北大金融学课件(英文版)第4章(6课时)
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金融第四章.ppt
Market equilibrium
In economics, market equilibrium occurs when the amount that people are willing to buy (demand) equals the amount that people are willing to sell (supply) at a given price. In the bond market, this is achieved when the quantity of bonds demanded equals the quantity of bonds supplied:
Question：
An important way in which the federal reserve decreases the money supply is by selling bonds to the public. Using the loanable funds framework, show what effect this action has on interest rates.
Factors That Shift Demand Curve
Shift in the supply of bonds
Expected profitability of investment opportunities
Expected inflation Government activities
2. Expected Return:
i↑in future, demand for long-term bonds ↓, Bd shifts out to left← i ↓ in future, demand for long-term bonds ↑, Bd shifts out to right → πe ↑, Bd↓, Bd shifts out to left ←
北京大学-公司金融4
Net Chg. + 1/2 1/8 + 11/4
C PV = r
2.3 Level Coupon Bonds (平息债券)
• Pays both: coupons every period and the face value at maturity dates • The value of a level-coupon bond is
C C C C+F PV = + + ... + + 2 T −1 1 + r (1 + r ) (1 + r ) (1 + r ) T F T = C × Ar + (1 + r ) T
PV = $30 A
8 0.025
$1,000 + = $1,035.85 8 1.025
Because $1,035.85 is above $1,000, the bond is said to sell at a premium. If the interest unexpected rises to 7%, the bond sells at
You can lose with bonds!
• If the interest rate equal to coupon rate, then the current value of the bond equal to its face value. (Proof) • Interest rate decreases PV>face value sells at a premium (溢价销售). • Interest rate increases PV<face value sells at a discount (折价销售).
第四章 《国际金融》PPT课件
Application of PPP
• Choosing the right initial exchange rate for a newly independent country;
• Forecasting medium- and long-term real exchange rates;
✓ 也可以理解为：汇率水平（E）和相对价格水平（ P*/ P ） 的乘积。
✓ 注意，这里的E是现实世界已知的名义汇率，区别于上面 的根据购买力计算出来的名义汇率e。
✓ 测试购买力平价偏离的程度； a. 如果绝对形式的PPP成立的话，真实汇率应该为1，
但大多时候都不等于1。 b. 如果相对形式的PPP成立的话，真实汇率应该为一
e0
P0 P0*
• 一般化为：
e1
P1 P1 *
P1P0
* *
• 也可以表示为：e *
• One country’s inflation rate can only be higher (lower) than another’s to the extent that its exchange rate depreciates (appreciates).
• There is little empirical support for absolute purchasing power parity.
– The prices of identical commodity baskets, when converted to a single currency, differ substantially across countries.
• Speculation: the activity of holding a good or security in the hope of profiting from a future rise in its price.
金融英语课件4
Open-market operations: central bank purchased/sales of government’s/private securities.
Outright transaction 现券交易 Repurchase agreement transaction (Repo) 回购协议 Purchase security----increase money supply----boost economy Sell security----reduce money supply----slow down the economy
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
12
This is decided by the types of central bank in different countries. Usually, there are two types of central bank; one is subservient central bank. That means when they formulate a monetary policy, they have to take the intentions of the Treasury or the Ministry of Finance into account. The person who have the right to decide which monetary policy should be adopted is the Chancellor of the Exchequer, not the governor.
