syllabus money and capital markets - edit

7/23/2019 Syllabus Money and Capital Markets - Edit

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TON DUC THANG UNIVERSITY

FACULTY OF FINANCE AND BANKING-----------------------------------

HoChiMinh City, …. November 2015

UNDERGRADUATE DEGREE PROGRAM IN FINANCE AND BANKING

MONEY AND FINANCIAL MARKETS

1. Course: MONEY AND FINANCIAL MA!E"#

. Course Co!e: B"1""#. No. o$ %re!&'s: ( )#.1*(. De+ree ,ee,: $%&he'or in Fin%n&e %n( $%n)in* Co!e: #(""1. T&/e 0,,o%0'&o:+ "heory -5 te%&hin* hor/+ r%&ti&e 0 te%&hin* hor/+ #e'+/t(y 30 hor/2. Re3u&re/e's:+ Prere3u&s&'e: oe+ rior+&om4'etion En*'i/h 1+ Co+rei/ite/ M%&roe&onomi&/4. Des%r&5'&o:"hi/ /b6e&t oer/ /t(ent/ 7ith n(%ment%' )no7'e(*e on money %n( in%n&i%' m%r)et. It

&over/ o''o7in* to4i&/ /&h %/ the (eve'o4ment 4ro&e// o money, intere/t r%te theory, &re(it,

in'%tion, monet%ry 4o'i&ie/, monet%ry in/trment/, in%n&i%' interme(i%rie/ 8&entr%' b%n) %n(&ommer&i%' b%n)9, in%n&i%' m%r)et/, %n( in/trment/ o the in%n&i%' m%r)et. "he/e

n(%ment%' )no7'e(*e /44ort /t(ent %n%'y:e v%rio/ monet%ry %n( in%n&i%' to4i&/ %/ 7e'' %/



* 44 y y 4

+ T;&&+: It i/ e;4e&te( th%t /t(ent/ 4er&eive the ro'e %n( 4r4o/e o /&ien&e, )no7'e(*e

thro*h their /t(yin* %n( re/e%r&hin* %&tivitie/.

+ A''&'u!e 0! 7e;0&or: It i/ e;4e&te( th%t /t(ent/ &om4'y 7ith the 4rin&i4'e/, ethi&/ in the/&ientii& re/e%r&h.

<. Br&e$ %ourse %o'e':

Ch%4ter 1 <hy #t(y Money, $%n)in*, %n( Fin%n&i%' M%r)et=

Ch%4ter 2 An Overvie7 o the Fin%n&i%' #y/tem

Ch%4ter <h%t i/ Money=Ch%4ter - >n(er/t%n(in* Intere/t %te

Ch%4ter 5 "he $eh%vior o Intere/t %te

Ch%4ter ? "he i/) %n( "erm #tr&tre Intere/t %te

Ch%4ter @ "he #to&) M%r)et, the "heory o %tion%' E;4e&t%tion/, %n( the Ei&ient M%r)et

Hy4othe/i/

Ch%4ter $%n)in* %n( the M%n%*ement o Fin%n&i%' In/tittion/

Ch%4ter 3 Centr%' $%n)

Ch%4ter 10 "he Dem%n( or Money

Ch%4ter 11 "he Money #44'y ro&e//

Ch%4ter 12 "oo'/ o Monet%ry o'i&y

Ch%4ter 1 "he Con(&t O monet%ry o'i&y

1". Ou'%o/es o$ ';e %ourse:



Comin* 4re4%re( to &ontribte to the &'%// Commni&%tion 7ith the 'e&trer

"hin) %bot thi/ &'%// %/ tho*h it 7%/ % 6ob, %n( 4roe//ion%'i/m in &'%// i/ % *oo( (i/&i4'ine to 4re4%re yo or the re%' 7or'(.

