金融英语Lecture 1 Money.docx
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金融英语Lecture 1 Money.docx
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金融英语Lecture1Money
Money
Ifyoucanactuallycountyourmoney,thenyouarenotreallyarichman.
——AmericanoilbillionaireJ.PaulGetty
Whatismoney?
Economistsdefinemoneyasanythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts.
Typesofmoney
A.Commoditymoney
B.Convertiblepapermoney
C.Fiatmoney(orfiatcurrency):
Usuallypapermoney,isatypeofcurrencywhoseonlyvalueisthatagovernmentmadeafiatthatthemoneyisalegalmethodofexchange.
Unlikecommoditymoneyorrepresentativemoneyitisnotbasedinanothercommoditysuchasgoldorsilverandisnotcoveredbyaspecialreserve.
D.Privatedebtmoney
E.Electronicmoney
Privatedebtmoney
Aloanthattheborrowerpromisestorepayincurrencyondemand.E.g.IOUthecheckabledepositatcommercialbanksandotherfinancialinstitutions.
Commercialnotes(商业票据):
Short-term,unsecured,discounted,andnegotiablenotessoldbyonecompanytoanotherinordertosatisfyimmediatecashneeds.
Include:
promissorynote(期票,拮据)draft(汇票)checkandsoon.
Electronicmoney:
ElectronicCheck,InternetPaymentSystem,CreditCardService
Whatdoesmoneydo?
A.MediumofExchange
Inalmostallmarkettransactionsinoureconomy,moneyintheformofcurrencyorchecksisamediumofexchange;itisusedtopayforgoodsandservices.Theuseofmoneyasamediumofexchangepromoteseconomicefficiencybyeliminatingmuchofthetimespentinexchanginggoodsandservices.
Terms:
Transactioncost,Timevalueofmoney
B.UnitofAccount
Thesecondroleofmoneyistoprovideaunitofaccount;thatis,itisusedtomeasurevalueintheeconomy.Wemeasurethevalueofgoodsandservicesintermsofmoney,justaswemeasureweightintermsofpoundsordistanceintermsofmiles.
Note:
Fiatmoneyhasnotonlynoparticularvalueinuse;itdoesn'tevenreallyhaveavalueinexchangeexceptthatwhichisdecreedthatitwouldhave.
Terms:
Goodmoney,Badmoney
C.StoreofValue
Moneyalsofunctionsasastoreofvalue:
itisarepositoryofpurchasingpowerovertime.Itisanasset.It'ssomethingthatwecanusetostorevalueawaytoberetrievedatalaterpointintime.Sowecannotconsumetoday,wecanholdmoneyinstead-andtransferthatconsumptionpowertosomepointinthefuture.
Term:
Hardcurrency
MeasuringMonetaryAggregates
1.Measureas“money”onlythoseassetsthataremostliquid,hencethatfunctionbestasamediumofexchange.
2.Includeallfinancialassetsinthemeasureofmoney,butweighttheminproportiontotheirliquidity.
1.M1=MostNarrowMeasure(MostLiquid)
M1=currency+traveler’schecks+demanddeposits+othercheckabledeposits
2.M2=M1+LessLiquidAssets
M2=M1+smalldenominationtimedeposits+savingsdeposits+moneymarketdepositaccounts+moneymarketmutualfundshares
3.M3=M2+LessLiquidAssets
Moneysupply
Therevenueraisedthroughtheprintingofmoney.Whenthegovernmentprintsmoneytofinanceexpenditure,itincreasesthemoneysupply.Theincreaseinthemoneysupply,inturn,causesinflation.Printingmoneytoraiserevenueislikeimposinganinflationtax.
Toexpandthemoneysupply:
TheFederalReservebuysTreasuryBondsandpaysforthemwithnewmoney.
Toreducethemoneysupply:
TheFederalReservesellsTreasuryBondsandreceivestheexistingdollarsandthendestroysthem.
Inflation
Inflationisanincreaseintheaveragelevelofprices,andapriceistherateatwhichmoneyisexchangedforagoodorservice.
Hereisagreatillustrationofthepowerofinflation:
In1970,theNewYorkTimescost15cents,themedianpriceofasingle-familyhomewas$23,400,andtheaveragewageinmanufacturingwas$3.36perhour.In2008,theTimescost$1.50,thepriceofahomewas$183,300,andtheaveragewagewas$19.85perhour.
Hyperinflationisdefinedasinflationthatexceeds50percentpermonth,whichisjustover1percentaday.
Questions
1.Moneyisnotuniqueasastoreofvalue;anyasset,beitmoney,stocks,bonds,land,houses,art,orjewelry,canbeusedtostorewealth.Manysuchassetshaveadvantagesovermoneyasastoreofvalue:
Theyoftenpaytheownerahigherinterestratethanmoney,experiencepriceappreciation,anddeliverservicessuchasprovidingaroofoverone'shead.Iftheseassetsareamoredesirablestoreofvaluethanmoney,whydopeopleholdmoneyatall?
Theanswertothisquestionrelatestotheimportanteconomicconceptofliquidity.
2.Rankthefollowingassetsfrommostliquidtoleastliquid:
a.Checkingaccountdepositsb.Housesc.Currency
d.Washingmachinese.Savingsdepositsf.Commonstock
3.Whyhavesomeeconomistsdescribedmoneyduringahyperinflationasa“hotpotato”thatisquicklypassedfromonepersontoanother?
4.Wasmoneyabetterstoreofvalueinthe
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