金融專業(yè)PartOneMoneyandEconomics英語FinancialMarkets二Chapter章節(jié)結構

KeyTopics（關鍵點）二Text（閱讀課文）三Notes（課文注釋）四Exercises（課后練）五一LearningObjectives（學目地）六AdditionalReadings（擴展閱讀）Chapter二FinancialMarketsLearningObjectivesLearningObjectives一二三四五Knowthedefinitionandthetypesoffinancialmarkets;Understandthefunctionsoffinancialmarkets;LearnhowtomeasuretheInterestRates;KnowthedeterminantsofAssetDemand;Understandinterestratesandportfoliochoice.KeyTopicsKeyTopics二三四五六derivativeproductscurrencymarketsthefunctionsofinterestrates一whatisFinancialMarket?raisingcapitals七portfoliochoiceWhatisFinancialMarket?一Raisingcapitals;二Derivativeproducts;三Currencymarkets;四ThefunctionsofFinancialMarkets;五Interestrates;六Portfoliochoice.七KeyTopics

KeyTopicsSection二.二FunctionsofFinancialMarketsSection二.三Currency(Money)marketsSection二.四CapitalmarketsSectionSection二.五DerivativeproductsmarketTextcontentsSection二.一WhatisFinancialMarket?FinancialMarket二.一.一Definitionoffinancialmarket二.一.二ConstituentsoffinancialmarketSection二.一WhatisFinancialMarket?Withinthefinancialsector,theterm"financialmarkets"isoftenusedtoreferjusttothemarketsthatareusedtoraisefinance:forlongtermfinance,theCapitalmarkets;forshorttermfinance,theMoneymarkets.二.一.一DefinitionoffinancialmarketAnothermonuseofthetermisasacatchallforallthemarketsinthefinancialsector,suchas:capitalmarkets,moditymarkets,moneymarkets,derivativesmarkets,futuresmarkets,insurancemarkets,foreignexchangemarkets,etc..Thefinancialmarketisabroadtermdescribinganymarketplacewheretradingofsecuritiesincludingequities,bonds,currenciesandderivativesoccur.Somefinancialmarketsaresmallwithlittleactivity,whilesomefinancialmarketsliketheNewYorkStockExchange(NYSE)tradetrillionsofdollarsofsecuritiesdaily.二.一.一DefinitionoffinancialmarketTheNewYorkStockExchangein二零一五.Founded:May一七,一七九二;二二六yearsago二.一.一DefinitionoffinancialmarketTheflooroftheNewYorkStockExchangein一九零八一.ConstituentsoffinancialmarketbasedonmarketlevelsPrimarymarket.Primarymarketisamarketfornewissuesornewfinancialclaims.Secondarymarket.It’samarketforsecondarysaleofsecurities.Inotherwords,securitieswhichhavealreadypassedthroughthenewissuemarketaretradedinthismarket.二.一.二Constituentsoffinancialmarket二.ConstituentsoffinancialmarketbasedonsecuritytypesMoneymarket.Moneymarketisamarketfordealingwithfinancialassetsandsecuritieswhichhaveamaturityperiodofuptooneyear.Inotherwords,it’samarketforpurelyshorttermfunds.Capitalmarket.Acapitalmarketisamarketforfinancialassetswhichhavealongorindefinitematurity.Capitalmarketmaybefurtherdividedinto:①industrialsecuritiesmarket;②Govt.securitiesmarketand;③longtermloansmarket.二.一.二ConstituentsoffinancialmarketFunctionsoffinancialmarket二.二.一IntermediaryFunctions二.二.二FinancialFunctionsSection二.二FunctionsofFinancialMarketsTransferofResourcesEnhancingineProductiveusageCapitalFormationPricedeterminationSaleMechanismInformation二.二.一IntermediaryFunctionsProvidingtheborrowerwithfundssoastoenablethemtocarryouttheirinvestmentplans.Providingthelenderswithearningassetssoastoenablethemtoearnwealthbydeployingtheassetsinproductiondebentures.Providingliquidityinthemarketsoastofacilitatetradingoffunds.二.二.二FinancialFunctionsItprovidesliquiditytomercialbank.Itfacilitatescreditcreation.Itpromotessavings.Itpromotesinvestment.Itfacilitatestobalanceeconomicgrowth.Itimprovestradingfloors.二.二.二FinancialFunctions二.三.一Participants二.三.二Functionsofthemoneymarket二.