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Lecture Money and capital markets: Chapter 1 - Peter Rose, Milton Marquis

Chapter 1 - Functions and roles of the financial system in the global economy. The opening chapter of Money and Capital Markets presents us with an introduction to the global financial system in which the money and capital markets play central roles. It also highlights the principal institutions that shape the character and functioning of the world’s financial marketplace. | Chapter 1 Functions and Roles of the Financial System in the Global Economy Slides by Yee-Tien (Ted) Fu Learning Objectives To understand the functions performed and the roles played by the system of financial markets and financial institutions in the global economy and in our daily lives. To discover how important the financial system is to increasing our standard of living, generating new jobs, and building our savings to meet tomorrow’s financial needs. Introduction to the Financial System The financial system is the collection of markets, institutions, laws, regulations, and techniques through which bonds, stocks, and other securities are traded, interest rates are determined, and financial services are produced and delivered around the world. Introduction to the Financial System The primary task of the financial system is to move scarce loanable funds from those who save to those who borrow to buy goods and services and to make investments in new equipment and facilities, | Chapter 1 Functions and Roles of the Financial System in the Global Economy Slides by Yee-Tien (Ted) Fu Learning Objectives To understand the functions performed and the roles played by the system of financial markets and financial institutions in the global economy and in our daily lives. To discover how important the financial system is to increasing our standard of living, generating new jobs, and building our savings to meet tomorrow’s financial needs. Introduction to the Financial System The financial system is the collection of markets, institutions, laws, regulations, and techniques through which bonds, stocks, and other securities are traded, interest rates are determined, and financial services are produced and delivered around the world. Introduction to the Financial System The primary task of the financial system is to move scarce loanable funds from those who save to those who borrow to buy goods and services and to make investments in new equipment and facilities, so that the global economy can grow and the standard of living can increase. Flows within the Global Economic System The basic function of the economic system is to allocate scarce resources – land, labor, management skill, and capital – to produce the goods and services needed by society. The global economy generates a flow of production in return for a flow of payments. The circular flow of production and income is interdependent and never ending. Flow of incomes Flow of expenditures for consumption & taxes Flow of productive services Flow of production of goods & services Circular Flow of Income, Payments, and Production in the Global Economic System Producing units (mainly business firms and governments) Consuming units (mainly households) The Role of Markets in the Global Economic System Most economies around the world rely principally upon markets to carry out the complex task of allocating scarce resources. The marketplace is dynamic. It determines what goods and services will