1、金融市场与机构教学大纲金融市场与机构教学大纲“Financial Markets and Institutions” Course Outline课程编号： 151213A课程类型：专业必修课总学时： 48 讲课学时： 48 实验（上机）学时：无学分：3适用对象：经济学、管理学、金融学等先修课程：微观经济学、宏观经济学Course Code: 151213ACourse Type: Specialized coursePeriods: 48 Lecture: 48 Experiment (Computer): NoneCredits: 3Applicable Subjects: Economi
2、cs, Finance, ManagementPreparatory Courses: Microeconomics (not required), Macroeconomics 一、课程的教学目标这是一门面向经济学、金融学和管理学等专业本科生介绍关于金融市场与机构历史、现状及发展的基础知识和基础理论的课程。本门课着力于将理论与实际紧密相连，可以帮助学生理解:(1)金融市场和机构在如何运作;(2)金融机构与金融创新如何影响银行和经济结构；(3)货币政策，经济周期与其它经济变量间的联系。学完本门课程，学生应对经济活动中金融市场和机构所扮演的角色有系统的理解和认识，并具备分析宏观经济变动对各金融市
3、场各组成影响的能力。This is a specialized course in the basic knowledge and theory about the history, current and future outlook of financial markets and financial institutions for students majoring in Economics, Finance and Management. This course closely combines theory and practice. This course helps the s
4、tudent in understanding:(1) how financial markets and institutions work in the economy;(2) how financial intermediation and financial innovation affect banking and the economy; (3) the basic links among monetary policy, the business cycle, and economic variables。 After learning this course, the stud
5、ent should be able to identify and explain the functions of financial markets and financial institutions in the real economy. Furthermore, they should also be able to analyze how macroeconomic shocks affect the financial system. 二、教学基本要求（黑体，小四号字）本课程主要是从经济学的角度来学习金融系统。全课程的核心包括两个层次的难点1，股市，债市，和货币市场组成元素、
6、运行规则以及市场价格形成机制。2，运用经济学理论来分析宏观变量对于各个市场以及产品价格的影响。为了达到这个目标，需要紧密联系现实情况，通过分析热点问题培养学生学兴趣，同时揭示信息不对称以及机制设计等学习难点，让学生更快且更深入的理解整个金融市场的运作。对于学生不仅需要他们了解书本上的知识，更需要紧密地追踪市场新闻，并且不断地利用所学的知识来进行分析，并根据市场走势来验证自己的判断。本课程预计将设计8次作业并采用两次期中一次期末的闭卷考试方式进行考核。本课最终的成绩将取决于出勤，作业以及考试的加总。分数加总的方式如下总分数（100%）项目出勤作业期中1期中2期末分项权重5%15%15%20%45
7、%This course studies the financial system from an economic perspective. Students will examine major financial assets and markets, financial intermediation, central banking and monetary policy. To help students construct the understanding of financial markets quickly, this course divides financial ma
8、rkets and institutions into two levels. The first level is based on the discussion of the components of financial markets which include the operations of financial markets and the price setting mechanism. The second level is based on analyzing how economic conditions affect the components of financi
9、al markets and institutions. Before embarking on the study of this course, the student must be convinced that financial market and institutions is an exciting field because it focuses on economic phenomena that affect everyday life. Talking about the data and news from real markets helps the student
10、s to get familiar with the real world and strengthen their abilities to apply the theories from this course to analyzing the real markets. There should be around 8 problem sets, two midterm exams, and one final exam for this course. The course grade is based on lecture attendance, assignments, and e
