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Lecture Money and capital markets: Chapter 2 – Peter S. Rose, Milton H.Marquis - TRƯỜNG CÁN BỘ QUẢN LÝ GIÁO DỤC THÀNH PHỐ HỒ CHÍ MINH
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Chapter 2
Financial Assets, Money,
Financial Transactions, and
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<i>McGrawHill/Irwin</i>
<i>Money and Capital Markets, 9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
LearningObjectives
ã <sub>Tolearnaboutthechannelsthroughwhichfundsflowbetween</sub>
lendersandborrowerswithintheglobalsystemofmoneyand
capitalmarkets.
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<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
ã <sub>Toexplorethecriticalrolesplayedbymoneywithinthe</sub>
financialsystemandthelinkagesbetweenmoneyand
inflationinthepricesofgoodsandservices.
ã <sub>Toexaminetheimportantfunctionscarriedoutbyfinancial</sub>
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Introduction:TheRoleofFinancial
Assets
ã <sub>Thefinancialsystemisthemechanismthroughwhichloanable</sub>
fundsreachborrowers.
ã Throughtheoperationofthefinancialmarkets,moneyis
exchangedforfinancialclaimsintheformofstocks,bonds,
andothersecurities,therebytransformingsavingsinto
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A<i>financialasset</i>is
ã <sub>a</sub><i><sub>claim</sub></i><sub>againsttheincomeorwealthofabusinessfirm,</sub>
household,orunitofgovernment,
ã representedusuallybyacertificate,receipt,computerrecord
file,orotherlegaldocument,
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CharacteristicsofFinancialAssets
ã <sub>Financialassetsaresoughtafterbecausetheypromise</sub><i><sub>future</sub></i><sub></sub>
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<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
ã <sub>Theydonot</sub><i><sub>depreciate</sub></i><sub>likephysicalgoods,andtheirphysical</sub>
conditionorformisusuallynotrelevantindeterminingtheir
marketvalue.
ã Theyhavelittleornovalueasacommodityandtheircostof
transportationandstorageislow.
ã <sub>Financialassetsare</sub><i><sub>fungible</sub></i><sub>theycaneasilybechangedin</sub>
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DifferentKindsofFinancialAssets
Anyfinancialassetthatisgenerallyacceptedinpaymentfor
purchasesofgoodsandservicesis<i>money</i>.Currencyand
checkingaccountsareformsofmoney.
<i>Equities</i>representownershipsharesinabusinessfirmandare
claimsagainstthefirmsprofitsandagainstproceedsfromthe
saleofitsassets.Commonstockandpreferredstockare
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<i>Debt securities</i> entitle their holders to a priority claim over the
holders of equities to the assets and income of an economic
unit. They can be negotiable or nonnegotiable. Examples
include bonds, notes, accounts payable, and savings deposits.
<i>Derivatives</i> have a market value that is tied to or influenced by
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