金融市場與凈現(xiàn)值分析報告-展示頁
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【正文】 the whole $120,000 to a financial intermediary in return for a promise to repay the $120,000 in one year with interest. ? The intermediary in turn loans $30,000 to each of the 4 college seniors. Student 1 Student 2 Student 3 Student 4 $30,000 $30,000 $30,000 Bank $120,000 Dentist $30,000 $30,000 (1+r) $30,000 (1+r) $30,000 (1+r) $30,000 (1+r) $120,000 (1+r) McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 31 The Financial Market Economy ? Individuals and institutions have different ine streams and different intertemporal consumption preferences. ? Because of this, a market has arisen for money. The price of money is the interest rate. McGrawHill/Irwin Copyright 169。McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 30 Chapter Outline The Financial Market Economy Making Consumption Choices Over Time The Competitive Market The Basic Principle Practicing the Principle Illustrating the Investment Decision Corporate Investment DecisionMaking Summary and Conclusions McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 32 The Financial Market Economy: Example ? Consider a dentist who earns $200,000 per year and chooses to consume $80,000 per year. He has $120,000 in surplus money to invest. ? He could loan $30,000 to each of 4 college seniors. They each promise to pay him back with interest after they graduate in one year. Dentist Student 1 Student 2 Student 3 Student 4 $30,000 $30,000 $30,000 $30,000 $30,000 (1+r) $30,000 (1+r) $30,000 (1+r) $30,000 (1+r) McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 34 The Financial Market Economy: Example ? Financial intermediation can take three forms: – Size intermediation ? In the example above, the bank took a large loan from the dentist and made small loans to the students. – Term intermediation ? Commercial banks finance longterm mortgages with shortterm deposits. – Risk intermediation ? Financial intermediaries can tailor the risk characteristics of securities for borrowers and lenders with different degrees of risk tolerance. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 36 Making Consumption Choices over Time ? An individual can alter his consumption across time periods through borrowing and lendi
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