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国际金融英文版PPT CH4
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold. The government announces the gold par value which is the amount of its currency needed to buy one ounce of gold. Therefore, the gold was the international currency under the gold standard.
Exports rise Imports shrink
BOP surpluses Gold inflows
BOP deficits Gold outflows
Exports decline Imports increase
Money supply up Prices up
Performance of the gold standard
Gold Standard and Exchange Values
Pegging the value of each currency to gold established an exchange rate system. The gold par value determined the exchange rate between two currencies known as “mint par of exchange”
国际金融英文版PPT(共46页)
The exchange rate would fluctuate between (0.80 + 0.008) = 0.8008 and (0.80 – 0.008) = 0.792
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
国际金融英语International Finance 课件(I)PPT精品文档152页
International Finance
School of English Studies, Tianjin Foreign Studies University
The Score Arrangement
Total Score = Ordinary (30%) + Final Ex corporate perspective), in Chinese means “公司财务”.
For a company, its assets are composed of equity (所 有者权益/自有资金）and liabilities (负债）.
Assets = Equity + Liabilities
your own money or issue stock to public
Introduction To “Finance” From National, Corporate, And Personal
Prospects
A. Finance v. Provide capital (money) and capital movement，with financial institutions as intermediaries, in Chinese means “融 资”.
Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
School of English Studies, Tianjin Foreign Studies University
The Score Arrangement
Total Score = Ordinary (30%) + Final Ex corporate perspective), in Chinese means “公司财务”.
For a company, its assets are composed of equity (所 有者权益/自有资金）and liabilities (负债）.
Assets = Equity + Liabilities
your own money or issue stock to public
Introduction To “Finance” From National, Corporate, And Personal
Prospects
A. Finance v. Provide capital (money) and capital movement，with financial institutions as intermediaries, in Chinese means “融 资”.
Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
国际金融英语International Finance 课件
Conversely, a budget surplus is present when the government’s revenues exceed its total expenditure. This surplus can be used by the government to reduce its outice Level
Price stability is desirable because a rising price level (inflation) creates uncertainty in the economy, and it may hamper economic growth. If there is a tendency of the rise of price level, the central bank will decrease money supply to slow down the economy to curb inflation.
B. Budget Deficits & surpluses（预算赤字和盈余）
A budget deficit is present when total government spending exceeds total government revenue from all sources. When a budget deficit is present, the government must borrow funds to finance the excess of its spending relative to revenue. It borrows by issuing interest-bearing bonds that become part of what we call national debt, the total amount of outstanding(未偿付的） government bonds.
Price stability is desirable because a rising price level (inflation) creates uncertainty in the economy, and it may hamper economic growth. If there is a tendency of the rise of price level, the central bank will decrease money supply to slow down the economy to curb inflation.
B. Budget Deficits & surpluses（预算赤字和盈余）
A budget deficit is present when total government spending exceeds total government revenue from all sources. When a budget deficit is present, the government must borrow funds to finance the excess of its spending relative to revenue. It borrows by issuing interest-bearing bonds that become part of what we call national debt, the total amount of outstanding(未偿付的） government bonds.
国际金融英文版PPT CH6
The major problem with a forward contract is the default risk. A forward contract is a pure credit instrument. Whichever way the price of the spot rate of exchange moves, one party has an incentive to default.
Chapter 6
Financial Derivatives for Currency Risk Management
Introduction to Financial Derivatives
Financial derivatives are financial instruments whose values are derived from an underlying asset such as a stock or a currency. Derivatives are mainly used to hedge against interest rate and foreign exchange risk. They are also used to speculate. Currency forwards, currency futures and options, currency swaps are main derivatives in the derivatives market.
0.84 x 125,000 = $105,000 Compared to his previous cost of the contract, $106,250, he saves $1,250.
Chapter 6
Financial Derivatives for Currency Risk Management
Introduction to Financial Derivatives
Financial derivatives are financial instruments whose values are derived from an underlying asset such as a stock or a currency. Derivatives are mainly used to hedge against interest rate and foreign exchange risk. They are also used to speculate. Currency forwards, currency futures and options, currency swaps are main derivatives in the derivatives market.
