第五讲 国际银行业和欧洲货币市场
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countries of the former Soviet bloc who during the height of the Cold War ,feared that their dollar reserves might be frozen if held in the United States.
Libor
are calculated as the averages of the lending rates in the respective currencies of six leading London banks. the averages of the lending rates of the 14 top Parisian banks in the respective currencies where the three highest and the three lowest rates are eliminated.
1. The Eurocurrency market
(欧洲货币市场）
1.1market characteristics Eurocurrency
A Eurocurrency is any freely convertible currency. such as dollar or a pound, deposited in a bank outside its country of origin .
这一市场上的贷款客户通常都是大公司或政府机构，信誉 很高，贷款的风险相对较低； 这一市场竞争格外激烈，竞争因素也会降低费用； 这一市场因管制少而创新活动发展更快，降低市场参与者 的交易成本。
1.3 Eurocurrency interest rates Spreads
Spreads refer to the difference between borrowing rates and lending rates.
Dec. 13, 2005 I promise to pay__________________________________ Douglas Cloud One Thousand Dollars and no/100 ____________________________________________ 6 90 at an interest rate of _____% within ______ days. T. Wood ________________________
Chapter 5
International banking and the Eurocurrency market
We examine this offshore international banking system, called the Eurocurrency market, and see what it is ,how it developed and how it functions.
以限制资本外流为目的的管制 将趋向于推动欧洲货币利率高 于国内利率，而以限制资本流 入为目的的管制则趋向于推动 欧洲货币利率低于国内利率。
1.4 Quotes and spreads (报价和利差)
These rates refer to the interbank market and are quoted as a big-ask spread.
a non-member of the interbank club
Lend into the market
A quote of the bid rate – a commission ( )
Borrow from the market
The ask or offer rate + a commission (include a risk premium)
Factors of cost and convenience are behind the emergence and growth of all the Eurocurrencies.
Dec. 13, 2005 I promise to pay__________________________________ Douglas Cloud One Thousand Dollars and no/100 ____________________________________________ 6 90 at an interest rate of _____% within ______ days. T. Wood ________________________
We will see how funds are transferred through the system and how international liquidities are created and destroyed in the process .
We will study its links to individual domestic banking systems and how it influences the balance of payments ,the exchange rate and the magnitude and direction of trade and capital flows.
欧洲货币市场处于任何单 一的管理当局的管辖之外 ，利息率完全由供给和需 求决定。
1.2 Origins and development
欧洲美元市场的出现（东西方冷战 The origin of today‟s Eurocurrency ） market however is usually credited to
所得利差意味着欧洲货币市场可以 向借出方提供比本国市场较高的利 率，而向借入方提供比本国市场较 低的利率。
Substantial interest rate differentials between the domestic market and the Euromarket suggest the presence of differences in perceived risk or effective controls.
所以欧洲英镑可以被英国银行的巴黎分 行持有，欧洲美元可以被美国银行的伦 敦分行所持有。
Eurocurrency deposits are typically conventional term deposits of one day to one year „s duration . In Eurocurrency transactions the currency that is used is always a foreign currency to at least one of the two parties, and one of the two parties is always a bank. The other party can be another bank, a central bank, a government or a large corporate entity.
Transactions between banks and other financial institutions constitute the core of the Eurocurrency market. USD1 million the usual minimum transaction size.(P117)
欧洲美元市场的的发展
美国对资本流出的限制，进一步刺激 了欧洲美元市场的发展 1958年后，美国国际收支开始出现赤 字，美元资金大量流出国外； 1970年代后石油危机大大促进了欧洲 这一市场没有存款准备金及利率上限等管制与限制； 美元市场的发展； 这一市场在很大程度上是银行同业市场，交易数额大，手 这一市场自身具有存贷款利差比美国 续费及其他各项服务性费用成本较低； 市场小的优势
银行和其他金 融机构之间的 交易构成了欧 洲货币市场的 核心
Eurocurrency markets are outside the jurisdiction of any single regulatory authority and interest rates are determined by pure supply and demand.
Quotes for Eurocurrency loans are often given in terms of Libor or Pibor plus the riskadjusted commission
Dec. 13, 2005 I promise to pay__________________________________ Douglas Cloud One Thousand Dollars and no/100 ____________________________________________ 6 90 at an interest rate of _____% within ______ days. T. Wood ________________________
欧洲货币存款是期限为１天到１ 年不等的典型的传统定期存款。 在欧洲货币交易中，所使用的货 币至少对于双方中的一方来说是 外国货币，双方中的一方通常是 银行。另一方可以是另一家银行 、中央银行、一国政府或一个大 型的公司团体。
“Eurocurrency” also refers to this type deposit held in nonEuropean financial center来自百度文库 Offshore currency
国内市场和欧洲市场之 间较大的利率差异表明 了存在可观察到的风险 或有效管制的差异。
Controls designed to restrict captical outflows will tend to push the Eurocurrency rate above the domestic rate while controls designed to restrict capital inflows will tend to push the Eurocurrency rate below the domestic rate.
利差是指借款利率和贷款利率的差额。
Tighter spreads mean that the Eurocurrency markets offer slightly higher interest rates to lenders and slightly lower rates to borrowers are available in the home market.
Development
Set interest rate ceilings on deposits in the United States.
Regulation Q
Regulation M
Established the reserve ratio requirement for the US banking system.
