國際金融英文版ch7(已修改)
2025-02-25 06:51 本頁面
【正文】 Chapter 7 International Financial Markets Financial Markets ? Financial markets are for transactions of financial assets or liabilities. They provide financing and investing for individuals, firms and governments. ? Liquidity is the most important feature of the financial market. ? Liquidity is the ease with which investors can capture an asset’s cash value. International Money Market ? Money market is the market for financial assets and liabilities of short maturity (less than one year). ? The features of money market are high degree of liquidity, low return and low degree of risk. ? Shortterm credit market is an interbank market. It provides shortterm loans with maturities of less than 1 year. ? Newspapers publish the interest rate of this market on a daily basis. ? Shortterm securities market includes the following securities: ? Treasury bill: a shortterm . government security. It bears no formal interest and is issued at a discount on its redemption price. Tbills are usually 3, 6 months and one year. The par value of the Tbills are $1,000 and in multiples of $1,000. Tbills are regarded as a highly liquid financial asset by banks and other financial institutions. International money market interest rate quotations: July 29, 2023 Shortterm 7days notice One month Three month Six month One year Euro D Krone Sterling Swiss Franc C Dollar . Dollar J Yen S dollar ? Commercial paper: an unsecured, shortterm debt issued by a firm. The minimum denomination is usually $100,000 or $1 million. Maturities are between 20 to 45 days. Most investors hold the mercial paper until maturity. ? Negotiable certificate of deposit (NCD): It is issued by mercial banks with a minimum face value of $100,000. It can be sold in the secondary market. ? Repurchase agreement or repo: The holder of Tbills sells the Tbills to a lender and agrees to repurchase them at an agreed future price. Tbills are used as collateral. The lender has claim to the Tbills if the borrower defaults on the loan. So repos have no default risk. ? Reverse repo is the plete opposite of a repo. The dealer of Tbills buys Tbills from a customer and sells him later at a higher price. ? Term repo is exactly the same as a repo except the term of the loan is more than 30 days. ? Banker’s acceptance is a shortterm draft drawn by a nonfinancial firm (importer) and guaranteed by a bank. A bank usually stamps “ACCEPTED” on the draft. The holder can sell it at discount in the secondary market. ? Disc
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