《《Unit 8 Financial Innovation and Derivative Markets》.doc

Unit 8 Financial Innovation and Derivative Markets Background:背景介绍 20世纪70年代以来，全球金融市场发展最引入注目的特点是金融创新以及衍生证券市场的空前发展。金融创新的发展主要归因于全球金融市场一体化、逃避金融风险的需求以及逃避立法管制的需求。衍生证券市场是金融创新最重要的一部分。事实上，对于金融创新的定义及分类仍没有定论。 本章介绍了金融创新的几种分类方法以及运用金融创新的风险与效用。在随后的几节课我们会分别对期货、期权以及互换这些基本的衍生产品进行介绍。 Financial Innovation Competition among financial institutions has brought forth and fostered the development of new products and markets. Regulations that impede the free flow of capital and competition among financial institutions (particularly interest rate ceilings) have fostered the development of financial products and trading strategies to get around these restrictions. Finally, the global pattern of financial wealth has transformed financial markets from local markets into globally internationalized financial markets. Through technological advances and the reduction in trade and capital barriers, surplus funds in one country can be shifted more easily to those who need funds in another country. As a result, there has arisen a need for financial products and trading strategies to protect more efficiently against the adverse movements of foreign currencies. 金融创新与衍生市场 (我们都知道竞争是发展和创新的原由，竞争推动着整个社会的发展，在金融领域，正是金融机构之间的竞争，才促进了新的金融产品的创新和整个金融市场的发展。) 金融创新 Competition among financial institutions has brought forth and fostered the development of new products and markets. 金融机构之间的竞争引起并孕育了新产品和新市场的发展。 Bring forth: means to produce sth. or make it appear. 产生，或使出现 Foster：1.to help a skill, feeling, idea etc develop over a period of time [=?encourage, promote]: 2. to take someone elses child into your family for a period of time but without becoming their legal parent 在一段时间内照顾别人的孩子，而不变为他的法律上的父母。 The couple wanted to adopt a black child they had been fostering. Adopt: to take someone elses child into your home and legally become its parent收养别人的孩子，并成为起法律上的父母 Regulations that impede the free flow of capital and competition among financial institutions (particularly interest rate ceilings) have foste