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IntroductionandOverview
2EconomicsEconomicsisthestudyofhowasocietydecideswhatgetsproducedhowitgetsproducedwhogetswhat3EconomicsEconomicsisconcernedwithhowscarceresources(labor,capital,andnaturalresources)areallocatedintheproductionprocessamongcompetinguseshowincomegeneratedintheproductionandsaleofgoodsandservicesisdistributedamongmembersofsocietyhowpeopleallocatetheirincomethroughspending,saving,borrowing,andlendingdecisions4EconomicsEconomicscanbedividedintotwobranchesMicroeconomicsthecausesandconsequencesofindividualdecision-makingunitsinaparticularmarketMacroeconomicsthecausesandeffectsresultingfromthesumofdecisionsmadebyallfirmsorhouseholdsinmanymarkets5FinanceFinanceisthestudyofthefinancialormonetaryaspectsofproduction,spending,borrowing,andlendingdecisions6FinanceFinancedealswiththeraisingandusingofmoneybyindividuals,firms,governments,andforeigninvestorshowindividualsmanagemoneyhowthefinancialsystemcoordinatesandchannelstheflowoffundsfromlenderstoborrowershownewfundsmaybecreatedbyfinancialintermediariesduringtheborrowingprocess7TheFinancialSystemThefinancialsystemcontinuallychangesandevolveschangesingovernmentregulationsadvancesincomputertechnologiesinnovationsinthewayspeoplespend,save,andborrowfunds8FinanceinOurDailyLivesAnindividual’sfinancialobjectiveistomakepaymentswhendueandtomanagefundsefficientlyuntiltheyareneededTomakepaymentsweneedmoneysomethingthatisacceptableinpayment9FinanceinOurDailyLivesIndividualsreceiveincomeperiodicallybuttheirexpendituresaregenerallycontinuoustheyneedtomanagetheirmoneyovertimesothatfundsareavailablewhengoodsandservicesarepurchasedIncomethatisnotspentonconsumptioniscalledsaving10SavingPartofhouseholdsavingmaybespentdirectlyoninvestmentgoodsthepurchaseofanewhouseTheremainderofhouseholdsavingwillbeusedtoacquirefinancialassetsassetschosendependonhowindividualswishtobalancetheexpectedreturnandtheriskoflossassociatedwitheachtypeofasset11IncomeIncomeistheflowofrevenueanindividualreceivesovertimetheindividualcanusethisincomeforconsumptionorsavingifincome>consumption,theindividualisanetlenderifincome<consumption,theindividualisanetborrower12IncomeIncomeSpendingNetLenderNetBorrowerIncomeSpending13BusinessFirmsBusinessfirmsmayalsospendmoreorlessthantheirincomesallbusinessincomeissavingexceptthatdistributedasdividendstotheownersofthefirmwiththeirsaving,firmsmakeinvestmentsincapitalandinventoriesoracquirefinancialassetsifinvestments>income,thefirmincursfinancialliabilities14TheUsesofSaving(Incomenotspentonconsumption)HOUSEHOLDSAVING(Incomenotdistributedtotheownersofthebusinessfirms)BUSINESSSAVING+ +Investmentinnewcapital(plantandequipment)andadditionstoinventorySurplusFundsavailabletobelentinfinancialmarketsSurplusFundsavailabletobelentinfinancialmarketsInvestmentinnewlyconstructedhousesTOTALSAVING=
=
