曼昆经济学原理

Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Saving, Investment, and the Financial System 储蓄、投资与金融体系 Chapter 26 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Financial System 金融体系 The financial system consists of institutions that help to match one person’s saving with another person’s investment. 金融体系由经济中帮助一个人的储蓄与另一个人的投资相匹配的机构组成。 It moves the economy’s scarce resources from savers to borrowers. 它把经济的稀缺资源从储蓄者手中转移到借贷者手中。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Institutions in the U.S. Economy The financial system is made up of financial institutions that coordinate the actions of savers and borrowers. Financial institutions can be grouped into two different categories: financial markets and financial intermediaries. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 美国经济中的金融机构 金融体系由帮助协调储蓄者与借贷者的各种金融机构所组成。 金融机构可以分为两种类型：金融市场和金融中介机构。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Institutions in the U.S. Economy 美国经济中的金融机构 Financial Markets 金融市场 Stock Market 股票市场 Bond Market 债券市场 Financial Intermediaries 金融中介机构 Banks 银行 Mutual Funds 共同基金 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Institutions in the U.S. Economy 美国经济中的金融机构 Financial markets are the institutions through which savers can directly provide funds to borrowers. 金融市场——想储蓄的人直接向想借款的人提供资金的机构。 Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介机构——储蓄者可以 通过它间接地向借款者提供资金的金融机构。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Markets The Bond Market A bond is a certificate of indebtedness that specifies obligations of the borrower to the holder of the bond. Characteristics of a Bond Term: The length of time until the bond matures. Credit Risk: The probability that the borrower will fail to pay some of the interest or principal. Tax Treatment: The way in which the tax laws treat the interest on the bond. Municipal bonds are federal tax exempt. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 金融市场 债券市场 债券——一种债务证明书，规定了借款人向债券持有人的负债责任。 债券特点 期限: 债券到期之前的时间长度。 信用风险: 借款者不能支付某些利息或本金的可能性。 税收待遇: 税法对待债券所赚到的利息的方式。 市政债券利息免征联邦所得税。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Markets The Stock Market Stock represents a claim to partial ownership in a firm and is therefore, a claim to the profits that the firm makes. The sale of stock to raise money is called equity financing. Compared to bonds, stocks offer both higher risk and potentially higher returns. The most important stock exchanges in the United States are the New York Stock Exchange, the American Stock Exchange, and NASDAQ. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 金融市场 股票市场 股票 代表企业的所有权，所以也代表对所获得利润的索取权。 出售股票来筹资称为股本筹资。 与债券相比，股票的风险高，潜在收益也高。 美国经济中最重要的股票交易所是纽约股票交易所、美国股票交易所和纳斯达克（NASDAQ）。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Stock Market Most newspaper stock tables provide the following information: Price (of a share) Volume (number of shares sold) Dividend (profits paid to stockholders) Price-earnings ratio Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 股票市场 大多数报纸的股票栏目提供以下信息： 价格 (每股) 交易量 (股票销售的量) 股利 (付给股票持有人的利润) 价格－每股赢利率（P/E） Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Intermediaries 金融中介机构 Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介机构——储蓄者可以通过它间接地向借款者提供资金的金融机构。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Intermediaries Banks take deposits from people who want to save and use the deposits to make loans to people who want to borrow. pay depositors interest on their deposits and charge borrowers slightly higher interest on their loans. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 金融中介机构 银行 从想储蓄的人那里得到存款，并用这些存款向想借款的人进行贷款。 向存款人的存款支付利息，并向借款人的贷款收取略高一点的利息。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Intermediaries Banks Banks help create a medium of exchange by allowing people to write checks against their deposits. A medium of exchanges is an item that people can easily use to engage in transactions. This facilitates the purchases of goods and services. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 金融中介机构 银行 银行通过允许人们根据自己的存款签发支票，帮助创造出一种交换媒介。 