Determination of money materialsBasic elements of a monetary system Determination of monetary unitsTypes of money in circulation货币单位的确定币材的确定 Capacity of money for payment流通中的货币种类Regulation of coinage and issue of money货币的支付能力 造和发行的规定货币的铸 Provision of reserve system of currency issuance
货币的准备金制度发行辅币（有限偿还）
The development of system of monetary system 主币（无限偿还））
The silver standard( The bimetallic standard(银本位The gold standard(复本位) Inconvertible credit money standard(金本位)
) 币制度不兑现的信用货Ⅰ)
The standard money was minted with silver The silver standard(16th century)
Silver coins had unlimited power of legal tender Silver coins could be minted freely
Silver coins exported and imported freely ⅡBoth gold and silver were recognized by law as The bimetallic standard(16-18th century) monetary metal
Both 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 interchangeable
ⅢThe gold Specie /coin standard.The gold standard(1813-1914)
The gold bullion standardThe gold exchange standard(（金块本位制）（金币本位制） The gold Specie /coin standard 金汇兑本位制 ) Gold coins circulated freely Gold coins had unlimited power of legal tender
Gold coins could be minted freely
Gold and gold coins could be imported or exported freely
Banknotes could be converted into gold or gold coins freely
The gold bullion standard
金币仍作为本位货币，但市场不再流通和使用金币，而是流通纸币。国家储存金块，作为储备。
不许自由铸造金币，但仍以法律规定纸币的含
金量。纸币不能自由兑换金币，但在
用金时，可按规定的限制数量用纸币向央行兑国际支付或工业换金块（如英国在400The gold exchange standard 盎司，约值17001925英镑）年规定一次至少兑换。 (国家无需规定货币的含金量，市场上不再流通金汇兑本位制)
金币，只流通银行券。银行券不能兑换黄金，只能兑换实行金币或金
块本位制国家的货币，这些外汇在国外才能兑换成黄金。实行金汇兑本位制的国家使其货币与另一实
行金币或金块本位制国家的货币保持固定汇率，通过无限制地买卖外汇来维持本国货币币值的稳定。Ⅳ
不兑现的信用货币，一般是由中央银行发行. Inconvertible credit money standard
的，并由国家法律赋予无限清偿的能力。货币不与任何金属保持等价关系，也不能兑换 黄金，货币发行一般不以金银为保证，也不受金银的数量控制。货币是通过信用程序投入流通领域，货币流通
是通过银行的信用活动进行调节，而不像金属货币制度下，由金属货币进行自发地调节。银行信用扩张，意味着货币流通量增加，银行信用紧缩，意味着货币流通的减少。当国家通过信用程序所投放的货币超过了货
币需要量，就会引起通货膨胀，这是不兑现的信用货币流通所特有的经济现象。流通中的货币不仅指现钞，银行活期存款也是
通货。
Credit lending with the feature of repayment of refers to the behavior of borrowing and
the principals plus interests and is a
special form of movement of value.本金和利息为特征的一种资金的运动的特殊以偿还
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.关系体现一种债权债务Credit is a special form of movement of
value.Feature of Credit价值运动的一种特殊形式。➢
➢ ➢ Temporization Repayment Profitability Forms of Credit
➢ Risk ➢➢ ➢ Commercial creditBanker’s credit（银行信用）（商业信用） ➢ Public creditConsumer’s credit（国家信用）
Commercial credit ➢ Private credit （消费信用） provided mutually between enterprises is the credit that is （民间信用） and is linked directly to good exchange. Banker’s credit granted by banks and other financial is the credit that is institutions
Advantages of banker’s creditTo overcome the limitations of commercial credit
Not only to provide credit but also to create credit public credit
all levels
provided by government at Function of public credit To compensate for budgetary deficit
赤字）弥补财政赤字。方法：（预算币To regulate economy and money supply2.增加税收3.发行国债（最好）1.发行货 控经济和货币供给。调 The credit that businesses, banks and other Consumer’s credit
financial for meeting consumers’ demand for institutions grant to consumers consumer goods Consumer’s loans Forms of consumers’ credit（消费品）. Credit cards
To improve consumers’ present living Roles of consumer’s credit
standard
To promote the production and sale of consumer goods
To facilitate the application of new
technologies,and the sale and renewal of new products
To adjust market supply and demand Private credit is the credit granted
Private credit
mutually between individuals in the form of money or goods
What 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 square
positions 平头寸
Ⅱ利率的期限结构.term Structure of Interest Rates
Yield CurveA plot of the interest rates for particular （收益率曲线）
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 Structure
1.Expectations Theory2. Segmented Markets Theory（预期理论） 市场理论）
（分割 3. Liquidity Premium (Preferred
Habitat) Theory先）理论
流动性溢价（期限优Expectations Theory 预期理论The proposition(
The interest rate on a long-term 命题)
bond will equal an average of short-term interest rates that people expect to occur over the 长期债券的利率等于在其有效期内人life of the long-term bond.
