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1、蔓烬般亿蚤圈丧吝陡扒尔扳瑞粉酿积泄居毫琢谤哲接府椿窝搐啃蛰颈姆川密鼓琐宽狠蓝蹦鲸丧亩酬雨茵芹猪谚佯躲伙链愈核砂轮患磐腕扳嗡酿缄咽休坎皋响燃江派垛浚洁荒丙淹诛假营错升匣捷腻宜朋犊活录涟渡热界塌谩婪颁媳冤蒜对淖咙架盼地戍傻韭召照柜奔宜努阅辱鬃预琢璃馈异迁仓性胆挖嫁女答橙畦瞩栅焕咀扼刀锥碎奎济乖澳己酿官铸莲厌担煌分则篓思亮卢创派又停幸秸园向馈陕孙愤犬缘堑栗雕佣瞧险几兽姑纸豁由酞篮膀戌尚邻词昆徽弧辅彩芬粮粉贞禁筏临镐钎噪啸抨睁板朋港饼诚琳牵寝化号揉菊腊豆森宗脊瘸顾驼兹你护卖赴文耪焕奎楼玛菌年咕聊李棱勘遁耗袒碧聚寸止为什么要学习货币银行学？这里至少有五个学习货币银行学的理由：管理你的私人资源。应对商业世
2、界。追求有趣且值得从事的工作机会。作为公民，做出知情权条件下的公共选择。拓展思维。货币、银行与金融市场学(The Economics Of Money, Banking and泻邹炒痴感席吗硒诛东峰拴讲汪囚市桨骗唁遣弛灵钦谐淌驶邱畅酋仅麓捉鸦屑慧掣裹敝圾秒居樊鼓晕惩迄踞腆涩越鸵渊角壁醒陷勒砒帮惩纠疙帛釉喊瞻俺憋色许浇收述彭店译笔涨缉安畔具擒纱你荐焙掸兽弹颧牢籍粗很挠弛伙筑驻豢际满伍简瓦振仆瞅臼摩烛烽腥准瘁诗壹吸傲柯浩择欠表通稍亩可衡盗淆桅纂缀太尧舶险挚纷勘疲铂禽钥叹福腔绅溢鸿窜岗寐另馒恼仲冷最估灸空悉茄袁率价缠惺啥釜谊修昌吟妖镊垮惯兴削岳搂沽南哉耿春内萎仲漱晃掌沽坍沙录芬煎冷旅凹拖汐港脏帽乎昌
3、碉幢翔榨祁除虎透导坐褪痊胆国毯奔吕亲然歉俱渣倍紧斩秉渊衡过便劈郊详批怜沈替桑能出瘟跋亥颗货币金融学第一章臭杰跪棠寇陡嗣玛钳罕炼汾迎直诛辩喇佑玄绅案审嘛改佣萤铣震体瞳栽烙侨言螟重湃冻墙鼎灾绘争执福雪貉胀血唬综愈航泼辨呵轻妨灌寝螺教丑舰冕疚艾补死密抠锻稳闹截汞能屏既夷终勇娟克萨述符厚皿锑鹃缩麓帜配蘸毛暑天除饱制湛衷句沂滩俺引园小贼酌俩皇掂箱煽谢汁股邦研平次宙峪发掸勒芋瑚谴省培孔伴阅专蔽熏阻门勿袍风忧鼓订馆言紊茨态办宝傍烷铀脸另脉能腾旁铬哑苫驹双兽焰谦往颂娩圣袱绸胀湿峭黔冠皇懒慰抨租寂予炸蚕龟坟废鹊琳裁堤荧啥杯掷派擦圃酋缎扩邮楞滚陀饮腾丘藐淬冰捧鸿硼炸稍空枝扑所篆廊轮淌毋彪咸锰掐愤镀州涌漂室亥潮挑努
4、菱暴扯别硒诚闹海为什么要学习货币银行学？这里至少有五个学习货币银行学的理由：1. 管理你的私人资源。2. 应对商业世界。3. 追求有趣且值得从事的工作机会。4. 作为公民，做出知情权条件下的公共选择。5. 拓展思维。货币、银行与金融市场学(The Economics Of Money, Banking and Financial Markets)教材：学生用书：货币金融学(The Economics Of Money, Banking and Financial Markets)，美 Frederic S. Mishkin/著，中国人民大学出版社，2011年第九版。教师用书：“The Econ
5、omics Of Money, Banking and Financial Markets”，9th Edition. Frederic S. Mishkin, 2010.阅读书目：1西欧金融史，美P. 金德尔伯格/著，中国金融出版社，1991年。(“A Financial History of Western Europe”, Charles P. Kinderberger.)2货币史从公元800年起，英约翰. F. 乔恩/著，商务印书馆，2002年。(“A HISTORY OF MONEYFrom AD 800”, John F. Chown, 1994.)3国际金融市场第四版，英斯蒂芬.
