1MCN貨幣銀行學試閱檔

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Preface
1980
2008
2007
2008 9
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iii
1995
(dthsieh@ntu.edu.tw)
iv
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brief of contents
1 ............................................... 1
01 .................................................................................... 3
02 .......................................................................... 15
03 .................................................. 39
2 ................................. 69
04 .......................................................... 71
05 ............................................................................ 107
06 ........................................................ 131
3 ....................................................... 157
07 .................................................... 159
08 .................................................... 183
09 ........................................................................ 215
10 ............................................................................ 235
11 ................................................................ 261
4 ................................................... 295
12 .................................................................... 297
13 .................................................................... 323
14 ............................................................ 361
15 .................................................................... 387
16 ........................................................ 415
5 ............................... 443
17 ................................................ 445
18 .................................................................... 463
19 .................................................................... 489
20 ................................................................ 515
.................................................................................................. 559
.................................................................................................. 571
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contents
1 1
01 ............................................................................................... 3
1.1
1.1.1
1.1.2
1.2
4
4
1.3
1.4
9
12
13
02 ..................................................................................... 15
2.1
2.1.1
2.1.2
2.2
2.2.1
2.2.2
2.3
2.3.1
2.3.2
16
16
16
2.4
24
17
19
2.4.1
2.4.2
2.4.3
2.4.4
2.4.5
24
25
26
29
31
20
2.5
33
17
20
23
36
03 ............................................................. 39
3.1
3.1.1
40
3.1.2
41
3.1.3
42
3.2
43
3.2.1
43
3.2.2
3.2.3
44
44
3.3
3.3.1
vi
40
45
3.3.2
3.3.3M1A
3.3.4M1B
3.3.5M2
3.4
3.4.1
3.4.2
3.5
46
49
52
54
56
56
59
61
64
45
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2 69
04 ..................................................................... 71
72
4.3.2
83
4.1.1
4.1.2
72
73
4.3.3
4.3.4
87
91
4.1.3
75
4.3.5
94
4.1
4.2
4.2.1
4.2.2
4.3
4.3.1
76
4.4
96
76
80
4.4.1
4.4.2
96
100
104
81
81
05 ....................................................................................... 107
5.1
5.1.1
5.1.2
5.2
5.2.1
5.2.2
5.2.3
108
108
109
110
110
111
115
5.2.4 117
5.3
5.3.1
5.3.2
5.3.3
121
122
124
126
129
06 ................................................................... 131
6.1
6.1.1
6.1.2
6.2
132
132
133
136
6.2.1Modigliani-Miller
136
6.2.2Modigliani-Miller
138
6.3
6.3.1
6.3.2
140
140
141
6.3.3
6.4
142
144
6.4.1
6.4.2
6.4.3
6.4.4
144
145
146
149
6.4.5Tobin
150
6.4.6
152
153
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3 157
07 ............................................................... 159
7.1
160
7.3.1
7.3.2
171
172
7.1.1
7.1.2
160
161
7.1.3
163
7.3.3
7.3.4
174
175
167
7.3.5
176
7.2
7.2.1
7.2.2
7.2.3
167
168
170
7.3
171
7.4
176
7.4.1
7.4.2
176
179
180
08 ............................................................... 183
8.1
184
8.1.1
8.1.2
8.1.3
184
185
190
8.2
8.2.1
8.2.2
8.3
197
8.3.1
8.3.2
8.3.3
197
198
201
193
8.4
206
193
194
213
09 ................................................................................... 215
9.1
216
9.1.1
9.1.2
216
220
9.1.3
224
9.2
9.3
226
230
233
10 ....................................................................................... 235
10.1
236
10.1.1
10.1.2
236
237
10.1.3
10.1.4
238
239
10.2
241
10.2.1
10.2.2
10.2.3
10.3
241
242
244
246
10.3.1
246
10.3.2
250
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10.4
252
10.4.1
252
10.4.2
253
257
11 ........................................................................... 261
11.1
11.1.1
11.1.2
11.2
262
11.3.2
282
262
264
11.3.3
283
266
11.2.1
11.2.2
11.2.3
11.2.4
11.2.5
11.3
266
269
272
274
276
279
11.3.1
11.4
284
11.4.1
11.4.2
11.4.3
284
285
288
11.5
289
11.5.1
11.5.2
289
290
292
279
4 295
12 ............................................................................... 297
12.1
12.1.1
12.1.2
12.2
12.3
12.4
298
298
299
301
306
312
12.4.1
12.4.2
312
314
12.5
12.6
316
319
320
13 ............................................................................... 323
13.1
324
13.3
347
13.1.1
324
13.3.1
347
13.1.2
13.1.3
13.1.4
326
329
334
13.3.2
13.3.3
13.3.4
350
352
353
13.2
336
13.4
355
13.2.1
336
13.4.1
355
13.2.2
13.2.3
339
343
13.4.2
357
358
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ix

