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Chapter3WhatIsMoney?Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-23.1Money3.2EvolutionofthePaymentsSystem3.3MeasuringMoneyCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-3

3.1Money

Theoriginofmoney，Theirnature.MeaningofMoneyFunctionsofMoneyCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-4

Theoriginofmoney，Theirnature.

Wasmoneycameintobeingbyamagic?Ofcoursenot.Yearsago,peopleproducedthingsforthemselvesLater,theyexchangedbecause:Thewantofthingsthatpeoplecannotproducebythemselves.Peoplespecializeinthethingstheyarebestat，

Self-productionwithoutexchangecanbewasteful.Specializationisbeneficialifitpermitsmassproduction.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-5ThenatureofmoneyMoneyesthedifficultiesofbarter.Bartering：Totradegoodsorserviceswithouttheexchangeofmoney.---inwhichagoodsorserviceisexchangeddirectlyforanothergoodsorservice.Whatproblemshasthebartering?Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-6Problemswithbarter.Itrequiresadoublecoincidenceofwants.Withbarter,youcan’tseparatethetimeofbuyingandselling.Bartercausesargumentbecauseitishardtorememberandmeasurerelatives.Withalmosteveryswap,argumentareneededtomakenewagreements.

Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-7n(n-1)/2Bartering:Moneyisused:2g：1p2p3g：3p3p4g：6p4p5g：10p

n(n-1)/25p10g：45p10p100g：4,950p100p1000g：499,500p1,000pCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-8Bartervs.MoneyItrequiresadoublecoincidenceofwants.

Withmoneythereneednotdoublecoincidenceofwants.Withbarter,youcan’tseparatethetimeofbuyingandselling.

Withmoney,wecansellthingsthenspendthemoneywhenwewant.Bartercausesargumentbecauseitishardtorememberandmeasurerelatives

Withmoney,there’spricetorememberandmeasurerelatives.Withalmosteveryswap,argumentareneededtomakenewagreements.

Withmoney,onlyonepriceofeachunitcanbeusedinmanydifferenttransactions.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-9Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-10MeaningofMoneyMoney(moneysupply)—anythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts;Wealth—thetotalcollectionofpiecesofpropertythatservetostorevaluee—flowofearningsperunit

oftimeCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-11FunctionsofMoney

Thefunctionsofmoneyreferstotheworkthatmoneydoesineconomicsociety.MediumofExchange—promoteseconomicefficiencybyminimizingthetimespentinexchanginggoods

andservicesWhenmoneyisusedasamediumofexchange,anexchangeofgoodsforgoodsisbrokenintotwotransactions:GoodsaregivenformoneyMoneyisusedtogetothergoodsMustbeeasilystandardizedMustbewidelyacceptedMustbedivisibleMustbeeasytocarryMustnotdeterioratequicklyCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-12UnitofAccount—usedtomeasurevaluein

theeconomyAsastandardofvalue,moneycanbecomparedwithotherunitsofmeasurement.Itisusedtomeasureandcompareeconomicvalues.Economicvaluesarestatedinmonetarytermsasprices.Withtheprices,wecaneasilymakecertaintherelationshipbetweenthevalueofonekindofgoodsandallotherkinds.Theunitofaccountistheunitinwhichvalue(economicvalue)ofgoodsandservicesarestated,recordedandsettled.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-13StoreofValue—usedtosavepurchasingpower;mostliquidofallassetsbutlosesvalueduringinflationAreserveoffuturepurchasingpower.Itissomethingthatpeoplekeepinordertomaintainthevalueoftheirwealth.Whatisthebiggestthreatforthemoneyasastoreofvalue?Ameansofpayment.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-14WhatHasBeenUsedforMoney?PreciousmetalssuchasgoldandsilverOthermetals:iron,copper,bronze,etcLargestonesCigarettesandsalt**Saltinromantimeswhentheromansoldierswerepaidinsaltandthat'showwegetthewordsalaryAnimalpartssuchasshell,bonesAnimals**Andanumberoftribesusedcattle,whichwereusefulbecausetheyweretransportable.Buttheywerequitebulkyandyouweren'talwayssureofthesizeofcattleyouweregoingtoget,sotherewasaproblemofquality.