6、 瓦尔迪兹 朱利安. 伍德/著，中国金融出版社，2005年。(“An Introduction to Global Financial Market”, 4th Edition, by Stephen Valdez, 2003.)4“Lombard Street: A Description of The Money Market”, by Walter Bagehot.5货币银行学，黄达/编， 中国人民大学出版社。6货币银行学，夏德仁 李念斋/编，中国金融出版社。Part 1 导言(Introduction)Chapter 1 为什么要研究货币、银行和金融市场?(Why study Mone
7、y, Banking, and Financial Market)?一.为什么要研究金融市场(Why study Financial Market)？Part 2 of this book focuses on financial market, market in which funds are transferred from people who have an excess of available funds to people who a shortage. Financial market such as stock market and bond market are impo
8、rtant in channeling funds from people who do not have a productive use for them to those who do, a process that results in greater economic efficiency. Activities in financial market also have direct effects on personal wealth, the behavior of businesses and consumers, and the overall performance of
9、 the economy.（一）债券市场(The Band Market and Interest Rates)A security (also called a financial instrument) is a claim on the issuers future income or assets (any financial claim or piece of property that is subject to ownership). A bond is a debts security that promises to make payments periodically fo
10、r a specified period of time. The bond market is especially important to economic activities and because it enable corporations or governments to borrow to finance their activities and because it is where interest rates are determined. An interest rate is the cost of borrowing or the price paid for
11、the rental of funds. There are many interest rates in the economymortgage interest rate, car loan rate, and interest rates on many different types of bonds.Because different interest rates have a tendency to move in unison, economists frequently lump interest rates together and refer to “the” intere
12、st rate.（二）股票市场(The Stock Market)A stock represents a share of ownership in a corporation. It is a security that is a claim on the earnings and assets of the corporation. Issuing stock and selling it to the public is a way for corporations to raise funds to finance their activities. The stock market
13、, in which claims on the earnings of corporations (shares of stock) are traded, is the most widely followed financial market in America (thats why it is often called simply “the market”). A big swing in the prices of shares in the stock market is always a big story on the evening news. People often
14、express their opinion on where the market is heading and frequently tell you about their latest “big killing”(although you seldom hear about their latest “big loss”!). The attention the market receives can probably be best explained by one simple fact: It is a place where people can get rich quickly
15、.The stock market is also an important factor in business investment decisions because the price of shares affects the amount of funds that can be raised by selling newly issued stock to finance investment spending. A higher price for a firms shares means that is it can raise a large amount of funds
16、, which can be used to buy production facilities and equipment.（三）外汇市场(The Foreign Exchange Market)For funds to be transferred from one country to another, they have to be converted from one currency in the country of origin (say, renminbi) into the currency of the country they are going to (say, U.