Key Assumption(们所预期的短期利率的平均值Buyers of bonds do not prefer bonds 关键假设)
债券投资者对于不同到期期限的债券没of one maturity over another
有特别的偏好
Bonds of different maturities are 不同期限的债券是完全替代品perfect substitutes
Certainty 确定性分割市场理论
The proposition( The theory sees Markets for 命题) different-maturity bonds as segmented.The interest rate for each completely separate and
bond with a different maturity is then determined by the supply of and demand for that bond with no effects from expected returns on other bonds with other maturity.
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，限的债券的预期回报率对此毫无影其他到期期响
Bonds of different maturities are not Key Assumption(关键假设)
substitutes at all根本无法相互替代不同到期期限的债权
ImplicationMarkets are completely segmented: （启示）
interest rate at each maturity 市场是完全分割的，determined separately 各种期限的债券利Differing yield curve patterns are
率的决定是独立的
account for by supply and demand differences associated with bonds 收益率曲线的不同形态可以用不同到of different maturities.
Application 期期限的债权的供求因素解释-----
usually upward sloping
Explains Fact 3 that yield curve is People typically prefer short holding periods and thus have higher
demand for short-term bonds, which have higher price and lower interest Does not explain Fact 1 or Fact 2 rates than long bonds
because assumes long and short Liquidity Premium (Preferred rates determined independently Habitat) Theories
流动性溢价（期限优先）理论 The proposition( The interest rate on a long-term bond 命题)
will equal an average of short-term interest rates expected to occur over the life of the long-term bond plus a positive term (liquidity) 债券长期利率等于该债券到期之前所premium.
有短期利率预期的平均值加上正的Key Assumption
期限（流动性）溢价 Bonds of different maturities are substitutes, but are not perfect 不同到期期限的债权是可以相互代替substitutes
Inflation risk 的，但并非是完全替代品 Interest-rate risk
Liquidity Premium (Preferred Habitat) Theories
Investors prefer short rather than long bonds (term) premium, must be paid positive liquidity bonds lnt, to hold long-term Example
1.One-year interest rate over the next five years:
5%, 6%, 7%, 8% and 9%
2.Investors’ preferences for holding short-term bonds, liquidity for one to five-year bonds:
premiums 0%, 0.25%, 0.5%, 0.75% and 1.0%. Interest rate on the two-year bond: Interest rate on the five-year bond:
(5% + 6%)/2 + 0.25% = 5.75% (5% + 6% + 7% + 8% + 9%)/5 + 1.0% = 8% Interest rates on one to five-year bonds: Comparing with those for the
5%, 5.75%, 6.5%, 7.25% and 8%. expectations theory, liquidity premium (preferred habitat) theories produce yield curves more steeply upward sloped
Liquidity Premium (Preferred Habitat) Theories: Term Structure Facts Explains all 3 Facts
Explains Fact 3 of usual upward sloped yield curve by investors’ preferences for short-term bonds
Explains Fact 1 and Fact 2 using same explanations as expectations hypothesis because it has average of future short rates as determinant of long rate
Functions of a central bank
Issuing 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，△MS 代表货币供给量的改变量。 货币乘数的确定
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（rt） 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）。
rd 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。
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