交换媒介是人们能容易地用来进行交易的东西。 这方便了物品与劳务的购买。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Intermediaries: Mutual Funds A mutual fund is an institution that sells shares to the public and uses the proceeds to buy a selection, or portfolio, of various types of stocks, bonds, or both. They allow people with small amounts of money to easily diversify. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 金融中介机构: 共同基金 共同基金 是一个向公众出售股份，并用收入购买各种股票、债券，或股票与债券都有的选择，或资产组合的机构。 它们可以使钱并不多的人进行多元化投资。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Financial Intermediaries ：Other Financial Institutions 金融中介机构：其他金融机构 Credit unions 信用社 Pension funds 养老基金 Insurance companies 保险公司 Loan sharks 地方高利贷者 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Saving and Investment in the National Income Accounts 国民收入帐户中的储蓄与投资 Recall that GDP is both total income in an economy and total expenditure on the economy’s output of goods and services: 我们还记得，GDP既是一个经济的总收入，又是用于经济的物品与劳务产量的总支出。 Y = C + I + G + NX Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Some Important Identities 一些重要的恒等式 Assume a closed economy – one that does not engage in international trade: 假设一个封闭经济——不与其他经济交易的经济。 Y = C + I + G Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Some Important Identities Now, subtract C and G from both sides of the equation: Y – C – G =I The left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving, or just saving (S). Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 一些重要恒等式 现在，从上面等式两边减去C 和 G ，得出: Y – C – G =I 这个等式的左边是在用于消费和政府购买之后留下的总收入，这个量被称为国民储蓄，或简称 储蓄 (S)。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Some Important Identities 一些重要的恒等式 Substituting S for Y-C-G, the equation can be written as: 用S代替Y-C-G ，上式可以写为： S = I Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Some Important Identities 一些重要的恒等式 National saving, or saving, is equal to: 国民储蓄或储蓄等于： S = I S = Y – C – G S = (Y – T – C) + (T – G) Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Meaning of Saving and Investment National Saving National saving is the total income in the economy that remains after paying for consumption and government purchases. Private Saving Private saving is the amount of income that households have left after paying their taxes and paying for their consumption. Private saving = (Y – T – C) Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 储蓄与投资的含义 国民储蓄 国民储蓄——一个经济在用于消费和政府购买后剩下的总收入。 私人储蓄 私人储蓄——家庭在支付了税收和消费之后剩余的收入量。 私人储蓄 = (Y – T – C) Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Meaning of Saving and Investment Public Saving Public saving is the amount of tax revenue that the government has left after paying for its spending. Public saving = (T – G) Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 储蓄与投资的含义 公共储蓄 公共储蓄——政府在支付其支出后剩余的税收收入量。 公共储蓄 = (T – G) Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Meaning of Saving and Investment Surplus and Deficit If T > G, the government runs a budget surplus because it receives more money than it spends. The surplus of T - G represents public saving. If G > T, the government runs a budget deficit because it spends more money than it receives in tax revenue. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 储蓄与投资的含义 预算盈余与预算赤字 如果T>G，政府由于得到的资金大于支出，政府有预算赢余。 这种 T-G 的盈余代表 公共储蓄。 如果 G>T， 政府支出大于其税收收入，政府有预算赤字。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Meaning of Saving and Investment 储蓄与投资的含义 For the economy as a whole, saving must be equal to investment. 对整个经济而言，储蓄必定等于投资。 S = I Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Market for Loanable Funds 可贷资金市场 Financial markets coordinate the economy’s saving and investment in the market for loanable funds. 金融市场在 可贷资金市场上协调经济中的储蓄与投资。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Market for Loanable Funds 可贷资金市场 The market for loanable funds is the market in which those who want to save supply funds and those who want to borrow to invest demand funds. 可贷资金市场——想储蓄提供资金的人和想为投资需求借资金的人的市场。