货币市场英文原版课件
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ch02 The Market for Foreign Exchange 国际货币与金融经济学英文版课件
INTERNATIONAL MONETARY AND
FINANCIAL ECONOMICS Third Edition
Joseph P. Daniels David D. VanHoose
Chapter 2
The Market for Foreign Exchange
Copyright © South-Western, a division of Thomson Learning. All rights reserved.
• Note that (C$/$)·($/€) = C$/€. • In this example, (1.3176)·(1.2153) = 1.6013
C$/€.
9
Bid - Ask Spreads
• The bid is the price the bank is willing to pay for the currency, e.g., 1.2148 $/€ is the bid on the euro in terms of the dollar.
10
Bid - Ask Spread and Margin
• The bid - ask spread of a currency reflects, in general, the cost of transacting in that currency.
• It is calculated as the difference between the ask and the bid.
• For example, 1.2158 – 1.2148 = 0.001. • The bid - ask spread can be converted into a percent to
FINANCIAL ECONOMICS Third Edition
Joseph P. Daniels David D. VanHoose
Chapter 2
The Market for Foreign Exchange
Copyright © South-Western, a division of Thomson Learning. All rights reserved.
• Note that (C$/$)·($/€) = C$/€. • In this example, (1.3176)·(1.2153) = 1.6013
C$/€.
9
Bid - Ask Spreads
• The bid is the price the bank is willing to pay for the currency, e.g., 1.2148 $/€ is the bid on the euro in terms of the dollar.
10
Bid - Ask Spread and Margin
• The bid - ask spread of a currency reflects, in general, the cost of transacting in that currency.
• It is calculated as the difference between the ask and the bid.
• For example, 1.2158 – 1.2148 = 0.001. • The bid - ask spread can be converted into a percent to
PPT精品课件货币金融学7版英文课件10大学课件2
Comparison with the U.S.
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Structure of the Commercial Banking Industry in the United States
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ห้องสมุดไป่ตู้
Avoidance of Existing Regulations
Regulations Behind Financial Innovation 1. Reserve requirements Tax on deposits = i r 2. Deposit-rate ceilings As i , loophole mine to escape reserve requirement tax and deposit-rate ceilings Examples 1. Money market mutual funds 2. Sweep accounts
(Continued)
© 2005 Pearson Education Canada Inc.
As of October 2002, there were 68 chartered banks in Canada and around 8000 in the United States The presence of so many banks in the U.S. reflects past regulations that restricted the ability of these financial institutions to open branches Many small U.S. banks stayed in existence because a large bank capable of driving them out of business was often restricted from opening a branch nearby It was easier for a bank to open a branch in a foreign country than in another state in the U.S.
© 2005 Pearson Education Canada Inc.
Structure of the Commercial Banking Industry in the United States
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
ห้องสมุดไป่ตู้
Avoidance of Existing Regulations
Regulations Behind Financial Innovation 1. Reserve requirements Tax on deposits = i r 2. Deposit-rate ceilings As i , loophole mine to escape reserve requirement tax and deposit-rate ceilings Examples 1. Money market mutual funds 2. Sweep accounts
(Continued)
© 2005 Pearson Education Canada Inc.
As of October 2002, there were 68 chartered banks in Canada and around 8000 in the United States The presence of so many banks in the U.S. reflects past regulations that restricted the ability of these financial institutions to open branches Many small U.S. banks stayed in existence because a large bank capable of driving them out of business was often restricted from opening a branch nearby It was easier for a bank to open a branch in a foreign country than in another state in the U.S.