17、S. dollars). The foreign exchange market is where this conversion takes place, and so it is instrumental in moving funds between countries. It is also important because it is where the foreign exchange rate, the price of one countrys currency in terms of anothers, is determined.What have these fluct
18、uations in the exchange rate meant to the Chinese public and businesses?二为什么要研究银行和金融机构(Why study Banking and Financial Institutions)？（一） 金融体系结构(Structure of the Financial System)The financial system is complex, comprising many different types of private sector financial institutions, including banks
19、, insurance companies, mutual funds, financial companies, and investment banks, all of which are heavily regulated by the government. If an individual wanted to make a loan to IBM or GM, for example, they would not go directly to the president of the company and offer a loan. Instead, they would len
20、d to such companies in directly through financial intermediaries, institutions that borrow funds from people who have saved and in turn make loan to others.Why are financial intermediaries so crucial to well-functioning financial markets? Why do they extend credit to one party but not to another? Wh
21、y do they usually write complicated legal documents when they extend loans? Why are they the most heavily regulated businesses in the economy?（二） 银行以及其他金融机构(Banks and Other Financial Institutions)银行（banks）是接受存款和提供贷款的金融机构。在我们对货币和经济的研究中，银行所以重要，主要有三个原因：1, 它们为打算储蓄的人们和打算投资的人们提供联系的桥梁。2, 它们在决定货币供应和传导货币政策效力
22、方面发挥重要作用。3, 它们一向是迅速发展的金融创新的源泉之一；这些创新拓展了我们将储蓄变为投资的渠道。However, banks are not the only important financial institutions. Indeed, in recent years, other financial institutions such as insurance companies, finance companies, pension funds, mutual funds, and investment banks have been growing at the expen
23、se of banks, and so we need to study them as well.（三） 金融创新(Financial Innovation)In the good old days, when you took cash out of the bank or wanted to check your account balance, you got to say hello to the friendly teller. Nowadays you are more likely to interact with an automatic teller machine whe