INVESTMENT PLUS SURPLUSFUNDS15IntroducingtheFinancialSystemThefinancialsystemprovidesamechanismwherebyanetlendermayconvenientlymakefundsavailabletonetborrowersThefinancialsystemiscomposedoffinancialmarketsandfinancialinstitutions16FinancialMarketsFinancialmarketsarewherenetlenderscanlendtheirfundsdirectlytonetborrowersbondmarketstockmarketThisiscalleddirectfinance17FinancialInstitutionsFinancialinstitutionsarefirmsthatprovidefinancialservicestonetlendersandnetborrowersbankssavingsandloanassociationscreditunionsthesefinancialintermediariesserveasthego-betweentolinkupnetlendersandnetborrowersThisiscalledindirectfinance18TheFinancialSystemNetLendersFinancialMarkets(Stockmarket,bondMarket,etc.)NetBorrowersDIRECTFINANCEINDIRECTFINANCEFinancialIntermediaries(banks,savingsandloanassociations,etc.) Purchasingpowerflowsoneway Legalobligationsflowback19MoreonFinancialIntermediariesAnetlenderhastwodecisionstomakeshouldthesurplusbeheldascashorloanedout?cashearnsnointeresthowandwhereshouldthesurplusbeloanedout?wouldhavetoappraisetherisk(probabilityofdefault)ofeachpotentialborrower20MoreonFinancialIntermediariesTominimizerisk,thelendermaywishtodiversifyspreadthesurplusoveranumberofnetborrowersTheindividualwouldneedtobeanexpertinappraisinganddiversifyingriskmanyindividualschoosetorelyonfinancialintermediaries21MoreonFinancialIntermediariesFinancialintermediariesacquirefundsfromnetlendersbyofferingclaimsonthemselvesthenetlenderhasmadealoantothefinancialintermediaryThefinancialintermediary’sprofitisthedifferencebetweenwhatitearnsonloansandotherinvestmentsandwhatitpaystonetlendersfortheuseofthefunds22MoreonFinancialIntermediariesFinancialintermediarieslendoutsurplusesfromnetlenderswhilealsoappraisinganddiversifyingriskonaverage,wewouldexpectthattheydoabetterjobthanindividualnetlenderscoulddothisimpliesthattheyminimizethecostsassociatedwithborrowingandlending(knownastransactionscosts)23MoreonFinancialIntermediariesSecondaryclaimsofferedbyfinancialintermediariesmaybemoreattractivetonetlendersthantheprimaryclaimsavailableinfinancialmarketssecondaryclaimsareofteninsuredbyanagencyofthefederalgovernment(FDIC)lowerriskofdefault24MoreonFinancialIntermediariesSecondaryclaimsofferedbyfinancialintermediariesmaybemoreattractivetonetlendersthantheprimaryclaimsavailableinfinancialmarketssecondaryclaimsareofteninsuredbyanagencyofthefederalgovernment(FDIC)lowerriskofdefaultsecondaryclaimsareoftenmoreliquidcanbemoreeasilyexchangedforcashwithoutalossofvalue25DepositoryInstitutionsDepositoryinstitutionsconsistofcommercialbankssavingsandloanassociationscreditunionsmutualsavingsbanks26OtherTypesofIntermediariesOthertypesofintermediariesofferspecializedsecondaryclaimsinsurancecompaniesofferprotectionagainstearlydeathorpropertylossespensionplansprovidefinancialresourcesduringoldagemutualfundsandmoneymarketfundspoolthesurplusfundsofmanynetlendersandinvesttheminfinancialmarkets27TypesofFinancialIntermediariesFINANCIALINTERMEDIARIESCommercialBanksSavingsandLoansCreditUnionsMutualSavingsBanksIssueCheckableDepositsDepositoryInstitutionsOtherIntermediariesLifeandCasualtyInsuranceCompaniesPensionFundsMutualFundsandMoneyMarketMutualFundsFinanceCompaniesIssueOtherFinancialClaims28TheFederalReserveSystemTheFederalReserveisaquasi-independentgovernmentagencythatservesasthecentralbankfortheU.S.theFedinfluencesthebehaviorofbanksregulatorypolicyabilitytoaffectinterestratesandthequantityoffundsavailableforborrowingorlendingTheFedperformsmonetarypolicytheFed’seffortstopromotetheoverallhealthandstabilityoftheeconomy29TheInfluenceoftheFed’sMonetaryPolicyOverallperformanceorhealthoftheeconomy:InflationUnemploymentGrowthEconomicbehaviorofhouseholds,businesses,governments,andforeignersFinancialSystemTheFederalReserve30TheRoleofPolicyGoodhealthfortheeconomyhasbothshort-andlong-rundimensionsinthelong-run,wewouldlikeeconomicgrowthintheshort-run,wewouldliketominimizethefluctuationsfromthelong-runpaththeseshort-runfluctuationsoftheeconomyarecalledthebusinesscycle31Long-RunEconomicGrowthandtheBusinessCycleYearTotalQuantityofGoodandServicesProduced(Hypothetical)Long-TermTrendPeakRecession(Contraction)Expansion(Recovery)FluctuationoftheEconomy(Cycling)TroughExpansion(Recovery)32TheBusinessCycleDuringanexpansion,economicactivityincreasesandunemploymentfallsanexpansionendsatthepeakDuringarecession,economicactivityfallsandunemploymentrisesarecessionendsatthetrough33TheRoleofPolicyThekeyquestion:Canpolicymakersmanagetheeconomysuccessfully?cantheyusemonetarypolicytominimizeshort-runfluctuations?cantheyusegovernmentspendingandtaxingdecisions(fiscalpolicy)tospeeduporsloweconomicactivityasneeded?cantheychangethegrowthrateofoutputovertime?34TheRoleofPolicyAchievingthesegoalsisdifficultwemaynotfullyunderstandhowtheeconomyfunctionspolicymakersmaybereluctanttousepoliciesbecauseofpotentialsideeffectsthecurefortheproblemmaynotyetbeknown35TheRoleofPolicyPriortotheGreatDepression,manyeconomistsviewedtheeconomyasinherentlystablewithself-correctingtendenciesnoneedforcorrectivegovernmentaction(laissezfaire)36TheRoleofPolicyTheGreatDepressionalteredthisviewbetween1929and1933,unemploymentincreasedfrom3to25percentthisdownturnwasworldwideandpersistentEconomistJ.M.Keynessuggestedthattheeconomycouldoperatebelowfullemploymentforsometimethisprovidedaneconomicrationaleforattemptingtostabilizeeconomicactivity37TheRoleofPolicyTheeconomy’sperformanceinthe1970sandearly1980screateddoubtinthegovernment’sabilitytostabilizetheeconomythegrowthtrendoftheeconomywasbelowthatachievedinthe1960sunemploymentandinflationrateswerebothhigheraswell38AverageInflation,Unemployment,andGrowthDuringRecentDecades39SummaryofMajorPointsEconomicsisconcernedwithhow,givenpeople’sunlimitedwants,scarceresourcesareallocatedamongcompetinguses,howincomeisdistributed,andhowpeopleallocatetheirincomesthroughspending,saving,borrowing,andlendingdecisions40SummaryofMajorPointsFinancefocusesonthefinancialsideofthesedecisionstheraisingandusingoffundsbyhouseholds,firms,andgovernmentsThefinancialsystemcoordinatesandchannelstheflowoffundsfromlenderstoborrowersandcreatesnewliquidityforanexpandingeconomythisprocesshaschangedovertime41SummaryofMajorPointsSpendingunitsthatspendlessthantheircurrentincomeonconsumptionandinvestmentarecallednetlendersSpendingunitsthatspendmorethantheircurrentincomearecallednetborrowers42SummaryofMajorPointsInallocatingfundsamongthevarioustypesoffinancialassetsavailable,netlendersareconcernedabouttheexpectedreturn,theriskofloss,andtheliquidityassociatedwithacquiringandholdingaparticularasset43SummaryofMajorPointsDirectfinanceinvolveslendingdirectlytonetborrowersIndirectfinanceinvolveslendingtoafinancialintermediaryfinancialintermediariesissueclaimsonthemselveslendersreceivefinancialclaimsonthefinancialintermediariesandtheborrowersreceivefundsfromth
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