Interest as rent for money발음듣기
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Interest as rent for money
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스페인어 번역 1명 참여
출처 : 칸아카데미
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Voiceover: What I want to do in this video is talk a little bit about money and interest rates and do it in kind of a microeconomic framework,발음듣기
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so that we understand the relationship between the supply of money and demand for money and the price of money, which we'll see is what interest rates actually are.발음듣기
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Once we do that, then we'll be able to be more fluent in discussing money and interest rates and supply and demand and price of money in a macroeconomic context.발음듣기
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Maybe the most confusing thing, when you view money in a microeconomic context is what is the price of money?발음듣기
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To understand that a little bit better, the best way to think about it is you're not necessarily buying money.발음듣기
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Someone might say a one-bedroom apartment, and that actually is pretty close to the prices where I live, here in northern California.발음듣기
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If you want even the most basic, one-bedroom apartment, it's going to run you about $1200 per month, which is about $14,400 per year.발음듣기
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To see that is essentially the cost of renting money, we could essentially just say that this is 5 - We could view this as $0.05 per dollar per year.발음듣기
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Once you have that in your head and you feel comfortable with that, now we can actually draw a supply and demand graph and the microeconomics context.발음듣기
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Let's draw a little supply and demand diagram right over here and we're going to, like we often do in our little economic models we do, we're going to super oversimplify it.발음듣기
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We're going to not think about things like credit risk and the chances of probability that people do pay back or won't pay back the money and things like (unintelligible) And all of that.발음듣기
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In this axis right over here, this is - Let's call this the market for borrowing money for 1 year.발음듣기
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As we'll see and you might already know, they'll have different prices for borrowing money for different lengths of time.발음듣기
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I might charge you more to borrow money for a year than I would charge you for borrowing money for a month,발음듣기
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because maybe I won't have access to that money or there's a bigger risk that something might happen in that year, so I'll charge you more for it.발음듣기
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Most of these supply and demand graphs, the vertical axis, we have price, but now, as we just indicated, the price of money is really just the interest rate.발음듣기
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I'll call this price, so this is our - Same yellow, so this is our price axis and it's measured as interest rate percentage.발음듣기
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This right over here, let's say that that is 30% interest, this is 15% interest, and then this would be 10%, 5%, this would be 20%, 25%.발음듣기
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We could size it right, based on whether we're talking about our town, our city, or whatever, the whole world, or whatever it is.발음듣기
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It depends on what currency and all of that, but we're just assuming that we're on some island with one currency and all the rest.발음듣기
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Those first few dollars that are out to be lent, there are someone who is going to get a huge marginal benefit of it.발음듣기
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They want to take that, either they want to borrow it and use it for some type of consumption that they want to buy that would make them very, very, very happy,발음듣기
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or at least they think it'll make them very happy, or they want to use it for some type of investment,발음듣기
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where they're like, "Wow, if I could just borrow some money, I have this no-risk investment that's just going to make me a gazillionaire."발음듣기
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You could use as a willingness to pay for those first few dollars is very high, so maybe it is way up here.발음듣기
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Then, as there's more and more dollars, the incremental next borrower gets a little bit less marginal benefit from it.발음듣기
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This is the exact same thought process as you would have if we were thinking about the market for ice cream of if we're thinking about the market for apartments or for anything else.발음듣기
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When we think about the supply curve, same exact thought process as we would for supply of any product.발음듣기
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Those first few dollars, the people lending the money, there are probably people there willing to lend for very little.발음듣기
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Then, each incremental dollar, the opportunity cost for that lender is going to get higher and higher.발음듣기
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The way I drew it right over here, the equilibrium price and remember the price of money is really just the interest rate.발음듣기
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The equilibrium price right over here is 10%, which you could view as $0.10 per dollar per year.발음듣기
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The equilibrium quantity of money that gets lent and borrowed looks like it's about 2.7 or 2.8 billion dollars gets lent and borrowed in that year, in each year.발음듣기
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When we look at it this way, then we can start thinking about some macroeconomics phenomenon.발음듣기
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What happens if all of a sudden everybody in the world or in our little universe right over here gets a little bit more money thrown in their pocket.발음듣기
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The government prints a bunch of money, drops it from helicopters, and everyone has more money in their pockets.발음듣기
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The supply curve will shift in this direction, so we might have a new supply curve that looks something like this.발음듣기
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At any given interest rate, at any given price, there will be less demand, because those people who needed to borrow money, now they have to borrow less money.발음듣기
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It depends how much I shift one or the other, but the way I drew it, our equilibrium quantity doesn't change much, but it could change, depending on how much the supply or demand shifts.발음듣기
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What does definitely happen, when that money got printed and distributed to all of these people, is now all of a sudden, the equilibrium interest rate has gone down.발음듣기
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The equilibrium interest rate now, based on the way I drew it, looks like it's closer to about, I don't know, about 6%.발음듣기
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The whole - You can even think of another reality where, all of a sudden, money disappears from the market, or a reality where, for whatever reason, because of good marketing or a psychological shift in people, all of a sudden, people want to save less,발음듣기
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so now there's more demand for money and you could think about how these curves would shift and what would happen to the interest rate.발음듣기
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