4.1 Financial Assets

BONDS VS STOCKS

demand deposit 活期存款

interest rate與bond prices 相反的關(guān)系

3 function of money

• a medium of exchange

• a unit of account

• a store of value

M1 includes currency and money in checking accounts (demand deposits). Traveler’s checks are also a component of M1, but are declining in use. M2 includes all of M1, plus savings deposits, time deposits like certificates of deposit, and money market funds.

The lines separating M1 and M2 can become a little blurry. Sometimes elements of M1 are not treated alike; for example, some businesses will not accept personal checks for large amounts, but will accept traveler’s checks or cash. Changes in banking practices and technology have made the savings accounts in M2 more similar to the checking accounts in M1. For example, some savings accounts will allow depositors to write checks, use automatic teller machines, and pay bills over the Internet, which has made it easier to access savings accounts. As with many other economic terms and statistics, the important point is to know the strengths and limitations of the various definitions of money, not to believe that such definitions are as clear-cut to economists as, say, the definition of nitrogen is to chemists.

活期存款賬戶（Savings Account/saving deposit）是一種由零售銀行支付利息并維護(hù)的銀行賬戶，但是賬戶內(nèi)的資金不能直接當(dāng)做現(xiàn)金使用（例如通過(guò)支票支付）。雖然活期儲(chǔ)蓄賬戶不能當(dāng)作支票賬戶使用，但是它依然可以一邊保持客戶的流動(dòng)資金，另一邊為客戶提供利息收益。

借記卡,credit card 既不是M1也不是M2

Monetary Base = Banknotes in Circulation + Coins in Circulation + Current Account Balances (Current Account Deposits at the Bank)

Banking and the expansion of the money supply

What are assets?

Assets?are resources (tangible and intangible) that your business owns, and that can provide you with future economic benefit. They add value to your business, they can help you meet your commitments and increase your equity.

What are liabilities?

Liabilities?are your business' debts or obligations which you need to fulfil in the future. This is the money you need to repay, the goods you need to provide or the services you need to perform. These responsibilities arise out of past transactions and need to be settled through the company's assets.

Both assets and liabilities are reported on the company's?balance sheet. While some assets are depreciable, liabilities are not - they do not diminish in value over time. See more on?depreciation of assets.

assets- things that a bank owns like bonds, car loans, mortagages, and reserves

liabilities- things that a bank owes like demand deposits

required reserves- the percent that banks must hold by law

excess reserves- the amount that the bank can loan out

Fractional Reserve Banking（部分準(zhǔn)備金制度）

when banks hold a portion of deposits to cover potential withdrawals and then loans the rest of the rest of the money out

Money Demand Shifters

• change in price level

• change in income

• change in technology

money supply shifters

• reserve requirement

• discount rate?

• open market operations (buying and selling bonds)

open market operations is when the central bank buys or sells government bonds(securities) This is the most important and widely used monetary policy

The federal funds rate is the interest rate that banks charge one another for one-day loans of reserves. 與discount rate 不同的是，這是central bank 對(duì)于來(lái)向它借錢(qián)的commercial bank的利率

discount rate 折現(xiàn)率

貼現(xiàn)率是用于將未來(lái)現(xiàn)金流貼現(xiàn)到現(xiàn)在的利率。

在金融界，現(xiàn)在的100美元和5年后的100美元的價(jià)值是不相等的，因?yàn)槿绻悻F(xiàn)在得到100美元，你可以投資它，產(chǎn)生利息并支付它，最終的結(jié)果將超過(guò)5年后的100美元。

例如，如果我們把100美元存入銀行，利率為1%，經(jīng)過(guò)5年的復(fù)利，我們可以得到大約105.1美元。

我們可以說(shuō)，在利率（貼現(xiàn)率為1%）下，現(xiàn)在的100美元和5年后的105.1美元的價(jià)值是相等的。

把這個(gè)概念轉(zhuǎn)過(guò)來(lái)。

例如，如果一個(gè)投資機(jī)會(huì)告訴你，它在5年后將值100美元，那么它在現(xiàn)在應(yīng)該值多少錢(qián)？

我們可以嘗試計(jì)算它的現(xiàn)值（稱為現(xiàn)值PV），它可以通過(guò)以一定的利率進(jìn)行貼現(xiàn)來(lái)計(jì)算，用于貼現(xiàn)的利率稱為貼現(xiàn)率。

例如，如果我們用5%的貼現(xiàn)率來(lái)計(jì)算5年后100美元的現(xiàn)值，我們可以說(shuō)今天78.35美元的價(jià)值就等于5年后100美元的價(jià)值。

為什么我們需要了解貼現(xiàn)率？

因?yàn)楝F(xiàn)在的價(jià)值和未來(lái)的價(jià)值之間的差異會(huì)使我們難以比較不同時(shí)期的成本和收益，也會(huì)影響戰(zhàn)略分析的結(jié)果，所以計(jì)算一個(gè)折現(xiàn)率進(jìn)行比較是很重要的。

例如，如果一個(gè)投資計(jì)劃現(xiàn)在需要70美元，五年后將獲得100美元的收益，這樣做是好還是壞？

在你知道了資金的時(shí)間價(jià)值之后，你會(huì)發(fā)現(xiàn)這兩者之間沒(méi)有直接的比較，我們不能說(shuō)100美元比70美元好，也不能說(shuō)盈利更好。

相反，我們應(yīng)該了解我們賺了多少錢(qián)，是否符合我們的預(yù)期。

此時(shí)，我們需要把5年后的100美元和今天的70美元換算成相同的時(shí)間點(diǎn)來(lái)相互比較，我們將使用貼現(xiàn)率。

例如，如果我們用5%的貼現(xiàn)率來(lái)做計(jì)算，5年后的100美元的貼現(xiàn)率是78.35美元，也就是說(shuō)，如果你現(xiàn)在投資78.35美元，5年后得到100美元，你的年化收益率是5%。

但是，如果投資計(jì)劃現(xiàn)在的價(jià)值低于78.35美元，例如，如果你可以只投資70美元，那么你可以肯定，投資回報(bào)率將超過(guò)5%的折現(xiàn)率。

另一方面，如果現(xiàn)在的投資價(jià)值超過(guò)78.35美元，例如85美元，那么我們可以肯定，投資回報(bào)率低于5%

通過(guò)這種方式，我們可以評(píng)估一個(gè)投資機(jī)會(huì)是否符合我們期望的回報(bào)。

貼現(xiàn)率是指將一項(xiàng)投資的未來(lái)現(xiàn)金流轉(zhuǎn)換為現(xiàn)值的比率，以估計(jì)一項(xiàng)投資是否有利可圖。

投資中最容易使用貼現(xiàn)率的地方之一是股票的估值。

通過(guò)設(shè)定一個(gè)合理的貼現(xiàn)率，你可以將一只股票或投資機(jī)會(huì)的未來(lái)收益折算成現(xiàn)值，并與當(dāng)前的股票價(jià)格進(jìn)行比較，以確定它是否值得投資。