1. Te0%;&+ /0'er&0,s

Te'7oo

1 Fre(eri& #.Mi/h)in, The Economics of Money, Banking and Financial Markets . e%r/on,201.

Supplementary Readings

2 Ce&&hetti, #&hoenho't:, Money, Banking, and Financial Markets, M&Gr%7+Hi'', 2015.

Additional Readings

# Jnh "hKnh, "h Minh Hn*, NhP4 MQn "Ki ChRnh S "iTn "U, NV$ L%o Wn* VX

HWi, 200.Su55,e/e'0r= Re0!&+s Le%'ure S,&!es: A'' /44'ement%ry re%(in*/ 'i/te( in the /y''%b/

%n( 'e&tre /'i(e/ 7i'' be %v%i'%b'e on+'ine Libr%ry. Le&tre #'i(e/ 8i %ny9 7i'' be %v%i'%b'e

o''o7in* the &'%//. Le&tre #'i(e/ %re me%nt %/ %n ot'ine to re(&e the %mont o rote &o4yin*

o (einition/ %n( orm'%/ bt &ert%in'y not %/ % /e'+&ont%ine( 'e&tre /mm%ry. e%(in* the

'e&tre /'i(e/ 7ithot %tten(in* &'%// 7i'' mo/t 'i)e'y be o 'itt'e beneit.

1#. Assess/e' s%;e/eOn+*oin* %//e//ment+ ro&e// 4oint 1 10+ ro&e// 4oint 2 20



1. S%;e!u,e: )T: T;eor= E: Eer%&se P: Pr0%'&%e D: D&s%uss*

Sess&o Co'e'Or+0&>0'&o o$ 'e0%;&+ Se,$-

s'u!=Ou'%o/es Re3u&re/e' S'u!e's '0s

T E P D

1

C;05'er 1: ;= S'u!= Moe=B0&+ 0! F&0%&0, M0re'

1.1 <hy #t(y Fin%n&i%' M%r)et=

+ "he bon( m%r)et %n( Intere/t %te

+ "he #to&) M%r)et

1.2 <hy #t(y Fin%n&i%' In/tittion

%n( $%n)in*=

+ #tr&tre o the Fin%n&i%' #y/tem+ Fin%n&i%' Cri/i/

+ $%n) %n( Other Fin%n&i%'

In/tittion/

+ Fin%n&i%' Innov%tion

1. <hy #t(y Money %n( Monet%ry

o'i&y=

+ Money %n( $/ine// Cy&'e/

+ Money %n( In'%tion

+ Money %n( Intere/t %te

+ Con(&t o Monet%ry o'i&y

+ Fi/&%' o'i&y %n( Monet%ry o'i&y

0 0 0 ? 1 - #

A' %,0ss: NoePre50r0'&o

e%(in*

1 &h%4ter 1 8+129

&h%4ter 2 813+-59

A$'er %,0ss

e%(in* %n( A//i*nment/

+ "he e/tion/ %n( 4rob'em/ %t the en(

o the &h%4ter.

C;05'er : A O er&e9 O $ T;e 2.5 0 0 0.5 ? 1 - ( A' %,0ss



F&0%&0, S=s'e/2.1 Fn&tion o Fin%n&i%' M%r)et/

2.2 #tr&tre o Fin%n&i%' M%r)et/

+ Debt %n( Eity M%r)et/

+ rim%ry %n( /e&on(%ry M%r)et/

+ E;&h%n*e %n( Over+ "he Conter

M%r)et/

+ Money %n( C%4it%' M%r)et/

2. Fin%n&i%' M%r)et In/trment/

+ Money M%r)et In/trment/

+ C%4it%' M%r)et In/trment/

2.- "y4e/ o Fin%n&i%' Interme(i%rie/

+ De4o/itory In/tittion/

+ Contr%&t%' #%vin*/ In/tittion/

+ Inve/tment Interme(i%rie/

2.5 e*'%tion o the Fin%n&i%'#y/tem

+ Di/&//ion o 4revio/ 4rob'em/

+ Di/&//ion o the ietn%me/e Money

M%r)et In/trment/

Pre50r0'&o

e%(in*

1 &h%4ter 2 825+09

&h%4ter 10 82?+25@9

A$'er %,0ss


+ Fo''o7in* the Fin%n&i%' Ne7/ MoneyM%r)et %te/

+ Fo''o7in* the Fin%n&i%' Ne7/ "he

C%4it%' M%r)et Intere/t %te

+ Fo''o7in* the Fin%n&i%' Ne7/

Forei*n #to&) M%r)et In(e;e/

+ G'ob%' Are >.# C%4it%' M%r)et

Lo/in* "heir E(*e=

+ "he e/tion/ %n( 4rob'em/ %t the en(o the

# C;05'er #: ;0' &s Moe=.1 Me%nin* o Money.2 Fn&tion o Money

+ Me(im o E;&h%n*e

2.5 0 0 0.5 ? 1 - ( A' %,0ss:


+ Di/&//ion o the ietn%me/e E+

%*e o 16



+ >nit o A&&ont

+ #tore o %'e

. Evo'tion o %yment #y/tem

+ Commo(ity Money

+ Fi%t Money

+ Che&)/

+ E'e&troni& %yment

+ E+ money

.- Me%/rin* money

Money

Pre50r0'&o

e%(in*

1 &h%4ter 85+5@9

&h%4ter 2 813+-59

A$'er %,0ss



o the &h%4ter.( C;05'er (: U!ers'0!&+ I'eres'

R0'e

-.1 Me%/rin* Intere/t %te

+ re/ent %'e

+ For ty4e/ o Cre(it M%r)et

In/trment

+ Yie'( M%trity

-.2 "he Di/tin&tion $et7een Intere/t%te %n( etrn

+ M%trity %n( the o'%ti'ity o $on(

etrn Intere/t %te i/)

+ #mm%ry

-. "he Di/tin&tion $et7een e%' %n(

2.5 0 0 0.5 ? 1 - ( A' %,0ss:


+ Di/&//ion o the ietn%me/e intere/t

r%te/

Pre50r0'&o

e%(in*

1 &h%4ter - 8?@+39

&h%4ter - 8?3+339A$'er %,0ss


A44'i&%tion #im4'e re/ent %'e

A44'i&%tion

+ Yie'( to M%trity On % #im4'e Lo%n

%*e 2 o 16



Nomin%' Intere/t

+ A44'i&%tion C%'&'%tin* e%'

Intere/t %te/

+ Yie'( to M%trity %n( Ye%r'y %yment

on % Fi;e( S %yment Lo%n


o the &h%4ter.

C;05'er : T;e Be;0&or o$ I'eres'

R0'e

5.1 Determin%nt o A//et Dem%n(

+ <e%'th

+ E;4e&te( etrn

+ i/) + Lii(ity

+ "heory o A//et Dem%n(

5.2 #44'y %n( Dem%n( in the $on(

M%r)et.

+ Dem%n( Crve

+ #44'y Crve

+ M%r)et Ei'ibrim

+ #44'y %n( Dem%n( An%'y/i/

5. Ch%n*e/ in Ei'ibrim Intere/t

%te

+ #hit/ in the Dem%n( or $on(

+ #hit/ in the #44'y or $on(

2.5 0 0 0.5 ? 1 - ( A' %,0ss:


+ Di/&//ion o tho/e ri/) ee&t/ on the

ietn%me/e intere/t r%te/

Pre50r0'&o

e%(in*1 &h%4ter 5 831+1159

&h%4ter - 8?3+339

A$'er %,0ss


A44'i&%tion

+ Ch%n*e/ in the Intere/t %te De toE;4e&te(

%*e 4 o 16



5.- #44'y %n( Dem%n( in the M%r)et

Money "he Lii(ity reeren&e

Fr%me7or)

5.5 Ch%n*e in Ei'ibrim Intere/t%te in the Lii(ity reeren&e

Fr%me7or)

+ #hit/ in the Dem%n( or Money

+ #hit/ in the #44'y o Money

+ Ch%n*e/ in In&ome

+ Ch%n*e/ in the ri&e 'eve'

+ Ch%n*e/ in the Money #44'y2 C;05'er 2: T;e R&s 0! Ter/

S'ru%'ure I'eres' R0'e

?.1 i/) #tr&tre o Intere/t %te

+ De%'t i/) + Lii(ity+ In&ome "%; Con/i(er%tion/

?.2 "erm #tr&tre o Intere/t %te+ E;4e&t%tion "heory+ #e*mente( M%r)et "heory+ Lii(ity remim %n( reerre(