14 ....................................................................... 361
14.1
362
14.1.1
14.1.2
362
363
14.1.3
366
14.2
14.2.1
14.2.2
14.3
368
368
372
14.3.1
14.3.2
14.3.3
14.4
373
374
377
378
14.4.1 (Basel Accord) 378

14.4.2
382
385
373
15 ............................................................................... 387
15.1
15.1.1
15.1.2
15.1.3
15.2
15.2.1
15.2.2
15.2.3
15.3
388
388
388
391
394
394
395
398
400
15.3.1
15.3.2
15.3.3
400
401
402
15.4
15.5
15.6
404
406
408
15.6.1
15.6.2
408
410
412
16 ................................................................... 415
16.1
16.1.1
16.1.2
16.2
416
416
417
419
16.2.1
419
16.2.2
421
16.2.3
425
16.2.4
16.3
428
429
16.3.1
16.3.2
429
434
16.3.3
16.3.4
435
438
440
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5 443
17 ........................................................... 445
17.1
446
17.1.1
446
17.1.2
17.2
17.3
450
456
459
447
18 ............................................................................... 463
18.1Walras
464
18.1.1 Warlrs
464
18.1.2
465
18.1.3
469
18.2
18.3
18.4
18.4.1
18.4.2
475
483
483
485
487
472
19 ............................................................................... 489
19.1
19.1.1
19.1.2
19.1.3
19.2Phillips
19.2.1Phillips
490
490
492
495
496
496
19.2.2 Phillips
501
19.3
506
19.3.1
19.3.2
506
509
512
20 ........................................................................... 515
20.1
516
20.4
528
20.1.1
516
20.4.1
528
20.1.2
519
20.4.2
529
521
20.4.3
532
20.2
20.2.1
521
20.2.2
522
20.5
534
525
20.5.1
534
20.3.1
525
20.3.2
20.3.3
526
527
20.5.2
20.5.3
535
536
20.3
20.6
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541
xi

20.6.1
20.6.2
541
542
20.7.1
20.7.2
547
549
20.6.3
20.6.4
544
545
20.7.3
553
556
20.7
547
..................................................................................................... 559
..................................................................................................... 571
xii
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P A R T
CHAPTER 01
CHAPTER 02
CHAPTER 03
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CHAPTER
01
1.1
1.1.1
1.1.2
1.3
1.2
1.4
2000 Greenspan
2003 1% 2006
7,200 2001 5.3
(CDO) (MBS)
2004 2 17
2006 5.25%
2007 4
(New Century Financial Corporation)
6 (Bears-Stern) 2008
4 (JP Morgan Chase) (Lehman Brothers) (Merill
Lynch) (Morgan Stanley) (Citigroup) (American
International Group, AIG)
1930
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1.1
1.1.1
1-1
(surplus spending unit, SSU) (

)
(
)
(deficit spending unit, DSU) (

)
()
(indirect finace)
(
)
(direct finance)
()
(
)
()
()
()
1.1.2
(financial system)
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()
()
()
1-1
()
()
()
()
1970
(ATM)
1990
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(European Central Bank)

(Federal Reserve Bank)
1.2
1-1
(form utility) (place utility) (time utility)
(property utility)
Coase (1935)
Coase
1-1 (primary industry)

