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1、Chapter6Bonds,BondPrices,andtheDeterminationofInterestRatesLearningObjectivesUnderstand...LO1PresentvalueandbondpricingLO2Relationshipofprices,yields,andreturnsLO3KeydriversofbondpricesLO4Risksofdefault,inflation,andinterestratechangesVirtuallyanyfina
2、ncialarrangementinvolvingthecurrenttransferofresourcesfromalendertoaborrower,withatransferbackatsometimeinthefuture,isaformofbond.Carloans,homemortgages,evencreditcardbalancesallcreatealoanfromafinancialintermediarytoanindividualmakingapurchase—justli
3、kethebondsgovernmentsandlargecorporationssellwhentheyneedtoborrow.WhencompanieslikeFord,GeneralElectric,orWalmartneedtofinancetheiropera-tions,theysellbonds.WhentheU.S.Treasuryorastategovernmentneedstoborrow,itsellsbonds.Andtheydoitbillionsofdollarsat
4、atime.Followingthefinancialcrisisof2007–2009,U.S.corporationstriedtoreducetheirdebt,buttheirbondsoutstandingremainedabove$10trillionasof2012.Federal,state,andlocalAmericangovernmentshavenearly$15trillioninoutstandingdebtaswell.1Theeasewithwhichindivid
5、uals,corporations,andgovernmentsborrowisessentialtothefunctioningofoureconomicsystem.Withoutthisfreeflowofresourcesthroughthebondmarkets,theeconomywouldfreezeup.Historically,wecantracetheconceptofusingbondstoborrowtomonarchs’almostinsatiableappetitefo
6、rresources.Tomaintainlavishlifestyles,fightwars,andexploretheglobe,kings,princes,andotherrulersdrewoneveryavailablesourceoffinancing.Evenwiththeseincentives,afterthousandsofyearsofcivilizationonlyafewpos-sibilitieshadbeendeveloped:outrightconfiscation
7、;taxation,whichisamildformofconfiscation;debasementofcurrency,inwhichpeoplearerequiredtoexchangetheircoinsforonesthatweighless—ineffect,ataxoncurrency;andborrowing.Monarchswhoborroweddirectlyfrominternationalbankersfrequentlydefaultedorfailedtomakethe
8、loanpaymentstheyhadpromised.21ThesenumberscomefromtheFlowofFundsAccountsoftheUnitedStates,publishedquarterlybytheFederalReserveBoard.2Foradetailedanalysisofsuchsovereigndefaults,seeCarmenM.ReinhartandKennethS.Rogoff,ThisTimeIsDifferent:EightCe