It is the residency of a bank and not its nationality that determines the “Euro”
是银行驻地而不是它的国籍决定了存款 的“欧洲”本质。
Dec. 13, 2005 I promise to pay__________________________________ Douglas Cloud One Thousand Dollars and no/100 ____________________________________________ 6 90 at an interest rate of _____% within ______ days. T. Wood ________________________
Libor
are calculated as the averages of the lending rates in the respective currencies of six leading London banks. the averages of the lending rates of the 14 top Parisian banks in the respective currencies where the three highest and the three lowest rates are eliminated.
1. The Eurocurrency market
(欧洲货币市场）
1.1market characteristics Eurocurrency
A Eurocurrency is any freely convertible currency. such as dollar or a pound, deposited in a bank outside its country of origin .
这一市场上的贷款客户通常都是大公司或政府机构，信誉 很高，贷款的风险相对较低； 这一市场竞争格外激烈，竞争因素也会降低费用； 这一市场因管制少而创新活动发展更快，降低市场参与者 的交易成本。
1.3 Eurocurrency interest rates Spreads
Spreads refer to the difference between borrowing rates and lending rates.
Dec. 13, 2005 I promise to pay__________________________________ Douglas Cloud One Thousand Dollars and no/100 ____________________________________________ 6 90 at an interest rate of _____% within ______ days. T. Wood ________________________
Chapter 5
International banking and the Eurocurrency market
We examine this offshore international banking system, called the Eurocurrency market, and see what it is ,how it developed and how it functions.
以限制资本外流为目的的管制 将趋向于推动欧洲货币利率高 于国内利率，而以限制资本流 入为目的的管制则趋向于推动 欧洲货币利率低于国内利率。
1.4 Quotes and spreads (报价和利差)
These rates refer to the interbank market and are quoted as a big-ask spread.
a non-member of the interbank club
Lend into the market
A quote of the bid rate – a commission ( )
Borrow from the market
The ask or offer rate + a commission (include a risk premium)
Factors of cost and convenience are behind the emergence and growth of all the Eurocurrencies.
Dec. 13, 2005 I promise to pay__________________________________ Douglas Cloud One Thousand Dollars and no/100 ____________________________________________ 6 90 at an interest rate of _____% within ______ days. T. Wood ________________________
We will see how funds are transferred through the system and how international liquidities are created and destroyed in the process .
We will study its links to individual domestic banking systems and how it influences the balance of payments ,the exchange rate and the magnitude and direction of trade and capital flows.
欧洲货币市场处于任何单 一的管理当局的管辖之外 ，利息率完全由供给和需 求决定。
1.2 Origins and development
欧洲美元市场的出现（东西方冷战 The origin of today‟s Eurocurrency ） market however is usually credited to
所得利差意味着欧洲货币市场可以 向借出方提供比本国市场较高的利 率，而向借入方提供比本国市场较 低的利率。
Substantial interest rate differentials between the domestic market and the Euromarket suggest the presence of differences in perceived risk or effective controls.
所以欧洲英镑可以被英国银行的巴黎分 行持有，欧洲美元可以被美国银行的伦 敦分行所持有。
Eurocurrency deposits are typically conventional term deposits of one day to one year „s duration . In Eurocurrency transactions the currency that is used is always a foreign currency to at least one of the two parties, and one of the two parties is always a bank. The other party can be another bank, a central bank, a government or a large corporate entity.
Transactions between banks and other financial institutions constitute the core of the Eurocurrency market. USD1 million the usual minimum transaction size.(P117)
欧洲美元市场的的发展
美国对资本流出的限制，进一步刺激 了欧洲美元市场的发展 1958年后，美国国际收支开始出现赤 字，美元资金大量流出国外； 1970年代后石油危机大大促进了欧洲 这一市场没有存款准备金及利率上限等管制与限制； 美元市场的发展； 这一市场在很大程度上是银行同业市场，交易数额大，手 这一市场自身具有存贷款利差比美国 续费及其他各项服务性费用成本较低； 市场小的优势
银行和其他金 融机构之间的 交易构成了欧 洲货币市场的 核心
Eurocurrency markets are outside the jurisdiction of any single regulatory authority and interest rates are determined by pure supply and demand.
Quotes for Eurocurrency loans are often given in terms of Libor or Pibor plus the riskadjusted commission
Dec. 13, 2005 I promise to pay__________________________________ Douglas Cloud One Thousand Dollars and no/100 ____________________________________________ 6 90 at an interest rate of _____% within ______ days. T. Wood ________________________
欧洲货币存款是期限为１天到１ 年不等的典型的传统定期存款。 在欧洲货币交易中，所使用的货 币至少对于双方中的一方来说是 外国货币，双方中的一方通常是 银行。另一方可以是另一家银行 、中央银行、一国政府或一个大 型的公司团体。
“Eurocurrency” also refers to this type deposit held in nonEuropean financial center来自百度文库 Offshore currency
国内市场和欧洲市场之 间较大的利率差异表明 了存在可观察到的风险 或有效管制的差异。
Controls designed to restrict captical outflows will tend to push the Eurocurrency rate above the domestic rate while controls designed to restrict capital inflows will tend to push the Eurocurrency rate below the domestic rate.
利差是指借款利率和贷款利率的差额。
Tighter spreads mean that the Eurocurrency markets offer slightly higher interest rates to lenders and slightly lower rates to borrowers are available in the home market.
Development
Set interest rate ceilings on deposits in the United States.
Regulation Q
Regulation M
Established the reserve ratio requirement for the US banking system.
It is the residency of a bank and not its nationality that determines the “Euro”
是银行驻地而不是它的国籍决定了存款 的“欧洲”本质。
Dec. 13, 2005 I promise to pay__________________________________ Douglas Cloud One Thousand Dollars and no/100 ____________________________________________ 6 90 at an interest rate of _____% within ______ days. T. Wood ________________________