《金融商务英语讲义-Bankinterestrates》由会员分享，可在线阅读，更多相关《金融商务英语讲义-Bankinterestrates（115页珍藏版）》请在金锄头文库上搜索。
1、Interest RateInterest Rate利利 率率7/7/20221Part One:What is interest rate?The owner of an asset who does not need it at the moment can(1)sell it and surrender possession permanently or(2)rent it and regain possession at the maturity of the rental period.7/7/20222In the absence of a psychological prefer
2、ence for owning an asset per se,the owner(or buyer of the services would be indifferent between selling(buying)or renting the asset if the sum of the expected rental fees over its expect life,discounted to the present by the market rate of inter(the present value),were equal to the price of the asse
3、t.如果资产有效期内的预期租金按市场利率（现有价值）打折后，与资产的价格相等，资产的所有者（或劳务的购买者）假如不是心理上对拥有个人财产的偏爱，可能对卖（或买）资产或租赁资产反映冷淡。7/7/20223If the price exceeds the sum of the discounted expected rental values,the owner would prefer to sell the asset and the buyer would prefer to rent it.The price and rental fees would adjust until they
4、were in equilibrium again.equilibrium:平衡7/7/20224Of course,many of us get a psychological kick out of owning an asset rather than renting one.Owning our own home,automobile,or even book gives us a sense of pride and success that cannot be obtained from renting their counterparts.4get kick out of be
5、excited because of 由于.感到兴奋 7/7/20225This value of ownership can be converted into monetary terms and added to the ownership price.Ownership pride is less important to business firms,which are motivated more highly by monetary values.所有权价值可以转换成货币单位，并增加所有权的价值。所有权的自豪感对于商业公司来说不太重要，这些公司所追求的是货币值。7/7/20226
6、The annual rental tee may be viewed as the owners return on the asset.Assume that you required transportation services for the next year that could be provided only by an automobile.You have the option of buying an automobile and selling it after one year or of leasing the automobile for the year.7/
7、7/20227If you rented,the market rental fee would be the sum of two component fees-the pure rental price and depreciation.During the duration of the rental contract,the rental agency would not be able to use the services of the automobile.7/7/20228As a result,you would have to compensate the agency f
8、or the value of the services it could not use.This fee may be viewed as the pure rental price.7/7/20229As you use the automobile,you consume transportation services and use up part of the automobiles ability to generate additional services,which reduces its market value.This reduction represents dep
9、reciation of the automobile,for which the lender must also be compensated.7/7/202210The greater the cost of either component,the greater the overall rental fee is.Money is an asset and may be analyzed in a similar way.The service money generates is purchasing power.Temporary control over purchasing
10、power may be obtained by renting money.7/7/202211 As with the automobile rental,money owners must be compensated both for not using the purchasing-power services themselves during the rental period and for any depreciation in the purchasing-power value of the money.7/7/202212If$1 could purchase ten
11、market-basket units at the beginning of a loan and only nine a year later,the depreciation is one unit,or 10 percent.If the price level were perfectly stable between the beginning and the maturity of a loan,there would be no depreciation,and the total rental fee would be equal to the pure rental fee
12、.7/7/202213Thus,the pure rental fee of money is the constant purchasing-power fee and is referred to as the real rental fee.The faster the rate of inflation,the greater the depreciation,and the higher would be the overall or market rental fee for money above the real fee.4 purchasing-power 购买力4 depr
13、eciation 折旧7/7/202214If prices decline,the market rental fee would be less than real rental fee.For money,the rental fee is called interest and is frequently expressed as a percentage based on$100 per year.This is the interest rate.4 rental fee:租金4 market rental fee 市场租金4 real rental fee 实际租金7/7/202
14、215The interest rate is the rental price of money.In the words of Keynes,The rate of interest is the reward for parting with liquidity for a specified period.The rental of money is also referred to as credit,so that the interest rate is also the price of credit.4 part with:分离4 liquidity:流动资金4 credit
15、:贷款，信贷 7/7/202216When money is lent,the borrower creates an IOU stipulating the repayment date,the amount and timing of any periodic cash interest payments,and the other terms of the agreement.IOU=I Owe You 借据stipulate:规定，确定periodic cash interest payments 定期现金支付利息terms of the agreement 合约条款7/7/20221
16、7If there is a firm commitment to pay the lender specific amounts at specific intervals,the IOU is called a bond.The market value of a bond is related to the interest rate promised by the borrower.a firm commitment to pay 明确的支付承诺 bond 债券7/7/202218EXERCISES Choose the best answer according to the text:1)The owner of an asset would prefer to sell it if the sum of the rental fees were _.A.equal to the price of his asset B.less than the price of his asset C.more than the price of his asset D.as much