0.84 x 125,000 = $105,000 Compared to his previous cost of the contract, $106,250, he saves $1,250.
国际金融英文课件3
Introduction to Foreign Exchange Market
An international network of dealers - It consists of a limited number of major dealer institutions that are particularly active in foreign exchange, trading with customers and (more often ) with each other. Most are commercial banks and investment banks - Although geographically dispersed in numerous financial centres around the world, these dealer institutions are linked to each other through telephones, computers, and other electronic means.
Introduction to Foreign Exchange Market
The World's Largest Market It is by far the largest and most liquid market in the world. The estimated worldwide turnover of reporting dealers, at around $2 trillion a day (in 2004). – 7 times the level of turnover in the US Government securities market. The breadth, depth, and liquidity of the market are truly impressive. ($200 ~ $500 million per individual trade; 20 times a minute, 18,000 changes per day) The five major centers of Forex trading, are based in London, New York, Zurich, Frankfurt and Tokyo.
国际金融课件internationalfinance
06
中国国际金融的实践与展望
中国国际金融业在规模和业务范围上不断扩大，成为全球金融市场的重要参与者。
中国国际金融业在推动经济增长、促进国际贸易和投资等方面发挥了重要作用。
改革开放以来，中国国际金融业经历了从无到有、从小到大的发展历程，逐步建立起较为完善的金融机构体系和金融市场体系。
中国国际金融的发展历程与现状
Global financial markets facilitate the flow of capital across borders, allowing for the efficient allocation of resources and the hedging of risks.
Regional financial markets serve specific geographical regions and are often associated with trade blocs or economic unions.
01
国际金融危机的定义
由于国际金融市场上的过度投机、金融监管缺失等原因，导致国际金融市场出现大规模动荡，影响各国经济的稳定。
02
国际金融危机的传染机制
通过贸易、金融和信息等渠道，将危机从一个国家传递到另一个国家。
国际金融危机及其传染机制
1
2
3
通过监测和分析国际金融市场的相关信息，及时发现潜在的风险点，采取应对措施。
02
03
04
05
Main International Financial Centers and Their Characteristics 主要国际金融中心及其特点
ห้องสมุดไป่ตู้
国际金融英文版PPT课件
3.Origin of the market A number of reasons have been given for the origin of the Eurocurrency market.Some analysts go so far as to say that the Soviets initiated the process of trading Eurocurrencies before the western Europeans used foreign deposits.
derivatives
3
Non-bank
❖ Public international financial institutions
public global financial institutions
regional public
national public
❖ Private international financial institutions
International finance
Foreign direct investment
Inventory of international
Financial resources
1.non-bank financial institution financial resources
2.international financial markets
5
International derivatives exchange-traded
❖ Users of derivatives/risks of derivatives ❖ Currency futures and options ❖ Interest rate futures and options
derivatives
3
Non-bank
❖ Public international financial institutions
public global financial institutions
regional public
national public
❖ Private international financial institutions
International finance
Foreign direct investment
Inventory of international
Financial resources
1.non-bank financial institution financial resources
2.international financial markets
5
International derivatives exchange-traded
❖ Users of derivatives/risks of derivatives ❖ Currency futures and options ❖ Interest rate futures and options
国际金融英文版PPT CH3
Spot Exchange Market and Exchange Rate Quotations
The spot exchange market is a market that deals in foreign exchange for immediate delivery. Immediate delivery in foreign currencies usually means within two business days.
A spot exchange rate is the current market price, the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.
Small- to medium-size banks are not market makers in the interbank market. They buy from and sell to larger banks to offset retail transactions with their own customers.
