptinexchangeforagoodsoraservice.,Forsomethingtobemoney,itmustatleasthavethefivecharacteristics:Portability（可携带性）Divisibility（可分割性）Stability（稳定性）Durability（耐用性，耐磨损性）Acceptability（合法使用性）,Second,moneymustbeeasilydivisibleintosmallerpartswithafixedvalueforeachunit.,Third,moneymustbestableinvalue.,Fourth,moneymustbeabletostandthewearandtear（耐磨损）ofrepeatedtransactions（交易）duringitslifeincirculation（流通）.,Last,moneymustbemadelegaltender（法定货币）forthatcountrybyitsgovernmentandbeacceptabletothepublic.,李艳梅,Wisdominthemindisbetterthanmoneyinthehand.（脑中有知识，胜过手中有金钱。）,WhatDoesMoneyDo?,currencies,WhatDoesMoneyDo?,Tosomepeople,moneycandowondersbecausetheybelievethatmoneycanbuythemeverything:food,drink,education,health,andevenlove.Mostofuswouldnotbesonaive.Butwhatfunctionsdoesmoneyactuallyperform?,FunctionsofMoney,Thefirstfunctionmoneyperformsis,intheteminologyofecomomics,toprovideamediumofexchage（交换媒体）,becauseitisusedasastandardunitofvalueforthecompletionofbusinesstransactions.,Comparewiththese,Second,moneyservesasastoreofvalue（价值存储）.Peoplecansavemoneynowanduseitlater.Ofcourse,otherassetssuchasland,buildingoryourpersonalcomputeralsorepresentstoreofvalue,buttheyarenotasliquidasmoney;inanotherwords,theycannotbeusedinexchangeforsomethingelseasreadilyasmoney.,Finally,moneyactsasaunitofaccount（计算单位）becausewecanuseittomeasuretherelativevalueofgoodsandservices.,TypesofMoneyby梁聪,M-1,whichincludesthemostliquidformsofmoney:currency,demanddeposits,andother“checkable”deposits.Papermoney,Checks,Demanddeposit,M-2,consistsofeverythinginM-1plustimedeposits,money-marketmutualfundsandotheritems,cannotbespentdirectlybutcaneasilyconvertedtospendableforms.,TimedepositAdvantage:highinterestratesDisadvantages:nocheckcanbewrittenagainstthemandpriornoticeDemanddepositAdvantage:convenientfordailylifeDisadvantage:basicallyinterest-free,货币市场共同基金（MoneyMarketMutualFunds,简称MMMFs)共同基金是将众多的小额投资者的资金集合起来，由专门的经理人进行市场运作，赚取收益后按一定的期限及持有的份额进行分配的一种金融组织形式。对于主要在货币市场上进行运作的共同基金，成为货币市场共同基金。货币市场共同基金是一种特殊类型的共同基金，是没过20世纪70年代以来出现的一种新型投资理财工具。购买者按固定价格购入若干个基金股份，货币市场共同基金的管理者就利用这些资金投资于可获利的短期货币市场工具(如国库券和商业票据等)。,Thefinancialsystem杨洁,CommercialbanksSavingsandloanassociationsMutualsavingsbanksCreditunionsOtherfinancialinstitutions,Commercialbanks,Twobasicservices:Takingindepositsintheformofcheckingandsavingsaccountsand;Usingsuchdepositstomakeloanstobusinessesandindividuals.,Byprovidingtheservices,commercialbanksmakeprofitsforthemselves.IntheUS,allcommercialbanksmustbecharteredbyindividualstatesorbythefederalgovernment.,Currencyexchange货币兑换Lettersofcredit信用证Bankersacceptance银行承兑Creditcard信用卡Debitcard借记卡Accesscard自动柜员机卡Financialcounseling理财咨询,Otherservices,SavingsandLoanAssociations(储蓄贷款协会)MutualSavingsBank（互助储蓄银行）CreditUnions(信用社)OtherFinancialInstitutions（其他融资机构）By林青清,SavingsandLoanAssociationsS&Ls,Quitesimilartocommercialbanks,theS&Lsacceptdeposits(保证金)andmakeloan,andmustbecharteredeitherbyindividualstatesorbythegovernment.ThedifferenceisthatmostoftheloansthatS&Lsmakeareforhomemortgages(住房抵押).,MutualsavingsbankMSBs,TheMSBsarelocatedinthenortheasternpartoftheUS.ComparetheS&Ls,themajordifferenceisinownership.MSBsareownedbytheirdepositorsandtheprofitsorlossesaresharedamongtheownersinproportiontotheirdeposits.,CreditUnions(信用社),Creditunionsarenon-profitcooperativesorganizedtomeettheneedsoftheirmembers.Usuallyassociatedwiththesameorganization(e.g.abusinessfirm,auniversity,ortradeunion),themembersofacreditunionputtheirsavinginapoolandmakeloanstomembers.,Theotherfinancialinstitutions,1、Pensionfunds（养老基金）isapooloffundscreatedandmanagedtoprovideretirementincomeforthemembers.2、Insurancecompanies(保险公司)takealotoffundsfrompremiums.Theyinvestthesefundsinstocks,realestate,governmentsecuritiesandotherassets,andearnprofitstopayforinsuredlosses.,3、Financecompanies(信贷公司)specializeinloanstobusinesseswhichneedcapitalforshort-termoperationsorlong-termexpansion,ortoconsumerswhoneedmoneytopurchaseexpensivegoodsorservices.,Moneysupplyandthefederalreservesystem-廖丽伟,Moneysupply（货币供给）,centralbankMoneyiscreatedbycommercialbankotherfinancialinstitutionsSuchinstitutionsexpandmoneysupplythroughacceptingdepositsandmakingloans.,Centralbank,Commercialbank,Otherfinancialinstitution,Moneysupply,Commercialbanksandotherdepositoryinstitutionsareallowedtoloanoutmostofthemoneytheytakeinasdeposits.Thewayofthemoneyexpanded.bankDeposits$10,000inlend$9,000toClientbanksomebodydeposits$9,000inloanoutto,Federalreservesystem(联邦储备体系）,Whenthegrowthrateofacountrysmoneysupplyexceedsthatofitseconomy,itsmoneywilldeclineinvalue,resultingininflation.IntheUS,theFederalReserveSystem(Fed)usesreserverequirements(储备金要求）,discountrates（贴现率）,open-marketoperations（公开市场运作）toregulatethemoneysupply.,Reserverequirements（储备金要求）,CommercialbanksarerequiredtostoresomeoftheirfundseitherintheirownvaultorasdepositwiththeirlocalFederalReserveBanks.Inordertocontrolthemoneysupply,theFedcanadjustreserverequirementsforcommercialbanks.Higherreserverequirementslowerre