/*
-- Title : 금융 경제 개요
-- Reference : BDMBA
*/
■ Money(통화), Banking(은행), and Financial Markets(금융시장)
ㅁ Financial Markets?
- 채권시장과 이자율
- 주식시장과 주가
- 외환시장과 환율
ㅁ Financial Institutions and Banking?
- 금융중개기관(financial intermediary)
- 은행(bank) 및 기타금융기관
- 금융혁신(financial innovation)
- 전자금융(e-finance)
- 금융위기(financial crises)
ㅁ Money and Monetary Policy?
- Money & business cycles
- Money & inflation
- Money & interest rates
- 통화정책(monetary policy)
- Federal Reserve System, Fed
- 재정정책(fiscal policy)
ㅁ International Finance?
- 국제금융시스템(international financial system)
ㅁ Aggregate output and income
- 국내총생산(GDP : gross domestic product)
- 총소득(aggregate income)
- 총지출(aggregate expenditure)
ㅁ Real(실질) versus nominal(명목) magnitudes
- 명목 경상(current)
- 명목 현재(그 해의) 가격으로 측정한
- 경제적 후생의 지표로는 문제
- 실질 = 가격변화 제거(가격 조정)
- 실질 GDP = 기준연도의 (불변)가격으로 측정한
■ An Overview of the Financial System(금융시장)
ㅁ Function of Financial Markets
- 직접금융(direct finance) vs. 간접금융(indirect finance)
- 증권(security) 금융상품(financial instrument)
- 자산(asset) vs. 부채(liability, IOU, debt)
- 자본(capital) financial wealth or physical wealth that is employed to produce more wealth
ㅁ Structure of Financial Markets
- 채무시장(debt market) vs. 지분시장(equity market)
- 발행시장(primary market) vs. 유통시장(secondary market)
- 거래소(exchanges) vs. 장외시장(OTC (over-the-counter) market)
- 금융시장(money market) vs. 자본시장(capital market)
ㅁ Financial Market Instruments
- Money market instruments
Treasury Bills(재무부)
CD (certificates of deposit 예금 증명서)
CP (commercial paper)
Federal Funds(연방 기금)
RP (repurchase agreements 재구매 계약, repo 리포지토리) - Money market rates
Prime rate(우대 금리)
(federal funds rate 연방 기금 금리)
Treasury bill rate (재부무 청구 율)
Libor rate - Capital market instruments
stocks(주식)
corporate bonds(회사채)
government bonds(정부 채권)
mortgages(모기지)
loans(대출)
ㅁ Internationalization of Financial Markets
- Foreign bonds(외국 채권)
- Eurobond(유로 본드)
- Eurocurrencies (유로화)
- Eurodollars (유로 달러)
ㅁ Function of 'Financial Intermediaries(금융 중개자): Indirect Finance간접 금융'
- 금융중개기관
자금조달 by 부채발행
자산획득 by 증권매입, 대출 - 역할
거래비용(transaction costs)
- 규모의 경제(economies of scale) - 위험분담(risk sharing)
자산변환(asset transformation)
분산투자(diversification)
“You shouldn’t put all your eggs in one basket.” - 비대칭 정보(asymmetric information)
역선택(adverse selection), hidden characteristics, 거래 발생 전
도덕적 해이(위험)(moral hazard), hidden actions, 거래 발생 후 - 잠재적 단점
범위의 경제(economies of scope)
이해상충(conflicts of interest)
ㅁ Types of Financial금융 Intermediaries중개인
- Depository institutions 보관소 기관
commercial banks 상업 은행
saving & loan associations 저축 및 대출 협회
mutual savings banks 상호 저축 은행
credit unions 신용 조합 - Contractual savings institutions 계약 저축 기관
life insurance companies 생명 보험 회사
fire & casualty insurance companies 화재 및 상해 보험 회사
pension funds 연금 기금
government retirement funds 정부 퇴직 기금 - Investment intermediaries 투자 중개자
finance companies 금융 회사
mutual funds 뮤추얼 펀드
money market mutual funds 머니 마켓 뮤추얼 펀드
hedge funds 헤지 펀드
ㅁ Regulation of the Financial System 금융 시스템의 규제
- Why 규제?
To increase the information available to investors 투자자가 이용할 수 있는 정보를 늘리려면
To ensure the soundness of the financial system 금융 시스템의 건정성을 보장하기 위해
■ What is Money?
ㅁ Meaning of Money
Money is anything that is generally accepted as a means of payment.
ㅁ Functions of Money
Medium of exchange
- “double coincidence of wants”
- Unit of account
- Store of value
ㅁ Evolution of the Payments System
- commodity money
- fiat money
intrinsic uselessness
non-convertibility - checks
- electronic payment
- e-money