Lecture Money and capital markets: Chapter 5 – Peter S. Rose, Milton H.Marquis - TRƯỜNG CÁN BỘ QUẢN LÝ GIÁO DỤC THÀNH PHỐ HỒ CHÍ MINH
Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (610.45 KB, 10 trang )
<span class='text_page_counter'>(1)</span><div class='page_container' data-page=1></div>
<span class='text_page_counter'>(2)</span><div class='page_container' data-page=2>
Chapter 5
The Determinants of
</div>
<span class='text_page_counter'>(3)</span><div class='page_container' data-page=3>
5 3
<i>McGrawHill/Irwin</i>
<i>Money and Capital Markets, 9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
LearningObjectives
ã <sub>Tounderstandtheimportantrolesthat</sub><i><sub>interestrates</sub></i><sub>play</sub>
withintheeconomy.
ã Toexplorethemostimportantideasaboutwhatdetermines
thelevelofinterestratesandassetpriceswithinthefinancial
system.
ã <sub>Toidentifythekeyforcesthateconomistsbelievesetmarket</sub>
</div>
<span class='text_page_counter'>(4)</span><div class='page_container' data-page=4>
<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
Introduction
ã <sub>Theactsofsavingandlending,andborrowingandinvesting,</sub>
aresignificantlyinfluencedbyandtiedtogetherbythe<i>interest</i>
<i>rate</i>.
</div>
<span class='text_page_counter'>(5)</span><div class='page_container' data-page=5>
5ư5
<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
Introduction
ã <sub>Someauthoritiesrefertotherateofinterestasthe</sub><i><sub>priceof</sub></i>
<i>credit</i>.
ã Interestratessend<i>pricesignals</i>toborrowers,lender,savers,
andinvestors.
</div>
<span class='text_page_counter'>(6)</span><div class='page_container' data-page=6>
<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
FunctionsoftheInterestRateintheEconomy
ã <sub>Theinterestratehelpsguaranteethatcurrentsavingswillflow</sub>
intoinvestmenttopromoteeconomicgrowth.
ã Itallocatestheavailablesupplyofcredit,generallyproviding
loanablefundstothoseinvestmentprojectswiththehighest
expectedreturns.
ã <sub>Itbringsthesupplyofmoneyintobalancewiththepublics</sub>
</div>
<span class='text_page_counter'>(7)</span><div class='page_container' data-page=7>
5ư7
<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
FunctionsoftheInterestRateintheEconomy
ã <sub>Theinterestrateservesasanimportanttoolforgovernment</sub>
</div>
<span class='text_page_counter'>(8)</span><div class='page_container' data-page=8>
<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
FunctionsoftheInterestRateintheEconomy
ã <sub>Tohelpuncovertheserateưdeterminingforces,weassumethat</sub>
thereisonefundamentalinterestrate,knownasthe<i>pure</i>or
<i>riskưfreerateofinterest</i>,whichisacomponentofallinterest
rates.
ã <sub>Theclosestrealưworldapproximationtothispurerateof</sub>
</div>
<span class='text_page_counter'>(9)</span><div class='page_container' data-page=9>
5ư9
<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
TheClassicalTheoryofInterestRates
ã <sub>The</sub><i><sub>classicaltheory</sub></i><sub>arguesthattherateofinterestis</sub>
determinedbytwoforces:
thesupplyofsavings,derivedmainlyfromhouseholds,and
thedemandforinvestmentcapital,comingmainlyfromthe
</div>
<span class='text_page_counter'>(10)</span><div class='page_container' data-page=10>
<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
TheClassicalTheoryofInterestRates
<i>HouseholdSavings</i>
ã Currenthouseholdsavingsequalthedifferencebetween
currentincomeandcurrentconsumptionexpenditures.
ã <sub>Individuals</sub><i><sub>prefer</sub></i><sub>currentoverfutureconsumption,andthe</sub>
paymentofinterestisarewardfor<i>waiting</i>.
ã <sub>Higherinterestratesencouragethe</sub><i><sub>substitution</sub></i><sub>ofcurrent</sub>
</div>
<!--links-->