三.三monmoneymarketinstrumentsSection二.三Currency(Money)marketsAsmoneybeesamodity,themoneymarketbeesaponentofthefinancialmarketsforassetsinvolvedinshort-termborrowing,lending,buyingandsellingwithoriginalmaturitiesofoneyearorless.Section二.三Currency(Money)marketsBanksFinancepaniesGovernmentinstitutesImporters/ExportersRetailandinstitutionalmoneymarketfundsCashmanagementprogramsSpeculatorsTourists二.三.一Participants二.三.二Functionsofthemoneymarket一二三四五FinancingTradeFinancingIndustryProfitableInvestmentSelf-SufficiencyofmercialBankHelptoCentralBankThemoneymarketfunctionsare:CertificateofdepositRepurchaseagreementsmercialpaperEurodollardepositFederalagencyshort-termsecuritiesFederalfundsMunicipalnotesTreasurybillsMoneyfundsForeignexchangeswapsShort-livedmortgage-backed-andasset-backedsecurities二.三.三monmoneymarketinstrumentsMunicipalnotes—(IntheUS)Short-termnotesissuedbymunicipalitiesinanticipationoftaxreceiptsorotherrevenues.Treasurybills—Short-termdebtobligationsofanationalgovernmentthatareissuedtomatureinthreetotwelvemonths.Moneyfunds—Pooledshortmaturity,highqualityinvestmentswhichbuymoneymarketsecuritiesonbehalfofretailorinstitutionalinvestors.二.三.三monmoneymarketinstruments二.四.一Deeplyviewtocapitalmarket二.四.二Examplesofcapitalmarkettransactions二.四.三RaisingCapitalsSection二.四CapitalmarketsCapitalmarketsarefinancialmarketsforthebuyingandsellingoflong-termdebtorequity-backedsecurities.Thesemarketschannelthewealthofsaverstothosewhocanputittolong-termproductiveuse,suchaspaniesorgovernmentsmakinglong-terminvestments.Section二.四Capitalmarkets一.DifferencebetweenmoneymarketsandcapitalmarketsThemoneymarketsareusedfortheraisingofshorttermfinance,sometimesforloansthatareexpectedtobepaidbackasearlyasovernight.Whereasthecapitalmarketsareusedfortheraisingoflongtermfinance,suchasthepurchaseofshares,orforloansthatarenotexpectedtobefullypaidbackforatleastayear.二.四.一Deeplyviewtocapitalmarket二.DifferencebetweenregularbanklendingandcapitalmarketsRegularbanklendingisnotusuallyclassedasacapitalmarkettransaction,evenwhenloansareextendedforaperiodlongerthanayear.二.四.一Deeplyviewtocapitalmarket一.AgovernmentraisingmoneyontheprimarymarketsWhenagovernmentwantstoraiselongtermfinanceitwilloftensellbondstothecapitalmarkets.二.ApanyraisingmoneyontheprimarymarketsWhenapanywantstoraisemoneyforlongterminvestment,oneofitsfirstdecisionsiswhethertodosobyissuingbondsorshares.二.四.二ExamplesofcapitalmarkettransactionsIndividualsborrowmoneyviabankers'loansforshorttermneedsorlongertermmortgagestohelpfinanceahousepurchase.paniesborrowmoneytoaidshorttermorlongtermcashflows.Theyalsoborrowtofundmodernizationorfuturebusinessexpansion.Governmentsoftenfindtheirspendingrequirementsexceedtheirtaxrevenues.Manyborrowershavedifficultyraisingmoneylocally.TheyneedtoborrowinternationallywiththeaidofForeignexchangemarkets.二.四.三RaisingCapitalsSection二.五Derivativeproductsmarket二.五.二ForwardContracts二.五.一FutureContracts二.五.三OptionalcontractsInthefinancialmarkets,stockprices,bondprices,currencyrates,interestrates,anddividendsgoupanddown,creatingrisk.Derivativeproductsarefinancialproductswhichareusedtocontrolriskorparadoxicallyexploitrisk.Section二.五DerivativeproductsmarketInfinance,afuturescontract(morecolloquially,futures)isastandardizedcontractbetweentwopartiestobuyorsellaspecifiedassetofstandardizedquantityandqualityforapriceagreedupontoday(thefuturesprice)wit