中文Week_2InternationalBankingandMoneyMarket

1、Environment of International Environment of International Finance Finance & &International banking and payment International banking and payment functionfunctionWeek 2國(guó)際金融環(huán)境國(guó)際金融環(huán)境& &國(guó)際銀行業(yè)和支付功能國(guó)際銀行業(yè)和支付功能Week 2ContentsFinancial marketPerfect market assumptionInternational Banking operationsBalance of

2、paymentTrade policies2Contents金融市場(chǎng)完美市場(chǎng)假設(shè)國(guó)際銀行業(yè)務(wù)國(guó)際收支貿(mào)易政策3Financial SystemSurpluses holders (Savers)Deficit holders Direct transfer of funds(use direct instruments)Financial IntermediariesIndirect transfer of funds(use indirect instruments)金融系統(tǒng)盈余者(儲(chǔ)蓄者)赤字者資金的直接轉(zhuǎn)移(使用直接工具)金融中介資金的間接轉(zhuǎn)移(使用間接工具)Financial Syst

3、em6Financial MarketsFinancial MarketsMoney MarketCommodity MarketMarket for Short-term FundsDerivative MarketForeign Exchange MarketCapital MarketMarket for Foreign CurrencyMarket for Long-term FundsMarket for Derivatives Treasury Bill C o m m e r c i a l papers Ordinary shares Bonds/Debentures Pref

4、erence Shares Treasury bonds Foreign currency Forward/Future Option金融系統(tǒng)7金融市場(chǎng)金融市場(chǎng)貨幣市場(chǎng)Commodity Market短期資金市場(chǎng)衍生品市場(chǎng)外匯市場(chǎng)資本市場(chǎng)外幣市場(chǎng)長(zhǎng)期資金市場(chǎng)衍生品市場(chǎng) 國(guó)庫(kù)券 商業(yè)票據(jù) 普通股 債券 優(yōu)先股 國(guó)債 外幣 遠(yuǎn)期/期貨 期權(quán)The Eurocurrency market歐洲貨幣市場(chǎng)儲(chǔ)戶 借款人美國(guó)客戶澳大利亞客戶儲(chǔ)戶 借款人日本客戶儲(chǔ)戶 借款人歐元區(qū)內(nèi)部信貸市場(chǎng)儲(chǔ)戶 借款人歐元區(qū)客戶美國(guó)內(nèi)部信貸市場(chǎng)日本內(nèi)部信貸市場(chǎng)澳大利亞內(nèi)部信貸市場(chǎng)歐洲貨幣（外部信貸）市場(chǎng)歐洲美元?dú)W洲日元?dú)W洲歐元

5、歐洲澳元International Money MarketFinancial institutions in this market serve MNCs by accepting deposits and offering loans in a variety of currencies.International Money MarketBoth the European and Asian money markets originated as markets involving mostly dollar-denominated deposits.The Eurocurrency m

6、arket (market for Eurodollars) developed during the 1960s and 1970s, stimulated by regulatory changes in the U.S. and the growing importance of OPEC.The growing standardization of global banking regulations has contributed towards the globalization of the industry.The Single European Act opened up t

7、he European banking industry and increased its efficiency. The Basel Accord outlined risk-weighted capital adequacy requirements for banks.The proposed Basel II Accord attempts to account for operational risk.10國(guó)際貨幣市場(chǎng)這個(gè)市場(chǎng)的金融機(jī)構(gòu)通過(guò)接受多幣種存款和發(fā)放多幣種貸款服務(wù)于跨國(guó)公司.國(guó)際貨幣市場(chǎng)歐洲和亞洲的貨幣市場(chǎng)主要源于美元存款.發(fā)展于二十世紀(jì)六七十年代的歐洲貨幣市場(chǎng)（歐洲美元

8、的市場(chǎng)），是在美國(guó)規(guī)制改變和歐佩克越來(lái)越重要的情況下產(chǎn)生。全球銀行業(yè)規(guī)制的日益標(biāo)準(zhǔn)化促進(jìn)了這個(gè)行業(yè)的全球化。單一歐洲法案開(kāi)啟了（泛）歐洲的銀行業(yè)，提高了銀行業(yè)效率。 巴塞爾協(xié)議描述了銀行風(fēng)險(xiǎn)加權(quán)資本充足率的要求。正在提議的巴塞爾協(xié)議II試圖涵蓋營(yíng)業(yè)風(fēng)險(xiǎn)。11International Credit MarketInternational Credit MarketMedium-term funds for MNCEurocredit loans refer to loans of one year or longer extended by banks in Europe to foreign

