这个作业是撰写一个关于货币与市场相关报告

BANK1005 – Financial Markets and Institutions
TOPIC 1 – THE FINANCIAL SYSTEM

关键思想1 –货币与市场
金钱是一种由信托和财务中的资金流支持的合同形式
市场有多种形式。
什么是钱?
我们经常把钱当作口袋里的纸币和硬币(货币)
或其他地方。但是,金融系统中的大多数“金钱”都是其他形式:
例如贷方–借方–与借方之间的信贷流
您在银行帐户中持有的金额(帐户中的数字)。
接受金钱是因为我们(作为一个社会)同意金钱是有价值的–您接受
钱,因为您知道它可以用来购买想要的东西。从而,
金钱是人们同意接受的社会契约。如果我们需要信任
同意换钱。这种信任来自我们,我们知道
政府将确保将来物有所值。
金钱是许多类型交易的交换媒介,包括购买和交易。
销售商品和服务。对于我们的研究而言,重要的是
因为借款,借贷,储蓄和投资以及买卖股票涉及
钱。在任何这些交易中,都涉及协议–合同。
现在,我们有了数字货币,例如“比特币”。您可能希望了解更多
关于这种货币!
比特币是一种没有发行权限的在线货币。尽管是
去年因投机泡沫和崩溃而被注销,在线
加密货币仍然发展强劲,这尤其要归功于它的绕行能力
法律。
比特币是由一位名叫中本聪的神秘人物在2009年发明的。它是
是世界上第一个,也是迄今为止唯一的去中心化在线货币。代替中央
银行,任何人都可以使用功能强大的个人计算机来发行比特币:它造币厂
通过解决极其困难的数学问题来解决它们。问题是
自动增加难度,以确保比特币的整体供应量不会增长
太快。它们在网上进行交易,交易经过密码验证。
创造硬币被称为“采矿”,它们之所以具有价值,仅仅是因为人们
接受他们。比特币货币单位的美元价格从2000年的几美分攀升
根据流行的在线比特币Mt Gox的预测,2010年到2011年6月将近30美元
交换。不可避免地,货币随后回落,在2美元触底反弹
2011年11月。
但是在那之后的九个月中,比特币已经恢复了。现在一个单位的价格为12美元,并且
交易量正在增加。尽管价格仍在波动
美元,它的波动性比以前要小,因此可以更好地存储价值。用作
交流的方式也越来越容易:越来越多的在线零售商
以货币为单位,新的智能手机应用程序使比特币几乎易于使用
作为现金。交易所的激增意味着相对容易地交换比特币
常规货币。
一位主要的缺点是,比特币往往不是很安全。
网络安全公司RSA的顾问。正如一些用户发现的那样,
黑客有时可以从用户的在线保险库中窃取比特币。然而,事实证明
即使没有人为此制定法律,货币也可以蓬勃发展(《经济学人》,
比特币:匿名货币主义者,2012年9月29日:87)。
谁需要钱?
大家都这样做!
但是考虑到整个金融体系,有很多方面需要
钱。以下仅是一些示例,说明为什么不同的参与者(玩家)可能需要
钱:
家庭和个人需要钱来购买房屋和住房。
其他资产并为其提供养老金。企业想投资房地产和
其他资产来产生收入,而政府则希望修建道路和
桥梁。
这笔钱从哪里来?资金的主要来源是储蓄
家庭,商业公司甚至政府。
零售市场涉及个人与中介(银行)的交易
(家庭)和中小型企业。这些是散户投资者
用自己的帐户投资。
批发市场涉及大型机构之间的大型交易
投资者。
什么是市场?
市场是在资本主义经济中设定价格的中央机构。 “那里
市场类型很多,每种市场都倾向于适合不同种类的商品
和服务。”
当我们通常想到市场时,就会想到许多买家的行为,
不同商品和服务的卖家。在大多数情况下,这些物品是由
以一定价格出售给卖方,买方可以接受也可以不接受。我们主要
对金融工具的交易感兴趣(金融产品
市场(例如股票))。
价格在经济中很重要,因为它们是指导价格的重要信号
生产者和消费者的行为。
有组织的交易所,如股票市场,是另一种市场形式。许多
个人和机构在这些交易所交易中提交股票买卖订单
Key Idea 2 – Investing in assets
Individuals and institutions invest in assets in the expectation of future
benefits.
What is investing
Investment is committing money now in the expectation of getting future benefits.
You may buy shares now – by paying money now. Why would you do so? You
expect to receive a return (or cash flows) from your investment in the future. Most
companies pay regular dividends and the price of the shares will change – these are
your benefits that you expect to occur in the future.
People decide how much of your current income they wish to spend on consumption
and how much to save for the future. Then they decide how they should invest the
money they have saved.
A broader view of investment is based on the flows of expenditures and receipts
over a period of time. The objective in this case is to make the patterns of these
flows to be as desirable as possible. When the flows are measured in terms of cash,
the series of flows over time are called a cash flow stream. The objective, in these
terms, is to design the cash flow stream to be more desirable than it would be
otherwise. (David G. Luenberger, 2014, Investment Science, Oxford University
Press: 1)
What is an asset?
Saving part of their income for future use, people create a pool of wealth which they
hold in different forms: perhaps bank accounts, property, gold or shares of
companies. These are all assets for their holder and form a portfolio of the investor.
A portfolio is a collection of investment assets taken as a unit.
An asset is an object in which an investment is made with the expectation of future
(uncertain) cash flows. An asset is a store of value.
A financial asset is an intangible asset – its value depends on legal claims or rights
to cash flows. For example, shares in a company represent financial assets. An
investor in these shares has a claim to some future cash flows of the company – for
instance in the form of dividends.
Other words for a financial asset are: financial instrument or contract or claim or
security. Financial assets that are traded in the financial markets are called
securities.
A real asset is a productive resource that will create future cash flows. Real assets
are physical assets and the knowledge that can be used to produce goods and
services. For example, a hotel building is a real asset. The hotel management can
use this asset to generate cash flows. How?
Real assets do not trade in financial markets – the markets in which financial assets
are traded. There are markets for different types of real assets as there are markets
for financial assets.
Real assets are valuable because they can be used to produce goods and services
but financial assets are contracts (intangible). Financial assets get their value mostly
from the real assets or other assets that they are connected to.
Debt and equity
Debt is borrowed money and leverage means the use of borrowed money. When
you take a loan from a bank to buy a house, for example, a financial claim is
created. The bank is the lender and you are the borrower of the money.
There is an agreement (contract) for the bank to supply you funds to buy the house
and you have the (legal) obligation to of repay the loaned money (principal) plus
interest to the bank in the future.
A contract can be formal, as you would expect for your bank loan. Behind a financial
instrument is a contract – explicit (formal and written as for a loan) or implicit
(understood as when you buy shares). A contract is a set of promises in which each
party promises to do something. For financial contracts, the promises often involve
payments of money.
Equity is contributed money – money invested in an asset by its owners. Companies
(set up to do a business) can obtain equity capital by issuing shares to its owners –
who then become shareholders.
A share gives its owner the right to a part of the profits that might be distributed by a
company that issued the shares. In case the company decides to close down or is
liquidated, the shareholder is entitled to a corresponding part of the firm’s assets.


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