PowerPoint Presentation
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= an overview of the course
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2.
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() (), ,
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(Finance)?
1.
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(financial system):
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( ) ( ) .
:
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, , ?
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1)
. (refinancing: ) .
.
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(; barter exchange) :
( )
( ) .
(Methods of Finance)
,
.
(; payment in substitutes) :
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(payment in
kind) .
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(withdrawal of loans):
(rollover/extension)
.
(; debt collection) :
.
:
(
) .
()
.
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(private loan) :
(credit): .
: ,
. . , ..
: .
: ().
: .
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(bond financing) :
( ):
( )
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(bank loan):
(unsecured loan)
(secured loan/ collateralized loan)
(equity financing) :
.
1 1
( ) (;
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:
(tax)
(public finance)
(public economics)
.
9
10
3
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(; surplus units):
,
(, ) .
(lender; )
(creditor; ) .
(opportunity cost):
.
( )
.
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(; deficit units):
,
(financing)
.
()
(borrower; )
(debtor; ) .
,
. ( )
.
(: creditor)
(: lender)
(: debtor)
(: borrower)
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()
.
.
12
.
, , .
. .
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(financial suppression) .
(Financial Instrument)
(;
)
.
.
. ( 2)
, . (,
)
( )
(, ).
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. , (
)
.
(IOU)
(, ).
I Owe You IOU .
(credit instrument), ,
(asset)
(debt instrument), , (liability).
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(financial asset)
(financial claim):
,
(): .
:
: ,
:
(, , )
(financial product)
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)
(financial liability)
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(, , CD, CP )
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(; securities)
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, ,
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(stock):
(bond): ,
.
() .
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()
()
, ,
(debt instrument)
(credit instrument)
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- 1
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()
()
()
2
()
(uncertainty) .
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()
()
( )
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(Financial Sector) :
(Real Sector) :
.
, .
Wall Street:
Main Street:
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. .
:
: From Wall Street to Main Street: Understanding How the Credit
Crisis Affects You,
Joint Economic Committee, 2008, U.S. Congress
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. , .
100% . .
. ,
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(Asymmetric Information)
,
( )
.
EX) .
.
(
) .
(Adverse Selection)
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.
.
.
.
, ,
(hazard) .
(Moral Hazard)
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(financial crisis)
trust() confidence(/ ) fear() panic( ) .
(credit
crunch)
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.
. .
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?
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2.
, ,
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(
)
.
The Economics of
Money, Banking and Financial Markets .
( tech; technology)
(lifetime financial planning) (,
) .
.
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,
,
,
money
financial markets
banking
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1) .
income
2) .
wealth
(stock variable)
(flow variable)
cash
( )
money supply
( )
4) .
5) .
3) .
price
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.
.
(; flow variable):
.
.
EX) , , , , GDP, , ,
, ,
(; stock variable):
.
.
EX) , (capital stock), (),
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(,
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(, )
(, ) .
.
&
, .
( ) ( )
, ,
,
.
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?
.
(, ) (
)
.
, GDP
.
(transmission mechanism)
.
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: The Federal Reserve System (the Fed)
: The Bank of Korea (BOK)
(EU): European Central Bank (ECB)
(UK): The Bank of England
, ,
.
( ),
(policy mix)
.
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?
.
, , (crash) .
3 (Triple Crash)
:
: (, )
:
38
.
( )
:
.
(Bond Market)
(S&P 500) (index of leading indicators) 11 .
(Stock Market)
39
,
EX) (, , ), ,
(Foreign Exchange Market)
(Derivatives Market)
() .
.
.
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?
.
()
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.
.
3.
100 .
. , .
/
.
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.
( )
43
.
44
(+)
.
.
( "Inflation is always and everywhere a monetary
phenomenon. - Milton Friedman - )
(2000-2010)
45
.
80
. ( )
46
(1992 1 2013 8, %)
92 94 96 98 00 02 04 06 08 10 11
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4111.1711.4112.3913.1713.561421.2925.3423.4322.4721.3118.6316.3212.739.528.44999999999999937.347.2676.355.6354.84.754.754.754.754.754.754.754.754.75555555555.255.255.255.25555554.754.5444444444.254.254.254.254.254.254.254.254.254.254.254.25443.753.753.753.753.753.753.753.753.753.753.753.753.753.53.53.53.253.253.253.253.253.253.253.253.253.253.253.53.53.753.7544444.254.254.54.54.54.54.54.54.54.54.54.54.54.755555555555555.255.254.25432.5222222222222222222.252.252.252.252.52.52.752.753333.253.253.253.253.253.253.253.253.253.253.253.253.253332.752.752.752.752.752.752.752.52.52.52.5
47
(99 1 2013 8)
99 00 01 02 03 04 05 06 07 08 09 10 11
9
BOK 2.5%
Fed
0~0.25%
federal funds rate
08 3
7
RP.