9、 MNCs or government agencies.Floating rate loans, such as those based on the LIBOR, are common, since bank asset and liability maturities may not match.Syndicate loanSometimes a single bank is unwilling or unable to lend the amount needed by a particular MNC or government agency.A lead bank may then

10、 organize a syndicate of banks to underwrite the loan. Borrowers that receive a syndicated loan typically incur front-end management and commitment fees, in addition to the interest on the loan.12國(guó)際信貸市場(chǎng)國(guó)際信貸市場(chǎng)為跨國(guó)公司提供中期資金歐洲信貸指的是銀行為外國(guó)的跨國(guó)公司或政府機(jī)構(gòu)發(fā)放的一年或以上的貸款。浮動(dòng)利率，比如基于倫敦銀行間隔夜拆借利率的浮動(dòng)利率，是常見(jiàn)形式，這是由于銀行的資產(chǎn)和負(fù)債期限不

11、一致。辛迪加貸款有時(shí)單獨(dú)一家銀行不愿或不能為某家跨國(guó)公司或政府機(jī)構(gòu)提供其所需數(shù)量的貸款。牽頭銀行就會(huì)組織一個(gè)銀行的辛迪加來(lái)承辦貸款。獲得辛迪加貸款的借款人除了支付貸款利息外，還要特別支付前端的管理費(fèi)和承諾費(fèi)。13International Bond MarketTwo types of international bonds:Foreign bonds or parallel bonds; Bonds denominated in the currency of the country where they are placed but issued by borrowers foreign

12、to the countryExample: A US company issued a bond denominated in AU$ in ASX Eurobonds; Bonds that are sold in countries other than the country of the currency denominating the bonds are called.Example: A US company issued a bond denominated in US$ in ASX14國(guó)際債券市場(chǎng)有兩種國(guó)際債券市場(chǎng):外國(guó)債券 或 平行債券; 債券的發(fā)行貨幣是債券發(fā)售所在那

13、個(gè)國(guó)家的貨幣，但債券是由那個(gè)國(guó)家以外的借款人發(fā)行的。例如: 一家美國(guó)公司在澳交所發(fā)行澳元債券。歐洲債券債券在債券發(fā)行貨幣以外的國(guó)家進(jìn)行發(fā)售。例如：一家美國(guó)公司在澳交所發(fā)行美元債券。15The Eurocurrency market16Eurocurrencies are bank deposits and loans residing outside any single countryEurocurrency deposit market is called as the Eurocurrency marketFloating rate pricing usually with maturi

14、ties less than five yearsFew regulatory restrictions because they are outside the jurisdiction of any single governmentHigh liquidity and competitive pricing more than $4.5 trillion outstandingLow interest rate risk Interest rates tied to a variable rate base such as the London Interbank Offer Rate

15、(LIBOR) Low default risk Traded between large commercial banks, investment banks, and multinational corporationsRelatively short maturities Typically less than 5 years歐洲貨幣市場(chǎng)17歐洲貨幣 是在任一國(guó)家以外存在的銀行存貸款。歐洲貨幣存款市場(chǎng)被稱為歐洲貨幣市場(chǎng)浮動(dòng)利率定價(jià)， 通常期限小于五年因?yàn)槲挥谌我粐?guó)家的司法管轄以外，所以基本沒(méi)有監(jiān)管限制高度流動(dòng)性和競(jìng)爭(zhēng)性定價(jià)，規(guī)模超過(guò)4.5萬(wàn)億美元。低利率風(fēng)險(xiǎn)，利率綁定于某可變的基礎(chǔ)利率，

