Basic elements of a moi__lDetermination of money materia]币，行金通过金块 值的稳定W. Inconvertible credit money standard 不兑现的信用货币，一般是由中央银行发行 的，并由国家法律赋予无限清偿的能力 货金不货币何行属般不以金银为不也不台 金银的数量控制 ，也不也兑换 货■过信柵序投入流通领不不货币流通 些甬半||吾 H* rH 厶扇些甬 存白 空切门田甘 点曰 行信器张不着货着货通 当国家通过信用程序所投績衆币材的确定 Determination of monetary units 货 币单位的确定 Types of money in circulation 流通中 的货币种类 Capacity of money for payment 货币的支付能力 Regulation of coinage and issue of money 货 币的铸 造和发行的规定 亠一Provision of reserve system of currency issuance 发行 货币的准备金制度 辅币（有限偿还） 主币（无限偿还））The development of system of monetary system The silver standard （银本位） The bimetallic standard（复本位） The gold standard（金 本位） 、 亠Inconvertible credit money standard（不兑现的信用货 币制度）I The silver standard（16th century）The standard money was minted with silver Silver coins had unlimited power of legal tender Silver coins could be minted freely Silver coins exported and imported freelyII The bimetallic standard（16-18th century） Both gold and silver were recognized by law as monetary metalBoth gold and silver coins were in circulation Gold as well as silver had unlimited power of legal tender Gold as well as silver could be minted freely The two monetary metals were interchangeableIII.The gold standard（1813-1914）人 The gold Specie /coin standard（金币本位制） The gold bullion standard （金块本位制 The gold exchange standard（金汇兑本位制） The gold Specie /coin standard Golacoins circulated freelyGold coins had unlimited power of legal tender Gold coins could be minted freely Gold and sold coins could be imported or exported freelyBanknotes could be converted into gold or gold coins freely金币仍作为本位s货币a%市场不再流通和使用 金币，而是流通纸币。
不家储存铸造不币为储仍法律规定纸币的含 金量 、纸币不能自由兑换金币不但在国际支付央工业 换金块（如英国在1925年规定一次至少兑换 400盎司，约值1700英镑）The gold exchange standard（金汇兑本位制）金币无需规定银行的含金量，市场上不再流通 银行券不能兑换黄金，只能兑换实行金币或金 块本位金国家的货币，这些外汇在国外才能兑 实行金汇含本位制的国家使其货币与另一实 行金币或金块亠地制国外汇来维保本国货汇币货币制度下，由金属货币进行自发地调节银 行信用扩张 意味着货币流减量增加，银行信 的货币超过了货 信用货量，就会特有的经济胀象这是不兑现的 流通中的货币不仅指现钞，银行活期存款也是 通货Credit refers to ,the behavior of borrowing and lending with the feature of repayment oi the principals plus interests and is a special form of movement of value.以偿还 本金和利息为特征的一种资金的运动的特殊 形式。
How to understand it?(Nature of credit) Credit is the behavior of borrowing and lending with the condition of repayment of principals with interests.The relationship of credit is that between creditors and debtors.体现一种债权债务 关系Credit is a special form of movement of value.价值运动的一种特殊形式Feature of Credit> Temporization> Repayment> Profitability> RiskForms of Credit 亠亠> Commercial credit （商业信用）> Banker's credit （银行信用）> Public credit （国家信用）> Consumer's credit （消费信用）> Private credit （民间 信用） Commercial credit is the credit that is provided mutually between enterprises and is linked directly to good exchange. Banker's credit is the credit that is granted by banks and other financial institutionsAdvantages of banker's credit To overcome the limitations of commercial creditNot only to provide credit but also to create creditpublic credit provided by government at all levelsFunction of public creditTo compensate for budgetary deficit （预算 赤字）弥补财政赤字。
