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# Wiki | ||
个人知识整合站点,提供有趣又实用的金融领域知识以及其他有帮助的内容,可以快速查询和上手金融业务。 | ||
个人知识整合站点,提供有趣又实用的金融、产品知识以及其他有帮助的内容。 |
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各类金融机构的划分,主要依据其资产和负债特征。 | ||
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资料来源:IMF《货币与金融统计手册》,《中央银行的逻辑》。 |
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本页面介绍了金融的4个关键要素: | ||
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1.在时间上重新配置经济价值; | ||
2.重新配置风险; | ||
3.重新配置资本; | ||
4.扩展了资源重新配置的渠道和复杂程度。 | ||
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## 一、在时间上重新配置经济价值 | ||
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例如,抵押贷款可以将买房者未来30年按月支付的承诺转换成现期的一次性支付。抵押贷款在今天已经极为常见,人们并不会意识到它的非同寻常之处。然而,一个购房者居然能够奇迹般地“召唤”出一件自己不曾拥有的财产,这种伟大的力量来自哪里?它又是如何运作的?这个过程会出现哪些差池? | ||
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前述抵押贷款的例子反映了金融的第一个关键要素:通过时间重新配置经济价值。抵押贷款是一种金融契约,此外还有许多其他契约,它们都是现在对于未来行为的承诺。契约用一种使双方互惠的方式将现在与将来联结在了一起。 | ||
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## 二、金融重新配置风险 | ||
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时间上的重新配置意味着金融契约必须克服“将现在与将来分离开来的不确定性”这个障碍。 | ||
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有些风险是我们必须承担的——比如流星撞击地球,而另外一些风险我们实际上可以采取措施来减轻或规避。金融契约将时间维度中的内在风险暴露出来,并在不同的参与方之间进行分配。 | ||
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例如,人寿保险可以将死亡的风险从单个家庭转移到一个大的机构,反过来,这些机构也可以将此契约与其他契约集中起来以分散风险。 | ||
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## 三、金融重新配置资本 | ||
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例如,资本通过股票市场流入高效率的企业,而银行则贷款给那些具有赢利潜力的企业。 | ||
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从这个意义上说,金融也是一种促进经济增长的技术。 | ||
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## 四、金融扩展了资源重新配置的渠道和复杂程度 | ||
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在金融的发展历程中,它提供了一系列越来越丰富的关于跨期契约可能性的选择。这种金融领域日益纷杂的现象和趋势,本质上反映了产生此类契约的社会的复杂性。有些时候,这种复杂性几乎接近书面语言所能描绘的极限。 | ||
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举例而言,一份现代的证券抵押担保合同可能长达900页,涵盖了各种极为庞杂的细节,比如条件、权利和责任。 | ||
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如此复杂化的优点在于扩大了契约各方的缔约“空间”,也就是缔约各方所拥有的谈判维度的数量。当你参与其中时,就能够达成某些在更简单系统里面无法达成的协议。跨期协议的丰富程度和复杂程度使得金融技术不断发展,这是其相当重要的贡献。如果没有这种多维度的缔约自由,人类社会许多根本性的、变革性的文明活动就不可能产生 | ||
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## 参考资料和扩展阅读 | ||
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[^1]:《千年金融史:金融如何塑造文明 从5000年前到21世纪》:威廉·格兹曼 |
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本页面介绍银行的运作机制,包括银行的资产负债表、银行机构的管理等 | ||
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## 一、银行的资产负债表 | ||
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