16、如倫敦銀行間拆借利率。低違約風(fēng)險(xiǎn)，在大型商業(yè)銀行、投資銀行和跨國(guó)公司間交易。相對(duì)短期，一般低于5年。The Eurocurrency market18Regulation-No reserve requirements-No interest rate regulations or caps-No withholding taxes-No deposit insurance requirements-No credit allocation regulations-Less stringent disclosure requirements歐洲貨幣市場(chǎng)19規(guī)制-沒(méi)有儲(chǔ)備要求-沒(méi)有利率規(guī)制或上下

17、限-沒(méi)有預(yù)提稅-沒(méi)有存款保險(xiǎn)要求-沒(méi)有信貸分配規(guī)制-信息披露的要求不嚴(yán)厲Eurocurrency MarketMost Eurocurrency transactions are interbank transactions in the amount of $1,000,000 and up.Common reference rates includeLIBOR the London Interbank Offered RatePIBOR the Paris Interbank Offered RateSIBOR the Singapore Interbank Offered RateA n

18、ew reference rate for the new euro currencyEURIBOR the rate at which interbank time deposits of are offered by one prime bank to another.11-2020歐洲貨幣市場(chǎng)大多數(shù)歐洲貨幣交易發(fā)生在銀行間，金額在一百萬(wàn)美元以上。常用的參考利率包括LIBOR 倫敦銀行間拆借利率PIBOR 巴黎銀行間拆借利率SIBOR 新加坡銀行間拆借利率用于新出現(xiàn)的歐元的新參考利率EURIBOR 大銀行向另一大銀行拆借歐元定期存款使用的利率.11-2121Eurocurrency Mar

19、ket In Australia22https:/.au/content/dam/commbank/business/pds/International-foreign-currency-rates.pdfEurocreditsEurocredits are short to medium-term loans denominated in a currency other than the local currency of issuing firm.EuronotesEuronotes are short-term notes (term 3 to 6 months) which init

20、ially issued at a discounted price and underwritten by a group of international investment banks or international commercial banks.Eurocommercial Paper Eurocommercial Paper : an unsecured short-term promissory notes issued by corporations and banks placed directly with the public through a dealer.Eu

21、ro-Medium-Term NotesEuro-Medium-Term Notes: a fixed rate notes issued by a corporation (term 1 year to 10 years)11-2323歐洲信貸歐洲信貸是以非發(fā)行公司所在國(guó)貨幣發(fā)放的中短期貸款。歐洲票據(jù)是短期票據(jù)（3到6個(gè)月期限），開(kāi)始是以貼現(xiàn)價(jià)格發(fā)行，然后由一些國(guó)際投資銀行或商業(yè)銀行承兌。歐洲商業(yè)票據(jù)：一種沒(méi)有擔(dān)保的短期本票，由公司發(fā)行或銀行經(jīng)由證券交易商直接向公眾發(fā)行。歐洲中期票據(jù)：由公司發(fā)行的固定利率票據(jù)（期限1至10年）11-2424 Credit market spreads See

22、 Butler, Multinational Finance, Chapter 3 Foreign Exchange and Eurocurrency Markets25 信貸市場(chǎng)利差See Butler, Multinational Finance, Chapter 3 Foreign Exchange and Eurocurrency Markets26商業(yè)賬戶國(guó)內(nèi)貸款利率商業(yè)賬戶國(guó)內(nèi)存款利率商業(yè)賬戶歐洲貨幣貸款利率銀行間市場(chǎng)歐洲貨幣貸款利率倫敦銀行同業(yè)市場(chǎng)之間的拆借利率倫敦銀行同業(yè)市場(chǎng)之間的拆出利率銀行間市場(chǎng)歐洲貨幣存款利率商業(yè)賬戶歐洲貨幣存款利率Eurocurrency markets

23、27Euro issuers 1 Germany$729billion ($2.3 trillion total) 2France $3653 Spain$325Eurodollar issuers 1 United States$761billion ($1.4 trillion total)2 Germany $1073 Supranationals $82Eurosterling issuers 1 Great Britain$188billion ($0.5 trillion total)2United States $913 Supranationals $69Source: MSC

24、I Eurocurrency credit indexes (March 2007)Characteristics of financial marketsLiquidity refers to the ease with which you can capture an assets valueEfficiency Operational efficiency refers to the influence of transactions costsInformational efficiency refers to whether prices reflect informationAll

