Copyright 2011  Pearson Canada Inc. 2 - 1 Chapter 2 An Overview of the Financial System Copyright 2011  Pearson Canada Inc. 2 - 2 An Overview of the Financial System • Primary function of the Financial System is financial Intermediation • The channeling of funds from households, firms and governments who have surplus funds (savers) to those who have a shortage of funds (borrowers). • Direct finance vs. Indirect finance Copyright 2011  Pearson Canada Inc. 2 - 3 An Overview of the Financial System II Copyright 2011  Pearson Canada Inc. 2 - 4 Structure of Financial Markets I Debt Markets • Short-term (maturity < 1 year) – the Money Market • Long-term (maturity > 10 year) – the Capital Market • Medium-term (maturity >1 and < 10 years) Copyright 2011  Pearson Canada Inc. 2 - 5 Structure of Financial Markets II • Equity Markets - Common stocks – Some make dividend payments – Equity holders are residual claimants • Primary Market - New security issues sold to initial buyers • Secondary Market - Securities previously issued are bought and sold • Brokers and Dealers Copyright 2011  Pearson Canada Inc. 2 - 6 Structure of Financial Markets III Exchanges • Trades conducted in central locations (e.g., Toronto Stock Exchange and New York Stock Exchange) Over-the-Counter (OTC) Markets • Dealers at different locations buy and sell Copyright 2011  Pearson Canada Inc. 2 - 7 Structure of Financial Markets IV Money and Capital Markets • Money market – trade in short-term debt instruments (maturity < 1 year) • Capital Market – trade in longer term debt (maturity > 1 year) Copyright 2011  Pearson Canada Inc. 2 - 8 Financial Market Instruments I Money Market Instruments: • Government of Canada Treasury Bills • Certificates of Deposit • Commercial Paper • Repurchase Agreements • Overnight Funds Copyright 2011  Pearson Canada Inc. 2 - 9 Financial Market Instruments II Copyright 2011  Pearson Canada Inc. 2 - 10 Financial Market Instruments III Capital Market Instruments – debt and equity instruments with maturities greater than 1 year. – Stocks – Mortgages – Corporate bonds – Government of Canada bonds [...]... inequality of information between counterparties 2- Function of Financial Intermediaries II 1 Reduce Transactions Costs • Financial intermediaries make profits by reducing transactions costs • They reduce transactions costs by developing expertise and taking advantage of economies of scale 2- Function of Financial Intermediaries III 2 Risk Sharing • Create and sell assets with low risk characteristics and then... currency other than the country in which it is sold • Eurocurrencies – foreign currencies deposited in banks outside the home country 2- World Stock Markets 2- Function of Financial Intermediaries I Financial Intermediaries • Engage in Overview of the Circulatory System Overview of the Circulatory System Bởi: OpenStaxCollege In all animals, except a few simple types, the circulatory system is used to transport nutrients and gases through the body Simple diffusion allows some water, nutrient, waste, and gas exchange into primitive animals that are only a few cell layers thick; however, bulk flow is the only method by which the entire body of larger more complex organisms is accessed Circulatory System Architecture The circulatory system is effectively a network of cylindrical vessels: the arteries, veins, and capillaries that emanate from a pump, the heart In all vertebrate organisms, as well as some invertebrates, this is a closed-loop system, in which the blood is not free in a cavity In a closed circulatory system, blood is contained inside blood vessels and circulates unidirectionally from the heart around the systemic circulatory route, then returns to the heart again, as illustrated in [link]a As opposed to a closed system, arthropods—including insects, crustaceans, and most mollusks—have an open circulatory system, as illustrated in [link]b In an open circulatory system, the blood is not enclosed in the blood vessels but is pumped into a cavity called a hemocoel and is called hemolymph because the blood mixes with the interstitial fluid As the heart beats and the animal moves, the hemolymph circulates around the organs within the body cavity and then reenters the hearts through openings called ostia This movement allows for gas and nutrient exchange An open circulatory system does not use as much energy as a