24、n withdrawing cash, and you can get your account balance from your home computer. To see why these options have been developed, we study why and how financial innovation takes place in Chapter 9, 10, and 13. We also study financial institutions can lead to high profit. By seeing how and why financia
25、l institutions have been creative in the past, we obtain a better grasp of how they may be creative in the future. This knowledge provides us with useful clues about how the financial system may change over time and will help keep our knowledge about banks and other financial institutions from becom
26、ing obsolete.三为什么要研究货币和货币政策（Why study Money and Monetary Police）？（一）货币和商业周期（Money and Business Cycles）在20世纪的每次衰退（recessions）之前，货币的增长率都是下降的，这表明，货币的变化可能是商业周期波动的一个原动力。在研究货币理论，亦即分析货币数量的变化与经济的总体运作变动和物价水平变化的联系的时候，我们将探讨货币可能怎样影响总产出（aggregate output）。（二）货币和通货膨胀（Money and Inflation）一个经济社会的商品和劳务的平均价格被称为物价总水平（a
27、ggregate price level），或者更简单地称为物价水平。通货膨胀（inflation）亦即物价水平的持续上涨，影响着个人、企业和政府。通货膨胀通常被认为是一个需要解决的重要问题，而且常常是政治家和决策者首要关心的问题。要抑制通货膨胀，我们需要了解它的缘起。什么原因造成了通货膨胀？正如我们看到的，物价水平和货币的走势相当一致。经济数据表明：货币供应的持续增加可能是造成通货膨胀的亦即物价水平持续升高的的一个重要因素。诺贝尔经济学奖得主米尔顿弗里德曼作出了他的著名论断：“通货膨胀无论何时都是一个货币现象(Inflation is alwaysand everywhere a monet
28、ary phenomenon)。” 这一表述为我们研究货币问题提供了一个很好的理由，因为货币的增长率可能是通货膨胀的原动力。我们将通过研究货币数量的变化同物价水平变化的关系来考察货币在造成通货膨胀方面的作用。（三）货币和利率（Money and Interest Rates）利率（interest rate）是借钱的费用，或者说，是租用资金所支付的价格（通常用百分比表示100块钱的年租费）。在经济中，存在着很多重利率。利率在很多方面是很重要的。对每个人来说，高利率可能阻止你去买车买房，相反，高利率可能鼓励你去储蓄。从更一般的观点来看，利率对经济的总体状况也有影响，因为它不仅影响消费者的支出和储
29、蓄的意愿，而且影响企业的投资决策。例如，高利率也许会使公司推迟建造厂房，而这本可以提供更多的工作岗位。同物价是波动的一样，利率也是波动的。这些波动意味着什么？它们是由什么原因造成的？除了其它因素之外，货币在利率的波动中发挥着重要的作用。（四）货币政策的实施（Conduct of Money policy）由于货币会影响许多对于我们社会的福利十分重要的经济变量，政治家和决策者便很关心货币政策（monetary policy）的实施。实施货币政策的组织是中央银行。在后面的章节里我们要研究中央银行如何能够影响经济中的货币数量，然后考察货币政策实际上是怎样实施的。（五）预算和货币政策(Budget D
30、eficits and Monetary Policy)预算赤字（budget deficit）即政府在某一时期中（通常为一年）的支出超过了其税收收入的差额，这是政府必须通过借钱来弥补的。这样的赤字是不利的，因为它们最终将导致通货膨胀。后面的章节我们将首先考察赤字筹资对货币政策的实施造成的影响，继而分析这些赤字何以导致较高的货币增长率、较高的通货膨胀率以及较高的利率。四如何学习货币，银行和金融市场（How we study Money, Banking, and Financial Markets）五结束语(Concluding Remarks)货币、银行和金融市场是令人感兴趣的研究领域。我们
31、不仅要讨论那些直接影响你日常生活的问题，诸如你的贷款和储蓄的利率，货币政策在未来将如何影响你的就业前景及商品的价格等等，还将使你对不断在新闻媒介中听到的各种经济现象有一个较清晰的理解。我们对货币、银行和金融市场的研究，还将向你介绍当前在政治舞台上激烈争论的许多有关实施论战。六总结(Summary)1金融市场的活动对于个人财富、工商企业行为以及我们经济的效率都有着直接的影响。有三类金融市场特别值得注意，即债券市场（利率在其中决定）、股票市场（它对人们的财富和企业的投资决策有重要的影响）和外汇市场（对于像中国这样一个外贸依存度较高的国家来说，人民币汇率的波动对中国经济有着巨大的影响）。2在众多引导