《Ch2货币市场》PPT课件
合计 101193.41 82754.55
14天
1468.23 2735.86 4204.09
20天
933.53 1003.45 565.97 306.71 604.19 381.31 501.62 4296.78
30天
352.84 291.69 441.05 189.31 299.13 191.12 341.56 2106.70
2021年3月11日星期四
Money Market
5
二、货币市场功能
• 提供短期资金融通渠道；
• 利率具有基准利率性质；
• 为央行实施货币政策提供条件。
2021年3月11日星期四
Money Market
6
§2.2
• 一、同业拆借市场的产生 • 二、同业拆借市场特征 • 三、同业拆借市场利率 • 四、同业拆借市场管理 • 五、中国同业拆借市场
金融市场学-第二章
货币市场
第二章 货币市场
❖
本章教学要求
❖ §2.1 货币市场概述
❖ §2.2 同业拆借市场
❖ §2.3 回购协议市场
❖ §2.4 短期政府债券市场
❖ §2.5 其他子市场
2021年3月11日星期四
Money Market
2
教学目的与要求
• 本章要求学生了解货币市场的定义及其结构，掌握同业拆借市场、回购市场、银行 承兑汇票市场、商业票据市场、大额可转让存单市场、短期政府债券市场的基本交 易原理。
❖1986年5月，武汉市率 建立只有城市信用社参加 的拆借市场。 ❖1996年全国统一的同业 借市场在上海建立。
2021年3月11日星期四
Money Market
8
二、同业拆借市场特征
PPT精品课件货币金融学7版英文课件1大学课件664
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
1Leabharlann Bond Market© 2005 Pearson Education Canada Inc.
10 © 2005 Pearson Education Canada Inc.
Appendix: Definitions
Aggregate Output Gross Domestic Product (GDP) = Value of all final goods and services
produced in domestic economy during year Aggregate Income Total income of factors of production (land, capital, labor) during year Distinction Between Nominal and Real Nominal = values measured using current prices Real = quantities, measured with constant prices Aggregate Price Level
Why Study Financial Markets?
1. Channel funds from savers to investors, thereby promoting economic efficiency
2. Affect personal wealth and behavior of business firms
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
1Leabharlann Bond Market© 2005 Pearson Education Canada Inc.
10 © 2005 Pearson Education Canada Inc.
Appendix: Definitions
Aggregate Output Gross Domestic Product (GDP) = Value of all final goods and services
produced in domestic economy during year Aggregate Income Total income of factors of production (land, capital, labor) during year Distinction Between Nominal and Real Nominal = values measured using current prices Real = quantities, measured with constant prices Aggregate Price Level
Why Study Financial Markets?
1. Channel funds from savers to investors, thereby promoting economic efficiency
2. Affect personal wealth and behavior of business firms
PPT精品课件货币金融学7版英文课件16大学课件
1. the public’s decisions regarding how much C to hold,
2. the banks’ decisions regarding the amount of R they wish to hold, and
3. borrowers’ decisions on how much to borrow from banks.
4.Recall also that the Bank of Canada can exert more precise control over MB ( = C + R) than over R.
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2
The Money Supply Model
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4
(Continued)
To put it differently,
An in MB that goes into C is not multiplied, whereas an that goes into supporting deposits is multiplied.
Deriving Money Multiplier R = DR DR = r D R = (r D)
Adding C to both sides
R + C = MB = C + (r D)
1. Tells us amount of MB needed support D and C
2. An extra $1 of MB that arises from an extra $1 of C does not support any additional D. That is, the C component of MB does not lead to a multiple deposit creation as the R component does.
2. the banks’ decisions regarding the amount of R they wish to hold, and
3. borrowers’ decisions on how much to borrow from banks.
4.Recall also that the Bank of Canada can exert more precise control over MB ( = C + R) than over R.
© 2005 Pearson Education Canada Inc.
2
The Money Supply Model
© 2005 Pearson Education Canada Inc.
4
(Continued)
To put it differently,
An in MB that goes into C is not multiplied, whereas an that goes into supporting deposits is multiplied.
Deriving Money Multiplier R = DR DR = r D R = (r D)
Adding C to both sides
R + C = MB = C + (r D)
1. Tells us amount of MB needed support D and C
2. An extra $1 of MB that arises from an extra $1 of C does not support any additional D. That is, the C component of MB does not lead to a multiple deposit creation as the R component does.