closed system to operate or to maintain; however, there is a trade-off with the amount of blood that can be moved to metabolically active organs and tissues that require high levels of oxygen In fact, one reason that insects with wing spans of up to two feet wide (70 cm) are not around today is probably because they were outcompeted by the arrival of birds 150 million years ago Birds, having a closed circulatory system, are thought to have moved more agilely, allowing them to get food faster and possibly to prey on the insects 1/7 Overview of the Circulatory System In (a) closed circulatory systems, the heart pumps blood through vessels that are separate from the interstitial fluid of the body Most vertebrates and some invertebrates, like this annelid earthworm, have a closed circulatory system In (b) open circulatory systems, a fluid called hemolymph is pumped through a blood vessel that empties into the body cavity Hemolymph returns to the blood vessel through openings called ostia Arthropods like this bee and most mollusks have open circulatory systems Circulatory System Variation in Animals The circulatory system varies from simple systems in invertebrates to more complex systems in vertebrates The simplest animals, such as the sponges (Porifera) and rotifers (Rotifera), not need a circulatory system because diffusion allows adequate exchange of water, nutrients, and waste, as well as dissolved gases, as shown in [link]a Organisms that are more complex but still only have two layers of cells in their body plan, such as jellies (Cnidaria) and comb jellies (Ctenophora) also use diffusion through their epidermis and internally through the gastrovascular compartment Both their internal and external tissues are bathed in an aqueous environment and exchange fluids by diffusion on both sides, as illustrated in [link]b Exchange of fluids is assisted by the pulsing of the jellyfish body 2/7 Overview of the Circulatory System Simple animals consisting of a single cell layer such as the (a) sponge or only a few cell layers such as the (b) jellyfish not have a circulatory system Instead, gases, nutrients, and wastes are exchanged by diffusion For more complex organisms, diffusion is not efficient for cycling gases, nutrients, and waste effectively through the body; therefore, more complex circulatory systems evolved Most arthropods and many mollusks have open circulatory systems In an open system, an elongated beating heart pushes the hemolymph through the body and muscle contractions help to move fluids The larger more complex crustaceans, including lobsters, have developed arterial-like vessels to push blood through their bodies, and the most active mollusks, such as squids, have evolved a closed circulatory system and are able to move rapidly to catch prey Closed circulatory systems are a characteristic of vertebrates; however, there are significant differences in the structure of the heart and the circulation of blood between the different vertebrate groups due to adaptation during evolution and associated differences in anatomy [link] illustrates the basic circulatory systems of some vertebrates: fish, amphibians, reptiles, and mammals 3/7 Overview of the Circulatory System (a) Fish have the simplest circulatory systems of the vertebrates: blood flows unidirectionally from the two-chambered heart through the gills and then the rest ... An Overview of the Computer System le s s o n 1 This lesson includes the following sections: • The Parts of a Computer System • Looking Inside the Machine • Software: Bringing the Machine to Life The Parts of a Computer System • What is a Computer? • Hardware • Software • Data • Users • A computer can convert data into information that is useful to people. • A complete computer system includes four distinct parts: Hardware Software Data User The Parts of a Computer System - What is a Computer? A computer is an electronic device used to process data. • A computer's hardware consists of electronic devices; the parts you can see and touch. • The term "device" refers to any piece of hardware used by the computer, such as a keyboard, monitor, modem, mouse, etc. The Parts of a Computer System - Hardware • Software – also called programs – consists of organized sets of instructions for controlling the computer. • Some programs exist for the computer's use, to help it manage its own tasks