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Samenvatting Inleiding Tot De Financiële Markten 1
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Inleiding tot financiële markten 1Inhoud
Deel 1: Financiële architectuur.................................................................................................................................4
Hoofdstuk 1. Financiële architectuur ontstaat niet spontaan..............................................................................4
Intro...................................................................................................................................................................4
Schuld en ruil liggen aan de wieg van onze beschaving....................................................................................4
Landbouw leidt tot eigendom, handel, vermogen, belastingen, geld en lenen...............................................5
Munten en een eerste vorm van financiële intermediatie ontstaan................................................................5
Handel doet het eerste chartaal geld en overdraagbaar handelspapier ontstaan...........................................5
Het ontstaan van financiële markten................................................................................................................6
Het ontstaan van een centrale bank.................................................................................................................6
Hoofdstuk 2. Bouwstenen van de financiële architectuur....................................................................................7
Intro...................................................................................................................................................................7
Betalen..............................................................................................................................................................7
Financieren........................................................................................................................................................7
Risicoverschuiving.............................................................................................................................................8
Hoofdstuk 3. De spelers van de financiële economie...........................................................................................9
Intro...................................................................................................................................................................9
De gezinnen.......................................................................................................................................................9
De bedrijven......................................................................................................................................................9
De financiële sector.........................................................................................................................................10
De overheid.....................................................................................................................................................10
De tabel van bronnen en aanwendingen (flow-of-funds account).................................................................10
Deel 2: Financiële grondbegrippen.........................................................................................................................10
Hoofdstuk 4. Eerste principes van financiering...................................................................................................10
4.1 intro...........................................................................................................................................................10
4.2 oprenten....................................................................................................................................................10
4.3 waarderen is terugrekenen.......................................................................................................................11
4.4 populaire kasstromenreeksen...................................................................................................................11
4.5 rendement en intern rendement is niet hetzelfde...................................................................................12
4.6 de prijs-intern rendement relatie.............................................................................................................12
4.7 sensitiviteit van obligatieprijzen................................................................................................................12
Hoofdstuk 5. Determinanten van rentevoeten...................................................................................................13
5.1 intro...........................................................................................................................................................13
5.2 determinanten van het algemene (reële) renteniveau............................................................................13
, 5.3 de rol van de verwachte inflatie................................................................................................................14
5.4 de rentestructuur van de nominale risicoloze rentevoeten.....................................................................15
5.5 de determinanten van het renteniveau voor individuele kredieten........................................................15
Hoofdstuk 6. Risico..............................................................................................................................................16
6.1 intro...........................................................................................................................................................16
6.2 financiële risico’s.......................................................................................................................................16
6.3 portefeuillerisico.......................................................................................................................................17
Deel III. De gezinnen................................................................................................................................................17
Hoofdstuk 7. Betalen...........................................................................................................................................17
7.1 intro...........................................................................................................................................................18
7.2 vormen van geld........................................................................................................................................18
7.3 betalingsinstrumenten..............................................................................................................................19
Hoofdstuk 8. Vermogensopbouw.......................................................................................................................20
8.1 intro...........................................................................................................................................................20
8.2 vermogensopbouw onder depositogarantie............................................................................................20
8.2.3 termijnrekeningen..................................................................................................................................21
8.2.4 kasbons...................................................................................................................................................21
8.2.5 tak 21-producten....................................................................................................................................21
8.3 vermogensopbouw zonder depositogarantie...........................................................................................21
Hoofdstuk 9. Kredieten aan gezinnen.....................................................................................................................25
9.1 kredietverschaffing........................................................................................................................................25
9.2 consumentenkredieten.................................................................................................................................26
9.2.1 verrichtingen op afbetaling....................................................................................................................26
9.2.2 kredietopeningen...................................................................................................................................26
9.2.3 bescherming van de consument............................................................................................................26
9.3 hypothecaire kredieten.................................................................................................................................27
Hoofdstuk 10. Risicoafdekking................................................................................................................................27
10.1 intro.............................................................................................................................................................27
10.2 woning en auto............................................................................................................................................27
10.3 burgerrechtelijke aansprakelijkheid............................................................................................................28
10.4 Gezondheid.................................................................................................................................................28
10.5 arbeidsongeschiktheid en invaliditeit.........................................................................................................28
10.6 overlijden.....................................................................................................................................................28