(federal funds rate).
2008 3 1
7 RP .
991999:021999:031999:041999:051999:061999:071999:081999:091999:101999:111999:12002000:022000:032000:042000:052000:062000:072000:082000:092000:102000:112000:12012001:022001:032001:042001:052001:062001:072001:082001:092001:102001:112001:12022002:022002:032002:042002:052002:062002:072002:082002:092002:102002:112002:12032003:022003:032003:042003:052003:062003:072003:082003:092003:102003:112003:12042004:022004:032004:042004:052004:062004:072004:082004:092004:102004:112004:12052005:022005:032005:042005:052005:062005:072005:082005:092005:102005:112005:12062006:022006:032006:042006:052006:062006:072006:082006:092006:102006:112006:12072007:022007:032007:042007:052007:062007:072007:082007:092007:102007:112007:12082008:022008:032008:042008:052008:062008:072008:082008:092008:102008:112008:12092009:022009:032009:042009:052009:062009:072009:082009:092009:102009:112009:12102010:022010:032010:042010:052010:062010:072010:082010:092010:102010:112010:12112011:022011:032011:042011:052011:062011:072011:082011:092011:102011:112011:12122012:022012:032012:042012:052012:062012:072012:082012:092012:102012:112012:12132013:022013:032013:042013:052013:062013:072013:084.634.764.80999999999999964.744.744.764.995.075.225.25.425.35.455.735.856.026.276.536.546.56.526.516.516.45.985.495.314.84.213.973.773.653.072.49000000000000022.091.821.731.741.731.751.751.751.731.741.751.751.341.241.241.261.251.261.261.221.011.031.011.0110.9811.011111.031.261.431.611.761.932.162.27999999999999982.52.632.7933.043.263.53.623.7844.164.294.494.594.794.94000000000000044.995.245.255.255.255.255.245.255.265.265.255.255.255.265.01999999999999964.94000000000000044.764.494.243.942.982.612.27999999999999981.9822.009999999999999821.810.970.390.160.150.220.180.150.180.210.160.160.150.120.120.120.110.130.160.20.20.180.180.190.190.190.190.180.170.160.140000000000000010.10.090.097.0000000000000007E-20.10.087.0000000000000007E-20.087.0000000000000007E-20.080.10.130.140000000000000010.160.160.160.130.140000000000000010.160.160.160.140000000000000010.150.140000000000000010.150.110.090.090.09(1)991999:021999:031999:041999:051999:061999:071999:081999:091999:101999:111999:12002000:022000:032000:042000:052000:062000:072000:082000:092000:102000:112000:12012001:022001:032001:042001:052001:062001:072001:082001:092001:102001:112001:12022002:022002:032002:042002:052002:062002:072002:082002:092002:102002:112002:12032003:022003:032003:042003:052003:062003:072003:082003:092003:102003:112003:12042004:022004:032004:042004:052004:062004:072004:082004:092004:102004:112004:12052005:022005:032005:042005:052005:062005:072005:082005:092005:102005:112005:12062006:022006:032006:042006:052006:062006:072006:082006:092006:102006:112006:12072007:022007:032007:042007:052007:062007:072007:082007:092007:102007:112007:12082008:022008:032008:042008:052008:062008:072008:082008:092008:102008:112008:12092009:022009:032009:042009:052009:062009:072009:082009:092009:102009:112009:12102010:022010:032010:042010:052010:062010:072010:082010:092010:102010:112010:12112011:022011:032011:042011:052011:062011:072011:082011:092011:102011:112011:12122012:022012:032012:042012:052012:062012:072012:082012:092012:102012:112012:12132013:022013:032013:042013:052013:062013:072013:086.355.6354.84.754.754.754.754.754.754.754.754.75555555555.255.255.255.25555554.754.5444444444.254.254.254.254.254.254.254.254.254.254.254.25443.753.753.753.753.753.753.753.753.753.753.753.753.753.53.53.53.253.253.253.253.253.253.253.253.253.253.253.53.53.753.7544444.254.254.54.54.54.54.54.54.54.54.54.54.54.755555555555555.255.254.25432.5222222222222222222.252.252.252.252.52.52.752.753333.253.253.253.253.253.253.253.253.253.253.253.253.253332.752.752.752.752.752.752.752.52.52.52.5
48
1998-2001 4 2002
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()
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GDP
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(: )
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.
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49
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5. Mishkin chapter
