1、 Chapter 9International 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 marketCo
2、nditions: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 transpo
3、rtation.5. Rich in skilled and trained personnel and staff members. Development of international financial market1Before World War ICenter: LondonKey Currency: Pound SterlingBank of England dominated During and after World War I; 19141931Center: LondonSterling Bloc Sterling AreaDeclining of British
4、DominanceAfter World War II; 19441950Center 1: New York; Key Currency dollarboth money and capital marketCenter 2: Zurich; Foreign Exchange market and gold marketCenter 3: London; Development of international financial market21960s Off-shore Dollar Market: Escape control Euro-Dollar Market; Euro- Mo
5、ney MarketLondon, Paris, Frankfurt, Bruxelles, Amsterdam, Milan, Stockholm, Tokyo, Montreal1970s “Tax Haven” Off-shore Center:Bahamas (Nassau), Grand Cayman (along Caribbean Sea), Luxembourg, SingaporeLate 1970s Emerge of Asian Financial Market:Singapore, Hong Kong, Thailand, Indonesia, The Philippi
6、nesFunctions 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 a
7、 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 tradedInternational 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
8、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36 ，金 发行。 期 金 。2. 的银行 期 (Negotiable Certificate of Deposit, 略CD) : 为100 美元，期限为112 。 时 。3. 商业 (Commercial
9、Bill): 工商企业为筹集短期资金 出的 ， 银行发行，金 贴现的方 。.银行 (Bank Acceptance Bill): 银行 的商业 。有银行信，便流 。Discount Market 贴现市场：对 期 贴现方 进行融资的易场所。 贴现的 ：政府国库券，短期债券，银行 商业 。 贴现率银行贷currency1利率。 贴现行贴现Rediscount“银行用信贷和fifl资金市场。 大的贴现市场伦敦。International Capital Market 国际资本市场=银行“长期信贷市场+证券市场 期限长 大银贷currency1”的 债 。 The market in which residents of different countries trade assets is called the international capital market. 证券市场=发行市场 +市场 发 市场：发行证券时，推 ， 。1 5 “期贷currency15 长期贷currency1