11、xams. They will count toward the total numerical grade as follows:Total Numerical Grade（100%）ItemAttendanceAssignmentMidterm IMidterm IIFinalPercent5%15%15%20%45%三、各教学环节学时分配教学课时分配序号章节内容讲课实验其他合计1绪论222金融市场10103金融机构13134央行和货币政策13135货币理论1010合计4848Time DistributionNo.ContentHoursLabOthersTotal1Introducti
12、on222Financial Markets10103Financial Institutions13134Central Banking and the Conduct of Monetary Policy13135Monetary Theory1010Total4848四、教学内容第1章绪论第一节为什么学习金融市场与金融机构1.为什么学习金融市场？2.为什么学习金融机构？3.为什么学习货币和货币政策？第二节金融系统总览1. 金融市场功能2.金融市场结构3.金融市场工具第二节什么是货币1.货币的定义和功能2.支付系统的演变教学重点、难点：了解金融市场与金融中介对资本的分配意义，货币的经济学意
13、义课程的考核要求：熟练掌握金融市场的基本组成，掌握货币经济学意义Chapter 1 IntroductionSection 1 Why Study Money, Banking, and Financial Markets?1.Why Study Financial Markets?2.Why Study Financial Institutions and Banking?3.Why Study Money and Monetary Policy?Section 2 An Overview of the Financial System1.Function of Financial Mark
14、ets2.Structure of Financial MarketsSection 3 What is Money1.Meaning and Functions of Money2.Evolution of the Payments SystemKey and Difficult Points: the functions of financial markets and financial intermediates in distributing the capital, understand money from an economic pespectiveEvaluation Req
15、uirements: be proficient in understanding the construction of financial markets, master the meaning of monetary economics第2章金融市场第一节利率的定义1.测量利率2.利率与收益的区别3.实际与名义利率第二节利率的行为1.资产需求决定要素2.债券市场的供给与需求3.均衡利率的变动第三节利率的风险与期限结构1.利率的风险结构2.利率的期限结构第四节股票市场，理性预期，和有效市场假说1.计算普通股票价格2.市场如何决定股票价格3.理性预期假说4.市场有效性假说教学重点、难点：利率
16、与收益的区别，有效市场假说，债券市场利率决定课程的考核要求：熟练掌握利率的决定因素，熟练掌握债券市场对利率的影响，理解理性预期理论以及有效市场假说Chapter 2 Financial MarketsSection 1 The Meaning of Interest Rates1.Measuring Interest Rates2.The Distinction Between Interest Rates and Returns3.The Distinction Between Real and Nominal Interest RatesSection 2 The Behavior of
17、Interest Rates1.Determinants of Asset Demand2.Supply and Demand in the Bond Market3.Changes in Equilibrium Interest RatesSection 3 The Risk and Term Structure of Interest Rates1.Risk Structure of Interest Rate2.Term Structure of Interest RatesSection 4 The Stock Market, the Theory of Rational Expect
18、ations, and the Efficient1.Computing the Price of Common Stock2.How the Market Sets Stock Prices3.The Theory of Rational Expectations4.The Efficient Market Hypothesis：Rational Expectations in Financial MarketsKey and Difficult Points: Distinguish the difference between interest rate and return, Effi
19、cient Market Hypothesis, How the market sets interest rateEvaluation Requirements: be proficient in explaining the determinants for interest rates, be proficient in explaining the performance of bond rates in bond markets, and understand rational expectations and efficient market hypothesis第3章金融机构第一
20、节金融结构的经济学分析1.世界金融结构的基本特点2.交易成本3.不对称信息4.逆向选择对金融结构的影响5.道德风险对股票与债券市场影响第二节银行系统与金融机构管理1.银行资产负债表2.银行基本知识3.银行管理概要4.信贷风险管理5.利率风险管理6.表外业务第三节金融监管的经济学分析1.不对称信息2.金融监管种类第四节银行产业：结构与竞争1.银行系统的历史发展2.金融创新与影子银行3.商业银行结构4.全球银行结构比较5.分业与混业经营第五节金融危机1.什么是金融危机2.金融危机的动态发展3.2007-2009年金融危机4.金融监管的反应第六节非银行金融1.保险业2.年金3.金融公司4.债券公司5
21、.共同基金6.对冲基金7.私募及风险投资第七节金融产业的利益冲突1.什么是利益冲突2.利益冲突种类3.市场是否会消灭利益冲突教学重点、难点：不对称信息，金融危机成因，银行资产负债表管理，利益冲突原理课程的考核要求：熟练掌握不对称信息在金融市场中的表现，理解利率的决定因素，理解金融危机的成因和表现，熟练掌握非银行金融部门种类和职能Chapter 3 Financial InstitutionsSection 1 An Economic Analysis of Financial Structure1.Basic Facts About Financial Structure Throughout