and devices. • Other programs exist for the user, and enable the computer to perform tasks for you, such as creating documents. The Parts of a Computer System - Software • Data consists of raw facts, which the computer can manipulate and process into information that is useful to people. • Computerized data is digital, meaning that it has been reduced to digits, or numbers. The computer stores and reads all data as numbers. • Although computers use data in digital form, they convert data into forms that people can understand, such as text, numerals, sounds, and images. The Parts of a Computer System - Data Ten different symbols in the decimal system Numbers above 9 use more than 1 digit [...]... software and application software Bringing the Machine to Life – System Software • System software exists primarily for the computer itself, to help the computer perform specific functions • One major type of system software is the operating system (OS) All computers require an operating system • The OS tells the computer how to interact with the user and its own devices • Common operating systems... called the central processing unit (CPU) It manages all devices and performs the actual processing of data The CPU consists of one or more chips attached to the computer' s main circuit board (the motherboard) Looking Inside the Machine - Memory • Memory also consists of chips attached to the motherboard • Memory holds data and program instructions as the CPU works with them This memory is called Random... is Software? • System Software • Application Software Bringing the Machine to Life – What is Software? • Software is a set of electronic instructions that tells the computer how to do certain tasks A set of instructions is often called a program • When a computer is using a particular program, it is said to be running or executing the program • The two most common types of programs are system software... (RAM) • An Overview of the Computer System le s s o n 1 This lesson includes the following sections: • The Parts of a Computer System • Looking Inside the Machine • Software: Bringing the Machine to Life The Parts of a Computer System • What is a Computer? • Hardware • Software • Data • Users • A computer can convert data into information that is useful to people. • A complete computer system includes four distinct parts: Hardware Software Data User The Parts of a Computer System - What is a Computer? A computer is an electronic device used to process data. • A computer's hardware consists of electronic devices; the parts you can see and touch. • The term "device" refers to any piece of hardware used by the computer, such as a keyboard, monitor, modem, mouse, etc. The Parts of a Computer System - Hardware • Software – also called programs – consists of organized sets of instructions for controlling the computer. • Some programs exist for the computer's use, to help it manage its own tasks and devices. • Other programs exist for the user, and enable the computer to perform tasks for you, such as creating documents. The Parts of a Computer System - Software • Data consists of raw facts, which the computer can manipulate and process into information that is useful to people. • Computerized data is digital, meaning that it has been reduced to digits, or numbers. The computer stores and reads all data as numbers. • Although computers use data in digital form, they convert data into forms that people can understand, such as text, numerals, sounds, and images. The Parts of a Computer System - Data Ten different symbols in the decimal system Numbers above 9 use more than 1 digit [...]... software and application software Bringing the Machine to Life – System Software • System software exists primarily for the computer itself, to help the computer perform specific functions • One major type of system software is the operating system (OS) All computers require an operating system • The OS tells the computer how to interact with the user and its own devices • Common operating systems... called the central processing unit (CPU) It manages all devices and performs the actual processing of data The CPU consists of one or more chips attached to the computer' s main circuit board (the motherboard) Looking Inside the Machine - Memory • Memory also consists of chips attached to the motherboard • Memory holds data and program instructions