American quote is the dollar per currency quote, i.e. the price of other currencies in terms of the dollar. Example: US$ 1.57 = ￡1 US$ 1.35 = €1
Hale Waihona Puke European quote is the currencies per dollar quote, i.e. the price of the dollar in terms of the other currencies. Example: A$ 1.02 = US$ 1 € 0.74 = US$ 1
国际金融英语International Finance 课件
Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
机械工业出版社。 6、《经济学原理》，Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》，李若谷、张燕铃、 和广北等，新华出版社。 8、《金融市场与机构》，Jeff Madura, 北京大学出版社。
Recommended Media for Learning
II. Functions of Money
A. Medium of Exchange (流通手段）— basic function B. Standard of Value (价值尺度）— basic function C. Store of Value (价值储藏） D. Standard of Deferred Payment (延期支付标准） F. World Currency (世界货币）
国际金融英文课件2共45页
• National income accounting – Records all the expenditures that contribute to a country’s income and output
• Balance of payments accounting – Helps us keep track of both changes in a country’s indebtedness to foreigners and the fortunes of its export- and import-competing industries
– 宏观经济学以整个国民经济作为研究对象，研究经济总量的决定及其变化规律。 具体来说，就是研究国民收入决定和变动；长期的经济增长和短期的经济波动； 以及相关的通货膨胀、失业和国际收支等问题。宏观经济学通过经济总量的分析 以期为政府制定宏观经济政策提供理论依据。
– It emphasizes four aspects of economic life: • Unemployment • Saving • Trade imbalances • Money and the price level
Balance of payments
• The balance of payments (BOP) is the method countries use to monitor all international monetary transactions at a specific period of time. Usually, the BOP is calculated every quarter and every calendar year. All trades conducted by both the private and public sectors are accounted for in the BOP in order to determine how much money is going in and out of a country.
• Balance of payments accounting – Helps us keep track of both changes in a country’s indebtedness to foreigners and the fortunes of its export- and import-competing industries
– 宏观经济学以整个国民经济作为研究对象，研究经济总量的决定及其变化规律。 具体来说，就是研究国民收入决定和变动；长期的经济增长和短期的经济波动； 以及相关的通货膨胀、失业和国际收支等问题。宏观经济学通过经济总量的分析 以期为政府制定宏观经济政策提供理论依据。
– It emphasizes four aspects of economic life: • Unemployment • Saving • Trade imbalances • Money and the price level
Balance of payments
• The balance of payments (BOP) is the method countries use to monitor all international monetary transactions at a specific period of time. Usually, the BOP is calculated every quarter and every calendar year. All trades conducted by both the private and public sectors are accounted for in the BOP in order to determine how much money is going in and out of a country.
国际金融英语PPT
grammar
• Para3.p13 nothing more than 只不过 ，仅 仅是
• With collective action doing nothing more than devaluing money by causing inflation.
Sentence.p13
• It was this realization that inspired the blueprint for the post war international monetary system, the_____________.
• 1.What did the UK face in the 1920s?
• 2. What is the gold exchange standard and when did it come to an end?
The End of the Gold Standard Era and its Return
The Causes of the Collapse
Lack of an adequate adjustment mechanism
The huge destabilizing capital flows The outbreak of the Great Depression
This also was a period when nations imposed very high tariffs and other serious import restrictions.
The Automatic Adjustment Mechanism
Chapter 2
• para.1-4 the background • para.5-6 goals and structure of the IMF • para.7-18 the Bretton Woods System
国际金融英文PPT课件 (4)
Market participants can be categorized into five groups including international banks, their customers, nonbank dealers, FX brokers, and central banks.
About 100-200 banks worldwide stand ready to make a market in foreign exchange. The interbank market accounts for 86% FX market in 2010.
Nonbank dealers, including investment banks, mutual funds, pension funds, and hedge funds account for about 47% of the interbank trading volume in 2010.
The structure of the FX market is one of the primary functions of a commercial banker: to assist clients in the conduct of international commerce. (*)
The spot and forward FX markets are OTC. It is a worldwide linkage of currency trading banks,
nonbank dealers, and FX brokers, who assist in trade, connected to one another vie a network of telephone, computer terminals, and automated dealing systems. Reuters (路透社) and EBS (电子经纪服务公司) are the largest vendors of quoting screen monitors used in trading currencies.
About 100-200 banks worldwide stand ready to make a market in foreign exchange. The interbank market accounts for 86% FX market in 2010.
Nonbank dealers, including investment banks, mutual funds, pension funds, and hedge funds account for about 47% of the interbank trading volume in 2010.