10,7 pensioenrisico.............................................................................................................................................28
10.7.1 de drie pijlers........................................................................................................................................28
10.7.2 de derde pijler......................................................................................................................................29
Hoofdstuk 11. Betalingen........................................................................................................................................29
, 11.1 intro.............................................................................................................................................................29
11.2 betalingsstrategieën....................................................................................................................................29
11.2.1 open account........................................................................................................................................29
11.2.2 documentair incasso............................................................................................................................29
11.2.3 documentair krediet.............................................................................................................................29
11.3 deviezen......................................................................................................................................................30
Hoofdstuk 12. Aandelen..........................................................................................................................................30
12.1 intro.............................................................................................................................................................30
12.2 aandelen en hun kenmerken......................................................................................................................30
12.2.1 vermogensrecht...................................................................................................................................31
12.2.2 lidmaatschapsrechten..........................................................................................................................32
12.3 waardering van een aandeel.......................................................................................................................32
12.4 aandelen van publieke vennootschappen..................................................................................................32
12.4.1 de beursgang........................................................................................................................................32
12.4.2 de secundaire markt.............................................................................................................................33
12.4.3 de beursexit..........................................................................................................................................34
12.5 aandelenindexen.........................................................................................................................................34
Hoofdstuk 13. Bedrijfskredieten.........................................................................................................................34
Bedrijfskredieten op korte termijn.................................................................................................................34
Bedrijfskredieten op lange termijn.................................................................................................................34
Hoofdstuk 14. Obligaties.....................................................................................................................................35
Intro.................................................................................................................................................................35
Obligaties en hun kenmerken.........................................................................................................................35
Hoofdstuk 15. Risicoafdekking............................................................................................................................36
Intro.................................................................................................................................................................36
Termijncontracten...........................................................................................................................................36
Futures-contracten..........................................................................................................................................37
De swap...........................................................................................................................................................37
Opties..............................................................................................................................................................37
Opties..............................................................................................................................................................38
Deel 5. De overheid.................................................................................................................................................39
Hoofdstuk 16. Overheidsobligaties.....................................................................................................................39
Intro.................................................................................................................................................................39
De Belgische overheidsschuld.........................................................................................................................40
Instrumenten...................................................................................................................................................40
Hoofdstuk 17. Financiële ondernemingen..........................................................................................................41
Financiële ondernemingen..............................................................................................................................41
, Financieringsinstrumenten.............................................................................................................................43
Hoofdstuk 19. Regelgevers..................................................................................................................................45
De financial stability board..............................................................................................................................45
Bazel-comité....................................................................................................................................................45
Andere comités...............................................................................................................................................47
De EU...............................................................................................................................................................47
Hoofdstuk 20. Toezicht.......................................................................................................................................47
Twin Peaks model............................................................................................................................................47
Verdedigingslijnen tegen risico’s.....................................................................................................................47
Europees Systeem voor Financieel Toezicht (bancaire toezicht)....................................................................47
De Bankenunie................................................................................................................................................48
Microprudentieel toezicht..............................................................................................................................48
Macro-prudentieel toezicht............................................................................................................................48
Overzicht.........................................................................................................................................................49
Deel 1: Financiële architectuur
Hoofdstuk 1. Financiële architectuur ontstaat niet spontaan
Intro
“Waarom ontwikkelt niet heel de wereld in dezelfde mate?”,
Easterlin (1981): onderwijs als verklarende factor
Sylla (2002) – Goetzman (2017): Het ontstaan van financiële infrastructuur (ontstaan niet spontaan, het is geen
toeval, wordt gecreëerd door de mens die zijn noden heeft of niet)
- Financieel system/architectuur
“the connected universe of financial instruments, financial institutions and
financial markets operating in a given place at a given time, that is, the financial
superstructure of the economy.” (Goldsmith 1987, 1)
Financiële architectuur omvat Instrumenten & Markten & Instituties & Toezicht de wijze dat zo’n structuur
werkt, komt door regels en controle
Aboriginals: zij leefden heel geïsoleerd en hadden niet de behoefte om verder te planten. Daardoor bleven ze
een beetje ter plaatse trappelen en ontwikkelden ze geen nieuwe technologieën.
Schuld en ruil liggen aan de wieg van onze beschaving
Jager-verzamelaars hadden
- Een sharing economy = wat men had, werd gedeeld (mannen gingen jagen, vrouwen maakten de
kledij en deden de kleinere werkjes)
(geen subsistence economy) = overlevingseconomie
een (relatieve) affluent society = de eerste welvaartsmaatschappij
Binnen leefgemeenschappen nam sharing vaak de vorm aan van een « gift economy »
- Plicht ontstond van te geven, te aanvaarden én iets terug te geven
- Het idee van schuld: UOM (you owe me) & IOU (i owe you)
- Daarbij kwam ook de interest bij kijken, méér terug geven dan dat je kreeg
Tussen leefgemeenschappen: ruil van goederen: Trade and walk away- transactie = contact met vreemden
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