《北大金融学课》课件W4更新
《北大金融学课》课件W4更新一、概述《北大金融学课》课件W4更新，标志着我们对金融学科的学习进入到了一个全新的阶段。
这次的更新集结了最新金融理论和实践的精华，深入剖析金融市场的动态和趋势，为学习者提供了一个更为全面、深入的学习平台。
本课件不仅继承了之前版本的系统性和科学性，更是在深度和广度上做了进一步的拓展和提升。
内容涵盖了金融市场的最新发展、金融工具和产品的创新、金融科技的运用以及金融风险管理和防范等重要课题。
通过本次更新，学习者将更全面地理解金融学的核心原理，掌握金融市场的实际操作技巧，并提升对金融风险的识别和应对能力。
此次更新旨在为金融从业者和爱好者提供一个更加全面、深入的学习资源，帮助他们在金融领域取得更大的成功。
1. 简要介绍《北大金融学课》的背景和重要性。
《北大金融学课》是在金融领域具有广泛影响力的专业课程，其背景深厚，重要性不言而喻。
该课程依托北京大学金融学科的优秀师资力量和研究资源，为广大学生和专业人士提供了全面、系统的金融知识和实践技能。
随着全球经济的不断发展和金融市场的日益繁荣，金融学的地位和影响力愈发凸显，对于理解和掌握金融知识的要求也越来越高。
《北大金融学课》正是为了满足这一需求而设计，其目的在于培养具备国际视野、专业素质和实际操作能力的金融人才，为金融行业的发展和进步提供源源不断的动力。
通过本课程的学习，学员可以深入了解金融学的核心理论、实践方法和最新发展动态，为未来的职业生涯和个人发展奠定坚实的基础。
2. 阐述课件更新的意义和目的，以及更新的主要内容。
在本次《北大金融学课》课件W4的更新中，我们致力于提供更为全面、深入、与时俱进的金融学科内容。
更新的意义在于不断适应金融行业的新发展、新变化，以及满足广大学习者对于高质量金融教育资源的持续需求。
我们希望通过此次更新，能够进一步提升课件的教育质量，帮助学习者更好地理解和掌握金融学的核心知识。
新增金融行业的最新发展动态和趋势分析。
金融学(双语)复习资料第4章
A Chapter 4F 1. A financial intermediary transfers funds from borrowersto lenders by creating claims on itself.金融中介机构通过建立自身债权转让从借款人的资金贷款T 2. When cash is deposited in a checking account, thereserves of commercial banks are increased.当现金存入支票帐户时，商业银行的准备金增加F 3. When funds are deposited in a savings account, the excess reserves of banks are unaffected.当资金存入储蓄账户中，银行的超额准备金不受影响F 4. Large certificates of deposit in units of $500,000 are insured by FDIC.存款50万元的单位大证由美国联邦存款保险公司的保险保障T 5. In general, banks prefer loans that stress liquidityand safety.一般情况下，银行更喜欢强调流动资金贷款和安全性T 6. Savings and loan associations are a major source of mortgage funds.储蓄和贷款协会是抵押贷款资金的主要来源F 7. Insurance companies are a major source of loans to individuals.保险公司是个人贷款的主要来源T 8. Money market mutual funds invest in short-term securities like U.S. Treasury bills.货币市场共同基金投资于如美国国库券的短期证券F 9. An increase in interest rates tends to reduce theearnings of money market mutual funds.在利率上升往往会降低货币市场共同基金的收益T 10. A pension plan that invests in the stock of IBM orVerizon does not perform the function of a financial intermediary.投资于IBM或Verizon公司的股票的退休金计划不执行金融中介的功能F 11. Investments in money market mutual funds are insured up to $100,000 by the federal government.在货币市场共同基金投资是投保高达10万美元的联邦政府T 12. A financial intermediary creates claims on itself, when it accepts depositors' funds.金融中介机构建立自身债权，当它接受存款人的资金F 13. If a firm issues securities that are sold to a commercial bank, individuals' savings are directly transferred to the firm. 。
北大金融学课件 金融体系概述 P
货币制度是规范货币流通的一系列规章制度、法律法规的总称。货 币制度规范着货币的流通秩序，从而提高了交易活动的效率。
货币制度随着历史的发展而发展：从本位制看，经历了银本位、复 本位、金本位、纸币本位和信用货币制度等阶段。在人类历史 上，随着国际交往的日益频繁和不断发展，为维护国际之间的 货币秩序的汇率制度也在不断发展，国际货币体系成为了关注 的焦点。
1960年，美国经济学家罗伯特·特里芬在其 与美元危机——自由兑换的未来》一书中
于美元与黄金挂钩，而其他国家的货币与
1、布雷顿森林体系
建立IMF 实行美元――黄金本位制 提供短期资金融通 取消外汇管制 制定稀缺货币条款
2、牙买加体系
黄金非货币化 汇率多样化
，美元虽然取得了国际核心货币的地位， 为了发展国际贸易，必须用美元作为结算 币，这样就会导致流出美国的货币在海外 ，对美国来说就会发生长期贸易逆差；而 国际货币核心的前提是必须保持美元币值 挺，这又要求美国必须是一个长期贸易顺 两个要求互相矛盾，因此是一个悖论。” 矛盾称为“特里芬难题(Triffin Dilemma)
● 第五讲 金融宏观调控 4
● 课堂作业：4学时
● 考试时间：2学时
总课时：32课时，2/周，1-16周；选修，考查
第一讲 金融与金融体系
主要内容：
● 第一节 金融及其相关概念 ● 第二节 金融体系的构成 ● 第三节 金融体系的演变（略）
时间：6课时
经典PPT模版 欢迎下载
第一节 金融及其相关概念
国际金融学
金融市场学
金融资产定价
保险学
金融经济学
微观银行学
经图典1PP-1T模金版融欢学迎学下科载体系图
二、金融关键词
