货币金融学Economics of Money,Banking and Financial Markets 瞿 强 School of Finance, RUC Spring, 2008 1 精选课件 In Press. 《投资革命》 ,上海远东,2001。 1952: Markowitz 1958: M &M 1973:Black , Scholes and Merton 12 精选课件 13 精选课件 3. 货币概述 What is “Money”? “人生识字糊涂始” “货币恐怕也如此” 日常生活用语: “出门买菜要带钱!” “这支冰棍多少钱?” “某某最近买了一栋别墅,真是有钱人哪!!!” 14 精选课件 Introduction of Money 货币定义:(Economist’s Meaning of Money) Anything that is generally accepted in payment for goods and services 15 精选课件 关于货币的主要问题(Qs on MONEY): (1)货币职能 What Functions it performs? (2)存在和发展 How it comes into existence and what causes it to change over time? (3)是否重要 Is it important? And important for what? 16 精选课件 “When a student is asked ‘what is money’, he has still no choice but to give the conventional answer. Money is defined by its functions: anything is money which is used as money: ‘money is what money does’. And the functions of money are threefold: to act as a unit of account (or ‘measure of value’ as Wicksell puts it), as a means of payment, and as a store of value.” ----Hicks, 1967, 17 精选课件 货币职能Functions of Money Old question, but the answer keeps on changing. 1. 交易媒介Medium of exchange 2. 价值储藏Store of value 3. 计价单位 Unit of account 延期支付 Deferred payment – credit. 18 精选课件 货币的演变(Evolution of Money: 思想实验“thought experiment”: 物物交换经济的困难 Barter Economy: 商品货币 Commodity money 金属货币Metallic money: Money by weight ; Coin 银行券 Bank note (commercial bank) 法币或法偿 Fiat money, legal tender: 可兑换与不可兑换Convertible v. inconvertible; 电子货币 E-money? 19 精选课件 货币本位Money Standard 20 精选课件 货币历史简述 中国 China: 西方 Western: 21 精选课件 中国商·周时期(BC2000-BC221): 贝壳为主,铜为辅 中国春秋战国时期(-): 刀币;布币;圜钱;蚁鼻钱 秦始皇:半两钱;“天圆地方”。(前221年) 西汉:五铢钱;(武帝元狩五年,前118年) 唐朝:改重量为“通宝”,加年号;(618年) 宋元明清:铜钱为主,白银逐步货币化。(外部影响) Q: 黄金在中国是货币吗?Why? 22 精选课件 Paper Money: 中国: 唐朝:“飞钱”;(属汇票,但未见流通) 宋朝:“交子”; 元朝:通朝使用纸币; 明朝:“大明宝钞”; 清朝:“户部官票”+“大清宝钞”;中外银行 民国:1935年11月“法币”;1948年8月“金圆券” 中华人民共和国:1948年12月,RMB