国民收入的决定不但与最终产品市场有关,而且也与货币市场有密切的关系。为了全面了解国民收入的决定过程,必须了解货币市场的均衡过程及其调节机制。本章介绍货币市场均衡及其调节的理论。 第一节货币的定义与货币市场 一、货币的定义人们拥有的资产可以分为两大类:一是实际资产(real assets)或物质资产(physical assets),包括房地产、各种机器设备、半成品、原材料、 各种生活用品等一切有实际使用价值的物品;二是金融资产(financial assets),包括各种以价值形式存在的财产,如货币、银行存款、各种债 券、股票和其他有价证券等。 从这个意义上说,货币是一种金融资产。但金融资产却不一定都是货币, 只有具备以下三种职能的金融资产才是货币。 (1)它必须是交换媒介。 (2)它必须是财富的储藏手段。 (3)它必须是计帐单位( unit of account)

1、从静态的角度看,外汇是指以外币表示的可用于对外支付的金融资产。 2、用作外汇的货币必须具有充分的可兑性,这是指一种货币能够不受限制地兑换成其他国家的货币的特性。货币可按其可兑性程度分成3类:(1)完全的可自由兑换货币;(2)有限的或部分的可兑换货币;(3)不可兑换货币

国际收支平衡表是根据会计学中的复式 记帐法来编制的,因而借方与贷方总是 可以达到平衡。这种平衡是会计学上的 平衡而非国际收支的平衡,国际收支平 衡关注的是一国经济长期、中期、短期 的健康发展与外部经济之间稳健的联系

国际收支平衡表是根据会计学中的复式记帐法来编制的,因而借方与贷方总是可以达到平衡。这种平衡是会计学上的平衡而非国际收支的平衡,国际收支平衡关注的是一国经济长期、中期、短期的健康发展与外部经济之间稳健的联系

 3.1 Functions of Financial Statements  3.2 Review of Financial Statement  3.3 Market values v. Book Values  3.4 Accounting v. Economic Measures of Income  3.5 Return on Shareholders v. Return on Book Equity  3.6 Analysis Using Financial Ratios  3.7 The Financial Planning Process  3.8 Constructing a Financial Planning Model  3.9 Growth & the Need for External Financing  3.10 Working Capital Mgmt.  3.11 Liquidity & Cash Mgmt

 4.1 compounding  4.2 the frequency of compounding  4.3 present value and discounting  4.4 alternative discounted cash flow decision rules  4.5 multiple cash flows  4.6 annuities  4.7 perpetual annuities  4.8 loan amortization  4.9 exchange rates and time value of money  4.10 inflation and discounted cash flow analysis  4.11 taxes and investment decision

 8.1 Using Present Value Formulas to Value Known Flows  8.2 The Basic Building Blocks: Pure Discount Bonds  8.3 Coupon Bonds, Current Yield, and Yield-to-Maturity  8.4 Reading Bond Listings  8.5 Why Yields for the same Maturity Differ  8.6 The Behavior of Bond Prices Over Time

13.1 The Capital Asset Pricing Model in Brief 13.2 Determining of the Risk Premium on the Market Portfolio 13.3 Beta and Risk Premiums on Individual Securities 13.4 Using the CAPM in Portfolio Selection 13.5 Valuation & Regulating Rates of Return

14.1 Distinction Between Forward & Futures Contracts 14.2 The Economic Function of Futures Markets 14.3 The Role of Speculators 14.4 Relation Between Commodity Spot & Futures Prices 14.5 Extracting Information from Commodity Futures Prices 14.6 Forward-Spot Price Parity for Gold 14.7 Financial Futures 14.8 The “Implied” Riskless Rate 14.9 The Forward Price is not a Forecast of the Spot Price 14.10 Forward-Spot Price- Parity with Cash Payouts 14.11 “Implied” Dividends 14.12 The Foreign-Exchange Parity Relation 14.13 The Role of Expectations in Determining Exchange Rates

11.1 Using Forward & Futures Contracts to Hedge Risks 11.2 Hedging Foreign-Exchange Risk with Swap Contracts 11.3 Hedging Shortfall-Risk by Matching Assets to Liabilities 11.4 Minimizing the Cost of Hedging 11.5 Insuring versus Hedging 11.6 Basic Features of Insurance Contracts 11.7 Financial Guarantees 11.8 Caps & Floors on Interest Rates 11.9 Options as Insurance 11.10 The Diversification Principle 11.11 Insuring a Diversified Portfolio