资产需求理论

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1、Chapter5TheBehaviorofInterestRateImportantPointsofthisChapter资产需求理论Determinantsofassetdemand债券市场bondmarket债券市场的供求demandandsupplyinbondmarketTheEconomicsofMoney,Banking&FinancialMarketsIFCofBNUZhuhaiCampus资产需求的决定因素Whenindividualsdecidetobuyorholdanasset,theyconsiderfollowingfactors:Wealth财富：其他因素不

2、变，财富的增长会提高资产需求量。Expectedreturn预期收益：某种资产预期收益率相对于其他资产上升，在其他情况不变的条件下，对该资产的需求量上升。Risk风险：在其他条件不变的情况下，如果某种资产对于其他资产风险上升，其需求量将会下降。Liquidity流动性：某种资产相对于其他资产流动性越高，在其他条件不变的情况下，就越受欢迎，其需求量也就越大。TheEconomicsofMoney,Banking&FinancialMarketsIFCofBNUZhuhaiCampus资产需求理论TheoryofAssetDemand在其他条件不变的情况下，资产需求理论认为：资产需求量与财

3、富正相关；与其相对于其他资产的预期收入率正相关；与其相对于其他资产的风险负相关；与其相对于其他资产的流动性正相关。TheEconomicsofMoney,Banking&FinancialMarketsIFCofBNUZhuhaiCampusA.Wealthgreaterwealth,greaterresourcesholdingotherfactorsconstantwealthQdofassetsTheEconomicsofMoney,Banking&FinancialMarketsIFCofBNUZhuhaiCampusB.Expectedreturnsbasedonexpect

4、edcashflows,pricechangesholdingotherfactorsconstantExpret.ofassetQdofthatassetTheEconomicsofMoney,Banking&FinancialMarketsIFCofBNUZhuhaiCampusC.Riskvariationinasset’sreturnpeopleareriskaversepreferlowerriskifotherfactorsthesameholdingotherfactorsconstantriskofassetQdofthatassetTheEconomicsofMone

5、y,Banking&FinancialMarketsIFCofBNUZhuhaiCampusD.Liquidityhoweasyisassettoconverttocash?T-bill=easyrealestate=hardholdingotherfactorsconstantliquidityofassetQdofthatassetTheEconomicsofMoney,Banking&FinancialMarketsIFCofBNUZhuhaiCampusSupplyandDemandIntheBondMarketLoanableFundsFrameworkInyourecono

6、miccourse,youknowthatallothervariablesareheldconstant:A.DemandCurveBondDemand--bondbuyers/lenders/saverslookatQdasafunctionofexpectedreturn,priceTheEconomicsofMoney,Banking&FinancialMarketsIFCofBNUZhuhaiCampusexample1year,zerocouponbondYTM=exp.returnTheEconomicsofMoney,Banking&FinancialMarketsIF

7、CofBNUZhuhaiCampusDemandCurvei=RETe=PPointA:P=$950($1000–$950)i==0.053=5.3%$950Bd=$100billionF-PTheEconomicsofMoney,Banking&FinancialMarketsIFCofBNUZhuhaiCampusBonddemandcurvePointB:P=$900i==0.111=11.1%$900Bd=$200billionPoin