H%bit%t "heorie/+ Evi(en&e on the "erm #tr&tre

2.5 0 0 0.5 ? 1+- A' %,0ss:


+ Di/&//ion tho/e ri/)/ o bon(/,

/h%re/ %n( their re'%tion/ 7ith intere/t

r%te/ o m%r)et

Pre50r0'&o

e%(in*

1 &h%4ter ? 812+1--9

2 &h%4ter @ 81?2+19

&h%4ter - 8?3+339

A$'er %,0ss

%*e 6 o 16




+ "he Fo''o7in* the Fin%n&i%' Ne7/

Yie'( Crve/

+ FYI "he Yie'( Crve %/ % Fore&%/tin*

too' or In'%tion %n( the $/ine//

Cy&'e


o the &h%4ter.@ C;05'er 4: T;e S'o% M0re' ';e

T;eor= o$ R0'&o0, E5e%'0'&os0! ';e E$$&%&e' M0re' H=5o';es&s

@.1 "he #to&) E;&h%n*e in ietn%m

+ Ho Chi Minh #to&) E;&h%n*e

+ H%noi #to&) e;&h%n*e

@.2 "he 4ro&e// o tr%(in* in the /h%re

m%r)et

+ Deinition

+ "r%n/%&tion "e&hnie

+ "r%n/%&tion ro&e//

+ "r%n/%&tion Mo(e/

+ "y4e o "r%n/%&tion Or(er

+ "r%n/%&tion Or(er

0 0 0 ? 1+- A' %,0ss

+ Di/&//ion o 4revio/ 4rob'em/Pre50r0'&o

e%(in*

1 &h%4ter @ 81-@+1?59

2 &h%4ter 813+209

&h%4ter 83+209

A$'er %,0ss


+ A44'i&%tion "he #b4rime Fin%n&i%'

Cri/i/ %n( the #to&) M%r)et

+ A44'i&%tion r%&ti&%' Gi(e to

Inve/tin* in the #to&) M%r)et

%*e < o 16



@. "he "heory o %tion%'

E;4e&t%tion/

+ Form%' #t%tement o the "heory

+ %tion%'e $ehin( the "heory+ Im4'i&%tion/ o the "heory

@.- "he Ei&ient M%r)et Hy4othe/i/


o the &h%4ter.

6 C;05'er 6: B0&+ A! T;e

M00+e/e' o$ F&0%&0,

Is'&'u'&os.1 "he $%n) $%'%n&e #heet+ Li%bi'itie/

+ A//et/.2 $%/i& $%n)in*. Gener%' rin&i4'e/ O $%n)

M%n%*ement+ Lii(ity M%n%*ement %n( the o'e

o e/erve/+ A//et M%n%*ement+ Li%bi'ity M%n%*ement+ C%4it%' A(e%&y M%n%*ement

.- M%n%*in* Cre(it i/)+ #&reenin* %n( Monitorin*+ Lon*+"erm C/tomer e'%tion/hi4/+ Lo%n Commitment/+ Co''%ter%' %n( Com4en/%tin*

$%'%n&e/+ Cre(it %tionin*.5 M%n%*in* Intere/t %te i/)

2.5 0 0 0.5 ? 1+- A' %,0ss


+ Di/&//ion o the Commer&i%' $%n)/

in ietn%m

Pre50r0'&oe%(in*

1 &h%4ter 10 8225+259

&h%4ter 11 82?-+2329

A$'er %,0ss


+ A44'i&%tion #tr%te*y or m%n%*in*$%n) C%4it%'

+ A44'i&%tion #tr%te*ie/ or m%n%*in*

Intere/t+ %te i/)


o the &h%4ter.

