(货币政策教学课件）Chapter 5 Financial Markets and Intermediaries.ppt

Chapter 5 Financial Markets and Intermediaries I . Open Questions 1. What is the meaning of the existence of the industry of financial intermediaries? 2. How do you understand the flow of funds in the market? How do financial intermediaries function in this process? 3. How do foreign intermediaries make a profit? 4. What are the forms of primary securities and secondary securities? II. Teaching Plan This chapter will cover 3 hours. 2 hours for the introduction of background information and explanations of terms and the texts. And the other 1 hour for discussion and practice. III. Teaching Methods Translation of key sentences Paraphrasing of key words and expressions Explanation of new terms Summarizing of key passages Discussion of important issues Questions and answers: interaction between teachers and students IV. Background A complex financial system comprises both financial market and financial intermediaries. Financial intermediaries move funds from ultimate suppliers to ultimate users by buying and selling primary and secondary securities. The purchase of financial assets or securities in the financial markets involves both information and transaction cost, which explains the existence of financial intermediaries. The difference between its receipts and its costs constitutes the profits of a financial intermediary. V. Special Terms Financial intermediary 金融中介机构 a financial institution that accepts money from savers or investors and loans those funds to borrowers, thus providing a link between those seeking earning on their funds and those seeking credit. Financial intermediaries include savings and loan associations, building and loan associations, savings banks, commercial banks, life insurance companies, credit unions and investment companies. 金融机构接收储户或投资者的资金，并将资金贷款给借款人，从而将想获得资金收益的群体以及寻求贷款的群体联系起来。金融中介机构包括储蓄和贷款协会、建筑和贷款协会、储蓄银行、商业银行、人寿保险公司、信用合作社和投资公司。 Stock exchange 证券交易所 an organization that provides a market for trading stocks and bond