moneymarketinstruments∶commercialpaper,federalagencysecurities,bankers’acceptances,andeurocur(编辑修改稿)

moneymarketinstruments∶commercialpaper,federalagencysecurities,bankers’acceptances,andeurocur(编辑修改稿)内容摘要：

erved. McGraw Hill / Irwin 12 27 The Key Focus of Central Bank Moary Policy  The total supply of reserves can be changed through open market operations, by making loans to depository institutions through the central bank’s discount window, and by changing the legal reserve requirements applicable to deposits held by depository institutions.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 28 The Composition of Reserves for Depository Institutions  Legal reserves in the . consist of the amount of deposits each institution keeps with the Federal Reserve bank in its district plus the amount of currency and coin held in its vault.  Total legal reserves = Required reserves + Excess reserves  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 29 The Deposit Multiplier  As a whole, the banking system can create more deposit money by using its excess reserves to make loans and purchase securities.  The deposit multiplier indicates how many dollars of deposits can result from an injection of new excess reserves into the system.  Transaction deposit multiplier = 1 . Reserve requirement on transaction deposits  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 30 The Deposit Multiplier  Maximum volume of new deposits and loans = Deposit multiplier  Excess reserves  Central bankers are usually more interested in a related concept known as the money multiplier, which defines the relationship between the size of the money supply and the size of the total reserve base available to depository institutions.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 31 Money and Capital Markets in Cyberspace  Most central banks maintain prehensive websites. Visit, for example,       2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 32 Chapter Review  Introduction  The Roles of Central Banks in the Economy and Financial System  Control of the Money Supply  Stabilizing the Money and Capital Markets  Lender of Last Resort  Supervisor of the Banking System  Maintaining and Improving the Payments Mechanism  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 33 Chapter Review  The Goals and Channels of Central Banking  The History of the Federal Reserve System  Problems in the Early . Banking System  Creation of the Federal Reserve System  The Early Structure of the Fed  Goals and Policy Tools of the Fed  How the Fed is Organized  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 34 Chapter Review  Roles of the Federal Reserve System Today  The Clearing and Collection of Checks and Other Means of Payment  Issuing Currency and Coin  Maintaining a Sound Banking and Financial System Serving as the Federal Government’s Fiscal Agent  Providing Information to the Public  Carrying Out Moary Policy  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 35 Chapter Review  The Key Focus of Central Bank Moary Policy: Interest Rates, Reserves and Money  The Composition of Reserves for Depository Institutions  The Deposit Multiplier  The Money Multiplier  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 36  Learning Objectives   To discover the important roles that large corporations, government agencies and banks play in the money market.  To explore the nature and characteristics of mercial paper.  To learn how federal agencies aid various economic sectors in finding lowcost credit.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 37  Learning Objectives   To see the trend toward the internationalization of the money market, and examine how bankers’ acceptances and Eurodeposits are employed in aiding both domestic and international trade.  To understand how the transfers of money from one spending unit to another across international boundaries can impact a nation’s economy.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 38 Commercial Paper  Commercial paper consists of shortterm, unsecured promissory notes issued by wellknown and financially strong panies.  Commercial paper is traded mainly in the primary market. Opportunities for resale in the secondary market are more limited.  Commercial paper is rated prime, desirable, or satisfactory, depending on the credit standing of the issuing pany.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 39 Types of Commercial Paper  There are two major types of mercial paper.  Direct paper is issued mainly by large finance panies and bank holding panies directly to the investor.  Dealer paper, or industrial paper, is issued by security dealers on behalf of their corporate customers (mainly nonfinancial panies and smaller financial panies).  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 40 Structure of the Commercial Paper Market Investors in mercial paper Money market funds Banks Insurance panies Pension funds Industrial panies Other investors Demand Side Supply Side Issuers of mercial paper Finance panies Bank holding panies Nonfinancial firms Direct or finance paper Paper dealer houses Dealer or industrial paper  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 12 41 Maturities amp。 Rate of Return 。