【導(dǎo)讀】24. Chapter. EighthEdition. PeterS.Rose. 24-2. LearningObjectives?24-3. LearningObjectives?mortgageloans.24-4. Introduction. 2020. Purchaseprice($000)$$$$. Amountofloan($000). Loan/priceratio(%). Maturity(years). Fees&charges(points)%%%%. FHAmortgageyield(%)*. 24-6. 0. 1000. 2020. 3000. 4000. 5000. 6000. 7000. 8000. $billions. TotalMortgageDebt. 24-7. Flo. wo. fS. avin. gs. lenders. Commercialbanks&bankholding. co.Savings&loanassociations. Savingsbanks. Creditunions. Insuranceco.Pensionplans. Mutualfunds. Foreigninvestors. Mortgagebanks. loans. Farm&ranchmortgageloans. Privatemortgage. pools(securitized. loans). Federal&federally. sponsoredmortgage. agencies. 24-8. 2020byTheMcGraw-HillCompanies,Inc.A

　　

【正文】 emains stable does not hold. ? Only the supply and demand for money is considered. A more prehensive view that considers the supply and demand for credit by all actors in the financial system businesses, households, and governments is needed. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 44 The Loanable Funds Theory of Interest ? The popular loanable funds theory argues that the riskfree interest rate is determined by the interplay of two forces: ? the demand for credit (loanable funds) by domestic businesses, consumers, and governments, as well as foreign borrowers ? the supply of loanable funds from domestic savings, dishoarding of money balances, money creation by the banking system, as well as foreign lending ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 45 The Loanable Funds Theory of Interest The Demand for Loanable Funds ? Consumer (household) demand is relatively inelastic with respect to the rate of interest. ? Domestic business demand increases as the rate of interest falls. ? Government demand does not depend significantly upon the level of interest rates. ? Foreign demand is sensitive to the spread between domestic and foreign interest rates. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 46 The Loanable Funds Theory of Interest Total Demand for Loanable Funds (Credit) Interest Rate Amount of Loanable Funds Total Demand = Dconsumer + Dbusiness + Dgovernment + Dforeign ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 47 The Loanable Funds Theory of Interest The Supply of Loanable Funds ? Domestic Savings. The effect of ine, substitution, and wealth effects is a relatively interestinelastic supply of savings curve. ? Dishoarding of Money Balances. When individuals and businesses dispose of their excess cash holdings, the supply of loanable funds available to others is increased ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 48 The Loanable Funds Theory of Interest ? Creation of Credit by the Domestic Banking System. Commercial banks and nonbank thrift institutions offering payments accounts can create credit by lending and investing their excess reserves. ? Foreign lending is sensitive to the spread between domestic and foreign interest rates. The Supply of Loanable Funds … continued ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 49 The Loanable Funds Theory of Interest Total Supply of Loanable Funds (Credit) Interest Rate Amount of Loanable Funds Total Supply = domestic savings + newly created money + foreign lending – hoarding demand ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 50 The Loanable Funds Theory of Interest The Equilibrium Interest Rate Interest Rate Amount of Loanable Funds rE QE ? Demand Supply ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 51 The Loanable Funds Theory of Interest ? At equilibrium: ? Planned savings = planned investment across the whole economic system ? Money supply = money demand ? Supply of loanable funds = demand for loanable funds ? Net foreign demand for loanable funds = exports ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 52 The Loanable Funds Theory of Interest ?Interest rates will be stable only when the economy, money market, loanable funds market, and foreign currency markets are simultaneously in equilibrium. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 53 The Rational Expectations Theory of Interest ? The rational expectations theory builds on a growing body of research evidence that the money and capital markets are highly efficient in digesting new information that affects interest rates and security prices. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 24 54 The Rational Expectations Theory of Interest ? The public forms rational and unbiased expectations about the future demand and supply of credit, and hence interest rates. Interest Rate Amount of Loanable Funds rE QE ? Expected Demand Expected Supply