资本市场

资本市场 资本市场 本章是在future flow of services完全确定的情况下讨论资本市场的作用。 1资产 are goods that provide a flow of services over time. Assets can provide a flow of consumption services, like housing services, or can provide a flow of money that can be used to purchase consumption. Assets that provide a monetary flow are called financial assets. 2由于未来的收益流完全确定，各种资产都没有风险，因此各种资产都是相同的，都应该有相同的收益率，否则，低收益率的资产将无人购买。 3 no arbitrage condition 是资本市场均衡的条件，即达到任何人都不想买入或卖出资产的状态，无套利条件是指任何人都没法在市场上套利，要实现此条件必须在资本市场上资产的价格等于资产的现值，只要资产的价格偏离其现值则可以套利。 4像住房这类资产不仅可以带来资产升值的货币性收入A，而且可以使人居住产生隐性的租金收入T，因此假设住房的价格为P，则购买住房的收益率为 ，Assets that pay off in consumption like houses will in equilibrium have a lower financial rate of return than purely financial assets, because part of the price of the asset reflects the consumption return that people receive from owning such assets. 5存在地下的石油也是一种资产，也应该获得与其他资产一样的收益率，其他资产是按照利率的大小获得收益，因此，石油也应该按该利率获得收益，oil in the ground is like money in the bank. If money in the bank earns a rate of return of r, then oil in the ground must earn the same rate of return. If oil in the ground earned a higher return than money in the bank, then no one would take oil out of the ground.如果t期存在地下P元的石油，在t+1期的价格 ，表明石油的价格应该按利率的大小逐渐上升。