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1、Chapter 15International Financial Market,国际金融市场的概念： 国际间居民与非居民之间，非居民与非居民之间进行金融活动的场所和关系的总和。 International money market vs. International capital market; International security market and stock market; Traditional (on-shore) market and off-shore market;,Formation of International financial marketCondit
2、ions:,Economic and political stability; No strict exchange control, currency convertibility, and national treatment; Developed (mature) domestic financial market, and agglomeration of financial institutions; Advanced facilities for international communication and location of easy transportation. Ric
3、h in skilled and trained personnel and staff members.,Development of international financial market1,Development of international financial market2,Functions of International Financial Market,国际金融市场的作用： 离岸金融市场为各国筹集资金提供了方便。尤其是欧洲美元市场的出现。 加速资本国际化，推动了国际贸易，为跨国公司的发展提供了条件。 资本流动自由化，是国际信贷，跨国银行业务也有长足发展。 与此同时，
4、增大了各国政府对国际游资管理的难度。,International Financial Market,The bulk of the financial assets traded in the money market have a maturity of less than a year. However, active trading is carried on in documents of up to five years maturity. Anything above five years is pretty much the domain of the investors in
5、the capital markets where these longer-term securities are traded,International Money Market,国际货币市场包括如下三大市场： 银行短期信贷市场； 短期证券市场； 贴现市场。 银行短期信贷市场 (1)国际银行同业间拆借或拆放； (2)银行对工商企业提供短期信贷资金。 拆放利率是伦敦银行同业拆放利率(London Inter-bank Offered Rate, 略LIBOR),Short-term Security Market,短期证券市场(Security Market)包括： 短期国库券市场(Tre
6、asury Bill): 它是西方国家财政部发行的短期债券。期限36个月，按票面金额折扣发行。到期按票面金额偿还。 可转让的银行定期存单(Negotiable Certificate of Deposit, 略CD) : 标准定额为100万美元以上，期限为112 月以上。可随时转让。 商业票据(Commercial Bill): 工商企业为筹集短期资金而开出的票据，可通过银行发行，按票面金额贴现的方式。 银行承兑票据(Bank Acceptance Bill): 经银行承兑过的商业票据。有银行信誉，便宜流通。,Discount Market,贴现市场：对未到期票据按贴现方式进行融资的交易场所。
7、 贴现的票据：政府国库券，短期债券，银行承兑票据及商业承兑票据。 贴现率高于银行贷款利率。 贴现行再贴现Rediscount中央银行用于调节信贷和控制资金市场。 世界最大的贴现市场在伦敦。,International Capital Market,国际资本市场=银行中长期信贷市场+证券市场 期限越长风险越大采取银团贷款需求者的还债能力。 The market in which residents of different countries trade assets is called the international capital market. 证券市场=新发行市场（初级）+二级市场（
8、已发） 初级市场：在发行证券时，从规划，推销，承购等全阶段。,1年以上5年以内中期贷款,5年以上长期贷款,Secondary Market,二级市场：狭义概念的证券市场。是证券转让，买卖和流通的场所。筹集社会闲散资金用于长期投资。为散户提供套期保值便利。 二级市场包括： 证券交易所； 经纪人； 证券商； 证券管理机构 场内交易：有场所，时间，种类限制，有一定准则和法规；有佣金。 场外交易：没有中心场所，议价方式；方便。,Variety of securities issued in secondary market,Treasury Notes：中期国库券 Treasury Bonds：长期国
9、库券，随时可转让，但不到期不能兑换本金。 （比较：Treasury Bills：短期国库券） Company Bonds：企业债券 Company Stocks：公司股票 Common Stocks：普通股 Preferred Stocks：优先股,International Gold Market,国际五大黄金市场（固定场所） London, New York, Zurich, Chicago, Hong Kong.,Gold Transactions,黄金贷款: 黄金互换交易Gold Swaps:黄金持有者把金条转让给交易商，换取货币，在互换协议期满时，按约定的远期价格购回黄金。 黄金期权
10、，期货交易； 黄金担保Gold Warrants; 黄金杠杆合同Gold Leverage Contracts; 黄金存单Gold Depository Orders,Factors Affecting Gold Price,影响黄金价格变动的因素： 黄金供求关系； 通货膨胀：世界性通货膨胀货币贬值抢购黄金保值。 货币利率和汇率：利率 人们将手中货币存入银行获利息金价 国际政治因素：,Features of various gold markets,伦敦黄金市场 (Rothschild 1965 Voluntary Foreign Credit Restrain Guideline等促使美国银
11、行把美元转移到海外和欧洲。,Growth of Euro-Currency MarketChinese version 2,4. 欧洲国家货币可兑换性的恢复。1958年以后美元可以在欧洲地区自由流通。 5. 石油输出国组织的石油提价后的石油美元回流。19731976期间OPEC在欧洲欧洲货币市场上的存款猛增100540亿美元。主要贷给石油进口国。 6. 欧洲国家对非居民本币存款的限制（到收利息）。为了对付美元危机对本国经济的影响。,Growth of Euro-Currency MarketEnglish version 1,Eurodollars were born in the late
12、1950s, a response to the needs generated by a growing volume of international trade. European firms involved in trade frequently wished to hold dollar balances or to borrow dollars. Europeans often found it cheaper and more convenient to deal with local banks familiar with their circumstances. In 19
13、57, the British government prohibited British banks from lending pounds to finance non-British trade. In order to avoid losing this lucrative business, British banks began financing the same trade by attracting dollar deposits and lending dollars instead of pounds. The British government took a lais
14、sez-faire attitude toward foreign currency activities. As a result, London became-and has remained-the leading center of Eurocurrency trading.,Growth of Euro-Currency MarketEnglish version 2,During the 1950s, the Soviet Union acquired dollar (largely through sales of gold and other raw materials). I
15、t feared the U.S. might confiscate dollars placed in American bands if the Cold War were to heat up. So instead, Soviet dollars were placed in European banks. The Eurodollar system mushroomed in the 1960s as a result of new U.S. restrictions on capital outflows and U.S. banking regulations. Arab mem
16、bers of OPEC accumulated vast wealth as a result of the oil shocks, but reluctant to place most of their money in American banks for fear of possible confiscation. Instead, these countries placed funds with Eurobanks.,Supply and Demand of Eurodollars,“Charm” of Eurocurrency Market,最自由：超国家无国籍；不仅不管制，而且鼓励（对非居民的外币资金交易允许免缴存款准备金）。 金额大：银行同业间的批发市场；一般为数万十亿美元。 利差小：存款利率较高，放款利率较低；没有存款利率最高额及法定准备金限制。 范围广：币种多；规模大。 中心多：只要能吸引国际间投资商和借款人的地方都可以成为离岸金融中心。,Example of Euroc