(secondary industry) (tertiary industry)
() () GDP
() ()
1-1
()
()
()
()
()
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()

() 1-2
1. (financial policy)
2. (investment policy)
3. (dividend policy)
()
10%
1-3
1. (debt management policy) ()
2. (asset management policy)
1-2
()
()
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1-3
()
()
3.
30%
()
()
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(a)
(b)
(c)
1.3
10,000 (48 ) 6%
235 2354811,280
2008
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(junk bond)
75 1,800
10
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(automatic stabilizers)
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1.4
12
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1.
2. 2008
3.
4.
5.

1. 2007
2. 2008
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13
CHAPTER
02
2.1
2.1.1
2.1.2
2.2
2.2.1
2.2.2
2.3
2.3.1
2.3.2
2.4
2.4.1
2.4.2
2.4.3
2.4.4
2.4.5
2.5
2004 12 MONDEX MASTER

700 2007
2007 3 icashwave
icashwave 500 500
500 500
Hicks (1935)
15
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2.1
2.1.1
Adam Smith (1776) (Wealth of Nations)
()
2.1.2
(Paradise)
16
()
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(planned economy)
1960
2.2
(decentralization) (auctioneer)
2-1
(exchange economic system)
2.2.1
Jevons (1875)
(double coincidence of wants)
(searching cost)
(transaction cost)
(storage cost) (waiting
cost)
(information cost)
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2-1
()
()
()
()
()
(fixed-point market) (trading post) ()
(1020 30 )
(barter trade
mall)
7,000 2565
3M
IBM (Xerox)
(unit of account) (numeriae)

n
n(n1)
2
(accounting cost)
(accounting price)
n(n1)
1,000 1,000
1,000
18
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(media of exchange)
n n(n1)2
11 12 1n

21
22
2n
[ ij ] =

n2
nn
n1
1
ij i j ij ( ij) ii 1
(annouced price) ( 1)
2.2.2
(intermediary commodity)
(
) (local currency)
()
()
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19
(absolute
price) () 1,200
(absolute price) 1,200,000 ( 1,200

900 )
900
900
)
2.3
2.3.1
Jones
Jones (1976)
A
(1 )i
i
A
i i
Ai
ij
Pi
n
3(1 Pi Pj ) 2 ( Pi Pj ) ... (n 1)(1E(SP1i)P=
(P
Pii P
Pjj )) + 2(1 - Pi Pj ) + 3(1 - Pi Pj )2 ( Pi Pj ) + + (n + 1)(1 - Pi Pj )n ( Pi Pj )
j ) 1(
= (P
P )[1 + 2(1 - Pi Pj ) + 3(1 - Pi Pj )2 + + (n + 1)(1 - Pi Pj )n ]
ni j
3(1 Pi Pj ) ( Pi Pj ) ... (n 1)(1 Pi Pj ) ( Pi Pj ))
= ( Pi Pj ) * D
2
20
(02)2705-5066
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i j
E ( S ) 1( Pi Pj ) 2(1 Pi Pj )( Pi Pj ) 3(1 Pi Pj ) 2 ( Pi Pj ) ... (n 1)(1 Pi Pj ) n ( Pi Pj )
( Pi Pj )(1 2(1 Pi Pj )( Pi Pj ) 3(1 Pi Pj ) 2 ( Pi Pj ) ... (n 1)(1 Pi Pj ) n ( Pi Pj ))
( Pi P ) D

D (1 P P ) D ( P P) D

1 (1 Pi Pj )i j(1 Pi Pj i) 2 ... (1 Pi Pj ) n (n 1)(1 Pi Pj ) n 1

2
n
n 1
...
111
((11 P
... ((11 P
PiiP
Pjj)) ((11 P
PiiP
Pjj))22 ...
PiiP
Pjj))nn ((nn 11)(
)(11 P
PiiP
Pjj))nn11
1 (12 Pi Pj ) (1 Pi Pj ) (1 Pi Pj ) (n 1)(1 Pi Pj )
D(
)
Pi Pj 111 22
D
(
))2
D ((
D
P
P
PiiP
Pjj )
1P
E ( S1 ) i j
P Pj 111
E
E(((SSS11)))i
E
1
P
P
PiiP
Pjj
P
i
7
77
k
k
kkk
1
1
E (S2 )
1
P Pk 11Pk Pj 111
E
E(((SSS22)))i
E
2
P
P
P
P
PiiP
Pkk P
PkkP
Pj
P
i k
k jj
1
1
1