方法：1•发行货 币2•增加税收3•发行国债（最好）、 To regulate economy and money supply 调 控经济和货币供给Consumer's creditThe credit that businesses, banks and other financial institutions grant to consumers for meeting consumers' demand for consumer goods （消费品）.Forms of consumers' creditConsumer's loansCredit cardsRoles of consumer's creditTo improve consumers' present livingstandardTo promote the production and sale of consumer goodsTo facilitate the application of new technologies,and the sale and renewal of new productsTo adjust market supply and demandPrivate creditPrivate credit is the credit granted mutually between individuals in the form of money or goodsWhat are financial markets?Financial markets refer to the whole of the places and activities of the financing and transactions of financial instruments.What are Inter-bank markets?Inter-bank market is the market where the provisional financing with the maturity of one year or less is conducted between banks and other financial institutions Purposes of inter-bank borrowing To adjust positions 调头寸 To squarepositions平头寸ILterm Structure of Interest Rates利率的期限结构Yield Curve （收益率曲线） A plot of the interest rates for particular types of bonds with different terms to maturity期限不同的某类债券的利率曲线Three important empirical facts Interest rates on bonds of different maturities move together over time 不同到期期限的债券的利率随时间一起 波动When short-term interest rates are low,yield curves are more likely to have an upward slope, and vice versa 如果短期利率较低，收益率曲线很可能 是向上倾斜；反之亦然Yield curves almost always slope upward 收益率曲线几乎总是向上倾斜的Three Theories of Term Structure1. Expectations Theory （预期理论）2. Segmented Markets Theory （分割 市场理论）3. Liquidity Premium （Preferred Habitat） Theory流动性溢价（期限优 先）理论Expectati ons Theory 预期理论 人gThe proposition（命题） The interest rate on a long-term bond will equal an average of short-term interest rateslhat people expect to occur over the life of the long-term bond ・长期债券的利率等于在其有效期内人 们所预期的短期利率的平均值Key Assumption（关键假设）Buyers of bonds do not prefer bonds of one maturity over ano ther债券投资者对于不同到期期限的债券没 有特别的偏好Bonds of differe nt maturities are perfect substitutes不同期限的债券是完全替代品Certa inty 确定性 分割市场理论The proposition（命题）The theory sees Markets for differe nt-maturity bonds as completely separate and segme nted.The in terest rate for each bond with a differe nt maturity is the n determ ined by the supply of and dema nd for that bond with no effects from expected retur ns on other bonds with other maturity.Key Assumptio n（关键假设）Boncfe of differe nt maturities are not substitutes at all不同到期期限的债权 根本无法相互替代到期期限不同的的债券市场是完全独立 和相互分割的，每种债券的利率取决 于该债券的供给与需求，其他到期期 限的债券的预期回报率对此毫无影 响Implication （启示）Markets are completely segme nted: in terest rate at each maturity determ ined separately市场是完全分割的，各种期限的债券利 率的决定是独立的Differ ing yield curve patter ns are acco un t for by supply and dema nd differe nces associated with bonds of differe nt maturities.