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Market for Loanable Funds 可贷资金市场 Loanable funds refers to all income that people have chosen to save and lend out, rather than use for their own consumption. 可贷资金是指人们选择储蓄并贷出而不用于自己消费的所有收入。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Supply and Demand for Loanable Funds The supply of loanable funds comes from people who have extra income they want to save and lend out. The demand for loanable funds comes from households and firms that wish to borrow to make investments. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 可贷资金的供给与需求 可贷资金的供给来自那些有额外收入并想储蓄和贷出的人。 可贷资金的需求来自希望借款进行投资的家庭和企业。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Supply and Demand for Loanable Funds The interest rate is the price of the loan. It represents the amount that borrowers pay for loans and the amount that lenders receive on their saving. The interest rate in the market for loanable funds is the real interest rate. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 可贷资金的供给与需求 利率 是贷款的价格。 它代表借款者要为贷款支付的量以及贷款者从其储蓄得到的量。 可贷资金市场上的利率是实际利率。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Supply and Demand for Loanable Funds 可贷资金的供给与需求 Financial markets work much like other markets in the economy. 金融市场的运行很像经济中其他市场的运行。 The equilibrium of the supply and demand for loanable funds determines the real interest rate. 可贷资金市场的供给与需求均衡决定了实际利率。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Loanable Funds (in billions of dollars) 可贷资金 0 Interest Rate 利率 Figure 1 Market for Loanable Funds 图1. 可贷资金市场 2 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Supply and Demand for Loanable Funds Government Policies That Affect Saving and Investment Taxes and saving Taxes and investment Government budget deficits Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 可贷资金的供给与需求 影响储蓄与投资的政府政策 税收与储蓄 税收与投资 政府预算赤字 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 1: Saving Incentives 政策1：储蓄激励 Taxes on interest income substantially reduce the future payoff from current saving and, as a result, reduce the incentive to save. 对利息收入征税大大减少了现期储蓄的未来 收益，因此，减少了对人们储蓄的激励。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 1: Saving Incentives A tax decrease increases the incentive for households to save at any given interest rate. The supply of loanable funds curve shifts to the right. The equilibrium interest rate decreases. The quantity demanded for loanable funds increases. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 政策1：储蓄激励 税收减少提高了任何一种既定利率水平下对家庭储蓄的激励。 可贷资金的供给曲线向右移动。 均衡利率下降。 对可贷资金的需求量增加。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Figure 2 An Increase in the Supply of Loanable Funds Loanable Funds (in billions of dollars) 0 Interest Rate Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 图2. 可贷资金供给增加 可贷资金 (10亿美元) 0 5% 供给, S1 $1,200 需求 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 1: Saving Incentives 政策1：储蓄激励 If a change in tax law encourages greater saving, the result will be lower interest rates and greater investment. 如果税法变动鼓励了更多储蓄，结果是利率下降和投资增加。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 2: Investment Incentives 政策2： 储蓄与投资 An investment tax credit increases the incentive to borrow. 投资税收优惠提高了借款的激励。 Increases the demand for loanable funds. 提高了对可贷资金的需求。 Shifts the demand curve to the right. 使需求曲线向右移动。 Results in a higher interest rate and a greater quantity saved. 导致更高的利率和更大的储蓄量。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 2: Investment Incentives 政策2： 储蓄与投资 If a change in tax laws encourages greater investment, the result will be higher interest rates and greater saving. 如果税法变动鼓励更多投资，结果是 利率上升而储蓄更多。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Figure 3 An Increase in the Demand for Loanable Funds Loanable Funds (in billions of dollars) 0 Interest Rate Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 图3. 可贷资金需求增加 可贷资金 (10亿美元) 0 5% $1,200 供给 需求, D1 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 3: Government Budget Deficits and Surpluses 政策3：政府预算赤字与盈余 When the government spends more than it receives in tax revenues, the short fall is called the budget deficit. 