The structure of the FX market is one of the primary functions of a commercial banker: to assist clients in the conduct of international commerce. (*)
The spot and forward FX markets are OTC. It is a worldwide linkage of currency trading banks,
nonbank dealers, and FX brokers, who assist in trade, connected to one another vie a network of telephone, computer terminals, and automated dealing systems. Reuters (路透社) and EBS (电子经纪服务公司) are the largest vendors of quoting screen monitors used in trading currencies.
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中间 汇率制度
无独立法定货币的汇率制度
Exchange arrangement with no separate legal tender
货币局制度currency board arrangement
美元化 货币联盟
传 统 钉 住 汇 率 制 度 conventional fixed peg
arrangement
• Monetary and fiscal policies under fixed exchange rates
• Financial market crises and capital flight
• Types of fixed exchange rates: reserve currency and gold standard systems
If their deposits at the central bank increase, banks are typically able to use these additional funds to lend to customers, so that the amount of money in circulation increases.
①固定汇率制度；②自由浮动汇率制；③中间汇率制 （Intermediate Exchange Rate Regime）。
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
17-2
1999年IMF对成员国汇率制度的分类
严格固定 的汇率制度
17-7
Central Bank’s Balance Sheet (cont.)
• Assets = Liabilities + Net worth
If we assume that net worth of the central bank always equals zero then assets = liabilities.
or a check from the central bank,
both of which are denominated in domestic currency, and both of which increase the supply of money in circulation. The transaction leads to equal increases of assets and
Preview
• Balance sheets of central banks
• Intervention in the foreign exchange markets and the money supply
• How the central bank fixes the exchange rate
Balance sheets use double booking keeping: each transaction enters the balance sheet twice.
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
• Liabilities
Deposits of domestic banks Currency in circulation (previously central banks had to give
up gold when brought currency from citizens)
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
17-10
Foreign Exchange Markets
• Central banks trade foreign government bonds in the foreign exchange markets.
Foreign currency deposits and foreign government bonds are often substitutes: both are fairly liquid assets denominated in foreign currency.
17-6
Central Bank’s Balance Sheet
• Assets pp 462(449)
Foreign government bonds (official international reserves) Gold (official international reserves) Domestic government bonds Loans to domestic banks (called discount loans in US)
17-9
Assets, Liabilities and the Money Supply (cont.)
• A sale of any asset will be paid for with currency or a check given to the central bank,
both of which are denominated in domestic currency.
• When the central bank sells domestic bonds or foreign bonds, the domestic money supply decreases.
• PP463-464(450-451)
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
liabilities.
SO, When the central bank buys domestic bonds or foreign bonds(-a purchase of asset), the domestic money supply increases.
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
17-11
Sterilization
• Because buying and selling of foreign bonds in the foreign exchange market affects the domestic money supply, a central bank may want to offset this effect.
• PP465(452)
• BOP and money supply PP466(452-453)
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
17-12
Fixed Exchange Rates
• To fix the exchange rate, a central bank influences the quantities supplied and demanded of currency by trading domestic and foreign assets, so that the exchange rate (the price of foreign currency in terms of domestic currency) stays constant.
An increase in assets leads to an equal increase in liabilities.
A decrease in assets leads to an equal decrease in liabilities.
• Changes in the central bank’s balance sheet lead to changes in currency in circulation or changes in bank deposits, which lead to changes in the money supply.
水平带内盯住pegged exchange rates with horizontal
bands
爬行钉住制crawling peg 爬行带内浮动exchange rates with crawling bands
浮动 汇率制度
不事先宣布汇率路径的管理浮动 management floating with no
• To study the effects of central bank intervention in the foreign exchange market, first construct a simplified balance sheet for the central bank.
This records the assets and liabilities of a central bank.