25、ocational efficiency refers to the whether capital moves to productive uses28金融市場(chǎng)的特點(diǎn)流動(dòng)性指你將資產(chǎn)變現(xiàn)的容易程度效率 運(yùn)作效率 指交易費(fèi)用的影響程度信息效率 指價(jià)格是否反映相關(guān)信息配置效率 指資本是否流向有生產(chǎn)力的用途29Motives for Using International Financial MarketsInvestors invest in foreign marketsInvestors invest in foreign markets: :to take advantage of fav

26、orable economic conditions;when they expect foreign currencies to appreciate against their own; andto reap the benefits of international diversification.Creditors provide credit in foreign Creditors provide credit in foreign markets:markets:to capitalize on higher foreign interest rates;when they ex

27、pect foreign currencies to appreciate against their own; andto reap the benefits of diversification.Borrowers borrow in foreign markets:Borrowers borrow in foreign markets:to capitalize on lower foreign interest rates;and when they expect foreign currencies to depreciate against their own.30使用國(guó)際金融市場(chǎng)

28、的動(dòng)因投資者投資于國(guó)外市場(chǎng)投資者投資于國(guó)外市場(chǎng): :以利用有利經(jīng)濟(jì)環(huán)境的優(yōu)勢(shì);當(dāng)他們期望外幣相對(duì)于自己國(guó)家貨幣升值的時(shí)候來(lái)獲取國(guó)際分散化的好處。債權(quán)人向國(guó)外市場(chǎng)提供信貸債權(quán)人向國(guó)外市場(chǎng)提供信貸: :以獲得國(guó)外較高利率的好處;當(dāng)他們期望外幣相對(duì)于自己國(guó)家貨幣升值的時(shí)候來(lái)獲取國(guó)際分散化的好處.借款人從國(guó)外市場(chǎng)借款借款人從國(guó)外市場(chǎng)借款: :以獲得國(guó)外低利率的好處;當(dāng)他們期望外幣相對(duì)于自己國(guó)家貨幣貶值的時(shí)候31Perfect financial market assumptionsFrictionless markets-No government intervention or taxes-No t

29、ransactions, agency, or bankruptcy costsRational investors Equal access to costless informationEqual access to market pricesFinancial opportunities often involve a violation of one of these assumptions32完美金融市場(chǎng)假設(shè)無(wú)摩擦的市場(chǎng)-沒(méi)有政府干預(yù)或稅收-沒(méi)有交易成本、代理成本或破產(chǎn)成本理性投資者平等地獲取信息，且獲取信息無(wú)成本平等地利用市場(chǎng)價(jià)格經(jīng)常是在違反上述某一假設(shè)時(shí)才出現(xiàn)的金融機(jī)會(huì)33Lev

30、els of market efficiencyOperational efficiencyFrictionless markets are operationally efficientInformational efficiencyRational investors with equal access to markets and information ensure informational efficiency, in which prices reflect all relevant informationWeak form efficiencySemi-strong form

31、efficiencyStrong form efficiencyAllocational efficiencyTogether, operational and informational efficiency promote allocational efficiency34市場(chǎng)效率的不同層次運(yùn)作效率無(wú)摩擦的市場(chǎng)時(shí)運(yùn)作有效率的信息效率理性投資者能夠平等的使用市場(chǎng)和獲取信息確保來(lái)信息有效率，這時(shí)價(jià)格反映所有的相關(guān)信息弱形式有效半強(qiáng)有效強(qiáng)有效配置效率運(yùn)作效率和信息效率共同促進(jìn)配置效率35International Banking ServicesInternational Banks do ev

32、erything domestic banks do and:Arrange trade financing.Arrange foreign exchange.Offer hedging services for foreign currency receivables and payables through forward and option contracts.Offer investment banking services (where allowed).11-3636國(guó)際銀行服務(wù)國(guó)際銀行從事所有國(guó)內(nèi)銀行從事的業(yè)務(wù)以及:安排貿(mào)易融資提供外匯交易通過(guò)遠(yuǎn)期和期權(quán)合同為外幣應(yīng)收應(yīng)付款提供

