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Model of economics - Vіtlіnsky V.V.


16.1. Rinkova bid

One of the most economical tools for macroeconomic analysis, which is widely used on the current markets, such as goods, so pennies, is a rate of interest. The rate of interest, the amount of valuable paper, become a market, de private investor and creditor. The real effectiveness of investment (the internal rate of return on capital) lies at the core of the understanding of the rate of interest, but it is not the same.

If an investor virishuє gain an asset, it’s a blessing that we will bring a lot of income to Maybut, then it will be necessary to invest in the current income. The investor of the vіdkladaє the singing sum of the pennies of the vіd of the flow of life, please deceive the deceitful income in Maybuty, whose oath seems to be inflamed, as if you weren’t at the moment you take the decision.

Rationally investor, wait for the vimaga of compensation, so that you can actively carry terminology, with a stretch of some kind of interest in investing. Compensation is possible for income gains through inflation, the need for interest in this type of investment, as well as the appearance of risks, the unlikely occurrence of May income, which is very expensive. Vlasnik to the asset (the owner of the valuable papa) is guilty of preparing to compensate the investors and the hour, because in the unprotected time there is no asset.

Compensation of investors ’investment is possible in the form of income in investment (deposit with deposit, coupon income with dividends, dividends with interest, rental income with unprofitable assets), so I have to pay my income.

Dearly, what r - the rate of risk-free profit on a deposit in a higher commercial bank. An alternative representative of such a self-recession-free short-term profitability is the post-service income (discount) of sovereign three-month bills. To provide a broader representative of the market interest rate є the value of the three-month T-bills of the United States, as well as to get involved in the high-risk and practically risk-free financial tool. From now on, the economical sense of betting is on the pitch in that, what’s the last hour of the day.

The interest rate of the investor’s vimogs of the investor is more than an alternative contribution, not the same as the effectiveness of the projects in the real sector of the economy, but there is a certain amount of profit on the financial market of assets, which is to bring profit. Tobinok rinok, in principle, the guarantor-be a kind of investor rivimannya (without riziku) income for the rate of the above commercial bank. Denying profitable income, zagazhі seemingly, also є им ц,,,, нев, нач пов та з з та та та та та та та та та та та та та та та та та та та та та та та та яз яз. The remaining one can be compensated for a large bargain of high profitability with a rizik invested with a risk-free rate. For this reason, the bid rate is (low) r stockpiled components are low, so that you can see the real effective contribution , having absorbed the investment, p, having the s and the sound of investment l :

Zrozumіlo, scho іinvestitsії can be invested in the new term, bring profit not more than in the last period of investment, and the last stretch of the whole period is uninterrupted. Yakshcho dokhid for the regions to pay less in the end period, then so the regional may have a zero coupon and are sold at a discount. This means that the owner of the asset has earned money at the right price and the price of the asset (discount). From the first side, the coupon, they get paid back periodically, as a rule, they go to the bank, and theoretically, we can reinsure ourselves without interruption.

Cinny papery (financial instruments) with the period of obigu to rock vidpovidayut tools of a penny market. If the term of financial instruments is greater for one period, then the stinks (regions, shares) enter into the market capital instruments. Obligations may randomly fix fixed terms extinguished, but those and non-stringed regional consolidation consoles. Aktsії theoretically may have multiple terminology.

Sincerely financial markets, you can better understand the main factors (equity, regional), as well as higher (financial derivatives) financial instruments. Rinok derivatives (options, swop lean) rush to develop. A compact overview of the mechanisms of functionality of the most advanced financial markets was filed with a low * 1, attributed problems.

* 1: {Blake D. Financial Market Analysis // McGirow Hill Book Company, 1990.}