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1、Saving,Investment,andtheFinancialSystem1©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.
2、FinancialInstitutionsFinancialsystemGroupofinstitutionsintheeconomyThathelpmatchoneperson’ssavingwithanotherperson’sinvestmentMovestheeconomy’sscarceresourcesfromsaverstoborrowersFinancialinstitutionsFinancial(capital)marketsFinancialintermediaries:Banks2©20
3、12CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.FinancialMarketsFinancialmarketsSaverscandi
4、rectlyprovidefundstoborrowersThebondmarketThestockmarket3©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsit
5、eforclassroomuse.FinancialMarketsThebondmarketBond-certificateofindebtednessTimeofmaturity(theloanwillberepaidRateofinterestPrincipal-amountborrowedTerm-lengthoftimeuntilmaturityCreditrisk–probabilityofdefault4©2012CengageLearning.AllRightsReserved.Maynotbec
6、opied,scanned,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.FinancialMarketsThestockmarketStock-claimtopartialownershipofafirmOrganizedstockexchange
7、sStockprices:demandandsupplyEquityfinance(InitialPublicOffering:IPO)Saleofstock(share)toraisemoneyStockpriceindexAverageofagroupofstockprices(DowJonesaverage,etc.)5©2012CengageLearning.AllRightsReserved.Maynotbecopied,scanned,orduplicated,inwholeorinpart,exc
8、eptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.FinancialIntermediariesFinancialintermediariesSaverscanindirectlyprovi