货币金融学第二章

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Table 2 Principal Capital Market Instruments
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Internationalization of Financial Markets (Glossary)
– Eurodollars: U.S. dollars deposited in foreign banks outside the U.S. or in foreign branches of U.S. banks
• World Stock Markets
– Help finance federal government also
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Function of Financial Markets
• Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds
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Function of Financial Intermediaries: Indirect Finance
• Lower transaction costs (time and money spent in carrying out financial transactions).
• Debt and Equity（股本） Markets
– Debt instruments (maturity) – Equities (dividends股息)
• Primary and Secondary Markets
– Investment Banks underwrite securities in primary markets – Brokers and dealers work in secondary markets
• Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.
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Regulation of the Financial System
• Foreign Bonds: sold in a foreign country and denominated in that country’s currency • Eurobond: bond denominated in a currency other than that of the country in which it is sold • Eurocurrencies: foreign currencies deposited in banks outside the home country
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Function of Financial Intermediaries: Indirect Finance
• Deal with asymmetric information problems
– (before the transaction) Adverse Selection: try to avoid selecting the risky borrower.
• Gather information about potential borrower.
– (after the transaction) Moral Hazard: ensure borrower will not engage in activities that will prevent him/her to repay the loan.
• Directly improve the well-being of consumers by allowing them to time purchases better
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Structure of Financial Markets
Table 1 Principal Money Market Instruments
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可转让定期存单 (Negotiable Certificate of Deposit 简称定期存单（CD），指银行发行对持有人偿付具 有可转让性质的定期存款凭证。 凭证上载有发行的金额及利率，还有偿还日期和 方法。如果存单期限超过1 年，则可在期中支付 利息。在纽约货币市场，通常以面值为100万美元 为定期存单的单位，有30 天到5 年或7 年不等的 期限，通常期限为1—3 个月。一律于期满日付款。
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Structure of Financial Markets
• Exchanges and Over-the-Counter (OTC) Markets
– Exchanges: NYSE, Chicago Board of Trade – OTC Markets: Foreign exchange, Federal funds.
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Function of Financial Markets
• Promotes economic efficiency by producing an efficient allocation of capital, which increases production
• To increase the informatioБайду номын сангаас available to investors:
– Reduce adverse selection and moral hazard problems – Reduce insider trading (SEC).
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Chapter 2 An Overview of the Financial System
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Preview
Inez the Inventor has designed a low-cost robot that cleans house (even does windows), washes the car, and mows the lawn, but she has no funds to put her Wonderful invention into production. Walter the Widower has plenty of savings, which he and his wife accumulated over the years. If Inez and Walter could get together so that Walter could provide funds to Inez, Inez's robot would see the light of day, and the economy would be better off: We would have cleaner houses , shinier cars , and more beautiful lawns.
• Conclusion:
– Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets.
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• 债券溢价（bond premium）是债券价格大于票面 价值的差额，债券溢价受两个方面的因素影响，一 是受市场利率的影响、二十首债券兑付期的影响， 离兑付期越近，购买债券所支付的款项就越多，溢 价就越高。
• Money and Capital Markets
– Money markets deal in short-term debt instruments – Capital markets deal in longer-term debt and equity instruments.
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– Economies of scale – Liquidity services
• Reduce the exposure of investors to risk
– Risk Sharing (Asset Transformation) – Diversification
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OUTLINE
• • • • • Function of Financial Markets Structure of Financial Markets Principal Money Market Instruments Internationalization of Financial Markets Function of Financial Intermediaries: Indirect Finance • Regulation of the Financial System
• Sign a contract with restrictive covenants.
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Function of Financial Intermediaries: Indirect Finance
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