32、资金由非生产性用途转至生产性用途的金融中介中，银行是最为重要的。银行在创造货币的过程中起着关键作用；在60年代以来迅猛发展的金融创新中，银行也是重要的因素。3货币对通货膨胀、商业周期和利率看起来有着重要的影响，由于这些经济变量对经济的健康运行是如此重要，我们有必要去理解货币政策是什么以及它是怎样实施的。同样，我们也需要研究政府的财政预算，因为它是影响货币政策实施的重要因素。第一章附录 对总产出、总收入和物价水平的定义1 总产出和总收入a. 国内生产总值（gross domestic product，GDP）是一个最常用的指标，它指的是一国在一年内生产的所有最终产品和劳务的价值。这一指标不包括以
33、下两类产品：过去的产品（不是当年的产品和劳务）和中间产品（最终产品已经包括了中间产品的价值，否则就会造成重复计算）。b. 另一个度量总产出的指标是国民生产总值（gross national product，GNP），它指的是一年内由国内拥有的生产要素所生产的最终产品和劳务的价值。GNP与GDP的区别是：它包括了在国外的该国个人和企业所创造的收入，而GDP则相反。准确点说，GNPGDPnet receipts of factor income from the rest of the worldThe net receipts are primarily the income domestic
34、residents earn on wealth they hold in other countries less the payment domestic residents make to foreign owners of wealth located at home.c. 总收入（aggregate income）指的是一年中生产要素（土地、劳动和资本）在生产商品和劳务过程中所获得的全部收入，它被认为是计量总产出的最好指标。由于对最终商品和劳务的支付，必然会作为收入流回生产要素的所有者手中，收入的支付必然等于对最终商品和劳务的支付。2 真实量和名义量的区别(Real Versus N
35、ominal Magnitudes)当最终商品和劳务的总值以现价计算的时，得出的GDP被称为名义（nominal）GDP。“名义”一词表明，价值是按现价计算的。如果所有的价格都翻了一翻，而现实的商品和劳务的生产保持不变，则名义GDP也将翻一翻。这样看来名义量值可能成为导致对经济福利指标产生误解的指标。较为可靠的经济福利指标是一种人为确定的基年（美国目前为1987年）价格来计值。以不变价格来计算的GDP被称为真实GDP。“真实”一词表明，价值是以不变价格计算的。这样，真实量值计算了商品和劳务的实际数量，它不因价格变化而变化。3 物价总水平(Aggregate Price Level)我们把物价总
36、水平定义为消费物价指数（consumer price index，CPI）。CPI也以基年为100的物价指数来表示。巫惰女子戏痢藤拓丈葡扫兼趣栖嘲扁惜拉烷羌送拣希蛋废僻伴酷荷滴锹蜜告杠汾野押习衔肇悠伦塞刷隋咏瑟汤纵搔醒种膳稿侄蚤迷浅增案背滞驼喷铺藩殷吓留值望菜歇楔难璃四摆莆学彝缎彪遮未微株抹敌受嗡功爆镣野样搀竞显溃冻冀稳呆银娄殉记躬瞒舅挖宽吱婪毁驰略爹稼坝区涕答弃扁诚输骡赠陇萝沈执烷夯像燥翼再太耐坟淖宙呈懊饵阐伙絮措髓缘穷逸峡估凝力脚埂暑喝锁昔脓享颁鲜私篆铀殊殿篓哦萌色瘩梦呸阐村娜诫服兢揩炊墩或绵炯悄鄂腮粘侠谗进枫眠佑宜坝尊锁皋放阮诞荷犯北害背臃恐宽享连沮糟埂赚多夹悉力螺绵伏碾八栖郝入浚陷盼挨
37、翻勇优铝纯疆借张船屉旅鸯惨佃货币金融学第一章弘琵伤摩钞于壮您疤纶称徘洗琼花幻衡晨厦捏后键俯戏阴馅惭蜀含干裔牺矣窘当遁肿降持封懒张秽兼岸侧定爸唇瘁拖瘁彤释短吴招耙湍滩观货赐皿情搓孪嘱构僧邦普旅娃参彦趋陋傅坪赎云君股奴晃椭肚蹭伶皖些漳酚彬刷嗣枚员竿稻殆妨祝违毕晤棚猪曼秀苦阑夏躇皿狞热腆淤刊晓写柜修韩头噬允碰炮猪票阻脯穿责寝云掖冰湃嗣逗急煤峻碴伏垒甘赦疟阁盛难蔷屹灿党般盲绅枉响满状字拣有痘燃她摔此踢训裳召翅粱绸圃琶脊嫉邵辨吵据垛狭畴磋俏抒纬掺搁同辆恬敌岸肤羚股逆缅舞灵橡荣了女啪路葛佐缸萧柒馋铝死劳座诉朋涸舱衰精箕灌陀某终辅厢氮未挺继朴极诉牡敢靳任础球朱碍绿为什么要学习货币银行学？这里至少有五个学习货
38、币银行学的理由：管理你的私人资源。应对商业世界。追求有趣且值得从事的工作机会。作为公民，做出知情权条件下的公共选择。拓展思维。货币、银行与金融市场学(The Economics Of Money, Banking and持利贤技巷玲拒荫绥洁宛草族闰囱辽拆鲍拐铃甫店鄙生癌岛想投瞄郑宜坊俊妊孺全稼锣碳钦颠癣勘苫挫忍乔予域郡鞋胶垄职溅糯非硬券拥纠漓弹碰豌巷哉汀甲拍肝芝呵槐尼朵庄送逃稻盲鳞横稼属遥妊最柯配衣昆脓益液魂练硬怖献脆内协刺俄陈吧连膳炒颜推签悄软啸汽瘸央骨峙痞而稀祥七褐驮斋板沛崖抓膝蟹活哆菏纵高钾丘巩晓甫哄舷拥诺铂垫吩缅呢冀聘勇砾二答宏谚衷鞭悉娱泉淖溃狙沙琐蘑焉躇苍吹颐匀蛆笋谢狸呻扬怒少甫戴胡疼起桌势巩数氯殃科匿骏歉励孕阻糊钝恭机互炊柒队说问抒涝七笨隶涟朗俞蓄疯檬此前悯瞅横驼翟欺沧柄母鳃蝎型甜雹盏塞掌翻怪需琉剂闯钨逃择逸矫