[经济学]货币金融学英文课件Lecture
![[经济学]货币金融学英文课件Lecture](https://img.taocdn.com/s3/m/25775f0ce418964bcf84b9d528ea81c758f52e87.png)
货币政策与物价
货币供应量对物价的影响。利率将如何 影响货币供给？
货币和金融政策的互动
当央行调整汇率或货币供应量，商业银 行和金融市场会如何回应？
货币市场
现金市场
发债工具：短期国库券、商业票 据和银行存款证券。
货币市场
货币市场资产：长期的国库券、 企业债券和金融工具。
资本市场
股票、期货和其他交易所交易金 融产品。
分析汇率和外汇交易如何影响国际贸易。
2
衍生工具
期权、期货等衍生品是如何影响金融市场的？
3
证券市场
通过股票、债券、REITs等投资在证券市场获得的回报。
国际金融
1 汇率风险
2 国际收支平衡
3 全球金融稳定
汇率波动会如何影响跨国 贸易境内和境外银行资产？
什么驱动着跨国收支平衡？ 国内储蓄如何影响国外贷 款？
中央银行的作用
货币印制和分发
中央银行负责发行和分发货币的全过程。
外汇储备
中央银行负责管理国家的外汇储备，用于干预汇 率。
贷款和市场干预
中央银行可以通过调整贷款利率、购买和出售证 券等方式干预市场。
资本充足率监管
中央银行通过监管来确保银行的资本充足率，从 而提高金融系统的健康度。
金融工具
1
外汇和汇率
货币金融学 : 从入门到精 通
本课件中，你将学习货币金融学的基础知识，理解货币的定义和特征，学习 如何定量宏观经济政策以及探究国际金融体系。
货币与财政政策的影响
财政政策和经济增长
2
减税和支出政策：如何影响消费和生产？
3
非常规货币政策
4
量化宽松政策、负利率和 0 利率政策： 如何应对复杂的经济情况？
PPT精品课件货币金融学7版英文课件20大学课件214769
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1
Exchange Market Intervention
Sterilized: To reduce MB back to old level, Bank of Canada sells $1 billion of government bonds
2. Ms , P , Eet+1 , expected appreciation of F , RF shifts right in Fig. 1
3. Ms , iD , RD shifts left, go to point 2 and Et
4. In long run, iD returns to old level, RD shifts back, go to point 3: Exchange rate overshooting
2. Monetary base unchanged
3. Et unchanged: no shift in RD and RF
© 2005 Pearson Education Canada Inc.
2
Exchange Rate Intervention, Sell $
1. Sell $, buy F: MB , Ms
5. When UK pulls out of ERM, £ 10%, big losses to central bank
© 2005 Pearson Education Canada Inc.
9
International Financial Architecture
Capital Controls
3. If don’t do this, have to revalue
国际金融第6章the foreign exchange market课件
商需支付3.8461万美圆（500／130）
2021/6/29
• 在签订合同时，3个月远期汇率$ 1=¥120 • 进口成本可固定为500万/120=41666美圆 • 结论：利用远期外汇交易套期保值可以：
①固定成本或收益②避免汇率波动带来的 风险
2021/6/29
投机Speculation
• 预测某外汇汇率上升，先买入该种货币远
圆=142日圆，则可赚取1000万日圆。
• 情况二：到交割日即期美圆汇率下浮至1美
圆=122日圆，则损失1000万日圆。
2021/6/29
3.3 套汇交易 (arbitrage)
（一）地点套汇space arbitrage(P330) 直接套汇（两地套汇） 间接套汇（三角套汇）
2021/6/29
1、直接套汇举例：设伦敦和纽约 同时出现如下行情：
日圆计价支付，3个月后结算。签订合同时即期汇 率为$ 1=¥125
• (情况一)3个月后汇率不变仍为$ 1=¥125，进口商
需支付4万美圆（500／125）
• (情况一)3个月后美圆贬值， 为$ 1=¥110，进口
商需支付4.5454万美圆（500／110）
• (情况一)3个月后美圆贬值， 为$ 1=¥130，进口
2021/6/29
外汇市场 套汇 零售汇率
银行间批
银行间交易 增值 贬值 套期保值
Key terms
• Speculation
投机
• Space arbitrage
地点套汇
• Time arbitrage
时间套汇
• Interest arbitrage
利息套汇
• Spot against forward
2021/6/29
• 在签订合同时，3个月远期汇率$ 1=¥120 • 进口成本可固定为500万/120=41666美圆 • 结论：利用远期外汇交易套期保值可以：
①固定成本或收益②避免汇率波动带来的 风险
2021/6/29
投机Speculation
• 预测某外汇汇率上升，先买入该种货币远
圆=142日圆，则可赚取1000万日圆。
• 情况二：到交割日即期美圆汇率下浮至1美
圆=122日圆，则损失1000万日圆。
2021/6/29
3.3 套汇交易 (arbitrage)
（一）地点套汇space arbitrage(P330) 直接套汇（两地套汇） 间接套汇（三角套汇）
2021/6/29
1、直接套汇举例：设伦敦和纽约 同时出现如下行情：
日圆计价支付，3个月后结算。签订合同时即期汇 率为$ 1=¥125
• (情况一)3个月后汇率不变仍为$ 1=¥125，进口商
需支付4万美圆（500／125）
• (情况一)3个月后美圆贬值， 为$ 1=¥110，进口
商需支付4.5454万美圆（500／110）
• (情况一)3个月后美圆贬值， 为$ 1=¥130，进口
2021/6/29
外汇市场 套汇 零售汇率
银行间批
银行间交易 增值 贬值 套期保值
Key terms
• Speculation
投机
• Space arbitrage
地点套汇
• Time arbitrage
