Chapter头 International 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 1 International money market vsInternational capital market 2: International security market and stock market 3. Traditional(on-shore) market and off-shore marke
Chapter 9 International 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。 1. International money market vs. International capital market; 2. International security market and stock market; 3. Traditional (on-shore) market and off-shore market;
Formation of International financial 点 marketconditions Economic and political stability 2. No strict exchange control, currency convertibility, and national treatment 3 Developed(mature) domestic financial market, and agglomeration of financial institutions 4. Advanced facilities for international communication and location of easy transportation 5. Rich in skilled and trained personnel and staff members
Formation of International financial market—Conditions: 1. Economic and political stability; 2. No strict exchange control, currency convertibility, and national treatment; 3. Developed (mature) domestic financial market, and agglomeration of financial institutions; 4. Advanced facilities for international communication and location of easy transportation. 5. Rich in skilled and trained personnel and staff members
Development of international financial market Before Center London World War I Key Currency: Pound Sterling Bank of England dominated During and after Center: London World War I Sterling Bloc= Sterling Area 1914~1931 Declining of British Dominance After World War I Center 1: New York: Key currency dollar 194190 both money and capital market Center 2: Zurich, Foreign Exchange market and gold market Center 3: London
Development of international financial market—1 Before World War I Center: London Key Currency: Pound Sterling Bank of England dominated During and after World War I; 1914~1931 Center: London Sterling Bloc Sterling Area Declining of British Dominance After World War II; 1944~1950 Center 1: New York; Key Currency dollar both money and capital market Center 2: Zurich; Foreign Exchange market and gold market Center 3: London;
Development of international financial market 1960s Off-shore Dollar Market: Escape control Euro-Dollar Market: Euro-Money market London. Paris. Frankfurt. bruxelles Amsterdam, Milan, Stockholm, Tokyo Montreal 1970s Tat Haven" Off-shore Center Bahamas(Nassau), Grand Cayman(along Caribbean Sea), Luxembourg, Singapore Late 1970s Emerge of Asian Financial Market Singapore, Hong Kong, Thailand, Indonesia, The Philippines was
Development of international financial market—2 1960s Off-shore Dollar Market: Escape control Euro-Dollar Market; Euro-Money Market London, Paris, Frankfurt, Bruxelles, Amsterdam, Milan, Stockholm, Tokyo, Montreal 1970s “Tax Haven” Off-shore Center: Bahamas (Nassau), Grand Cayman (along Caribbean Sea), Luxembourg, Singapore Late 1970s Emerge of Asian Financial Market: Singapore, Hong Kong, Thailand, Indonesia, The Philippines
Functions of International Financial Market 国际金融市场的作用: 1离岸金融市场为各国筹集资金提供子方便。 尤其是欧洲美元方场的出现 2,加速资本国际化,推动了国际贸易,为跨国 公同的发展提供了条件 3资本流动自由化,是国际信贷,跨国银行业 务也有长是发展 与此同时,增大了各国政府对自际游资管理 的难度
Functions of International Financial Market • 国际金融市场的作用： 1. 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。 2. 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。 3. 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，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 ayear. 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 the capital markets where these longer-term securities are traded
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 the capital markets where these longer-term securities are traded
International- Money Market 国际货质市场包括如下三大市场: 银行短期信贷市场 2:短期证券市场 3贴现市场 银行短期信级市场 (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。 拆放利率是伦银行局业放利率Lonn Inter-bank Offered Rate, ABLIBOR
International Money Market • 国际货币市场包括如下三大市场： 1. 银行短期信贷市场； 2. 短期证券市场； 3. 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 1.短超国库养方场remB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。 2.可转让的级行定超存单 Negotiable Certificate of Deposit,赂CD标准定额为100万美元以 期限为1~12月以上。可随时转让。 3.商业票据( ommercial BilD:商企业为筹 短期资金面开出的票据,可通过银行发行 按票面金额贴现的方式。 4.氮行质票2 Bank acceptance bill:经银行承 兑过的商业票据。有银行信誉,便宜流通
Short-term Security Market • 短期证券市场(Security Market)包括： 1. 短期国库券市场(Treasury Bill): 它是西方国 家财政部发行的短期债券。期限3~6个月，按 票面金额折扣发行。到期按票面金额偿还。 2. 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1~12 月以上。可随时转让。 3. 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。 4. 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 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 开签金除标 的贴现市场在伦敦
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。 • 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 国际资市场二银行中长期信贷市场十证券市场 年以上5年以内中期贷款15年以上长期贷款 期限越长风险越大→采取叙团贷款→需求者的还债 能力。 The market in which residents of different countries trade assets is called the international capitalmarket 证券市场新发行市场初级)二级市场已发 初级市场:在发行证券时,从规划推销,承购等 全阶段
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（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