第十四章 保險 Insurance for Farmers

Principles of Insurance pooling of risks ---- pooling of enough small unpredictable risks so that annual losses for the combined group become statistically predictable "the law of large numbers" ---- actual results tend to equal expected results as the number of cases increases Insurable risks --- the probability of its occurrence can be predicted and the cost of the event to the insured party an be determined. some are difficult to predict, such as drought -- natural hazards -- personal hazard Price fluctuations is not insurable only national wide agency can cope with these risk

social (社會) --- social security, unemployment Insurance, 保險種類 properly (產物) crop (作物) liability (責任) life (人壽) --- Term life insurance --- permanent life insurance health (健康) social (社會) --- social security, unemployment Insurance, worker's compensate

第十五章 Retirement Planning & Investment 略 第十六章 Estate Planning & Farm Ownership Transfer 略 第十二章 Credit Instruments & Legal 略

第十七章 Financial Markets and Policy

․廣義的金融市場：運用各種金融工具的所有交易行為 這些工具包括： currency, bank deposits, change account's, loans, mortgages, bonds, stocks. 不同的金融工具有各種不同的市場：stocks, bonds, commercial paper (unsecured short-term promissory notes generally issued by large, well-known firms), bank certificates of deposit, and various types of securities of the government. debt issues (such as bonds) equity issues (such as stocks) money market 貨幣市場 -- 一年以下到期的短期信用工具 capital market 資本市場 -- 一年以上

一、資本轉移 -- 供給者 → 使用者 ․金融市場的功能 i S D $ 二、資本分配 -- 使用者間的合理分配 The allocation will be optimized when the marginal productivity of funds is equal for all uses S D $ i

․金融中介機構 Financial Intermediaries 資金 資本供給者 金融中介者 資本使用者 證券 資產：放款及政府證券投資 負債：對存款人支付的義務 保險機構 - 保險公司 資金轉型 儲蓄機構 - 信用合作社 金融公司 政府機構 投資銀行 承銷商 時 地 形式

International financial markets 進出口、利率 匯率 ia iI 全國、地方、國際金融市場 International financial markets 進出口、利率 匯率 Balance of payments (exports - import) Balance of loans (loans & savings in - out) Net currency exchange (home currency sold - foreign currency bought) ia iI Db Sb S’b S’a Sa Da →

Monetary and Fiscal Policy 貨幣政策 : 管理資金的供給及供給條件以影響經濟體系中的貨 幣及信用數量 聯邦準備制度 Federal Reserve System (中央銀行) 理事會 +12 F.R.Banks ↑理事任期14年 25家分銀 50州分成12區 每家Fed. Res. Bank的資本額由區內個會員銀行所擁有 not for profit but in public service most large banks are members

Functions of the Fed. - to use its broad powers to foster growth at high levels of employment, with a stable dollar in the domestic economy and overall balance in other international payments. 信用過鬆 -- 通貨膨脹 過緊 -- 失業、經濟衰退 商銀創造貨幣及信用 eg. 20% reserve requirement Maximum potential deposits is five times the original deposit

Means of Influencing Credit Expansion 1. adjusting reserve requirements of depository institution 法定準備率 ↓放鬆 2. open-market operations 公開市場操作 Fed.在全國性金融市場買賣證券(大多為短期政府債券) 放鬆 買進證券→增加Commercial Banks的reserves

3. adjusting the Fed. discount rate 貼現率 貼現率↓ 放鬆 會員銀行向Fed. Bank借款所支付的利率 Fiscal Policy - 政府支出、稅收的政策 Y = (C+I+G)+(X-M) I+G=S+T G↑→Y↑、S↑ ↑ flow of funds from suppliers to users tax↓→ disposable income↑→ C↑、Y↑、S↑

第十八章 農業金融體系

講義 蔡秋榮，”中美日三國農業金融制度之比較研究”，基層金融研討訓練中心