时间套汇
• Interest arbitrage
利息套汇
• Spot against forward
CH01第11版货币金融学 英文课件
Chapter 1
Why Study Money, Banking, and Financial Markets?
19-1
© 2016 Pearson Education Ltd. All rights reserved.
Preview
• To examine how financial markets such as bond, stock and foreign exchange markets work • To examine how financial institutions such as banks, investment and insurance companies work • To examine the role of money in the economy
1-16
© 2016 Pearson Education Ltd. All rights reserved.
Figure 6 Money Growth (M2 Annual Rate) and Interest Rates (Long-Term U.S. Treasury Bonds), 1950–2014
• Monetary policy is the management of the money supply and interest rates
– Conducted in the U.S. by the Federal Reserve System (Fed)
1-6
© 2016 Pearson Education Ltd. All rights reserved.
The Stock Market
• Common stock represents a share of ownership in a corporation. • A share of stock is a claim on the residual earnings and assets of the corporation.
Why Study Money, Banking, and Financial Markets?
19-1
© 2016 Pearson Education Ltd. All rights reserved.
Preview
• To examine how financial markets such as bond, stock and foreign exchange markets work • To examine how financial institutions such as banks, investment and insurance companies work • To examine the role of money in the economy
1-16
© 2016 Pearson Education Ltd. All rights reserved.
Figure 6 Money Growth (M2 Annual Rate) and Interest Rates (Long-Term U.S. Treasury Bonds), 1950–2014
• Monetary policy is the management of the money supply and interest rates
– Conducted in the U.S. by the Federal Reserve System (Fed)
1-6
© 2016 Pearson Education Ltd. All rights reserved.
The Stock Market
• Common stock represents a share of ownership in a corporation. • A share of stock is a claim on the residual earnings and assets of the corporation.
PPT精品课件货币金融学7版英文课件ch25大学课
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
Vietnam War Buildup and Macroeconomic Activity in the United States: 1964–70
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
Equilibrium in Short Run
Equilibrium: AD = AS If P > P*, AS > AD P to P* If P < P*, AS < AD P to P*
Equilibrium in Long Run
© 2005 Pearson Education Canada Inc.
Shifts in Long-Run Supply
Yn grows over time, but is shown as fixed in AD/AS diagram Real Business Cycle Theory 1. Yn fluctuates a lot due to aggregate supply (real) shocks 2. Shifts in AD small 3. Conclusion: Business cycles due to real shocks 4. Supports nonactivism Hysteresis 1. AD shifts in, natural rate of unemployment , Yn shifts in 2. Unemployment stays high 3. Supports activism
© 2005 Pearson Education Canada Inc.
Vietnam War Buildup and Macroeconomic Activity in the United States: 1964–70
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
Equilibrium in Short Run
Equilibrium: AD = AS If P > P*, AS > AD P to P* If P < P*, AS < AD P to P*
Equilibrium in Long Run
© 2005 Pearson Education Canada Inc.
