国际金融市场与工具
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Financial Markets è Financial Crises and Contagion Among
International Financial Markets
Overview
w Major Themes
è Prices in International Financial Markets
Байду номын сангаас
Overview
w The Changing Financial Landscape
è The Expanding Menu of Financial Choices è Greater Volatility as a Feature of Financial Markets è Increased Competition Within and Among
Financial Markets and Institutions(Third Edition). 北京：清华大学出版社，2001年9 月
国际金融市场与工具
w 第一章 国际金融市场概论 w 第二章 国际货币体系回顾 w 第三章 外汇市场 w 第四章 货币市场 w 第五章 股票市场 w 第六章 债券市场 w 第七章 金融衍生工具市场
Long-Term Capital 1998 Mgmt (U.S.)
Credit Suisse First 1998 Boston (Swiss-U.S.)
Barings Bank (U.K.)
1995
Daiwa Bank (Japan)
1995
Sumitomo Corp. (Japan)
1996
Losses
Accidents along the International Financial Superhighway
Corporate Sector
Organization
Procter & Gamble (U.S.)
Gibson Greetings (U.S.)
Showa Shell (Japan)
How We Study Financial Markets
w 基本分析框架
è 1. 供需分析 è 2. 均衡 è 3. 获利 è 4. 交易成本和不完全信息
How We Study Financial Markets
w Features
è 1. 案例分析 è 2. 定量计算 è 3. 公式推导 è 4. 阅读金融杂志、报刊 è 5. 实践
è The Practice of International Financial Management: More Demanding
不断变化的金融市场格局
w 某些变化是渐进式的.
è 美国和美元的地位逐渐下降 è 新的金融产品、机构和新兴市场越来越重要
w 某些变化是突发性的.
è 1973 年布雷顿森林(Bretton Woods)体系的崩溃 è 20世纪90年代后期的金融危机 (Mexico, Thailand,
Korea, etc.).
不断变化的金融市场格局
w 不断扩展的可选金融工具.
è 一家美国公司需要固定汇率的美元贷款，有哪 些可选途径？
è 金融工程: 企业和个人借助期货和期权来消除因 宏观经济波动或公司特殊事件所产生的风险
w 金融市场的波动性越来越大.
è 德国马克对美元的汇率 è 日经指数 è 导致对金融预测的需求增加和风险管理的重视
• Price Determinants • Price Relationships • Price Changes • Pricing Efficiency
è Policy Issues in International Financial Markets
• Policy Issues for Individuals and Private Enterprises in International Financial Markets
Contracts
$4 billion Leveraged spread & convergence trades
国际金融市场与工具
2020年4月23日星期四
国际金融市场与工具
主讲人： 郭炜 62028469 guoweicl@public.wh.hb.cn
国际金融市场与工具
参考书目： w 王宗军．金融市场概论．武汉：华中理工大
学出版社，1999年1月 w 姜波克．国际金融新编（第三版）. 上海：
复旦大学出版社，2001年8月 w Frederic S. Mishkin, Stanley G. Eakins.
è The Importance of Foreign Exchange outside the United States
è The Importance of Foreign Exchange in the United States
è The Study of International Financial Markets: More Demanding
Metallgesellschaft (Germany)
Allied Lyons (U.K.)
Year 1994 1994 1993 1993 1991
Losses $102 million $20 million $1.54 billion $1.3 billion $265 million
Contracts Interest rate swap
• Policy Issues for Public Policymakers in International Financial Markets
Overview
w Challenges in the Study of International Financial Markets and the Practice of International Financial Management
Interest rate swap
Foreign exchange
Oil futures
Foreign exchange options
Accidents along the International Financial Superhighway
Financial Firms
Organization Year
International Financial Markets
Overview
w Major Themes
è Prices in International Financial Markets
Байду номын сангаас
Overview
w The Changing Financial Landscape
è The Expanding Menu of Financial Choices è Greater Volatility as a Feature of Financial Markets è Increased Competition Within and Among
Financial Markets and Institutions(Third Edition). 北京：清华大学出版社，2001年9 月
国际金融市场与工具
w 第一章 国际金融市场概论 w 第二章 国际货币体系回顾 w 第三章 外汇市场 w 第四章 货币市场 w 第五章 股票市场 w 第六章 债券市场 w 第七章 金融衍生工具市场
Long-Term Capital 1998 Mgmt (U.S.)
Credit Suisse First 1998 Boston (Swiss-U.S.)
Barings Bank (U.K.)
1995
Daiwa Bank (Japan)
1995
Sumitomo Corp. (Japan)
1996
Losses
Accidents along the International Financial Superhighway
Corporate Sector
Organization
Procter & Gamble (U.S.)
Gibson Greetings (U.S.)
Showa Shell (Japan)
How We Study Financial Markets
w 基本分析框架
è 1. 供需分析 è 2. 均衡 è 3. 获利 è 4. 交易成本和不完全信息
How We Study Financial Markets
w Features
è 1. 案例分析 è 2. 定量计算 è 3. 公式推导 è 4. 阅读金融杂志、报刊 è 5. 实践
è The Practice of International Financial Management: More Demanding
不断变化的金融市场格局
w 某些变化是渐进式的.
è 美国和美元的地位逐渐下降 è 新的金融产品、机构和新兴市场越来越重要
w 某些变化是突发性的.
è 1973 年布雷顿森林(Bretton Woods)体系的崩溃 è 20世纪90年代后期的金融危机 (Mexico, Thailand,
Korea, etc.).
不断变化的金融市场格局
w 不断扩展的可选金融工具.
è 一家美国公司需要固定汇率的美元贷款，有哪 些可选途径？
è 金融工程: 企业和个人借助期货和期权来消除因 宏观经济波动或公司特殊事件所产生的风险
w 金融市场的波动性越来越大.
è 德国马克对美元的汇率 è 日经指数 è 导致对金融预测的需求增加和风险管理的重视
• Price Determinants • Price Relationships • Price Changes • Pricing Efficiency
è Policy Issues in International Financial Markets
• Policy Issues for Individuals and Private Enterprises in International Financial Markets
Contracts
$4 billion Leveraged spread & convergence trades
国际金融市场与工具
2020年4月23日星期四
国际金融市场与工具
主讲人： 郭炜 62028469 guoweicl@public.wh.hb.cn
国际金融市场与工具
参考书目： w 王宗军．金融市场概论．武汉：华中理工大
学出版社，1999年1月 w 姜波克．国际金融新编（第三版）. 上海：
复旦大学出版社，2001年8月 w Frederic S. Mishkin, Stanley G. Eakins.
è The Importance of Foreign Exchange outside the United States
è The Importance of Foreign Exchange in the United States
è The Study of International Financial Markets: More Demanding
Metallgesellschaft (Germany)
Allied Lyons (U.K.)
Year 1994 1994 1993 1993 1991
Losses $102 million $20 million $1.54 billion $1.3 billion $265 million
Contracts Interest rate swap
• Policy Issues for Public Policymakers in International Financial Markets
Overview
w Challenges in the Study of International Financial Markets and the Practice of International Financial Management
Interest rate swap
Foreign exchange
Oil futures
Foreign exchange options
Accidents along the International Financial Superhighway
Financial Firms
Organization Year