第三章 货币市场课件.ppt

文档介绍：第三章货币市场(moneyorcurrency)的货币市场。在货币市场上交易的是具有短期性和流动性的证券(thesecuritiesthatdotradeareshort-termandhighlyliquid,theyareclosetobeingmoney)。Copyright©ZhenlongZheng2003,DepartmentofFinance,XiamenUniversity*©ZhenlongZheng2003,DepartmentofFinance,XiamenUniversity*,©ZhenlongZheng2003,DepartmentofFinance,XiamenUniversity*©ZhenlongZheng2003,DepartmentofFinance,XiamenUniversity*导论货币市场存在的必要性Inthetheory,-eptshort-,©ZhenlongZheng2003,DepartmentofFinance,XiamenUniversity*导论Whythemoneymarketsexistatall?Thebankingindustryexistsprimarilytomediatetheasymmetricinformationproblemsbetweensaver-lendersandborrower-spenders,,themoneymarketshaveadistinctcostsadvantageoverbanksinprovidingshort-©ZhenlongZheng2003,DepartmentofFinance,XiamenUniversity*导论CostadvantageofmoneymarketsBanksmustputasideaportionoftheirdepositsintheformofreservesthatareheldwit