Shifts in Long-Run Supply
Yn grows over time, but is shown as fixed in AD/AS diagram Real Business Cycle Theory 1. Yn fluctuates a lot due to aggregate supply (real) shocks 2. Shifts in AD small 3. Conclusion: Business cycles due to real shocks 4. Supports nonactivism Hysteresis 1. AD shifts in, natural rate of unemployment , Yn shifts in 2. Unemployment stays high 3. Supports activism
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Money Market Securities
s
Estimating repurchase agreement yields
SP – PP PP
Repo Rate =
×
360 n
Repo Rate = Yield on the repurchase agreement SP = Selling price PP = Purchase price n = number of days to maturity
s
Money Market Securities
Maturity of a year or less s Debt securities issued by corporations and governments that need short-term funds s Large primary market focus s Purchased by corporations and financial institutions s Secondary market for securities
Money Market Securities
Negotiable Certificates of Deposit (NCD)
q Issued
by large commercial banks q Minimum denomination of $100,000 but $1 million more common q Purchased by nonfinancial corporations or money market funds q Secondary markets supported by dealers in security
s
NCD premiums
q Rate
above T-bill rate to compensate for lower liquidity and safety
Money Market Securities
Repurchase Agreements
q Sell
a security with the agreement to repurchase it at a specified date and price q Borrower defaults, lender has security q Reverse repo name for transaction from lender q Negotiated over telecommunications network q Dealers and brokers used or direct placement q No secondary market
Japanese Bank (Exporter’s Bank)
Shipping Documents & Time Draft 6
L/C Notification
Money Market Securities
Bankers Acceptance
qA
bank takes responsibility for a future payment of trade bill of exchange q Used mostly in international transactions q Exporters send goods to a foreign destination and want payment assurance before sending q Bank stamps a time draft from the importer ACCEPTED and obligates the bank to make good on the payment at a specific time
Money Market Securities
s
Estimating T-bill yield
q No
coupon payments q Par or face value received at maturity q Yield at issue is the difference between the selling price and par or face value adjusted for time q If sold prior to maturity in secondary market
s
Money Market Securities
s
Treasury bills
q Issued
to meet the short-term needs of the U.S. government q Attractive to investors
x Minimal
default risk—backed by Federal Government x Excellent liquidity for investors
s
Money Market Securities
Treasury Bills s Commercial paper s Negotiable certificates of deposits s Repurchase agreements s Federal funds s Banker’s acceptances
Money Market Securities
s
T-bill yield for a newly issued security
Par – PP PP
T-bill discount =
×
360 n
T-bill discount = percent discount of the purchase price from par Par = Face value of the T-bills at maturity PP = Purchase price n = number of days to maturity
Money Market Securities
s
Commercial paper backed by bank lines of credit
q Bank
line used if company loses credit rating q Bank lends to pay off commercial paper q Bank charges fees for guaranteed line of credit
Money Market Securities
s
NCD placement
q Direct
placement q Use a correspondent institution specializing in placement q Sell to securities dealers who resell q Sell direct to investors at a higher price
Money Market Securities
Federal Funds
q Interbank
lending and borrowing q Federal funds rate usually slightly higher than Tbill rate q Fed district bank debits and credits accounts for purchase (borrowing) and sale (lending) q Federal funds brokers may match up buyers and sellers using telecommunications network q Usually $5 million or more
Money Market Securities
Commercial Paper
q Short-term
debt instrument q Alternative to bank loan q Dealer placed vs. directly placed q Used only by well-known and creditworthy firms q Unsecured q Minimum denominations of $100,000 q Not a large secondary market
q Bid
process used to sell T-bills q Bids submitted to Federal Reserve banks by the deadline q Bid process
x Accepts
highest bids x Accepts bids until Treasury needs generated
CHAPTER
Money Markets
Chapter Objectives
Provide a background on money market securities s Explain how institutional investors use money markets s Explain the globalization of money markets
Money Market Securities
Noncompetitive Bidding
s
Treasury bill auction—noncompetitive bids ($1 million limit)
q q q q
May be used to make sure bid is accepted Price is the weighted average of the accepted competitive bids Investors do not know the price in advance so they submit check for full par value After the auction, investor receives check from the Treasury covering the difference between par and the actual price