国际金融英文版CH.ppt

《国际金融英文版CH.ppt》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、Chapter7InternationalFinancialMarketsFinancialMarketsFinancialmarketsarefortransactionsoffinancialassetsorliabilities.Theyprovidefinancingandinvestingforindividuals,firmsandgovernments.Liquidityisthemostimportantfeatureofthefinancialmarket.Liquidityistheeasewithwhichinvestorscancaptureanasset’scas

2、hvalue.InternationalMoneyMarketMoneymarketisthemarketforfinancialassetsandliabilitiesofshortmaturity(lessthanoneyear).Thefeaturesofmoneymarketarehighdegreeofliquidity,lowreturnandlowdegreeofrisk.Short-termcreditmarketisaninterbankmarket.Itprovidesshort-termloanswithmaturitiesoflessthan1year.Newspa

3、perspublishtheinterestrateofthismarketonadailybasis.Short-termsecuritiesmarketincludesthefollowingsecurities:Treasurybill:ashort-termU.S.governmentsecurity.Itbearsnoformalinterestandisissuedatadiscountonitsredemptionprice.T-billsareusually3,6monthsandoneyear.TheparvalueoftheT-billsare$1,000andinmu

4、ltiplesof$1,000.T-billsareregardedasahighlyliquidfinancialassetbybanksandotherfinancialinstitutions.Internationalmoneymarketinterestratequotations:July29,2011Short-term7-daysnoticeOnemonthThreemonthSixmonthOneyearEuro1.00-0.901.08-0.981.54-1.341.72-1.52-2.02-1.672.00-1.70DKrone1.50-1.301.40-1.201.

5、51-1.251.72-1.221.85-1.352.15-1.96Sterling0.57-0.470.64-0.540.84-0.641.02-0.821.30-1.101.76-1.56SwissFranc0.18-0.030.33-0.060.30-0.170.28-0.180.47-0.350.81-0.69CDollar1.15-0.851.15-0.871.17-0.901.33-1.181.88-1.352.05-1.70U.S.Dollar0.29-0.140.41-0.110.40-0.200.60-0.400.92-0.821.30-1.20JYen0.10-0.05

6、0.11-0.060.05-0.040.35-0.250.46-0.260.79-0.67Sdollar0.02-0.010.31-0.060.28-0.030.33-0.100.40-0.190.66-0.37Commercialpaper:anunsecured,short-termdebtissuedbyafirm.Theminimumdenominationisusually$100,000or$1million.Maturitiesarebetween20to45days.Mostinvestorsholdthecommercialpaperuntilmaturity.Negot

7、iablecertificateofdeposit(NCD):Itisissuedbycommercialbankswithaminimumfacevalueof$100,000.Itcanbesoldinthesecondarymarket.Repurchaseagreementorrepo:TheholderofT-billssellstheT-billstoalenderandagreestorepurchaset