1,measurement of moneyM0:流通中的现金Currency in circulation refers to that circulated in nonbank publics, this is the money in the narrowest sense,We use M 0 to denote. Eg: coins, paper moneyM1: narrow money 狭义货币currency in circulation and checkable deposits 反应了社会的直接购买支付能力M2: broad money 广义货币 M 1+Saving deposits既反映了现实的购买力也反映了潜在的购买力，中央银行货币政策调节的主要中介目标2，function definition:（会判断）Measurement of money 价值尺度Medium of exchange 流通手段Medium of payment 支付手段Means of storage 储藏手段World currency 世界货币3，Gold standard 大致了解Gold coin standard is the typical example （金铸币本位制）4，fiat money standard （不兑现信用货币制度）Lecture2 money and monetary systems2011年11月20日0:231，components of financial system 看一下定义2，funds flows 流动的载体、原则、监管Indirect financing 间接融资：●3，直接融资和间接融资（了解）Indirect financing is a means of financing via financial intermediaries which mainly includes commercial banks.Commercial banks, insurance companies, investment funds, etc., are bridges for indirect financing.Theory of financial intermediation focusing on the reason why there is financial intermediary, the nature of financial intermediary, and the division of labor between financial markets and intermediaries.Direct financing●Financing activities between demanders for funds and suppliers of funds are conducted in financial markets directly.It is worth pointing out that direct financing also involves financial institutions such as investment banks, security brokers, and market makers, etc.Financial market theory focusing on allocation efficiency of capitals, and asset pricing, etc.Disadvantages of direct financing●Advantages vs. disadvantages of different financingsExpertise requirementsHigher risks involvedIndirect financing●Tough requirements for issuersReducing information and contract costsReducing risks by diversificationsTransformation of maturities4，两种结构，大致理解比较bank-based and market-based市场，伙伴关系相对少，股权分散银行，贷款，商业往来，合作伙伴，允许交叉持股直接融资：市场间接融资：银行Lecture3 financial system and financial structure2011年12月9日15:495，中国的金融体系概览（有所了解）A glimpse at china's financial system中国以商业银行主导的间接融资模式为主● 非简单的银行主导，政府干预太多在直接融资中，通过发行企业债券方式所筹集的资金比例低于股票融资。
目前我国企业债券市场发展规模十分有限●政府的干预●在间接融资中，四大国有商业银行占据了绝对的市场份额，但是其所占市场份额有下降趋势6，台湾的金融体系，大致了解，中小企业而非正式金融7，金融体系的功能（functions of financial system)（不确定条件下资源的时空配置，6个功能，分清楚，能判断）The primary function of any financial system is to ficilitate the allocation and deployment of economic resources, both spatially and temporally, in an uncertain environment.Function 1: A financial system provides a payment system for the exchange of goods and services. 支付清算Function 2: A financial system provides a mechanism for the pooling of funds to undertake large-scale indivisible enterprise.融资机制的供给Function 3: A financial system provides a way to transfer economic resources through time and across geographic regions and industries.资源配置Function 4: A financial system provides a way to manage uncertainly and control risk.不确定性管理和风险控制，最基本的有跨期平滑（intertemporal smoothing ）和横向分担（cross-sectional risk sharing ）Function 5: A financial system provides price information that helps coordinate decentralized decision-making in various sectors of the economy.协调经济中不同部门的分散化决策Function 6: A financial system provides a way to deal with the asymmetric-information and incentive problems when one party to financial transaction has information that the other party does not.解决信息不对称和激励问题8信息问题，解决问题的相对优势及不足了解银行跟市场降低信息不对称的措施eg：抵押品有利于减轻逆向选择或道德风险吗？解决信息不对称：逆向选择：在交易发生之前，信息不对称造成的问题是会导致逆向选择。
解决办法：中介的信息生产和甄别[screening]道德风险：在交易发生之后由于信息不对称所造成的问题。
解决方法：受托监控[delegated monitoring]9，中国的金融体系，了解Secured bond 担保债券（抵押债券）Subordinated debenture 次级无担保债券7，金融工具（financial instruments）Liquidity 流动性：必须能很容易变现变现交易成本必须极小资产的价格必须保持相对稳定Risk 风险性：default risk 违约风险：又称信用风险，指由于金融工具发行人破产而不能收回本金或利息的可能性 market risk 市场风险：价格波动引起的风险Return 收益性：当期收益率和到期收益率三特点之间的关系：流动性与收益性之间是负相关关系风险性跟收益性是正相关关系：风险性跟流动性：流动性高的金融工具风险小，因为它们可以立即变现，价格波动小。
长期债券的价格波动比短期大，它们就比短期债券的流动性低，风险高。
金融工具：广义的金融工具不仅包括股票、债券等有价证券，而且包括存款、贷款等金融资产。
狭义的金融工具是指资金短缺单位向资金盈余单位借入资金或发行者向投资者筹措资金时，依一定格式制成标准化的、在金融市场上被普遍接受和交易的金融资产。
1，DV &FV2，YTM 给定两种债券， 判断哪个到期收益率高市价=未来现金流的折现3，债券价格与利率负相关4，determination of interest rate 哪些的变化导致AD 曲线移动费雪公式供需均衡影响利率：5，利率的期限结构和利率的 风险结构6，三个事实1，单利与复利（没说）simple and compound interest rate单个现金流：①.现值：系列现金流：年金annuities 的计算②.很多时候会遇到一系列现金流的情况，如分期等额付款、还款，发放养老金、支付工程款等。
经济学上将这种定额定期的支付称为“年金”。
这里涉及的就是年金现值和年金终值的计算。
年金终值之和年金现值之和求和得：2，现值与终值：DV&PV到期收益率是指使债务工具未回报的现值与今天价值相等的利率。
计算：普通贷款（simple loan ）①.Fixed-payment loan:定期定额贷款②.Coupon-bond ：息票债券③.consols ：统一公债④.Zero-coupon bond ：贴现发行票据的到期收益率⑤.Current bond prices and interest rates are negatively related: when the interest rate rises, the price of the bond falls, and vice versa.债券价格与利率负相关（利率是用到期收益率衡量的）3，到期收益率Yield to maturity费雪效应图：4，Real VS nominal interest rate:费雪公式！！！不等于费雪效应！！！I 表示利息额，P 表示本金，i 表示利率，n 表示期限，S 表示本金和利息之和将终值换算成现值的过程叫贴现discount求和得A 代表年金，i 代表利率LV=贷款余额loan valueFP=固定的年偿付额fixed yearly payment n=到期前贷款年限maturity of the loanC:每年的支付额P ：债券的市场价格i ：名义利率 r ：实际利率利率的两个影响因素：inflation 和real rateLecture5 theory of interest rate2011年12月10日10:465,determination of interest rate货币需求曲线的移动：收入效应和价格效应。