%*e 1" o 16



+ G%4 %n( Dr%tion An%'y/i/.? O $%'%n&e #heet A&tivitie/+ Lo%n #%'e/+ Gener%tion o Fee In&ome

< C;05'er <: Ce'r0, B0 3.1 "he ri&e #t%bi'ity Go%' %n( the

Nomin%' An&hor

+ "he o'e o % Nomin%' An&hor

+ "he "ime in&on/i/ten&y rob'em

3.2 Other Go%'/ o Monet%ry o'i&y

+ Hi*h Em4'oyment

+ E&onomi& Gro7th+ #t%bi'ity o Fin%n&i%' M%r)et/

+ Intere/t+%te #t%bi'ity

+ #t%bi'ity in Forei*n E;&h%n*e

M%r)et/

3. #ho'( ri&e #t%bi'ity $e the

rim%ry Go%' o Monet%ry o'i&y=

+ Hier%r&hi&%' er// D%' M%n(%te/

+ ri&e #t%bi'ity %/ the rim%ry, Lon*+

n Go%' o Monet%ry o'i&y

3.- Ori*in/ o the Fe(er%' e/erve

#y/tem

3.5 #tr&tre o the Fe(er%' e/erve

2.5 0 0 0.5 ? 1+- A' %,0ss+ Di/&//ion o 4revio/ 4rob'em/

+ Di/&//ion o the #t%te $%n) o

ietn%m.

Pre50r0'&o

e%(in*

1 &h%4ter 1 815+-19

2 &h%4ter 15 83-+-129 &h%4ter ? 8122+129

A$'er %,0ss



o the &h%4ter.

%*e 11 o 16



#y/tem

+ Fe(er%' e/erve $%n)/

+ Member $%n)/

+ $o%r( o Governor/ o the Fe(er%'e/erve #y/tem

3.? Ho7 In(e4en(ent i/ the Centr%'

$%n)=1" C;05'er 1": T;e De/0! $or Moe=

10.1 \%ntity "heory o Money

+ e'o&ity o Money %n( E%tion o

E;&h%n*e+ \%ntity "heory

+ \%ntity "heory o Money Dem%n(

10.2 I/ e'o&ity % Con/t%nt.

10. !eyne// Lii(ity reeren&e

"heory

+ "r%n/%&tion/ Motive

+ re&%tion%ry Motive

+ #4e&'%tive Motive

+ ttin* the "hree Motive/ "o*ether

10.- Frther Deve'o4ment/ in the

!eyne/i%n A44ro%&h

+ "r%n/%&tion/ Dem%n(

0 0 0 ? 1+- A' %,0ss


Pre50r0'&o

e%(in*1 &h%4ter 13 8-33+519

2 &h%4ter 20 855+5@19

&h%4ter 5 8100+1209

A$'er %,0ss


+ !ey "erm/+ "he e/tion/ %n( 4rob'em/ %t the en(

o the &h%4ter.

%*e 1 o 16



+ re&%tion%ry Dem%n(

+ #4e&'%tive Dem%n(

10.5 Frie(m%n]/ Mo(ern \%ntity

"heory o Money10.? Di/tin*i/hin* $et7een the

Frie(m%n %n( !eyne/i%n "heorie/

10.@ Em4iri&%' Evi(en&e on the

Dem%n( or Money

+ Intere/t %te/ %n( Money Dem%n(

+ #t%bi'ity o Money Dem%n(

11 C;05'er 11: T;e Moe= Su55,=Pro%ess

11.1 "hree '%yer/ in the Money

#44'y ro&e//

11.2 "he Fe(B/ $%'%n&e #heet

+ Li%bi'itie/

+ A//et

11. Contro' o the Monet%ry $%/e

+ Fe(er%' e/erve O4en M%r)et

O4er%tion/

+ #hit/ rom De4o/it/ into Crren&y

Di/&ont Lo%n/

+ Other F%&tor/ "h%t Ae&t the

0 0 0 ? 1+- A' %,0ss+ Di/&//ion o 4revio/ 4rob'em/

Pre50r0'&o

e%(in*

1 &h%4ter 1- 8-5+@09

2 &h%4ter 1@ 8-50+-@9

&h%4ter 5 8100+1209

A$'er %,0ss



o the &h%4ter.

