tailieunhanh - Tài liệu trung cấp môn Kinh tế vi mô bằng tiếng Anh - Phần 12

Tài liệu tham khảo Tài liệu trung cấp môn Kinh tế vi mô bằng tiếng Anh gồm 41 phần giúp sinh viên khoa kinh tế học tốt môn Kinh tế vi mô. Tài liệu này là phần 12 giới thiệu về " Thị trường tài sản - Asset Markets " | CHAPTER 11 ASSET MARKETS Assets are goods that provide a flow of services over time. Assets can provide a flow of consumption services like housing services or can provide a flow of money that can be used to purchase consumption. Assets that provide a monetary flow are called financial assets. The bonds that we discussed in the last chapter are examples of financial assets. The flow of services they provide is the flow of interest payments. Other sorts of financial assets such as corporate stock provide different patterns of cash flows. In this chapter we will examine the functioning of asset markets under conditions of complete certainty about the future flow of services provided by the asset. Rates of Return Under this admittedly extreme hypothesis we have a simple principle relating asset rates of return if there is no uncertainty about the cash flow provided by assets then all assets have to have the same rate of return. The reason is obvious if one asset had a higher rate of return than another and both assets were otherwise identical then no one would want to buy RATES OF RETURN 203 the asset with the lower rate of return. So in equilibrium all assets that are actually held must pay the same rate of return. Let us consider the process by which these rates of return adjust. Consider an asset A that has current price p and is expected to have a price of Pi tomorrow. Everyone is certain about what today s price of the asset is and everyone is certain about what tomorrow s price will be. We suppose for simplicity that there are no dividends or other cash payments between periods 0 and 1. Suppose furthermore that there is another investment B that one can hold between periods 0 and 1 that will pay an interest rate of r. Now consider two possible investment plans either invest one dollar in asset A and cash it in next period or invest one dollar in asset B and earn interest of r dollars over the period. What are the values of these two investment plans at the