货币制度随着历史的发展而发展：从本位制看，经历了银本位、复 本位、金本位、纸币本位和信用货币制度等阶段。在人类历史 上，随着国际交往的日益频繁和不断发展，为维护国际之间的 货币秩序的汇率制度也在不断发展，国际货币体系成为了关注 的焦点。
1960年，美国经济学家罗伯特·特里芬在其 与美元危机——自由兑换的未来》一书中
于美元与黄金挂钩，而其他国家的货币与
1、布雷顿森林体系
建立IMF 实行美元――黄金本位制 提供短期资金融通 取消外汇管制 制定稀缺货币条款
2、牙买加体系
黄金非货币化 汇率多样化
，美元虽然取得了国际核心货币的地位， 为了发展国际贸易，必须用美元作为结算 币，这样就会导致流出美国的货币在海外 ，对美国来说就会发生长期贸易逆差；而 国际货币核心的前提是必须保持美元币值 挺，这又要求美国必须是一个长期贸易顺 两个要求互相矛盾，因此是一个悖论。” 矛盾称为“特里芬难题(Triffin Dilemma)
● 第五讲 金融宏观调控 4
● 课堂作业：4学时
● 考试时间：2学时
总课时：32课时，2/周，1-16周；选修，考查
第一讲 金融与金融体系
主要内容：
● 第一节 金融及其相关概念 ● 第二节 金融体系的构成 ● 第三节 金融体系的演变（略）
时间：6课时
经典PPT模版 欢迎下载
第一节 金融及其相关概念
国际金融学
金融市场学
金融资产定价
保险学
金融经济学
微观银行学
经图典1PP-1T模金版融欢学迎学下科载体系图
二、金融关键词
金融英语(4-13)ppt课件(全)
➢ Accommodating investment needs.
Financial institutions serve as intermediaries within the financial markets to channel funds from investors to corporations.
➢ Regulators.
Most countries need regulators who control their financial institutions and regulate dealings in securities markets with the objects of ensuring that the financial institutions are able to honour their commitments, that people have access to relevant information before they enter into contracts, and dealing in securities is fair.
Chapter 4 Financial Markets 4.1 Types of Financial Markets
Direct financial market and indirect financial market
• In direct financial market, borrowers borrow funds directly from lenders without using a third party service.
• International financial markets allow a number of traders who are not only across the country but also around the world to make transactions.
Financial institutions serve as intermediaries within the financial markets to channel funds from investors to corporations.
➢ Regulators.
Most countries need regulators who control their financial institutions and regulate dealings in securities markets with the objects of ensuring that the financial institutions are able to honour their commitments, that people have access to relevant information before they enter into contracts, and dealing in securities is fair.
Chapter 4 Financial Markets 4.1 Types of Financial Markets
Direct financial market and indirect financial market
• In direct financial market, borrowers borrow funds directly from lenders without using a third party service.
• International financial markets allow a number of traders who are not only across the country but also around the world to make transactions.
货币金融学(全英)chapter 4习题PPT教学课件
• pared to 1-year government bond which yield to maturity is 9.9%, you are more willing to hold 1-year government bond which discount yield is 10%.
million per year for twenty years has won $20 million ignores the concept of • A) face value. • B) par value. • C) deflation. • D) discounting the future. • Answer: D
• pared to the situation in which interest rate is 15% and expected inflation rate is 14%, companies are more willing to borrow funds in the situation in which price is stable and interest rate is 2%.
True or false
• 1. a discount bond is bought at a price below its face value and the face value is repaid at the maturity date.
• 2. coupon bond: if p lower than F, yield to maturity lower than coupon rate.