33、保值服務(wù).提供投資銀行服務(wù)（如果被允許的話）11-3737Reasons for International BankingLow Marginal CostsKnowledge AdvantageHome Nation Information ServicesPrestige Regulatory AdvantageWholesale Defensive StrategyRetail Defensive StrategyTransactions CostsGrowthRisk Reduction11-3838（發(fā)展）國(guó)際銀行業(yè)的原因較低的邊際成本知識(shí)優(yōu)勢(shì)（為）本國(guó)（提供）信息服務(wù)信譽(yù)規(guī)制優(yōu)勢(shì)

34、批發(fā)業(yè)務(wù)防守策略零售業(yè)務(wù)防守策略交易成本成長(zhǎng)減少風(fēng)險(xiǎn)11-3939Types of International Banking OfficesCorrespondent Bank Representative OfficesForeign BranchesSubsidiary and Affiliate BanksOffshore Banking CentersInternational Banking Facilities11-4040國(guó)際銀行業(yè)機(jī)構(gòu)的類型代理行代表處外國(guó)分行子銀行或附屬銀行離岸銀行中心國(guó)際銀行便利11-4141Integration of financial markets

35、Increase in cross-border financinginterdependency of national financial markets, including cooperative linkages among securities exchangesnumber of cross-border mergers, acquisitions, and joint ventures42金融市場(chǎng)的一體化增加 跨境融資各國(guó)金融市場(chǎng)的相互依存，包括證券交易所的合作聯(lián)系跨境并購(gòu)、合資的數(shù)量43Balance of PaymentsA summary of transactions

36、between domestic and foreign residents for a specific country over a specified period of time.Inflows of funds generate credits for the countrys balance, while outflows of funds generate debits. 44國(guó)際收支平衡表一個(gè)國(guó)家在一個(gè)時(shí)間段內(nèi)本國(guó)居民與外國(guó)居民的交易匯總。資金流入記貸方，資金流出記借方。45Balance of Payments46Balance of Payments47交易（英國(guó)是本幣）外

37、幣交易本國(guó)貨幣(本國(guó)居民持有的貨幣）外國(guó)貨幣(外國(guó)居民持有的貨幣）交易（英國(guó)是本幣）本國(guó)貨幣主要用于購(gòu)買外國(guó)商品或投資國(guó)外（交易在國(guó)際收支平衡表中記為“-”）交易應(yīng)該是平衡的，加總后和等于零非本國(guó)居民需求本國(guó)貨幣來(lái)購(gòu)買本國(guó)商品或投資國(guó)內(nèi)（交易在國(guó)際收支平衡表中記為“+”）外幣數(shù)量取決于匯率它每天都變外幣數(shù)量取決于匯率它每天都變要換成外幣的每一英鎊（-1）外幣兌換所需的每一英鎊（-1）Current AccountThe current account summarizes the flow of funds between one specified country and all other

38、 countries due to purchases of goods or services, or the provision of income on financial assets.Key componentsPayments for merchandise (balance of trade), Factor income, and Transfer payments.48經(jīng)常賬戶經(jīng)常賬戶匯總了一國(guó)與他國(guó)由于購(gòu)買產(chǎn)品或服務(wù)，或提供金融資產(chǎn)的收益而產(chǎn)生的資金流動(dòng)。主要包括用于商品的支付 (貿(mào)易余額), 要素收入 轉(zhuǎn)移支付.49Examples of Current Account

39、Transactions5050經(jīng)常賬戶交易的舉例國(guó)際貿(mào)易交易國(guó)際貿(mào)易交易美國(guó)現(xiàn)金流方向美國(guó)現(xiàn)金流方向美國(guó)國(guó)際收支平衡賬戶的記錄美國(guó)國(guó)際收支平衡賬戶的記錄佩妮購(gòu)買了印尼生產(chǎn)的、在美國(guó)零售的錄音機(jī)美國(guó)現(xiàn)金流出借方美國(guó)居民通過(guò)互聯(lián)網(wǎng)從一家中國(guó)公司購(gòu)買CD美國(guó)現(xiàn)金流出借方墨西哥政府付給美國(guó)咨詢公司咨詢費(fèi)美國(guó)現(xiàn)金流入貸方IBM美國(guó)總部從新加坡購(gòu)買芯片用于組裝電腦美國(guó)現(xiàn)金流出借方愛(ài)爾蘭的一家大學(xué)書店美國(guó)出版商購(gòu)買教材美國(guó)現(xiàn)金流入貸方國(guó)際收入交易國(guó)際收入交易美國(guó)現(xiàn)金流方向美國(guó)現(xiàn)金流方向美國(guó)國(guó)際收支平衡賬戶的記錄美國(guó)國(guó)際收支平衡賬戶的記錄美國(guó)投資者得到他購(gòu)買了股票的法國(guó)公司支付的股息美國(guó)現(xiàn)金流入貸方美國(guó)財(cái)務(wù)