• Zero interest rates, deflation, and liquidity traps
Copyright © 2009 Pearson Addison-Wesley. All ri制度分类
传统两分法:可分为固定汇率制和浮动汇率制两种
1999年，IMF用新方法对各国的汇率制度进行了划分， 将汇率制度分为八类(见后页) :其中第三到七种被称为 “ 中 间 汇 率 制 ” （ Intermediate Exchange Rate Regime ） ， 而 其 他 三 种 则 被 称 为 “ 两 极 汇 率 制 ” （Bipolar Exchange Rate Regimes）或“角点汇率制” （Corner Exchange Rate Regimes）。因而，目前国 际上比较流行将汇率制度分为三大类：
无独立法定货币的汇率制度
Exchange arrangement with no separate legal tender
货币局制度currency board arrangement
美元化 货币联盟
传 统 钉 住 汇 率 制 度 conventional fixed peg
arrangement
• Monetary and fiscal policies under fixed exchange rates
• Financial market crises and capital flight
• Types of fixed exchange rates: reserve currency and gold standard systems
If their deposits at the central bank increase, banks are typically able to use these additional funds to lend to customers, so that the amount of money in circulation increases.
①固定汇率制度；②自由浮动汇率制；③中间汇率制 （Intermediate Exchange Rate Regime）。
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
17-2
1999年IMF对成员国汇率制度的分类
严格固定 的汇率制度
17-7
Central Bank’s Balance Sheet (cont.)
• Assets = Liabilities + Net worth
If we assume that net worth of the central bank always equals zero then assets = liabilities.
or a check from the central bank,
both of which are denominated in domestic currency, and both of which increase the supply of money in circulation. The transaction leads to equal increases of assets and
Preview
• Balance sheets of central banks
• Intervention in the foreign exchange markets and the money supply
• How the central bank fixes the exchange rate
Balance sheets use double booking keeping: each transaction enters the balance sheet twice.
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
• Liabilities
Deposits of domestic banks Currency in circulation (previously central banks had to give
up gold when brought currency from citizens)
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
17-10
Foreign Exchange Markets
• Central banks trade foreign government bonds in the foreign exchange markets.
Foreign currency deposits and foreign government bonds are often substitutes: both are fairly liquid assets denominated in foreign currency.
17-6
Central Bank’s Balance Sheet
• Assets pp 462(449)
Foreign government bonds (official international reserves) Gold (official international reserves) Domestic government bonds Loans to domestic banks (called discount loans in US)
17-9
Assets, Liabilities and the Money Supply (cont.)
• A sale of any asset will be paid for with currency or a check given to the central bank,
both of which are denominated in domestic currency.
• When the central bank sells domestic bonds or foreign bonds, the domestic money supply decreases.
• PP463-464(450-451)
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
liabilities.
SO, When the central bank buys domestic bonds or foreign bonds(-a purchase of asset), the domestic money supply increases.
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
17-11
Sterilization
• Because buying and selling of foreign bonds in the foreign exchange market affects the domestic money supply, a central bank may want to offset this effect.
• PP465(452)
• BOP and money supply PP466(452-453)
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
17-12
Fixed Exchange Rates
• To fix the exchange rate, a central bank influences the quantities supplied and demanded of currency by trading domestic and foreign assets, so that the exchange rate (the price of foreign currency in terms of domestic currency) stays constant.
An increase in assets leads to an equal increase in liabilities.
A decrease in assets leads to an equal decrease in liabilities.
• Changes in the central bank’s balance sheet lead to changes in currency in circulation or changes in bank deposits, which lead to changes in the money supply.
水平带内盯住pegged exchange rates with horizontal
bands
爬行钉住制crawling peg 爬行带内浮动exchange rates with crawling bands
浮动 汇率制度
不事先宣布汇率路径的管理浮动 management floating with no
• To study the effects of central bank intervention in the foreign exchange market, first construct a simplified balance sheet for the central bank.
This records the assets and liabilities of a central bank.
• Zero interest rates, deflation, and liquidity traps
Copyright © 2009 Pearson Addison-Wesley. All ri制度分类
传统两分法:可分为固定汇率制和浮动汇率制两种
1999年，IMF用新方法对各国的汇率制度进行了划分， 将汇率制度分为八类(见后页) :其中第三到七种被称为 “ 中 间 汇 率 制 ” （ Intermediate Exchange Rate Regime ） ， 而 其 他 三 种 则 被 称 为 “ 两 极 汇 率 制 ” （Bipolar Exchange Rate Regimes）或“角点汇率制” （Corner Exchange Rate Regimes）。因而，目前国 际上比较流行将汇率制度分为三大类：