• 5. if interest rate raise from 4%to 5%, the bond holder will be benefit.
million per year for twenty years has won $20 million ignores the concept of • A) face value. • B) par value. • C) deflation. • D) discounting the future. • Answer: D
• pared to the situation in which interest rate is 15% and expected inflation rate is 14%, companies are more willing to borrow funds in the situation in which price is stable and interest rate is 2%.
True or false
• 1. a discount bond is bought at a price below its face value and the face value is repaid at the maturity date.
• 2. coupon bond: if p lower than F, yield to maturity lower than coupon rate.
• 5. if interest rate raise from 4%to 5%, the bond holder will be benefit.
《金融专业英语》课件-Chapter 4 Financial Markets
Financial market
Financial market is the place where assets like equities, bonds, currencies, derivatives and stocks are traded. Some of the salient features of financial market are: (1) transparent pricing; (2) basic regulations on trading; (3) low transaction costs; (4) market-determined prices of traded securities.
Capital market（资本市场）
What is a 'Capital Market'
Capital markets are venues where securities with an original maturity that is greater than one year are traded.
原始期限超过一年的有价证券交易场所
✓ Core function - improve the efficiency of transactions ✓ Including - primary markets, where new equity stock and bond issues are sold to
it would include accounting measures, revenue and expense schedules, wages and balance sheet verification. ✓ Regional financial systems would include banks and other financial institutions. ✓ As for financial services in a global view, they would include the International Monetary Fund (IMF), central banks, World Bank and the major banks that practice overseas lending.
北大金融学课件(英文版)第4章(6课时)
Source:
Amanda Hu @2008 All Copy Rights Reserved.
4-9
Long vs. Short Position
• Open positions in a foreign currency: net liability position (short position) vs. net asset position (long position) • Hedgers are persons who avoid any “open” positions. • Speculators are those who are willing to take a net position in a foreign currency.
Amanda Hu @2008 All Copy Rights Reserved.
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4-10
Basics of Forward FOREX
• Customized clauses
– Size – Maturity date（common dates are 30, 90, and 180 days forward）
CHAPTER 4
Forward Exchange and International Financial Investment
Amanda Hu
@2008 All Copy Rights Reserved.
4-2
Exposure to Exchange Rate Risk
We are exposed to exchange rate risk if the value of our income or net worth will change when exchange rates in the future change in ways that are not expected.
《金融学教学课件》bodie2echapter04
Value of Investing $1
– Continuing in this manner you will find that the following amounts will be earned:
1 Year
$1.1
2 Years
$1.21
3 Years
$1.331
4 Years
$1.4641
6%
4%
2%
0%
-2 % -4 % -6 %
18
20
Example: Future Value of a Lump Sum
• Your bank offers a CD with an interest rate of 3% for a 5 year investment.
• You wish to invest $1,500 for 5 years, how much will your investment be worth?
• You have solved a present value and a future value of a lump sum. There remains two other variables that may be solved for
– interest, i – number of periods, n
• We have a key formula in finance
FV PV * (1 i)n
8 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Future Value and Compound Interest
大学金融英语chapter 4 Fiscal Policy
6. to crowd out排挤掉= to make increase impossible because of lack of willingness to bear the higher cost
Notes
III. Key Terms 1. 2. fiscal policy财政政策（不能误译成financial policy） net taxes净税收=taxes-transfer payments
Main Text
Major Types of Fiscal Policy
Expansionary fiscal policy Contractionary fiscal policy
Main Text
Limitations of Fiscal Policy
Why cannot shocks to aggregate demand immediately be offset by changes in fiscal policy? Why doesn’t the government create a fiscal expansion when unemployment is persistently high?
3. transfer payment(s) 转让/拨性支付= a payment made or income received in which no goods or services are being paid for. Pensions, unemployment benefits, subsidies to farmers, etc., are transfer payments, which are excluded in calculating GDP. 4. autonomous expenditure自主支出
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4-6
A Typical Forward FOREX Contract
A receivable of £ 1mn in 180 days
U.S. firm
Nov.2: $1.70/£
sell pound in a 180-day forward contract at $1.65/£
• A margin? Depends on your credit standing
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@2008 All Copy Rights Reserved.