40、部向一年前購(gòu)買了美國(guó)國(guó)債的德國(guó)保險(xiǎn)公司支付利息美國(guó)現(xiàn)金流出借方墨西哥向其借款的美國(guó)銀行支付了一筆利息美國(guó)現(xiàn)金流入貸方國(guó)際轉(zhuǎn)移交易國(guó)際轉(zhuǎn)移交易美國(guó)現(xiàn)金流方向美國(guó)現(xiàn)金流方向美國(guó)國(guó)際收支平衡賬戶的記錄美國(guó)國(guó)際收支平衡賬戶的記錄美國(guó)向發(fā)生洪災(zāi)的哥斯達(dá)黎加提供援助美國(guó)現(xiàn)金流出借方瑞典向美國(guó)從事癌癥研究的科學(xué)家提供了資助美國(guó)現(xiàn)金流入貸方51Summary of Current Account in the Year 2008 (in billions of $)5252Capital AccountThe capital account summarizes the flow of funds resul

41、ting from sale of assets between one specified country and all other countries.The key components Direct foreign investment, Portfolio investment, Other capital investment andErrors and omissions 53資本賬戶資本賬戶匯總了一國(guó)與他國(guó)由于資產(chǎn)買賣而產(chǎn)生的資金流動(dòng)。主要購(gòu)成部分 直接對(duì)外投資證券組合投資其它資本投資錯(cuò)誤和遺漏54Factors Affecting International Trade F

42、lowsInflationA relative increase in a countrys inflation rate will decrease its current account, as imports increase and exports decrease.National IncomeA relative increase in a countrys income level will decrease its current account, as imports increase.Government RestrictionsA government may reduc

43、e its countrys imports by imposing a tariff on imported goods, or by enforcing a quota.Some trade restrictions may be imposed on certain products for health and safety reasons. 55影響國(guó)際貿(mào)易流動(dòng)的因素通貨膨脹一國(guó)通貨膨脹率的相對(duì)提高會(huì)減少經(jīng)常賬戶的余額，這是因?yàn)檫M(jìn)口會(huì)增加出口會(huì)減少。國(guó)民收入一國(guó)收入水平的相對(duì)提高，會(huì)減少經(jīng)常賬戶的余額，這是因?yàn)檫M(jìn)口會(huì)增加。政府限制政府可以通過(guò)對(duì)進(jìn)口商品征收關(guān)稅或強(qiáng)制實(shí)施配額的方式，減

44、少該國(guó)的進(jìn)口。以健康和安全為由，對(duì)某些產(chǎn)品實(shí)施貿(mào)易的限制。56Factors Affecting International Trade Factors Affecting International Trade FlowsFlowsExchange RatesIf a countrys currency begins to rise in value, its current account balance will decrease as imports increase and exports decrease.IThe factors interact, such that their

45、 simultaneous influence on the balance of trade is complex.57影響國(guó)際貿(mào)易流動(dòng)的因素影響國(guó)際貿(mào)易流動(dòng)的因素匯率如果一個(gè)國(guó)家的貨幣開(kāi)始升值，那么經(jīng)常賬戶的余額會(huì)減少，這是因?yàn)檫M(jìn)口會(huì)增加，出口會(huì)減少。I這些因素相互影響，所以他們對(duì)貿(mào)易余額的共同作用比較復(fù)雜。58Correcting A Balance of Trade DeficitCorrecting A Balance of Trade DeficitBy reconsidering the factors that affect the balance of trade, some common correction methods can be developed.A floating exchange rate system may correct a trade imbalance automatically since the trade imbalance will affect the demand and supply of the currencies involved.59糾正國(guó)際貿(mào)易赤字糾