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1、Lecture#1BUSINESSCYCLESThereismoreorlessapatternofexpansion(recovery)andcontraction(recession)ineconomicactivityaroundthepathoftrendgrowth.Atcyclicalpeak-economicactivityishighrelativetotrend.Atcyclicaltrough??Overtimewhatcausesthetrendlinetochange?MoreresourcesFact
2、orsnotfullyemployedallthetime.Whatisinflation?Whyworryaboutinflationinsteadofunempmt.?65Lecture#2MARKETSWhatarethey??Whatmakesagoodmarket??Canwenamesome“bad”markets??FINANCIALMARKETS&INSTITUTIONSI.FinancialmarketsexisttoaidinthemostefficientallocationofcapitalII.Fin
3、ancialInstitutionsfacilitatethisallocationofcapital.65Theplayersinthemarketarehouseholds,businessesandgovernments.Howtheyplayandwhatmotivatesthemtoplayiscriticaltothewellbeingofeconomies.TYPESOFMARKETSPrimary–NewfundraisingSecondary–TradingTherearespecializedmarkets
4、forfundraisingandtrading.Themostimportantoftheseare:MoneyMarkets–Maturities<1yr.CapitalMarkets–Maturities>1yr.65Lecture#3FLOWOFFUNDSWhoaretheplayers?HouseholdsBusinessesGovernmentsRestoftheWorldAllactatonepointintimeoranotherasborrowersandproviders.Fundsarrivedirect
5、lyorindirectlyWhatistheroleofFinancialIntermediaries?TolowertransactioncostsTolowerriskToprovidebettermarketinformation65Intermediariesalsoincurrisks………I/RriskFXriskCreditordefaultriskWhataboutForeignMkts&Intermediaries?ProvideforborrowingorinvestingabroadImportants
6、ourceofdiversification65Lecture#4Whatisaninterestrate?Compensationforlendingorgivingupone’sabilitiytospendtoday.Canbeameasuringguidelinegoverningcorportateinvesting.Whydowecareaboutinterestrates?Theyinfluencetheallocationofcapital.Theyimpacttheeconomyanddecisionmaki
7、ng.Howdowelookatinterestratesandtime?ConceptofPresentValuePresentvalueallowsyoutoplaceavalueonfuturefunds.Whatmight$10todaybeworth10yearsfromnow?65ThePresentValuecalculationconvertscashflowsreceivedinthefuturetoavalueassumingreceipttoday(thePRESENT).Howmuchis$3000re
8、ceivedintwoyearsworthtodayiftheinterestrateis4%?Howmuchis$2000nextyearand$3000theyearafterworthtodayiftheinterestrateis5%?65Wheredoyouhear