当政府支出大于其税收收入时引起的收入短缺被称为预算赤字。 The accumulation of past budget deficits is called the government debt. 过去预算赤字的积累被称为政府债务。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 3: Government Budget Deficits and Surpluses Government borrowing to finance its budget deficit reduces the supply of loanable funds available to finance investment by households and firms. This fall in investment is referred to as crowding out. The deficit borrowing crowds out private borrowers who are trying to finance investments. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 政策3：政府预算赤字与盈余 当政府借款为其预算赤字筹资时，它就减少了可用于家庭和企业为投资而筹借的可贷资金的供给。 这种投资的减少被称为挤出. 政府为其预算赤字借款 挤出了那些想为投资筹资的私人借款者。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 3: Government Budget Deficits and Surpluses 政策3：政府预算赤字与盈余 A budget deficit decreases the supply of loanable funds. 预算赤字减少了可贷资金的供给。 Shifts the supply curve to the left. 使供给曲线向左移动。 Increases the equilibrium interest rate. 提高了均衡利率。 Reduces the equilibrium quantity of loanable funds. 减少了可贷资金的均衡量。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Figure 4: The Effect of a Government Budget Deficit Loanable Funds (in billions of dollars) 0 Interest Rate Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 图4. 政府预算赤字的后果 可贷资金 (10亿美元) 0 $1,200 供给, S1 需求 5% Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 3: Government Budget Deficits and Surpluses 政策3：政府预算赤字与盈余 When government reduces national saving by running a deficit, the interest rate rises and investment falls. 当政府存在预算赤字时，减少了国民储蓄，利率上升，投资减少。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Policy 3: Government Budget Deficits and Surpluses 政策3：政府预算赤字与盈余 A budget surplus increases the supply of loanable funds, reduces the interest rate, and stimulates investment. 预算盈余增加了可贷资金的供给，降低了利率，并刺激了投资。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Figure 5 The U.S. Government Debt Percent of GDP 1790 1810 1830 1850 1870 1890 1910 1930 1950 1970 1990 2010 0 20 40 60 80 100 120 图5. 美国政府债务 独立战争 内战 一战 二战 GDP的百分比 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Summary The U.S. financial system is made up of financial institutions such as the bond market, the stock market, banks, and mutual funds. All these institutions act to direct the resources of households who want to save some of their income into the hands of households and firms who want to borrow. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 小结 美国金融体系由各种金融机构所组成，例如，债券市场、股票市场、银行和共同基金。 所有这些机构的作用都是使那些想把一部分收入储蓄起来的家庭的资源流入那些想借款的家庭和企业的手中。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Summary National income accounting identities reveal some important relationships among macroeconomic variables. In particular, in a closed economy, national saving must equal investment. Financial institutions attempt to match one person’s saving with another person’s investment. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 小结 国民收入帐号恒等式说明了宏观经济变量之间的一些重要关系。 特别是，对一个封闭经济来说，国民储蓄一定等于投资。 金融机构是经济使一个人的储蓄与另一个人的投资相匹配的机制。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Summary The interest rate is determined by the supply and demand for loanable funds. The supply of loanable funds comes from households who want to save some of their income. The demand for loanable funds comes from households and firms who want to borrow for investment. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 小结 利率由可贷资金的供求决定。 可贷资金的供给来自想把自己一部分收入储蓄起来并借出去的家庭。 可贷资金的需求来自想借款投资的家庭和企业。 Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Summary National saving equals private saving plus public saving. A government budget deficit represents negative public saving and, therefore, reduces national saving and the supply of loanable funds. When a government budget deficit crowds out investment, it reduces the growth of productivity and GDP. Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. 小结 国民储蓄等于私人储蓄加公共储蓄。 政府预算赤字代表负的公共储蓄，从而减少了国民储蓄和可用于为投资筹资的可贷资金的供给。 当政府预算赤字挤出了投资时，它就降低了生产率和GDP的增长。 2