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4-11
Traditional Forex vs. Derivatives
• Traditional forward exchange vs. Futures • Options and Swaps
Maturity Spot 1-month forward 3-month forward 6-month forward 12-month forward Buy SFr $0.3969 0.3978 0.3990 0.4001 0.4022 Sell SFr $0.3974 0.3985 0.3998 0.4020 0.4044
Source:
Amanda Hu @2008 All Copy Rights Reserved.
4-9
Long vs. Short Position
• Open positions in a foreign currency: net liability position (short position) vs. net asset position (long position) • Hedgers are persons who avoid any “open” positions. • Speculators are those who are willing to take a net position in a foreign currency.
Amanda Hu
@2008 All Copy Rights Reserved.
√
4-3
Some Cases
- An American tourist in Japan, carrying U.S dollars with her; - After 6 months, you will go to study in Oxford University. Should you translate your RMB into Pound right now, or wait for a while? - You have invested in a stock listed on NASQ, and in 6 month you will have to sell it to get your money back to pay your tuition in Shenzhen University;
CHAPTER 4
Forward Exchange and International Financial Investment
Amanda Hu
@2008 All Copy Rights Reserved.
4-2
Exposure to Exchange Rate Risk
We are exposed to exchange rate risk if the value of our income or net worth will change when exchange rates in the future change in ways that are not expected.
Anyone (nearly) including High-networth individual/ individuals and small firms institutional…
Settlement & Reporting
Amanda Hu
Daily
Not until maturity
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@2008 All Copy Rights Reserved.
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4-15
Hedging using forward foreign exchange
Suppose you are the boss of an U.S. steel company, - Your company bought some steel from Australia and will have to pay AUD10,000 3months from now. - The current 90-day forward rate is $0.7500 /AUD. - How to hedge the risk?
spot 1-mos forward 3-mos forward 6-mos forward Canada dollar $0.9398 0.9415 0.9427 0.9424 British Pound $1.7778 1.7769 1.7743 1.7706
Premium
Amanda Hu
Discount
Future Contract Trading Contract Organized exchanges Standard contract Forward Contract Inter-bank market/with banks Customized
Margin
Access
Yes (initial & maintenance) May not
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@2008 All Copy Rights Reserved.
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4-14
Trader’s Quotations (2)
• A trader in Zurich would give the quotation to a Swiss company wishing to buy U.S. dollars: SFr2.5164/95 70/57 151/132 288/201 436/332 • It would equal the following:
Amanda Hu
@2008 All Copy Rights Reserved.
√
4-5
Forward Foreign Exchange
• Forward foreign exchange contract is an agreement to exchange one currency for another on some date in the future at a price set now (the forward exchange rate). • It can be used by hedgers as well as speculators.
Amanda Hu @2008 All Copy Rights Reserved.
4-4
Attitudes to Exchange Rate Risk
Hedging is taking an action to reduce your exposure to exchange rate risk. (risk avoiding) Speculation is taking an action that increases your exposure to exchange rate risk, usually to try to profit from your belief about what future exchange rates will be. (willing to take risk)
Amanda Hu @2008 All Copy Rights Reserved.
√
4-10
Basics of Forward FOREX
• Customized clauses
– Size – Maturity date（common dates are 30, 90, and 180 days forward）
Nov.2, 2009---$ 1.7/ Pound
• Forward exchange rate : set now but for future delivery of foreign exchange
On Nov.2 for May.2,2010---$ 1.65 /Pound
• Future spot rate : the spot rate for a time in the future
Maturity Spot 1-month forward 3-month forward 6-month forward 12-month forward Buy $ SFr2.5164 2.5094 2.5013 2.4876 2.4728 Sell $ SFr2.5195 2.5138 2.5063 2.4994 2.4893
May.2, 2010---$ 1.6 / Pound
Amanda Hu @2008 All Copy Rights Reserved.
√
4-8
Exchange Rates: New York Closing Snapshot
Friday, October 09, 2009
IN US$
Country/currency Canada dollar 1-mos forward 3-mos forward 6-mos forward UK pound 1-mos forward 3-mos forward 6-mos forward Fri 0.9575 0.9575 0.9575 0.9572 1.5846 1.5843 1.5839 1.5837 Thurs 0.9503 0.9503 0.9503 0.9501 1.6073 1.607 1.6067 1.6065