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1、,The global business finance environment,International finance,Foreign direct investment,Inventory of international Financial resources,1.introduction 2.the environment international monetary system the balance of payment 3.the theories of foreign exchange rate determination 4.foreign exchange expos
2、ure,1.non-bank financial institution financial resources 2.international financial markets 3.international derivatives exchange-traded 4.nonexchange traded derivatives,Inventory of international financial resources,Non-bank financial institutions in global finance International financial markets Int
3、ernational derivatives exchange-traded International non-exchange traded derivatives,Non-bank,Public international financial institutions public global financial institutions regional public national public Private international financial institutions global private regional private national private
4、,International financial markets,Eurocurrency markets International debts markets-long-term global bonds/foreign bonds/eurobonds/special types of bonds Short-and medium-term debt markets Euro-commercial paper and euro-medium-term notes/floating rate euro-notes International equities,International de
5、rivatives exchange-traded,Users of derivatives/risks of derivatives Currency futures and options Interest rate futures and options,International non-exchange traded derivatives,Currency and interest rate swaps Inter-bank currency futures and options Exotic derivatives,Eurocurrency markets Internatio
6、nal Debt Markets-long-term Short-and Medium-term Debt Markets International Equities,International financial markets,Eurocurrency markets 1.The Eurocurrency market has been referred to as a stateless vat of money,essentially owing to no allegiance to any nation.It is a huge ,global inter-bank money
7、and capital market that facilitates loans with maturities range from 90 days to 10 years or more and that is almost totally outside all government regulations.,Eurocurrency markets 2.The cost of funds in this market is based on LIBOR,the London Inter-bank Offer Rate,the rate at which banks in the in
8、ter-bank system charge each other for funds of many different maturities 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 European
9、s used foreign deposits.,After World WAR II,the Soviets used dollars instead of rubles for foreign trade and had maintained a large inventory of hard currencies,especially the dollar.In order to earn interest on these deposits,the soviets began to lend these deposits to Europeans or to American oper
10、ating in Europe,thus creating Erocurrencies.,International Debt Markets-long-term 1.domestic bonds-The domestic bond is issued locally by a domestic borrower and is usually denominated in the local currency 2.global bonds The foreign bonds Eurobonds,Global bonds-Global bonds were first issued in 198
11、9 and 1990 when the World Bank borrowed in the international capital markets by floating global bonds denominated in U.S. dollars.following are the key features of global bonds: 1.they are large in size,usually $1 billion or more; 2.they are generally given the highest grades by bond rating services
12、,e.g.Aaa or AAA; 3.they are non-callable with intermediate maturities of 5,7,or 10 years and longer maturities to 40 years; 4.they are offered for simultaneous placement in the United States,Europe, and the Far East by an international syndicate of banks active in the worldwide trading of U.S. dolla
13、r bonds; 5,Foreign bonds-foreign bonds are issued in local market by a foreign borrower,with the assistance of a large investment bankers,and are denominated in a local currency. Eurobonds-eurobonds are financed by long-term funds in the Eurocurrency markets.They are underwritten by a multinational
14、syndicate of banks and placed in countries other than the one in whose currency they are denominated.,Short-and Medium-term Debt Markets Euro-commercial paper (ECP)and Euro-medium-term notes(EMTN) Floating rate Euro-notes(Floating rate notes(FRN)represent an early innovation in the eurobond market.I
15、nterest is usually paid semiannually and they trade at a spread of the reference rate,e.g.,LIBOR.Margin above LIBOR may amount to 25-100 basis points or more.After 6 months ,the rate is reset with the same margin. International REPO market(repurchase agreement ,or REPOS),International Equities,Curre
16、ncy futures and options,Interest rate futures and options,一 国际金融的概念重要性及特点,1.概念 国际金融一般是指与国际间的货币流通和银行信用有关的一切业务活动 2.研究对象 （1）国际货币及借贷资本运动规律 （2）国际货币经营和管理的各种业务及组织机构 （3）国际货币信用制度及政策措施,3.重要性 （1）宏观在开放条件下一国宏观经济需要从全球视角进行考察。其中的货币金融问题是国际金融的重要研究对象。 （2）微观企业在生产经营过程中的筹资或投资等活动都直接或间接受到国际金融市场变化的影响。 （3）个人国际金融市场的各种发展变化也直接或间接影响个人收入.，消费.投资.就业等切身利益。,一 国际金融的概念重要性及特点,4.国际金融的特点 （1）是一种全球性的货币信用活动 （2）不仅是货币信用空间的相对简单的扩大，其所涉及的范围更广，影响因素更为复杂。 （3）必须借助于国际支付手段 （4）国际货币信用活动要涉及不同的语言文字和风俗习惯 （5）不仅受各国法律约束，而且受各种国际协议，国际准
