tailieunhanh - Chapter: Money and modern banking

The budget deficit equivalent to total government spending tax minus total government spending income tax independently, but depend on the net income, • Why does society need money? • Why do governments wish to influence money supply? • How do financial markets interact with the ‘real’ economy? • What is the relationship between money and interest rates? | Chapter 23 Money and modern banking David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 2000 Power Point presentation by Peter Smith Some key questions Why does society need money? Why do governments wish to influence money supply? How do financial markets interact with the “real” economy? What is the relationship between money and interest rates? 23. See the introduction to Chapter 23 in the main text. Money Any generally accepted means of payment for delivery of goods or the settlement of debt Legal money notes and coins Customary money IOU money based on private debt of the individual . bank deposit. 23. See the introduction to Chapter 23 in the main text, also Section 23-1. Money and its functions Medium of exchange money provides a medium for the exchange of goods and services which is more efficient than barter Unit of account a unit in which prices are quoted and accounts are kept Store of value money can be used to make purchases | Chapter 23 Money and modern banking David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 2000 Power Point presentation by Peter Smith Some key questions Why does society need money? Why do governments wish to influence money supply? How do financial markets interact with the “real” economy? What is the relationship between money and interest rates? 23. See the introduction to Chapter 23 in the main text. Money Any generally accepted means of payment for delivery of goods or the settlement of debt Legal money notes and coins Customary money IOU money based on private debt of the individual . bank deposit. 23. See the introduction to Chapter 23 in the main text, also Section 23-1. Money and its functions Medium of exchange money provides a medium for the exchange of goods and services which is more efficient than barter Unit of account a unit in which prices are quoted and accounts are kept Store of value money can be used to make purchases in the future Standard of deferred payment a unit of account over time: this enables borrowing and lending 23. See Section 23-1 in the main text. Modern banking A financial intermediary an institution that specializes in bringing lenders and borrowers together . a commercial bank, which has a government licence to make loans and issue deposits including deposits against which cheques can be written Clearing system a set of arrangements in which debts between banks are settled 23. See Section 23-3 in the main text. A beginner’s guide to the financial markets Financial asset a piece of paper entitling the owner to a specified stream of interest payments over a specified period Cash Notes and coin, paying no interest the most liquid of all assets. Bills financial assets with less than one year until the known date at which they will be repurchased by the original owner highly liquid 23. See Box 23-3 in the main text. A beginner’s guide to the financial markets (continued) .

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