P1iPj 1 PiPk 1 PkPj
Pi Pj 111Pi Pk 111Pk Pj 111
P
P
P
P
P
P
PiiP
Pjj P
PiiP
Pkk P
PkkP
Pjj
P
i
i k
PkPiPj
Pk ()
Pi Pj k Pk ij Pi
P
P
P
P
P
Pkk
Pii
Pjj
Pj
P
k
i
j
) k
Pk
i j
i Pj
ij
Pi PP
Pk
() k(
)
k
P
((
))kk
PPkk
ii jj
P
Pii
P
Pjj
k
j
k
()i k
)))kkk
(((
Pk i j Pi Pj
jjj
P
P
Pkk
iii
P
Pii
P
Pjj
i
j
kk
1
1
1

4b
2b
PkkkP
b
P
P
P
i j
i k
kPj
bbb
PiPj
Pk1 2b 1 1 4b
1
iP
j) 1
Pi Pj 1(2bP
1P P
111 22Pbbi P
j 11
44bb
k 1 k
2
b
P
P
P
P
P
P
PiiP
PPjj i Pj P
PiiP
Pkk P
PkkP
Pjj 4b
P
(bibj)
i
j
i
k
k
j
Pk ;
P
P
P
P
(
1
2
)
bP
P
i
j
(bm )
P
;; Piii j Pjj
Pkk ;
P
k
222bP
bP
P
bPiiP
Pj ))
(((111
i jj)
(bi b j )
1
1
1( bm
b
b

b
b

b
)
(
b
i
j
i
m
m bj)
(((bbbmm
bjj)))
((bbiii P
kbbP
PiPj )
PiPk
m
jj
)))
1
1
1
P Pm1)
b(P
bi
bm ) (
bm b j ) 2bm 0
i i b j j (
Pi Pj 111
Pi Pk 111
Pk Pj 111
b
)
(
bbmm bbjj))
bii bjj (
bii bmm ) (
Jonse
P
P
P
P
P
P
PiiP
Pjj bi b j ( P
PiiP
Pkk bi bm ) ( P
PkkP
Pjj bm b j )
P
i k
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Jones
() ()
(commodity money)
(Quid Pro Quo)
(means of payment)
(double coincidence of time)
(unit
of contract)
(means of deferred payment)
?
(a)
(b)
(c)

(a)
(b)
(c)
22
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.
.
.
,
2010. 2008.08
10
.,
.
ISBN 978-957-11-5229-5 ()
ISBN 978-957-11-6118-1
1.1.2.3.
489.67
561
97009174
99018312
1MCH
1MCN
275

1063394

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14.4.1 (Basel Accord) 378

(surplus spending unit, SSU) (

(deficit spending unit, DSU) (

(European Central Bank)

(form utility) (place utility) (time utility)

1-1 (primary industry)

1. (debt management policy) ()

2. (asset management policy)

2004 12 MONDEX MASTER

(double coincidence of wants)

(fixed-point market) (trading post) ()

(unit of account) (numeriae)

(absolute price) 1,200,000 ( 1,200

( Pi Pj )(1 2(1 Pi Pj )( Pi Pj ) 3(1 Pi Pj ) 2 ( Pi Pj ) ... (n 1)(1 Pi Pj ) n ( Pi Pj ))

1 (1 Pi Pj )i j(1 Pi Pj i) 2 ... (1 Pi Pj ) n (n 1)(1 Pi Pj ) n 1

Pi Pj 111Pi Pk 111Pk Pj 111

(double coincidence of time)

(means of deferred payment)

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