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Lecture Money, banking, and financial markets: Chapter 1 - Stephen G. Cecchetti, Kermit L. Schoenholtz

Chapter 1 - An introduction to money and the financial system. The following will be discussed in this chapter: Every financial transaction has a story; there is a complex web of interdependent institutions and markets making up the foundation of daily financial transactions; the six parts of the financial system; the five core principles of money and banking. | Chapter One 1- Introduction Every financial transaction has a story. There is a complex web of interdependent institutions and markets making up the foundation of daily financial transactions. The Six Parts of the Financial System. The Five Core Principles of Money and Banking. 1- Six Parts of the Financial System Money To pay for purchases and store wealth. Financial Instruments To transfer resources from savers to investors and to transfer risk to those best equipped to bear it. Financial Markets To buy and sell financial instruments. Financial Institutions To provide access to financial markets, collect information & provide services. Regulatory Agencies To provide oversight for financial system. Central Banks To monitor financial Institutions and stabilize the economy. 1- Six Parts of the Financial System Money Money has changed from gold/silver coins to paper currency to electronic funds. Cash can be obtained from an ATM any where in the world. Bills are paid | Chapter One 1- Introduction Every financial transaction has a story. There is a complex web of interdependent institutions and markets making up the foundation of daily financial transactions. The Six Parts of the Financial System. The Five Core Principles of Money and Banking. 1- Six Parts of the Financial System Money To pay for purchases and store wealth. Financial Instruments To transfer resources from savers to investors and to transfer risk to those best equipped to bear it. Financial Markets To buy and sell financial instruments. Financial Institutions To provide access to financial markets, collect information & provide services. Regulatory Agencies To provide oversight for financial system. Central Banks To monitor financial Institutions and stabilize the economy. 1- Six Parts of the Financial System Money Money has changed from gold/silver coins to paper currency to electronic funds. Cash can be obtained from an ATM any where in the world. Bills are paid and transactions are checked online. 1- Six Parts of the Financial System Financial instruments Buying and selling individual stocks used to be only for the wealthy. Today we have mutual funds and other stocks available through banks or online. Putting together a portfolio is open to everyone. 1- Six Parts of the Financial System Financial Markets Once financial markets were located in coffeehouses and taverns. Then organized markets were created, like the New York Stock Exchange. Now transactions are mostly handled by electronic markets. This has reduced the cost of processing financial transactions. There is a much broader array of financial instruments available. 1- Six Parts of the Financial System Financial Institutions Banks began as vaults, developed into institutions, to today’s financial supermarket. Offer a huge assortment of financial products and services. 1- Six Parts of the Financial System Government regulatory agencies Government regulatory agencies were