%*e 1# o 16



Monet%ry $%/e

+ Overvie7 o the Fee']/ Abi'ity to

Contro' the Monet%ry $%/e

11.- M'ti4'e De4o/it Cre%tion A#im4'e Mo(e'

+ De4o/it Cre%tion "he #in*'e $%n)

+ De4o/it Cre%tion "he $%n)in*

#y/tem

+ Derivin* the Form'% or M'ti4'e

De4o/it Cre%tion

+ Critie o the #im4'e Mo(e'

11.5 F%&tor/ th%t Determine the

Money #44'y

+ Ch%n*e/ in the Non borro7e(

Monet%ry $%/e

+ Ch%n*e/ in $orro7e( e/erve/, $,

rom the Fee'

+ Ch%n*e/ in the eire( e/erve

%tio, r

+ Ch%n*e/ in Crren&y Ho'(in*/

+ Ch%n*e/ in E;&e// e/erve/

11.? Overvie7 o the Money #44'y

%*e 1( o 16



ro&e//

11.@ "he Money m'ti4'ier

+ Derivin* the Money M'ti4'ier

+ In'%tion $ehin( the MoneyM'ti4'ier

+ Money #44'y e/4on/e to Ch%n*e/

in the F%&tor/

1

C;05'er 1: Too,s o$ Moe'0r=

Po,&%=

12.1 "he M%r)et or e/erve/ %n( the

Fe(er%' Fn(/ %te+ Dem%n( %n( #44'y in the M%r)et

or e/erve/

+ Ho7 Ch%n*e/ in the "oo'/ o

Monet%ry o'i&y Ae&t the Fe(er%'

Fn(/ %te

+ Limit F'&t%tion/ in the Fe(er%'

Fn(/ %te

12.2 O4en M%r)et O4er%tion/

+ A D%y %t the "r%(in* De/)

+ A(v%nt%*e/ o O4en M%r)et

O4er%tion/

2.5 0 0 0.5 ?

A' %,0ss


+ Di/&//ion o the ietn%me/e

monet%ry 4o'i&y too'/

Pre50r0'&o

e%(in*

1 &h%4ter 15 8@+-9

&h%4ter ? 81+1-9

A$'er %,0ss

e%(in* %n( A//i*nment/+ "he e/tion/ %n( 4rob'em/ %t the en(

o the &h%4ter.

1# 12. Di/&ont o'i&y A' %,0ss

%*e 1 o 16



+ O4er%tion o the Di/&ont

+ Len(er o L%/t e/ort the #b4rime

Fin%n&i%' Cri/i/

+ A(v%nt%*e/ %n( Di/%(v%nt%*e/ oDi/&ont o'i&y

12.- e/erve eirement/

+ Di/%(v%nt%*e/ o e/erve

eirement/ %/ % o'i&y "oo'

+ Monet%ry o'i&y "oo'/ o the

Ero4e%n Centr%' $%n)

+ O4en M%r)et O4er%tion/

+ Len(in* to $%n)/

+ e/erve eirement/


+ Di/&//ion o the ietn%me/e

monet%ry 4o'i&y too'/

Pre50r0'&o

e%(in*

1 &h%4ter 15 8-+329

&h%4ter ? 81+1-9

A$'er %,0ss


+ "he e/tion/ %n( 4rob'em/ %t the en(o the &h%4ter.

1( C;05'er 1#: T;e Co!u%' O$

/oe'0r= Po,&%=

1.1 Monet%ry "%r*etin*

+ Monet%ry "%r*etin* in Dierent

Contrie/

+ A(v%nt%*e/ o Monet%ry "%r*etin*

+ Di/%(v%nt%*e/ o Monet%ry

"%r*etin*

1.2 In'%tion "%r*etin*

+ In'%tion "%r*etin* in Dierent

0 0 0 ? 1+5 A' %,0ss


Pre50r0'&o

e%(in*

1 &h%4ter 1? 835+-09

&h%4ter ? 81+1-9

A$'er %,0ss



%*e 12 o 16



Contrie/

+ A(v%nt%*e/ o In'%tion "%r*etin*

+ Di/%(v%nt%*e/ o In'%tion "%r*etin*

o the &h%4ter.

1

1. Monet%ry o'i&y <ith %n Im4'i&it

Nomin%' An&hor

+ A(v%nt%*e/ o the ^/t Do It_

A44ro%&h

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