Moneymadeupofpreciousmetalsoranothervaluablecommodityiscalledcommoditymoney,commoditymoneyfunctionedasthemediumofexchangelongtimeago.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-15GoodmoneyGoodmoneyshouldbe:PortableDivisibleDurableStablevalueHomogeneousofuniformstructureorcompositionthroughout,likemetalGoldhasbeenthemostcommoncommoditymoneyformostofhumanhistory.Socoinsandpapercurrencycameintobeing.Latercameothermoneysuchasdepositande-currencyCurrency(coinsandbills,checkingaccounts)Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-16ProblemsofCoinsandMintsCoinsandmints(preciousmetals)wereusedasmoneymuchearlierthanpapercurrency.Thesecoins,widelyacceptable,definetheweightandpurityofthepreciousmetalbeingusedasmoney.ProblemwithcoinsandmintsForgeryClipping&sweatingDebasement.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-17Socoinsandpapercurrencycameintobeing.Latercameothermoneysuchasdepositande-currencyCurrency(coinsandbills,checkingaccounts)Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-183.2EvolutionofthePaymentsSystemCommodityandFiatMoniesChecksElectronicPaymentsCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-19EvolutionofthePaymentsSystemCommodityMoney----FiatMoney----ElectronicPayment----E-MoneyCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-20CommodityandFiatMoniesMoneyisattheheartofthepaymentssystem.Money---Commoditymoney\papercurrency\depositande-currency.Thefirst

meansofpaymentwerethingswithintrinsicvalue,then,withverylittleintrinsicvalue.CommodityMoney–ThingsthathaveintrinsicvalueCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-21Commodity:silkinChina;butterinNorway;saltinVenice;whaleteethinFiji.FiatMoney:itsvaluecomesfromgovernmentdecree,orfiat.Andthemoneyhasverylittleintrinsicworth,andthecostofproductionisonlyasmallfractionofthefacevalue.WhyarewewillingtoacceptthesebillsaspaymentsCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-22

Whyarewewillingtoacceptthesebillsaspayments

Theretworeasons.First,wetakethembecausewebelievewecanusetheminthefuture;someoneelsewilltakethemfromus.Second,thelawsayswemustaccept.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-23MaintypesofCreditmoneyCreditmoneyissuedbygovernmentstokencoinspapermoneycurrencyorcashInoursystem,moneycreationiscontrolledandmanagedbythecentralbanks.ThecentralBankscontrolthecreationofmoneybyregulatingbankreservesandcontrollingtheamountofreservesavailable.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-24CreditmoneyissuedbyfinancialinstitutionsBankmoneyisalsocalled“fiduciarymoney”,sinceitisbasedonthetrustpeoplehavethatthebankwillkeepfaithandpayaspromised.invisiblecurrencyCanwegocashless?Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-25TwomajorinstancesoffiduciarymoneyBanknotes

Thesearebillsissuedbybanks.demanddeposits

Checkingaccounts--Inoursociety,checksareacceptableasmoney.CreditmoneyissuedbyinternationalfinancialinstitutionsSpecialdrawingrights(SDR)EUROIsitpossibleforthemankindtoformanunifiedworldcurrency?Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-26Checks

Instructionstothebanktotakefundsfromyouraccountandtransferthosefundstothepersonorfirmwhosenameiswritteninthe“PaytotheOrderof”line.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-27Thus,whenyougivesomeoneacheckinexchangeforagoodsorservice,itisnotafinalpayment---atleast,notinthesamesenceascurrency.Instead,yourchecksetsinmotionaseriesoftransactionsthateventuallyleadtothefinalpayment.Herearethesteps.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-28yourbank”saccountdebitsCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-29merchant”sbank”saccount

creditsCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-30TheFederalReserve”saccountDebits:Credits:yourbank”smerchant”sbank”saccountaccountCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-31

ThePathofaPaperCheckCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-32

ElectronicPaymentsThethirdandfinalmethodofpaymentiselectronic.Whatisthedifferencebetweendebitcardsandcreditcards?Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-33Adebitcardworksthesamewayasacheckinthatitprovidesthebankwithinstructionstotransferfundsfromthecardholder”saccountdirectlytoamerchant”saccount.Thereisusuallyachargeforthis;theprocessorofthepaymenttakesafeebasedonthesizeofthetransaction.Acreditcardisapromisebyabanktolendthecardholdermoneywithwhichtomakepurchases.Creditcardsdonotrepresentmoney;rathertheyrepresentaccesstosomeoneelse”smoney.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-34Electronicfundstransfers:aremovementsoffundsdirectlyfromoneaccounttoanother.Thesetransactionsareusedextensivelybybanksandareingincreasinglypopularforindividualsaswell.E-moneyisanothernewmethodofpayment.ItcanbeusedtopayforpurchasesontheInternet.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-35Forindividuals,themostcommonformistheautomatedclearinghousetransaction(ACH),whichisgenerallyusedforrecurringpaymentssuchaspaychecksandutilitybills.ACHtransactionsarejustlikechecksexceptthattheyareentirelyelectronic.Yourbankaccountisdebitedautomatically,andyoureceiveperiodicNotificationsoftheactivityinyouraccount.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-36

TheFutureofMoneyLet”sspeculateaboutwhatmighthappentomoneyandeachofitsthreefunctionsinthefuture.Asameansofpayment,ithasalreadyundergonebigchanges.Wewillalwaysneedmoneyasaunitofaccountinwhichtoquotevaluesandprices;theefficiencyofquotingpricesincommonlyunderstoodtermsisn”tgoingtochange.Andwewilllikelyseeasimilarsortofstandardizationofmoneyanddramaticreductioninthenumber

ofunitsofaccount.Moneyasastoreofvalueisclearlyonthewayout.Wecanconcludethatinthefuture,therewillalmostsurelybelessandlessmoney.Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-37貨幣的類型1、實物貨幣非金屬實物貨幣金屬實物貨幣：先賤是金屬貨幣、后是金屬貨幣先稱量貨幣、后鑄幣2.非實物貨幣：紙幣、存款貨幣3、超物貨幣貨幣收付和存款劃轉(zhuǎn)交由電子計算機處理、無現(xiàn)金、無支票使用。實物貨幣——非實物貨幣——超物貨幣

貨幣形式——虛化貨幣價值——提純Copyright?2007PearsonAddison-Wesley.Allrightsreserved.3-38MeaningandFunctionofMoneyEconomist’sMeaningofMoney1. Anythingthatisgenerallyacceptedinpaymentforgoodsandservices2. NotthesameaswealthoreFunctionsofMoney1. Mediumofexchange2. Unitofaccount3. StoreofvalueEvolutionofPaymentsSystem1. Preciousmetalslikegoldandsilver2. Papercurrency(fiatmoney)3. Checks4. Electronicmeansofpayment5. Electronicmoney:Debitcards,Stored-valuecards,Smartcards,E-cashCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-39

3.3MeasuringMoneyCategoryofmoneyMonetaryaggregatesCopyright?2007PearsonAddison-Wesley.Allrightsreserved.3-40

CategoryofmoneyChangesintheamountofmoneyintheeconomyarerelatedtochangesininterestrates,economicgrowth,andmostimportant,inflation.Areasonablealternativewouldbetoconsiderthefunctionalityofabroadcategoryoffinancialassetsandsortthembytheirdegreeofliquidity.Thatis,wecouldsortthembyeasewithwhichtheycanbeconvertedintoameansofpayment,arrangingthemalongaspectrumfromth