文档介绍：第二十六章
储蓄、投资和金融体系
Saving, Investment, and the
Financial System
1
金融体系
The Financial System
金融体系由这样一些金融机构组成,它们促使一
个人的储蓄与另一个人的投资相匹配
The financial system consists of institutions that
help to match one person’s saving with another
person’s investment.
他将经济中的稀缺资源从储蓄者转移给借用者
It moves the economy’s scarce resources from
savers to borrowers.
2
美国经济中的金融机构
Financial Institutions
in the . Economy
金融体系由金融机构组成,金融机构协调储蓄者
和借用者的行为
The financial system is made up of financial
institutions that coordinate the actions of savers
and borrowers.
金融机构可以归入两种不同类型:金融市场和金
融中介机构
Financial institutions can be grouped into two
different categories: financial markets and
financial intermediaries.
3
美国经济中的金融机构
Financial Institutions
in the . Economy
金融市场 Financial Markets
股票市场 Stock Market
债券市场 Bond Market
金融中介 Financial Intermediaries
银行 Banks
基金 Mutual Funds
4
美国经济中的金融机构
Financial Institutions
in the . Economy
金融市场是储蓄者直接向借用者提供资金的机
构
Financial markets are the institutions through
which savers can directly provide funds to
borrowers.
金融中介机构是储蓄者间接向借用者提供资金
的金融机构
Financial intermediaries are financial
institutions through which savers can indirectly
provide funds to borrowers.
5
债券市场
The Bond Market
债券是一种债务证明书,它
规定了借用者对债券持有者
的义务
A bond is a certificate of
indebtedness that specifies
obligations of the borrower to
the holder of the bond.
IOU
6
债券的特征
Characteristics of a Bond
期限:截至债券到期时的时间长度
Term: The length of time until the bond
matures.
信用风险:借用者未能支付某些利息或本金的
可能性
Credit Risk: The probability that the borrower
will fail to pay some of the interest or principal.
税务处理:税务法规处理债券利息的方式
Tax Treatment: The way in which the tax laws
treat the interest on the bond.
市政债券是免联邦税的
Municipal bonds are federal tax exempt.
7
股票市场
The Stock Market
股票代表在一个企业中的所有权,从而也代表
了对企业所获利润的要求权
Stock represents ownership in a fi