收益率曲线的不同形态可以用不同到 “期期限的债权的供求因素解释 AApplication—Expla ins Fact 3 that yield curve is usually upward slop ingPeople typically prefer short holding periods and thus have higher demand for short-term bonds, which have higher price and lower interest rates than long bondsDoes not explain Fact 1 or Fact 2 because assumes long and short rates determined independently Liquidity Premium （Preferred Habitat） Theories 流动性溢价（期限优先）理论 The proposition 命题）AThe in terest rate on a lon g-term bond will equal an average of short-term in terest rates expected to occur over the life of the Ion g-term bond plus a positive term （liquidity） premium.债券长期利率等于该债券到期之前所 有短期利率预期的平均值加上正的 期限（流动性）溢价Key Assumpti onBonds of differe nt maturities are substitutes, but are not perfect substitutes不同到期期限的债权是可以相互代替 的，但并非是完全替代品In flati on riskIn terest-rate riskLiquidity Premium （Preferred Habitat） TheoriesIn vestors prefer short rather tha n long bonds must be paid positive liquidity （terrn） premium, ln, to hold Iong-termExample1.0n e-year in terest rate over the n ext five years:5%, 6%, 7%, 8% and 9% 2.1nvestors' preferences for holding short-term bon ds, liquidity premiums for one to five-year bon ds:0%, 0.25%, 0.5%, 0.75% and 1.0%.In terest rate on the two-year bond: （5% + 6%）/2 + 0.25% = 5.75%In terest rate on the five-year bond:（5% + 6% + 7% + 8% + 9%）/5 + 1.0% = 8% In terest rates on one to five-year bon ds: 5%, 5.75%, 6.5%, 7.25% and 8%.Compari ng with those for the expectati ons theory, liquidity premium （preferred habitat） theories produce yield curves more steeply upward slopedLiquidity Premium （Preferred Habitat） Theories: Term Structure FactsExplains all 3 FactsExplains Fact 3 of usual upward sloped yield curve by investors' preferences for short-term bondsExplains Fact 1 and Fact 2 using same explanations as expectations hypothesis because it has average of future short rates as determinant of long rateFunctions of a central bankIssuing bank发行货币制定货币政策Banker's bank通过存款准备金制度积累存款， 以保证商业银行清偿力，同时推行货币政策调 节货币供给；作为最后贷款人，一旦商业银行机构陷入困 境，中央银行将为其提供贷款和再贴现，保证 其正常经营；国家支票的清算和托收，组织全 国的清算government's bank国库代理人，经营国库； 为政府融通资金，提供特定信贷支持；代理国 内外金融事务；为政府提供金融预测和决策建 议向公众发布经济金融信息存款货币创造的制约因素现金漏损（h）超额准备（e）活期存款转为定期存款（t/）基础货币与货币乘数基础货币（Base currency）货币乘数（money multiplier）基础货币（Base currency）也称货币基数（Monetary Base）、强力货 币、始初货币，因其具有使货币供应总 量成倍放大或收缩的能力，又被称为高 能货币（High-powered Money），它是 中央银行发行的债务凭证。
表现为商业银行的存款准备金（R）和公 众持有的通货（C）B=R+C货币乘数（money multiplier）货币乘数也称货币扩张系数或货币扩数，是指 在基础货币（高能货币）基础上货币供给量通过 商业银行的创造存款货币功能产生派生存款 的作用产生的信用扩张倍数，是货币供给扩张 的倍数式中的m代表货币乘数，△ MB,代表基础货 币的改变量，代表货币供给量的改变量 货币乘数的确定S影响货币乘数的诸因素分析一国货币供应量大小取决于基础货币和货币乘数两个因素货币乘数的大小取决于现金比率（c）定期存款比率（t）超额准备金比率（e）活期存款法定准备率（rd）定期存款法定准备率（Q现金比率（c）即流通中的现金占商业银行活期存款的比 率c值大小，主要取决于社会公众的资产 偏好一般来讲，影响C值的因素有： 公众可支配的收入水平的高低可支配收 入越高，需要持有现金越多；反之，需 持有现金越少公众对通货膨胀的预期心理预期通货膨 胀率高，c值就高；反之，c值则低社会支付习惯、银行业信用工具的发达程 度、社会及政治的稳定性、利率水平等 都影响到C值的变化在其他条件不变的情况下，C值越大，货币 乘数越小；反之，货币乘数越大。
超额准备金率（e）e值的大小完全取决于商业银行自身的经营决 策商业银行愿意持有多少超额准备金，主 要取决于以下几个因素：持有超额准备金的机会成本大小，即生息 资本收益率的高低借入准备金的成本大小，主要是中央银行 再贴现率的高低如果再贴现率高，意 味着借入准备金成本高，商业银行就会 保留较多超额准备金，以备不时之需； 反之，就没有必要保留较多的超额准备 金经营风险和资产的流动性如果经营风险 较大，而现有资产的流动性又较差，商 业银行就有必要保留一定的超额准备 金，以备应付各种风险一般来说，e值越大，货币乘数越小；反 之e值越小，货币乘数越大活期存款法定准备金率（rd）和定期存款法定 准备金率（rt）0rd和rt的大小是由中央银行直接决定的若 rd、rt值大，货币乘数就小；反之，若rd、 rt值小，货币乘数则大。