as the CPU works with them This memory is called Random... is Software? • System Software • Application Software Bringing the Machine to Life – What is Software? • Software is a set of electronic instructions that tells the computer how to do certain tasks A set of instructions is often called a program • When a computer is using a particular program, it is said to be running or executing the program • The two most common types of programs are system software... (RAM) • Tổng quan Hệ điều hành (An Overview of the Operating Systems) Tổng quan Hệ điều hành (An Overview of the Operating Systems) Bởi: Khoa CNTT ĐHSP KT Hưng Yên Windows Driver Model cung cấp khung cho điều khiển thiết bị hoạt động hệ điều hành hệ thống—Windows 98/Windows Me Windows 2000/Windows XP Như thảo luận tóm lược lịch sử trước đây, hai cặp hệ điều hành sản phẩm hai đường phát triển song song Thật ra, tham chiếu tới cặp trước hệ thống với tóm tắt “Windows 98/Me” để nhấn mạnh di sản chung họ để and to ghép đôi đơn giản XP Mặc dù tới người dùng cuối hai cặp hệ thống giống nhau, chúng làm việc khác Ở đoạn này, Tôi giới thiệu tổng quan ngắn gọn hai hệ thống 1/3 Tổng quan Hệ điều hành (An Overview of the Operating Systems) Tổng qua Windows XP Hình 1-1 tóm tắt cao sơ đồ chức hệ điều hành Windows XP, khía cạnh nhấn mạnh đặc trưng mà quan trọng tới người mà viết điều khiển thiết bị Mọi tảng mà Windows XP chạy hỗ trợ hai kiểu thi hành Phần mềm thực hay user-mode kernel-mode Một chương trình user-mode điều muốn tới, nói, đọc liệu từ thiết bị gọi giao diện lập trình ứng dụng (API) ReadFile Một module hệ thống thi hành KERNEL32.DLL API việc kéo theo chức API ngữ NtReadFile Đề cập tới khía cạnh để có thêm thông tin API ngữ Chúng thường nói NtReadFile gọi quản lý Vào/ra Thuật ngữ quản lý Vào/ra lạc đường không mô đun thực đơn với tên Hệ điều hành giao tiếp với thiết bị trình điều khiển riêng Nhiều thủ tục phục vụ NtReadFile Họ vận hành kernel-mode thứ tự để phục vụ vài ứng dụng để tương tác với thiết bị cách API gốc NtReadFile thuộc API Windows XP Hệ điều hành Windows NT bao gồm số hệ thống để thực thi ngữ nghĩa vài hệ điều hành tồn Đã có hệ thống OS/2, POSIX, hệ thống Win32 Những hệ thống 2/3 Tổng quan Hệ điều hành (An Overview of the Operating Systems) thực việc tạo mà user-mode hướng tới API gốc, mà thực kernel-mode Một user-mode DLL có tên (rather redundantly, I’ve always thought) NTDLL.DLL bổ sung API gốc cho đối tượng gọi Win32 Mỗi mục vào DLL trình bao bọc mỏng xung quanh gọi tới chức kernel-mode maf thật thực chức Việc gọi sử dụng giao diện cộng tác hệ thống phụ thuộc để chuyển điều khiển ngang qua ranh giới user-mode/kernel-mode Trên xử lý Intel hơn, giao diện công tác hệ thống sử dụng dẫn SYSENTER Trên xử lý Intel cũ hơn, sử dụng giao diện cấu trúc INT với với chức viết mã x2E Trên xử lý khác, chế khác sử dụng Mặc dù, bạn không cần hiểu chi tiết chế để viết điều khiển thiết bị Tất cần hiểu chế cho phép chương trình chạy user mode gọi chương trình mà thực kernel mode ý định trở lại người gọi user-mode Không có chuyển mạch ngữ cảnh luồng xuất thời gian xử lý: tất thay đổi mức đặc quyền thực mã (cùng với vài chi tiết khác lập trình viên hợp ngữ ý quan tâm xung quanh) Hệ thống Win32 đa số lập trình viên ứng dụng quen thuộc với thi hành chức kết hợp phổ biến với hệ giao diện đồ hoạ Windows Một điều khiển thiết bị cần truy nhập thật phần cứng để thực IRP Trong trường hợp IRP_MJ_READ tới loại vào/ (PIO) chương trình hóa thiết bị, truy nhập có lẽ đưa mẫu (dạng) (của) thao tác đọc định hướng cổng vào/ra ghi nhớ đăng ký thiết bị Những bọ phận điều khiển, họ thực kernelmode nói trực tiếp tới phần cứng họ, sử dụng phương tiện cung cấp lớp trừu tượng hóa phần cứng (HAL) để truy nhập phần cứng Một thao tác đọc có lẽ bao gồm gọi EAD_PORT_UCHAR để đọc byte liệu từ cổng Vào/ra HAL thường sử dụng phương pháp platform-dependent thật thực thao tác HAL thường lệ sử dụng phương pháp phụ thuộc tảng để thật thực thao tác Trên máy tính x86, HAL sử dụng lệnh IN; tảng Windows XP tương lai khác đó, có lẽ thực công việc nạp vào nhớ Sau trình điều khiển kết thúc với thao tác Vào/ra, hoàn thành IRP việc gọi thủ tục dịch vụ kernel-mode đặc biệt Hoàn thành cuối việc xử Overview of the Judicial System in Japan JUDICIAL POWER IN THE STATE The Constitution (promulgated on November 3, 1946, and put into force on May 3, 1947) provides the democratic foundation for the separation