22、 the World2.Transaction Costs3.Asymmetric Information: Adverse Selection and Moral Hazard4.The Lemons Problem: How Adverse Selection Influences Financial Structure5.How Moral Hazard Affects the Choice Between Debt and Equity ContractsSection 2 Banking and the Management of Financial Institutions1.Th
23、e Bank Balance Sheet2.Basic Banking3.General Principles of Bank Management4.Managing Credit Risk5.Managing Interest-Rate Risk6.Off-Balance-Sheet ActivitiesSection 3 Economic Analysis of Financial Regulation1.Asymmetric Information as a Rationale for Financial Regulation2.Types of Financial Regulatio
24、nSection 4 Banking Industry: Structure and Competition1.Historical Development of the Banking System2.Financial Innovation and the Growth of the “Shadow Banking System”3.Structure of the U.S. Commercial Banking Industry4.Separation of Banking and Other Financial Service IndustriesSection 5 Financial
25、 Crisis1.What Is a Financial Crisis?2.Dynamics of Financial Crises3.The Global Financial Crisis of 200720094.Response of Financial RegulationSection 6 Nonbank Finance1.Insurance2.Pension Funds3.Finance Companies4.Securities Market Operations5.Mutual Funds6.Hedge Funds7.Private Equity and Venture Cap
26、ital FundsSection 7 Conflicts of Interest in the Financial Industry1.What Are Conflicts of Interest, and Why Are They Important?2.Ethics and Conflicts of Interest3.Can the Market Limit Exploitations of Conflicts of Interest?Key and Difficult Points: Asymmetric information, Causes of Financial Crisis
27、，management of Bank Balance Sheet，the theories of conflicts of InterestEvaluation Requirements: be Proficient in Explaining the Phenomenon caused by Asymmetric Information, Master the Causes and Results of Financial Crises, be Proficient in understanding the Functions and Components of Nonbank Finan
28、ce第4章中央银行与货币政策第一节中央银行与美联储1.美联储的起源2.美联储的架构3.美联储的独立性4.其他国家央行的独立性第二节货币供给1.货币供给的三个决定者2.美联储的资产负债表3.控制基础货币4.储蓄创造：一个简单模型5.货币供给的决定因素6.货币供给总览7.货币乘数第三节货币政策工具1.储备金和联邦基金2.传统储备金利率3.非传统货币工具和量化宽松第四节施行货币政策：目标，策略，和战术1.价格稳定目标和名义锚定2.其他货币政策目标3.价格稳定应该成为货币政策主要目标吗？4.盯住通胀5.美联储的货币政策策略演变6.全球金融危机的教训7.央行是否应该阻止信贷泡沫8.战术：泰勒规则教学重点
29、、难点：美联储架构，货币供给决定因素，传统货币工具与非传统货币工具的优缺点，货币政策目标的原因及可行性课程的考核要求：了解美联储架构，熟悉掌握货币供给原理，熟练掌握传统与非传统货币政策意义Chapter 4 Central Banking and The Conduct of Monetary PolicySection 1 Central Banks and the Federal Reserve System1.Origins of the Federal Reserve System2.Structure of the Federal Reserve System3.How Indepe
30、ndent Is the Fed?4.Structure and Independence of Other Central BanksSection 2 The Money Supply Process1.Three Players in the Money Supply Process2.The Feds Balance Sheet3.Control of the Monetary Base4.Multiple Deposit Creation: A Simple Model5.Factors that Determine the Money Supply6.Overview of the Money Supply Process7.The Money MultiplierSection 3 Tools of Monetary Policy1.The Market for Reserves and the Federal Funds Rate2.Conventional Monetary Interest on Reserves3.Nonconventional Monetary Policy Tools and Quantitative EasingSection 4 The Conduct of Monetary Polic