of state powers To be more precise, legislative power is vested in the Diet; executive power is vested in the Cabinet, the members of which are collectively responsible to the Diet in the exercise of this power The Diet is empowered to designate the Prime Minister, the head of the Cabinet, from among the members of the Diet; and the whole judicial power is vested in the Supreme Court and lower courts established by law The courts are the final adjudicators of all legal disputes, including those arising out of administrative actions between citizens and the state As shown in the chart below, the judicial system of Japan is composed of the following five types of courts: the Supreme Court, high courts, district courts, family courts, and summary courts The respective courts have their own jurisdictions as provided for in law (As of 2010) SUPREME COURT Courtroom of the Grand Bench of the Supreme Court (Jul 2010) Judicial Function The Supreme Court is the highest court in the state and is composed of the Chief Justice and fourteen Justices The Supreme Court exercises appellate jurisdiction of final appeal and appeals against a ruling as provided specifically in the codes of procedure In addition, it has original and final jurisdiction in the proceedings involving the impeachment of commissioners of the National Personnel Authority A final appeal to the Supreme Court is permissible in the following instances: (1) an appeal lodged against a judgment rendered in the first or second instance by a high court; (2) a direct appeal sought against a judgment rendered by a district court or a family court, or a judgment in criminal cases rendered by a summary court as a court of first instance; (3) an appeal filed with a high court and transferred to the Supreme Court for a special reason; (4) a special appeal to the court of the last resort made against a judgment in a civil case rendered by a high court as the final appellate court; and (5) an extraordinary appeal to the court of the last resort lodged by the Prosecutor-General against a final and binding judgment of a criminal case An appeal against a ruling to the Supreme Court is permissible in the following instances: (1) an appeal filed against a ruling in a civil case or a domestic relations case either on the grounds of violation of the Constitution or with the permission of the high court that shall be given in a case that the court deems to involve an important issue concerning the construction of laws and regulations, and (2) a special appeal filed against an order or direction in a criminal case to which no ordinary appeal is permitted in the Code of Criminal Procedure or an appeal filed against an order, etc of an intermediate appellate court in a juvenile case, on the grounds of violation of the Constitution or for the reason of a conflict with judicial precedents In civil and administrative cases, a final appeal to the Supreme Court may be lodged only on the grounds of violation of the Constitution and grave contraventions of provisions regarding the procedure of the lower courts, which are listed in the Code of Civil Procedure as the absolute reasons for the final appeal The Supreme Court, however, may accept a case when the Court deems that it involves an important issue concerning the construction of laws and regulations, as the final appellate court upon a petition to so In criminal cases, the reasons for a final appeal are limited to those involving a possible violation of the Constitution, misconstruction of the Constitution or conflicts with the precedents of the Supreme Court or conflicts with those of the high courts in the absence of Supreme Court precedents The Supreme Court, however, may accept a case when the Court deems that it involves an important issue ... 3/7 Overview of the Circulatory System (a) Fish have the simplest circulatory systems of the vertebrates: blood flows unidirectionally from the two-chambered heart through the gills and then the. .. through the systems of the body The blood flows away from the heart to the brain, liver, kidneys, stomach, and other organs, the limbs, and the muscles of the body; it then returns to the heart... leave the same part of the heart: one takes blood to the lungs and the other provides an alternate route to the stomach and other parts of the body Two other adaptations include a hole in the heart